by Larry Reed | Nov 1, 2023 | Franchising
Increasing revenue is something that all franchisees want to do. Their franchise may be experiencing financial difficulties, or they are simply interested in growing their franchise. Whatever the reason, there are many methods to increase a franchise’s revenue.
This blog will discuss how upgrading your customer experience, integrating different and newer payment methods and strengthening your marketing strategy can bring in more revenue for your franchise!
Customer Experience
The customer experience is vital to a franchise’s longevity, reputation and revenue. Without a strong customer experience, you risk giving yourself a bad reputation and scaring away loyal and potential customers. But changing your customer experience is easier than you may think.
Your staff plays an essential role in the customer experience. Training your team to be more attentive when caring for customers will help create a more pleasant experience.
Likewise, a seamless online experience for customers can also help to bolster your reputation and lead to more customers visiting your site. Creating a space for feedback can help you address customers’ concerns and show that you value their input.
Additional Payment Methods
Another way to increase your franchise’s revenue is to offer multiple payment methods. Today’s customers want transactions to be quick, and they expect to be able to pay through mobile wallets and other electronic methods.
The more payment methods you offer, the more potential customers you are opening your business up to.
Technology can be overwhelming, but you will benefit from embracing it. If customers know that there won’t be a hassle when it comes to paying, then they are more likely to visit your business. They may even spread the word about how easy it is to pay for your services!
Marketing Strategy
A successful marketing strategy can make all the difference for a franchise. It can help you reach new customers and maintain relationships with those you already have.
With the growth of social media and email marketing, creating engaging content for your audience has become easier. You can keep your customers up to date about sales, changes in your store and new products.
In addition to those options, you can engage in community events to spread the word about your franchise! Hosting a booth at an event allows you to meet potential customers face to face.
If you are ready to begin your career as a franchisee, get in touch today to get started with a free consultation.
by Larry Reed | Oct 15, 2023 | Uncategorized
Owning a franchise comes with challenges, and there is one you will need to figure out before putting pen to paper. How you’ll afford your franchise is something you need to take into consideration when choosing the franchise you want to own. Obtaining financing help is common in franchising.
This blog will discuss the common financing options available to franchise owners: SBA loans, franchisor financing and bank loans.
SBA Loans
Small Business Administration (SBA) loans are one of the most popular forms of financing for franchisees. To provide these loans to franchisees, the SBA works with different lenders to fund the loans.
You will need a detailed business plan and to have your credit history assessed before obtaining one of these loans. Part of what makes these loans so popular is that the SBA guarantees a portion of the loan, which means that lenders are taking fewer risks and are more willing to offer loans of varying amounts with longer repayment times and lower interest rates.
SBA 7(A) is the most popular type of loan and allows you to take up to $5 million. The CDC/504 loan allows up to $5.5 million dollars and is often used for equipment and real estate. The smallest loan is the SBA Microloan, which allows borrowers to take up to $50,000.
Franchisor Financing
Another form of financial assistance is financing through your franchisor. This can come in the form of help with the franchise fee or help with purchasing any of the necessities needed to operate your franchise.
It is important to know that each franchisor will have individualized financing terms. This includes the amount offered and repayment times. The success of your franchise is important to your franchisor, so they will be more than happy to help you with getting started!
Bank Loans
One of the most common types of loan is a bank loan. These loans are given to small business owners to help them fund their goals. Similar to other types of loans, to secure a bank loan you will need a detailed business plan and to have your credit history assessed.
When taking a loan from a bank, remember that each bank offers its own repayment terms and interest rates.
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
by Larry Reed | Oct 1, 2023 | Uncategorized
Purchasing a franchise is a life-changing decision for a franchise owner. But before going out and purchasing a franchise, some factors need to be taken into consideration to help you pick the franchise that is the right fit.
This blog will discuss how your business goals, financial readiness and other franchisees play a role in helping you select a franchise. It will also discuss how the different franchising industries can impact your decision-making process.
Goals
When considering purchasing a franchise, one of the first things you should do is figure out your business goals. You will want to match yourself with a franchise that has similar goals to your own.
These goals could be as simple as making a certain amount of revenue in your first year or as complex as expanding to multiple units over the next five years. When speaking with franchisors, do not be afraid to ask questions about their goals. It will help you determine how focused they are on the brand’s growth and success.
