Category: Entrepreneurs

MANAGING PART-TIME EMPLOYEE SCHEDULES

Posted on by Franchise Strategist

Photo by Jessica Lewis on Unsplash

There are several reasons why shift scheduling is a critical part of managing your workforce. For one thing, if you have part-time employees who aren’t able to work every day that you need them, it’s vital that you have some system for organizing their schedules. In addition, consistency will help make things easier for everyone involved.

Managing Part-Time Employee Schedules
By Dom Hemingway

If you’re managing a part-time employee schedule, you know how important it is to be organized and prepared. Managing a part-time employee’s schedule can be tricky because you must keep your team member’s other priorities in mind and ensure that their work hours fit into those priorities accordingly. These priorities may include school, taking care of children or an elderly parent, and another part-time job. It’s essential that your employees can balance multiple aspects of their lives while still working for your company successfully!
Here are a few tips to consider:

Know Your Labor Needs In Advance
First, consider the business’s needs and how many employees you will need to cover the shifts. Next, consider how many shifts you need to cover each week and month (not just in specific time slots). Finally, be sure that all your available times are covered.

An excellent place to start is by creating standard templates for when employees will be working each week (e.g., every Monday afternoon). In addition, these templates should include what shifts are available and any special days off that might change weekly (such as holidays). Once set up, these templates let employees know their schedule via phone or other digital notification so they can plan accordingly!

Use A Scheduling Tool
A scheduling tool can help you organize your employees’ schedules, set up shift swaps, and more. There are numerous scheduling tools used by companies like Google, Red Bull, Spotify, and LinkedIn. Using A Scheduling Tool Is Simple. First, set up templates for days off and specific shifts (like the weekend). Next,use those templates as needed by dragging them onto the calendar view. Templates allow you to see your schedule at a glance so that you don’t have any surprises when it comes time for each person’s next shift. Include Shift Swaps. Shift swaps allow employees to trade shifts with each other. Swapping a shift is a great way to balance work and personal life, prevent burnout, and get the days off you want. If you have an employee self-scheduling system, it will also help avoid turnover by allowing employees to pick their schedules.

Managing Days Off
The first step in creating an employee schedule is to set up templates for each day off. You can do this by setting up a template that applies a specific day off for each employee. If you have more than one part-timer working simultaneously, ensure their days out are consistent, so they don’t conflict. Also, when setting up their days off, consider their work schedule and personal life—not only will this make things easier for them overall, but it’ll also ensure that they can attend family events or plan fun activities outside of work! Finally, if an employee is sick or needs time off during the week, consider how long they’ve been working before approving any requests. This flexibility will help ensure they get enough time away from work while still staying productive at home without having too much downtime.

Let Employees Select Their Shifts
It may be a good idea to allow employees to select their shifts. Self scheduling gives them the freedom to choose when they want to or can work, which can help them be more productive at work and happier overall. Many part-time employees also have multiple jobs and might need a schedule that works with another. For example, let’s say you have an employee who is also a freelance writer; he might need his schedule to include Friday off, so he has time to write articles for other publications. Allowing him to switch shifts with other employees in your organization makes it possible for him (and others) who may need this flexibility to have multiple jobs simultaneously! To ensure your part-time employees are scheduling themselves most efficiently, it’s important to know your needs before you begin.

Employee self-scheduling is a great way to reduce employee turnover and keep employees accountable for their schedules.
Employees pick their shifts based on availability and job needs with self-scheduling. This method also allows you to see how many hours each employee works, which can help you track attendance and make sure they’re adhering to policies regarding overtime or sick days.

Create Weekly Schedules At Least A Week In Advance
The weekly schedule prepared in advance is the best way to track employee hours and manage payroll. It also helps you plan by clearly showing the shifts to be covered according to sales and other projects.
Employees can quickly see how much time off they have next week, making planning life events easier (and more likely).
Managers can see what projects are due around the same time or when an employee will be out sick or on vacation. They can also use this information to choose who should help cover each other’s shifts if someone suddenly needs time off unexpectedly.

A Consistent Scheduling Process Is Critical
There are several reasons why shift scheduling is a critical part of managing your workforce. For one thing, if you have part-time employees who aren’t able to work every day that you need them, it’s vital that you have some system for organizing their schedules. In addition,consistency will help make things easier for everyone involved. For example, employees can plan their personal life around this schedule. In addition, employers can ensure that they always have enough employees working during each shift.You will also be in a better position to manage labor costs by scheduling team members in advance and according to projected sales for the week.

Additionally, if your company has full-time employees with varying schedules—such as those on-call or night shifts—it’s important to keep track of how many people you schedule during any given time. For example, suppose one employee misses two days in a row due to illness. In that case, it might be necessary for another coworker with flexible hours to cover those shifts instead, so nothing falls through the cracks!

Conclusion
Finally, an organized schedule will make things easier for everyone involved in ensuring there aren’t any scheduling conflicts within teams or departments because everything has been planned out ahead of time rather than being handled on an ad hoc basis.”

