One of the main reasons many people consider buying a franchise is to get an extra boost and support when opening their doors. But once the business is in full swing, a lot of franchisees relax and get too comfortable without looking further ahead. The problem with this approach is that it limits their ability to scale up their franchise business.
To prevent being stuck in your comfort zone and unable to take your franchise to a greater height, it is important that you have a long-term plan for your franchise. Below is how to create one.
- Set Your Goals
If you are like most people, it’s been a long time since you were honest with yourself about where you wish to be, say, one, two, or five years from now. A lot of franchisees become too busy with the day-to-day operations of the business that they don’t remember to look far into the future.
It will be impossible for you to understand your long-term plan for owning a franchise if you don’t know your long-term goals. So, create a list of at least 3 goals for your franchise and paste it at a place where you can easily see it in your office.
- Assess Your Starting Point
Knowing where you are starting from is important in order to start moving toward your long-term goals. You may already have an idea for your franchise business in mind. After all, you are the one that knows what you are going through every day in the business. When creating your future plans for your franchise, you need to be detailed in your assessment of where you currently are.
Consider the following items when assessing your starting point:
- The assets you currently have
- The assets you have but are yet to claim
- The amount of time you need to invest
- The amount of money you have available
While you are creating a list of your starting points and defining what it looks like, you will begin to see areas of opportunity. For instance, you might initially believe that you need to concentrate on collecting marketing material for your franchise business, but when you start making a list of the things you have, you might notice that you actually have more materials than you think.
- Create a Business Plan
Once you have determined your goals and current assets, you need to create a long-term plan for your business. Write down details about where you hope to be one, three, or five years from now. Assign a number wherever possible, i.e., on the number of accounts and sales goals. Assigning numbers to your long-term goals will make it easier for you to monitor how close you are to actualizing them.
Next, create your business plan to realize those goals. Determine what you need to achieve those goals and how you are going to get them. Make a comprehensive roadmap that indicates each milestone you need to meet on your way to achieving your long-term goals.
While making your business plan, be sure about how you are going to realize these goals. It may be a good idea to first list out all the present challenges you are facing and then use those challenges to determine what you need to take your business to a greater height. For instance, do you have to change your interior décor? What will be needed to accomplish that? Or do you have to bring in more employees? What process will you have to undergo to do that?
- Start Moving
Once you have created your plan, you are set to start moving. Walk your way slowly through the roadmap and see your success unfold by keeping track of your journey in your office. Setting small milestones along the line will enable you to celebrate every little win that can help you reach your long-term goals.