Finances
Maybe the most important aspect to consider is your financial readiness. You need to think about what it takes to own a franchise. That includes the initial investment, ongoing fees, and any equipment and operational costs that need to be covered.
You will want to align with a franchise that is within your budget range to avoid financial problems. Should you need it, many franchises offer help with funding to get your franchise started.
Franchisees
If you have narrowed down your list of possible franchises, try to connect with franchisees of those brands to learn about how they operate, the experiences they’ve had with their franchisors and their brand’s track record over the last few years.
This can be helpful information that can inform your final decision. These experienced franchisees will be more than happy to help you!
Industries
Another thing to consider when purchasing a franchise is the industry you would like to work in. You should pick an industry that you have an interest in or one that you may have previous experience in. This will make franchising much more enjoyable for you.
Whether it’s working in the home repair industry or working in the fitness and health industry, there is no shortage of franchises to choose from. Take your time finding the one that is best for you!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
by Larry Reed | Sep 15, 2023 | Franchising
Many franchise owners will choose to work with a partner to operate their franchise. It’s common for franchise owners to partner with people they know, be it a spouse, sibling or a long-time friend.
In this blog, I will explore the upsides to working with friends or family members, how you both can use your skills to find success and how to keep your working and personal relationships with your business partner healthy!
The Pros of Working With Friends or Family
One of the upsides to partnering with a friend or family member is the familiarity that you have with one another. So much of the success behind a franchise is based on communication, and if you are working with someone you are related to or someone you have been friends with for decades, then communication will not be a problem!
On top of that, the two of you likely share similar values. This can reduce the amount of head-butting as you will more than likely agree on how you want your business to operate, and what you want it to stand for.
How You Can Work Well Together
To avoid any arguments or feuds, you and your partner should define the duties and responsibilities that each of you will have. Each of you brings different strengths to the franchise and your partnership, and it’s up to you to figure out how to use them to grow your franchise.
You should also consider creating a detailed business plan to follow. This will help keep both of you on track with your goals and responsibilities.
The Cons of Working With Friends or Family
One of the first things that needs to be done when working with a friend or family member is the setting of boundaries. You should make it clear that your personal relationship takes a pause when work starts for the day, and your working relationship ends when you are done for the day.
Any problems at work should stay at work, and any grievances in your personal life should remain there.
Finances are another area where there may be problems. If you or your partner feels as though you are contributing more time and money to the business than the other, this could cause disagreements. In this situation, it is important to communicate to your partner how you feel.
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
by Larry Reed | Sep 1, 2023 | Uncategorized
Starting your franchising career is an exciting time. It’s something that you have worked hard for, and now the opportunity is upon you! And while there are no secrets to finding success in franchising, there are some helpful tips that can make the process much easier for you. One of those is being comfortable asking a franchisor questions, especially as you begin your career.
In this blog, you’ll find the types of questions to ask your franchisor regarding investments and finances, the type of support you will receive as a franchisee and your franchisor’s history.
Questions About Finances
One of the more important aspects of owning a franchise is understanding how finances work in the franchising world. You will want to make sure that you are on top of everything so that there are no surprises. When speaking with your franchisor, you should make sure that you speak about franchising fees, royalties and return on investment.
It would help if you even asked about any other operating costs and the financial outlook for your franchise’s industry. Knowing this information can help you make better decisions for your franchise.
Questions About Support
As a new franchisee, you must have support as you start your career. Even if you are business-savvy, having help from your franchisor can be a massive boost. You should ask your franchisor about the types of training available, whether there are mentoring opportunities with seasoned franchisees and what help you’ll receive in marketing your franchise.
All of these factors are important to your success as a franchisee. You may be surprised to learn that some franchisors offer ongoing support.
Questions About Your Franchisor
During your career as a franchise owner, you will build several relationships, but none will be as important as the one you have built with your franchisor. They can help you with so much during your time as a franchise owner, so before you make any permanent decisions regarding a franchise, you must make sure that you know who your franchisor is. You should ask questions related to their history in franchising, their achievements and their credibility.
You will want to make sure that their visions and goals align with your own so both of you are on the same page when it comes to your franchise’s success!
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation.