When managing part-time employees, it’s essential to consider their needs in advance. After all, they’ll be working with you regularly. Hence, you want them to feel comfortable and empowered in their work environment.

LEAD GENERATION IN FRANCHISE & B2B SALES

Posted on by Franchise Strategist

So how can you be sure your sales leads are the best they can be? The answer is simple: follow some simple guidelines to ensure that every sales lead you generate will be of the highest quality. It would be best if you hired experienced and reliable third-party companies — that specialize in developing quality sales leads.

Lead Generation in Franchise and B2B Sales
By Gary Occhiogrosso – Recognized Franchise Expert and Managing Partner at Franchise Growth Solutions.

Introduction

Lead generation is an essential part of any business’s marketing efforts. If you are marketing a franchise or business opportunity, lead generation is probably a top priority. So how can you be sure your sales leads are the best they can be? There are many factors to consider when choosing where to advertise your franchise opportunity. You want to generate enough leads so that your sales reps have enough prospects to call on each day. The key is having enough quality prospects to follow up with once they’ve been contacted by the sales rep for an appointment or demonstration.

If you’re marketing a franchise or business opportunity, lead generation is probably a top priority. So how can you be sure your sales leads are the best they can be? The answer is simple: follow some simple guidelines to ensure that every sales lead you generate will be of the highest quality. It would be best if you hired experienced and reliable third-party companies that specialize in developing quality sales leads. These agencies generate high-quality B2B sales leads distributed to companies seeking buyers of franchises and business opportunities, as well as other B2B offers. They often maintain close relationships with key decision-makers at Fortune 500 companies, smaller businesses, and entrepreneurs looking for expansion.

First, evaluate where your leads are coming from and if they are producing results.
Evaluate where your leads are coming from. Are they from a reputable source? Are they producing results?
If you’re using a lead generation platform or software, look at the data and make sure it’s accurate. Are they the right type of leads? The right quantity? The right quality?

Common Lead Gen Sources
The top four ways to generate your sales leads most effectively are via online, print, broadcast and trade publications. Each of these channels has its own strengths and weaknesses, as well as advantages and disadvantages that can help or hinder your business.

The first step in deciding which channel is right for you is determining how much budget you have available to invest in lead generation activities. This can be done by identifying the total number of leads needed each month, then multiplying this number by an average cost per lead (CPL). For example: if you need 100 leads per month and a CPL of $100 per lead, then it will cost $10,000 each month just to generate those prospects! The next step is figuring out what kind of ROI each channel provides on investment (ROI). For example: if one type of channel gives a 10% return on investment but another gives an 80% return on investment – which would you choose?

Finally comes the question about which specific platforms within those channels are best suited for generating potential customers who have the highest probability of converting into clients?

Do your homework. Research the media channels thoroughly before investing in any lead generation campaign.

* Understand the audience you are targeting.

* Understand the purpose of advertising and how it will help your business’ bottom line.

* Understand how much you will pay for a campaign, and whether or not you can find a better deal elsewhere.

Once you have done this research, you should be able to make an informed decision about whether or not advertising is worth your time.

Monitor Results

You’ll need to determine who is responsible for monitoring the ad’s results, what kind of reporting will be provided and how often you should expect it.

For example, if your sales team is responsible for monitoring an advertisement campaign, make sure they understand that they are responsible for tracking responses and providing feedback on which ads have worked best (or worst). If you’ve entered into an agreement with a third-party provider that handles all advertising, request regular reports from them so that you can track how well your various campaigns are performing.

Lead Providers – Questions and Due Diligence

* Ask about other clients who have purchased advertising through the company. Be sure to ask for references.

* Ask about other clients who have purchased advertising through the company.

* Be sure to ask for references and testimonials, as well.

* Ask for case studies of work done with clients like yours in the past, as well as feedback from those same clients on their experiences with your prospective supplier or agency partner’s services/products/programs/etc.. (Note: case studies should be written by actual customers; testimonials may be written by either customers or employees).

* Request a list of all current clients so you can check them out on social media (Facebook, LinkedIn) and see what they are saying about the organization(s) they work with most often—and perhaps even reach out directly via social media channels such as Twitter or Instagram if you feel comfortable doing so!

The Heart of the Matter

Sales leads are at the heart of any lead generation campaign so it’s important to choose them carefully. Sales leads are people who have expressed interest in your products or services but haven’t yet made a purchase. They may be considering a purchase now, or they might wait until a later date. Sales leads can come from many places: online ads and search engine optimization (SEO) efforts are two key sources, but you’ll also find them by visiting trade shows and conferences that target your ideal customer base. Lead generation experts recommend using multiple methods in tandem when developing an effective sales strategy because each one has its own strengths and weaknesses—and no one method works best for every industry!

Conclusion
We’ve covered much ground in this post. Follow these tips, create a plan and execute. Lead Gen is a critical component of your successful sales program. For more information on accelerating your franchise sales contact Franchise Growth Solutions, and let’s start the conversation.

