As a franchise owner, your earnings are directly related to the success of your business. If your business is going through a rough patch financially, you may see the effects of this when it comes to what you earn as the owner. This is a humbling reality that you as a franchise owner should be prepared for.
Luckily, there are many ways for franchise owners to increase their earnings. Some depend on actions taken by the owner, while others focus on employees’ hard work. No matter the method, with a bit of patience, they can help a franchise owner increase their earnings.
The Franchisee
It can’t be said enough how much of your success as a franchisee comes down to your knowledge and skills as a business owner. A mix of hard work and the ability to understand the franchise industry can help you increase your business’ profit, as well as your earnings.
It’s important as a franchise owner to recognize when your business needs a change. It could be updating your marketing strategy, offering deals or finding new ways to get customers coming into your store again.
Multiple Revenue Streams
If your franchise doesn’t already have multiple revenue streams, then you should think about making that a top priority for your business. Not only will it help you to increase your earnings, but it will also create a safety net for your business.
If your main revenue stream takes a hit, you will still have the others to fall back on. To create new revenue streams, you should think of ways to enhance your products or the service you offer. What these other revenue streams look like depends heavily on the type of franchise that you own.
Good Employees
Your employees play a vital role in the success of your business. Alongside the quality of the products or services you offer, your employees are a major factor in what keeps your customers coming back.
Employees who can help foster a positive customer experience are employees who customers will take a liking to. This could encourage them to become loyal customers, as well as spread the word about your business.
Are you ready to start your franchising career? Get in touch today!
How to Increase Revenue as a Franchise Owner – Franchise Strategy Partners
When you own a franchise, your revenue is of the utmost importance to you. Without it, your business can’t operate the way it needs to in order to be successful.
Every business goes through periods when its revenue dips or stays stagnant for one reason or another. Luckily for franchise owners, there are several ways to get your business to a better place financially.
Depending on loyal customers, updating your marketing strategy and offering discounts are discussed below and are only three of the many methods that can help you increase your business revenue.
Focus on Loyal Customers
Many companies focus on finding new customers to try their products, but one of the best ways to increase your franchise’s revenue is by focusing on the customers you already have. If they are using a few of your services or products but not all of them, then you could try to introduce them to the other services or products that you offer. In an effort to make these services and products more attractive, you could offer them to your customers in a bundle.
It would also be helpful to stay in touch with these customers through newsletters, emails and reminders. It is obvious that these customers trust your company, so reaching out to them before finding new customers makes sense.
Change Your Marketing Strategy
Improving your marketing strategy is another way to help increase your franchise’s revenue. With the help of social media, you can reach so many people. And with platforms like Facebook, Twitter and Instagram, you have the ability to reach audiences even outside of your local area.
It is also important to make sure that your franchise has a website that is easy to find and easy to use. Giving your customers a site to find more information about you, your services and ways to contact you will go a long way.
Offer Discounts
While you may think that offering discounts would lead to a loss of revenue, it often has the opposite effect on companies.
Choosing certain products to be discounted and providing the discount for a specific amount of time will make buyers want to start purchasing more items. The combination of discounted prices and a strong marketing strategy to get the word out can help you increase your business revenue.
Ready to leap franchising? Get in touch today to get started!
For many entrepreneurs, owning a business is a lifelong dream. Many people are able to make this dream come to life for themselves, but even more are kept from achieving their goal of business ownership for one reason or another.
One of the biggest deterrents for those wanting to operate a franchise is having limited funds or a lack of funds altogether.
Luckily, there are many ways to purchase a franchise, even if you are in an less-than-desirable financial situation. Below are three popular methods for securing funding to purchase a franchise.
Working With a Partner
If you are not in the best financial situation for purchasing a franchise but have a friend or family member who is, you may consider partnering with that person to fund your franchise. You should make sure that you are partnering with someone you not only trust but someone you work well with.
Because he or she will be a partial owner, this means that your partner will be able to make decisions regarding the business. You can work with a lawyer to create all the necessary paperwork to legitimize your partnership.
