There comes a stage in business where every entrepreneur needs to take a stand whether to expand the business and meet its potential growth. A business can only upscale and grow if the right decisions are taken, at the right time. The entrepreneur needs to ensure that the business operations and sustainability are stable, before they plan the next phase of expansion.
While there are numerous benefits, you can get from the expansion of your business, you need to do thorough research and planning before up scaling. The most essential thing before implementing an expansion plan for your business is to have an adequate bandwidth and funds. In case the expansion does not turn out the way it was planned, towards profitable growth, at least, you have contingency and bandwidth funds as a backup for sustainability of the business.
The business is worthy of doing only when there is an upward growth and brings value and excitement to the entrepreneur and his team members. There are various aspects involved in the successful expansion of the business. Yellow Tie Hospitality has adopted 4 easy steps to upscale their restaurant business using Franchising as a pivotal tool.
Business should be able to add Value: The first point you need to consider for successful business expansion is that the plans for up scaling the business should add value to the business for upward growth. If a business does not add any incremental value and surges excitement for expansion and growth in the entrepreneur, the up scaling efforts are futile. Yellow tie was successfully launched in 2015 and with the major strategies to make a mark in the hospitality industry. It focused on bringing international brands to India, and developed its own brand. It was led by a passionate leader and this growth has brought more than 55 operational outlets in its pipeline.
Team Effort makes all the difference: The second thing you need to consider for successful expansion is that the core team of the company and the leader needs to be at par with each other in terms of passion and dedication to the business. Business is all about good relations and teamwork with your vendors, suppliers, and team members. The collaboration of teamwork is the most essential for successful business growth and expansion. Yellow Tie Hospitality has truly reflected strong teamwork. The team strength of the Yellow Tie has grown from 3 to 70 in the past three years. Young leaders have taken charge of multiple roles with diversifies responsibilities to implement aggressive growth plans. “The idea to offer entrepreneurs readymade restaurant concept that can be scaled up and managed with ease”, believes Karan Tanna, a 31-year-old Founder and CEO of the Company.
Going in the right direction: Karan Tanna focused on spending his precious time in the right direction. Be it any kind of business, the entrepreneur focused and dedicated his time to the right aspect of the business for increased efficiency, which set the groundwork for successful expansion. If the entrepreneur does not put up the right efforts at the right places, a business will never grow. The art of delegating responsibilities to the team members, adding the right values to the business and hitting the right chord in every business decision is crucial to achieve sustainability and growth. A hasty decision without proper analysis and discussion with the team members for an expansion of the business can backfire, most of the times.
Business Networking & Building Relationships: When Karan Tanna started Yellow Tie Hospitality, he travelled to various franchises to build friendly relations to expand business. The start-up earned investors by the way of successful testimonials. The company worked hard to ensure that the outlets that partnered with them initially achieved decent returns on their investment. Today, it has an analytical team to manage the PR & Networking at the right forums for the company. It has successfully partnered with 200+ entrepreneurs in just a year and it continues to succeed progressively. YTH has brought the Genuine Boaster Chicken franchise in India in the year 2016 and also partnered with celebrity Chef Harpal Singh Sokhi to start up Dhadoom, Twist Of Tadka & BB Jaan. Managing the logistics and the supply chain was among the toughest challenges that Karan Tanna had to overcome.
With the successful implementation of the business strategies for successful growth and expansion of the business, and sheer hard work and dedication from Tanna and his team has led to YTH success and successful upscale for the value of the brand. YTH has various achievements under its belt in a short span of time. YTH brand 'Dhadoom’ has been awarded India's Top 100 Franchise 2019, 'Wrapchic’ has won Best Debutant Quick Service Restaurant award in 2018, 'Genuine Broaster Chicken’ has been awarded as the Best American Style Diner in 2017. The brand had also won the Best Debutant Chain award in 2016 when it witnessed a whopping revenue of 1 Crore in its very first financial year.
Tanna says that he plans to upscale and expand Yellow Tie Hospitality but he understands that YTH is “limited by our bandwidth”. He also believes that this will soon change and growth is surely on the cards in the near future.