With strong consumer spending, franchisors are able to offer users everything from gyms and spas to pampering locations such as massage and gym centres. Businesses in the personal service franchise are among those expected to drive the most growth in franchising this year among establishments in the personal services market.
Among its counterparts, the personal services industry ranked first in terms of establishments and output, according to the 2022 Franchising Economic Outlook published by the International Franchise Association.
With the sector taking the top spot last year, it has reclaimed the top spot this year. Companies in this business line include The fitt studio and The Black Velvet.
It was compiled by the IFA in conjunction with franchise research and advisory firm FRANdata. The report looks at eight major business lines, with commercial & residential services and table & full-service restaurants showing the most growth.
Among the benefits of the report are that it provides prospective and existing franchisees, including black entrepreneurs looking to invest in a franchise, a glimpse at brands that are among the fastest-growing brands across several franchises.
Franchising has been popular among entrepreneurs for years as an operating business model. About 26% of franchises are owned by people of colour, compared to 17% of independent businesses generally, according to Oxford Economics.
As this sector is showing growth, the main question is how to grow and franchise a service business?
How to grow a Service Business in India?
Small businesses that offer people services need to do everything they can to stand out from the crowd. In particular, they need to learn how to grow their service businesses in order to attract new customers.
When you make the right strategic steps, growing your business isn’t as difficult as you might think. You can achieve rapid growth in a short period of time.
We will discuss 8 things you need to know about the growing service business in India right now.
- Create a List of Goals for Your Business.
- Clearly Identify Your Customer Base
- Come Up With a Loyalty Program for Your Customers.
- Research the Competition in Your Area
- Form Strategic Partnerships With Other Businesses.
- Find Ways to Use Social Media to Your Advantage.
- Optimize Your Business Website for SEO Purposes.
- Consider Franchising Your Service Business.
Create a List of Goals for Your Business
Your service business should have a set of goals that you strive to meet, regardless of whether you just opened your doors last week or have been in business for years.
You are interested in expanding your business and opening a new location within the next year, so include that in your goals list. You would like to start offering new services to your customers within the next six months, so include that in your goals list.
You can set your business up for both short-term and long-term success by identifying your goals. You and your employees will remain focused on the tasks at hand and grow organically as you move closer to your ultimate goals.
Clearly Identify Your Customer Base
You should also think about your customer base when creating a list of goals for your service business. You might be surprised to learn how many people start businesses without thinking about who they will serve.
You will be able to provide people with exactly what they want when you identify your customer base. Additionally, you will be able to market your business more effectively and grow your business like never before.
As a small business owner, you should aim to attract customers who will enjoy the services you offer them. When you do this, they’ll come back to you again and again, which will build the foundation for a successful business.
Come Up With a Loyalty Program for Your Customers
One way to experience growth is to create some kind of loyalty program for your customers. This is in addition to identifying your customer base and marketing your business to them.
For example, When your business provides dry-cleaning services in your community, you may give your customers a free shirt after their fifth visit. If your business provides mobile grooming for dogs, you may offer customers free nail trimming after every fifth visit.
If you keep them coming back, they’ll help you grow your business. To keep your customers feeling like they’re part of your business family, you can incentivize them to visit you more often than they already do.
Research the Competition in Your Area
The presence of other businesses in your area will not stop your business from growing faster.
It is important to know who the competition is in your city and ensure your business is better than them. You should look at which services they offer and ensure that your service is better than theirs.
If you clearly define your service business, people won’t be confused about what sets it apart. You should also keep an eye out for new businesses, since they may try to swoop in and offer services you don’t offer.
In order to run a successful personal service franchise business, you need healthy competition, but you need it to benefit you, rather than harm you.
Form Strategic Partnerships With Other Businesses
If you’re busy examining the competition in your area, you should also be on the lookout for businesses that might be able to provide you with strategic partnerships. You can leverage relationships with other businesses to grow your own.
When you run a dry-cleaning business, you might be able to profit from offering free cleanings to customers who purchase clothing from a local retailer. You’ll be able to market your business to those who will eventually use your services.
If you run an accounting firm you might be able to market your business through a partnership with a bank that will offer free tax preparation to anyone who opens a savings account. Again, you’ll be able to market your service easily through a partnership.
Find Ways to Use Social Media to Your Advantage
Service businesses must build a strong online presence in order to succeed in 2022. This will allow the business to network with customers and other businesses while collecting customer reviews.
It is a good idea to set up a Facebook page, a Twitter account, and an Instagram account for your business and use them to let others know what your business is all about. You should also create online videos on YouTube to show your services in action.
You’re limiting your small business’s growth if you don’t use social media. That’s why you should include social media in your marketing strategy from the beginning and advertise there when necessary.
Optimize Your Business Website for SEO Purposes
You should offer a list of your services on a professional website that contains additional information about your company. Social media is a must for all service-based businesses, but this does not mean you won’t need a regular website.
It is also imperative that your personal service franchise business website is optimized for SEO purposes. When people search online for dry cleaners in India, you want your business to show up on the first Google search page. This will drive more business to your website and to your business in general.
While some service businesses attempt site optimization on their own, most often you’ll have to hire a professional to do it for you. It’ll ensure your home page is viewed by as many people as possible.
Consider Franchising Your Service Business.
It can be a very lucrative way for a business to grow rapidly without you having to put too much pressure on yourself. You will need a successful business plan in place in order to franchise it.
You allow franchisees to license the name and services of your service business to others and collect a cut of their profits.
It’s important to be cautious about personal service franchise is very early in the process, as you could damage your brand by giving up control of your service business. However, franchising is great for businesses that are looking to expand out of their current market.