Using Franchisor Financing
Check with the franchisor of the franchise you are interested in. Franchisor-financing is a common option that benefits both parties. You should know that before you receive funding from your franchisor, you will need to ensure that you meet that specific franchise’s requirements.
It’s also important to know that not every franchise offers the same amount of money. While one franchise may offer a qualified franchisee $50,000, another franchise may offer more or less than that amount. You should find a franchise that can meet your financial needs.
Taking Out a Loan
There are several loan options available to franchisees who are looking for help with funding. While a traditional loan from a bank is always an option, it may be difficult to obtain if you do not have good credit.
This is where Small Business Administration loans can be helpful. It’s easier to qualify for these loans, and the amount of time you have to repay the loan is much longer.
These are just two examples of possible loans, but there are more you can research and choose from.
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation!
It is no secret that many entrepreneurs pride themselves on being individualistic people, seizing the opportunity to be their own boss and to pave their own way. And while there is nothing wrong with any of that, all business owners can benefit from having a mentor who has been in their shoes before.
Let’s explore three ways that a mentor can help guide and reassure entrepreneurs who are just getting started with business ownership:
Mentors Have Years of Experience
While new entrepreneurs may possess the skills and the hunger it takes to succeed, they lack the experience of those who have been entrepreneurs for years. A seasoned entrepreneur’s experiences can help newer entrepreneurs recognize problem areas within their business before they cause any damage. And younger entrepreneurs can even learn helpful problem-solving and communication skills from their mentors.
It can not be overstated how important experience is when it comes to being an entrepreneur. Taking the advice that your mentor offers can lead to a long career.
Mentors Can Help You Build Your Network
If your mentor has built lasting business relationships over the years, he or she can introduce you to people who could lead to more opportunities for you. This could connect you to higher-ups in a diverse range of industries. Once that happens, the sky is the limit for what you can achieve.
Your mentor will be more likely to share resources with you over someone he or she hardly knows. Building a lasting relationship with your mentor could prove beneficial in many ways.
Mentors Can Keep You Encouraged
As an entrepreneur, there will be days when you question whether what you are doing is the right thing. You may come to a point in your career where business seems to have slowed down, and the spark that you once had is no longer there.
But when you have a mentor, you have someone who has also been down that path and can reassure you that with a plan and hard work, you can find a solution to your problems.
Taking on a leadership role is a big deal. Whether you’ve worked up to the position from an entry-level job or become the owner of a new franchise, you’ve likely put in years of hard work to get where you are now.
But with a new title comes new responsibilities.
Luckily, there are ways you can prepare yourself for your new leadership position. Below are three tips to help you adjust to life as a first-time leader.
Focus on Communication
When it comes to being in a leadership role, your ability to communicate with your employees is the most important aspect of your job. You want to create an environment where your employees feel free to ask for help, give feedback or suggest solutions to a problem.
As the leader, you will want to learn how to communicate in a way that motivates your employees and reassures your employees that you are in firm control. The power of communication in your workplace can not be overstated.
Develop Time Management Skills
There never seems to be enough time in the day. This becomes even more apparent when you are in a leadership role. But how do you address this problem as a new leader?
One option is to create a plan to help tackle the tasks that you need to get done. As a leader, you should feel confident delegating different tasks to your employees. This will not only help you, but it will show your employees that you trust them.
Learning to be decisive is also part of developing time management skills. Once you’ve made a decision on something, stick with it and see it out. Flipping back and forth will only cause more problems for you and your employees.
Don’t Fear Making Mistakes
Everyone expects those in leadership positions to be perfect. But leaders are still humans, which means that they are more than capable of making mistakes. But these mistakes do not have to be a moment for you to beat yourself up.
Not only can you learn from them and do better next time, but they can be an opportunity to show your employees what accountability looks like. If they see you owning your mistakes and working to improve, there is a good chance they will do the same thing.
If you’re ready to start your franchising journey, contact me today!
