How to Franchise Your Business & Thrive During the Thanksgiving Shopping Season

It’s that time of year again.

The holiday music is playing in stores and holiday decorations are going up everywhere we look. And let’s not forget all the commercials and ads that bombard customers on every platform.

But instead of focusing on turkey and side dish recipes, you’re thinking of whether or not it’s a good idea to franchise your business during the Thanksgiving and Black Friday shopping season. The good news is that all the data available points to this being an excellent time to franchise a business!

Deloitte is forecasting that they expect holiday retail sales to top $1 trillion in 2017, which is a growth of about 4.5%. The International Franchise Association has also predicted continued growth in all areas for franchises this year. This growth includes a 1.6% increase in the number of establishments, which, in turn, leads to a 3.1% increase in the number of people employed by a franchise.

This data combined with higher consumer confidence and an increase in disposable income makes this an excellent time to franchise your business.

Franchising Your Business

Even though the data reflects good reasons to franchise a business, you still need to take some initial steps to ensure success.

The first step is research. Research should be a key part of any business plan, but with changing over to a franchise, this is especially important. You will want to make sure that your business has an established trademark, a good reputation, and that you’ve eliminated any products or services that are no longer profitable. You will also want to look into what similar franchisors are charging for their initial franchise fee and ongoing royalties so you can stay competitive in your industry.

Your next steps will be to look at forecast data for your specific industry. Online research will give you the numbers, but you may also want to reach out to other franchisors. They can answer most if not all the questions you may have and give you an idea of what to expect along the way.

Thriving During the Thanksgiving Shopping Season 

According to the National Retail Federation, businesses can experience up to 20-30% of their annual sales during the holidays. As most businesses experience some losses in their initial year, franchising a business during the holiday season could give you the boost needed to get through the following year.

To thrive during this time of year, a few things need to be taken into consideration:

  • Hiring & Preparing Staff – During the holidays, you’ll likely need to hire additional staff to cover extra hours of operation and an increase in customer traffic. This will help to relieve unnecessary stress on you and your team and will allow for a more pleasant customer experience.
  • Utilizing Every Marketing Channel to Reach Customers – The National Retail Federation also states that you should place limited-time offers across multiple marketing channels. This includes TV and radio along with social media platforms. In fact, the Local Marketing Institute, states that only 44% of businesses have claimed their profile on Google. This can lead to a huge missed opportunity to maximize your reach and interaction with customers. Make sure part of your marketing plans for you and future franchisees include claiming a profile on Google as well as on review sites like Yelp.
  • Think Outside the Box – To stand apart from your competition, you need to do something different to attract your customer’s attention. This could include running “pre-Black Friday” sales on the weekend before Thanksgiving or creating flash sales randomly during the season that inspire people to shop on a designated day or specific set of hours.

Thrive During the Holiday Season

Black Friday and the overall holiday season can be a stressful time for consumers and businesses alike, especially if you’ve just franchised your business. By doing research, preparing staff, and utilizing all the marketing platforms available, you can help alleviate some of the stress and focus more on serving your customers. The result will be a more profitable business that can not only thrive now but throughout the year.

If you have questions about how to franchise your business, contact Big Sky Franchise for a free consultation today.

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