Overview – Children’s Franchise
As 2021 comes to a close, you likely have your eyes set on the new year. The new year comes with new opportunities for growth, new customers in the pipeline, and new goals to keep your team motivated. Know more about the Children’s franchise.
Children’s franchise owners have experienced many challenges over the past two years. First and foremost, we always recommend celebrating your successes. In tough times, it’s easy to lose sight of all the amazing things your team has accomplished and the students you’ve helped. Every win deserves recognition.
To help you gear up for your best year yet, we’re sharing ways you can prepare your business for the new year.
Reflect on the Past Year
Before you start thinking ahead, it’s important to reflect on your business’s performance over the last year. It’s helpful to collect data on key performance indicators to determine how your business has measured up to your goals. This may include information like monthly P&Ls, sales, labor, customer retention, and more.
Did you reach your quarterly goals? Were there months with stagnated growth? How does this data compare to the year prior? Answering these questions will help you pinpoint trends and adjust your expectations for the new year.
Goals should be both measurable and attainable. Instead of saying, “I want to grow my children’s franchise next year,” a quantifiable goal would be, “I want to grow my business by 12% next year.” You should also take the previous year’s numbers into account to ensure your new goals are reasonable.
Including your key managers in the goal-setting process will both help your team feel engaged in your business and provide you with an additional inside perspective.
Create a Business Plan
Your children’s franchise business plan should be a living document that’s updated at least once annually. What better time to refresh your plan than the start of a new year?
It’s likely that some elements will remain similar to your original business plans, such as your business description and structure. However, changes in things like service offerings, financial documents, and market opportunities should be updated to reflect the current state of your business.
Prepare a Marketing Plan
A detailed marketing plan should be included in your overall business plan. This will outline your growth expectations and how you intend on getting to your goals. This should include elements such as:
- Key performance indicators you’ll be tracking
- Description of your target demographic
- Competitor analysis
As a children’s franchise owner, you’ll likely be able to rely on your franchisor for local marketing assistance. At iCode, we provide recommendations for effective marketing tools that suit your particular business. We also offer graphics and templates to help you create consistent, on-brand marketing materials you can use to create local marketing asset.
Start a New Business in the New Year
Not yet a children’s franchise owner? This exciting business opportunity is both rewarding and poised for growth. To learn more about the iCode franchise opportunity, connect with our team of franchise professionals.