You can make a lot of money as a franchise operator. However, before you do, you’ll have to make some adjustments in how you manage your personal finances. That’s because starting a franchise requires a significant investment, and it could take several months before you break even.
During this franchise startup period, you will want to keep as much money in the business as you can in order to overcome any unforeseen franchise obstacles. As a result, you probably will not be able to take home the amount of money that you are used to in your paycheck.
So how can you adjust to your new financial situation while keeping your franchise and your personal finances afloat? By following these tips: Continue reading “Starting A Franchise? 5 Ways To Budget Your Living Expenses”
Starting a mobile franchise can be a great way to kick your career — and your finances — into high gear.
But in order to get the most mileage out of your mobile franchise, you’ll need to know when to shift from start-up mode to growth mode. That’s because attempting to grow too soon can put unnecessary stress on you and your franchise, while waiting too long to pursue growth opportunities can lead to permanent stagnation and, possibly, business failure.
To help you know when it’s time to grow and do it successfully, we’ve put together this list of four signs to watch out for on the road to starting a mobile franchise. Continue reading “4 Signs That It’s The Right Time To Grow Your Mobile Franchise”
Running your own business requires a lot of hard work. However, as the head of a franchise operation, you’ll have access to a team of experts who can make it a whole lot easier.
In fact, one of the biggest benefits of franchise ownership versus starting an independent business is the fact that you can leverage the experience and input of a franchise management team.
But how can a franchise management team help, and what, exactly, do the people on that team do? The truth is, it depends on the franchise group that you join. That’s because the structure of the team can vary widely, as can the qualifications of its members and the levels of support and guidance it provides. That’s why it is so important to select a franchise group with a tenured, experienced and active management team in place. Continue reading “What Is The Role Of The Franchise Management Team?”
You know that customers mean everything to your new franchise. But what do you know about those customers? Who are they? What are they like? What are they thinking about? What will make them choose you over your competitors?
Knowing the answers to questions like these will make it easier to attract customers to your new franchise, but knowing how to get the answers can itself be a challenge.
Fortunately, we understand the importance of conducting franchise market research, and we know how to do it effectively. Here we’ll share our proven tips for learning more about your customer base and, in turn, improve your franchise marketing efforts. Continue reading “Franchise Marketing: How Can I Learn More About My Customer Base?”