How to Outsmart Your Franchise Competition

Topics of Discussion:

• Identify Your Competition
• Formulate A Plan
• Take Action
• Evaluate and Regroup

#1 Identify Your Competition

Do you know who your competition is? The first important step in outsmarting your competition is identifying the franchises you’re competing against. How can you outsmart these competing franchises if you don’t know who they are? You can’t be one of the most profitable franchises to own without doing a little research.

#2 Formulate A Plan

Once you’ve identified who your top competitors are, decide what you need to do to compete with them. Do you need to change your prices? Offer more deals? Choose a few areas you could improve on to make your franchise more appealing than the ones around you. Remember, competitors are both local and national.

#3 Take Action

After you’ve made a game plan, it’s time to get started. Try to follow your game plan as best as possible, but be prepared with a backup plan if things don’t work as well as you’d hoped. As you start taking action, make sure you take copious notes about any changes or improvements you see. Keeping track of your progress is one of the most important steps in outsmarting your competition. Track sales to see what drives the highest customer engagement, higher ticket sales, and great transactions.

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Disclaimer: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of or want to locate a franchise in one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your state. Franchise offerings are made by Franchise Disclosure Document only.