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.
As a franchise owner, the pressure is on to recruit the best talent for your business. The right candidates can be found in a variety of ways, and with modern technology, there are a variety of recruiting methods to choose from.
An efficient recruitment strategy will help you source applicants, streamline interviews and get the onboarding process started in no time!
1. Enhance Your Job Ads
A thorough, descriptive job advertisement is a great way to capture the attention of job seekers. There are many ways to enhance a job ad, such as including a “requirements” sections, adding in a realistic salary range and incorporating screening questions.
If you aren’t receiving enough qualified candidates, it may be because your job advertisement is vague or less than impressive. It may be the window into your company for candidates and you want them to get a good impression from the post.
2. Utilize Social Media
Social media is the perfect avenue for creating a positive company brand and letting others know that you are hiring. Potential candidates will be able to look back through previous posts on social media platforms and determine whether or not they believe they’d fit in with your company culture.
3. Make a Good First Impression
Just as your social media profiles and job advertisements provide a first impression to potential employees, you want to make sure you make a good impression in your interviews and during any contact with the candidate.
Be sure to respond to email and calls in a timely manner and maintain a professional demeanor during meetings.
4. Showcase Your Company Culture
Company culture can influence how your employees feel when they walk into the office. If you aren’t sure whether your business has a strong, positive company culture, it may be time to create one.
When candidates interview for a position, be sure to mention all of the ways that employees are recognized, appreciated and valued within the workplace. Creating a favorable environment for employees is a great way to entice qualified candidates to apply and current employees to stick around.
5. Consider Current Employees
When a new position opens up, do you consider your current employees for the role, or immediately post on a job board? Companies that promote from within may experience better employee retention and spend less money on recruiting new candidates.
The next time a job opens up on your team, think about your current employees and who could potentially fit seamlessly into the role!
When you’re ready to launch your own business, we can help you with the purchase of your first franchise. Contact me today to learn how we provide support and guidance for entrepreneurs!
We have all had times when we’ve wanted to increase our focus. For some, ignoring distractions is easy. For others, simple distractions can kick them out of the zone.
Whether you are working on a challenging work task or a home project, it is always a good time to be hyper-focused and productive.
As an entrepreneur it’s easy to go, go, go and forget about your health. As it turns out, if you take care of yourself, it can actually improve your focus!
Fortunately, there are many ways to boost your concentration. Here are my favorite ways to help you improve your focus to maximize your success with your franchise!
1. Improving Your Sleep
Getting more sleep is usually easier said than done. Unfortunately, entrepreneurs know this too well.
But improving your sleep can provide drastic changes to your focus. There is a strong correlation between sleep and cognitive function. Experts agree that sleep influences memory, attention and thinking.
If you’ve been feeling like focus has been hard to come by recently, try changing up your sleep routine. It may be hard to stop working late into the night, but it will greatly improve your overall health—including concentration.
2. Try Focus Exercises
Focus exercises are meant to improve your focus and overall cognitive function. A lot of focus exercises are activities that you probably enjoy doing, you just don’t have a lot of time for. These exercises include reading, sudoku puzzles and meditation.
If your focus needs a boost, try scheduling in time to read a book before bed or doing a sudoku puzzle during lunch.
3. Fit in Exercise
Yes, your schedule is busy. Where could you possibly fit in exercise?
Studies show a correlation between exercise and cognitive function. Being in nature can also improve both your physical and mental well-being, so why take an after-dinner walk to help boost your focus and improve your attention?
An easy way to do this is to keep a large water bottle with you at all times. You’re busy and always running around, so a water bottle with a handle or strap makes it easy to carry along at all times.
5. Take a Break
Really—take a break! Sometimes stepping away from your tasks and giving your brain a break can help you come back to work even more focused and productive.
If you need to, schedule in regular breaks throughout the day, and take short breaks when you’re feeling unfocused.
Being an entrepreneur is an exciting time, but it is also common to experience a lack of focus, concentration. With these five tips, you can improve your focus and, in turn, maximize your productivity and success within your business!
For all of your franchising needs, contact us today!
