The only limitation your company has is your ambition. If you want to turn a small venture into a popular chain that dominates a market, you simply need to adopt a proactive mindset to make your goal a reality.
To create a global company that continually attracts customers, there are steps you can take to become their go-to brand. Here are the four things that help local businesses grow into chains.
1. A Detailed Understanding of a Market
To capture the market and quickly turn your brand into a reputable chain, you must have a thorough understanding of your product and target customer.
Think about what makes your brand different to your competitors, and how you can effectively promote a USP to your audience. So, focus on delivering an exceptional customer experience that will have your industry rivals running to catch-up.
2. The Development of a Rock-Solid Business Model
To successfully expand your company year after year, you are going to need a rock-solid business model. Not only will you need to develop a strong price point that blows your competitors out of the water, but you will need to focus on exceptional customer service, forward-thinking marketing and a professional brand, which will ensure your company is your target audience’s first and only choice.
Chuze Fitness is a prime example of a strong business model, as the brand started out as one gym; however, they are now opening their 5th Tucson gym and 7th Colorado gym.
3. Finding the Right Funding
It is impossible to extensively expand without money in the bank. Fortunately, there are multiple avenues you can go down to fund your brand’s ambition. While a business loan is often a natural choice, it isn’t your only option.
For example, you could turn your small business into a successful franchise, as people will pay a fee to use your branding, business model, tried-and-tested sales tactics and benefit from your powerful marketing campaigns.
If this sounds like the perfect way to turn your single business into a large chain, you would be wise to initially turn to the International Franchise Association (IFA) for assistance. You will also need to prepare a standard disclosure document, which is known as the Uniform Franchise Offering Circular (UFOC)
4. A Hard Work Ethic
Make no mistake, you will need to work harder than you ever have in your life if you want to turn your small business into a chain. Not only will you need to hire the right talent, develop the perfect branding, source or manufacture high-quality products, and market them effectively to your target audience, but you will need to adapt to different locations, markets and expectations.
You will need to put your blood, sweat and tears into developing a popular chain, and it might take a few years until you are rewarded for your efforts. However, it will be worth all the hard work and sleepless nights once you finally do.
