This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development is uncertain. The character combines 方 and 鳥, but its original meaning and formation are unclear.
The character visually combines 方 (direction) and 鳥 (bird), but its meaning is unknown. Imagine a bird flying in a certain direction, but remember that this is just a visual mnemonic, not a real meaning.
For ホウ, imagine a bird flying in a certain direction (方) and calling out 'hou!' as it goes: hou -> ホウ.