THE IMPORTANCE OF A WRITTEN BUSINESS PLAN

Posted on by Contributing Writer

Photo by Andrea Piacquadio

Starting a new business can be a daunting task, but it can be easier if you have a plan. A written business plan is an important tool that helps manage your company and keep you on track with your goals. It will help you determine what type of company you want to run and how best to reach those goals. A good plan should also analyze the financials, operations, and market conditions. It’s not just about writing down numbers – it’s about understanding them so that you can make informed decisions about how best to move forward!

The Importance of a Written Business Plan
By Dom Hemingway

You’ve got a great idea for a business, but you need funding. Or maybe you want to keep your company on track by establishing an established plan? Either way, no question that having a written business plan will help propel your venture forward.
A written business plan is a must-have for any new business.

The first step in starting any new business is creating a business plan. A good business plan will help you define your goals, strategies, and objectives for your company’s future. The right business plan can be a roadmap to help achieve those goals.
A written business plan is also essential to secure funding from investors or lenders! In addition, a well-written document can help convince people that you are serious about taking risks and making changes to grow their investment as quickly as possible.Starting a new business requires a lot of thought and research. A well-written business plan is an essential element that can help you reach your goals, so it’s important to give this document the attention it deserves.
The following steps will help you create an effective, comprehensive plan:

Research the market. Before committing to your idea, make sure there’s room for growth in the industry and that there are no existing competitors who could undercut you or drive away customers.

Write down all ideas for how your company will operate and how it will make money (i.e., what kind of product or service do you want to offer customers?). This section of your plan includes information about who will be running the company, where funds will come from, how much money you need to start up operations, and whether there are legal issues related to registering as an LLC or other business entity). It also includes information about what kind of employees are needed for specific tasks–and whether those people currently exist within your network!

A written document acts as a road map for your company’s future.
A business plan helps you make early decisions about the future. It also allows you to make better decisions and avoid mistakes, problems, and pitfalls.

A good plan analyzes the financials, operations, and market conditions.
A good business plan should include a financial analysis of the income statement, balance sheet, and cash flow statement. It should also include an operations analysis outlining the business’s marketing strategy, sales plan, and distribution channels. This section will help you understand how to conduct these analyses successfully.

A good plan must also analyze market conditions—what they are and how they might change over time. Understanding market size is essential to your success: If there’s not much of a market for what you’re selling, then it won’t matter how great your product or service is because no one will buy it. So, in addition to analyzing current market conditions (size), predict future trends that may affect these conditions so that you can adjust accordingly for future changes in demand for your goods or services.

The executive summary
The executive summary should introduce critical players in the venture. In addition, it should include a description of the business, the business plan, and how you will implement it.
The executive summary should be able to stand alone and give investors an overview of your company’s goals, methods, and management team.

Identify your customers
It would be best to outline who your customers are and describe your brand. What do you want your business to be known? What type of person is your catering customer? For example, what image comes to mind when someone looks at your work if you’re selling artwork? Are they buying it to hang on their wall, or are they buying it as an investment piece?
You can answer these questions by creating a brand profile that describes your qualities and those who buy from you.

You must include information on financing requests, use of funds, and exit options.
If you’re seeking funding for your business, it’s crucial that you include your financial request in your plan. The financial presentation will give potential investors an idea of how much money is needed to get the company up and running. You should also include a breakdown of where you intend to use the funds and the percentage allocated for each plan section.

Return on investment (ROI) is another aspect you will address in a written business plan. This term refers to profitability, or how much profit a company can generate after considering expenses. It’s essential for investors considering putting money into your company to know how much return they’ll receive on their investment compared with other opportunities available at the time. This information will help them make an informed decision about whether or not they should invest in yours specifically.
It should also discuss challenges and opportunities, projections, and more.

A business plan should also discuss opportunities and challenges. Then, it should explain how you plan to overcome those challenges or exploit those opportunities. Finally, the plan should also include projections—a forecast of what your company’s performance will look like in the future. If you are seeking funding, you may need to provide more detail in the financial section than you would if you were using it internally as a planning tool. A business plan differs from an investor presentation in that a business plan focuses on how your company will succeed. In contrast, an investor presentation focuses on how much money investors will make. The financials should be detailed and quantitative if you are trying to raise capital from angel investors or venture capitalists. On the other hand, if you are only trying to obtain financing from friends or family members for your startup idea, then having more of an overview may suffice.

Executive Summary
The executive summary should be able to stand alone and give investors an overview of your company’s goals, methods, and management team. The executive summary is a summary of your business plan. It should be able to stand alone and give investors an overview of your company’s goals, methods, and management team. It should not include any confidential information or data.
The executive summary should be no more than two pages in length. If more information is needed, you can expand in later sections of the plan, such as the market analysis or financial forecasts section.
It’s important not just for investors considering investing in your company but also for potential partners or employees who may read through it before deciding whether they want to work with you or invest their time (and possibly money) into helping you succeed as an entrepreneur.

Operations Explanation
You need to be able to explain how your business will operate at the most basic level to get funding and grow your company.
A written business plan is a fundamental tool that helps you to explain how your business will operate at the most basic level. The document should include: An overview of the company, its products or services, the market, and whether there are any competitors. As a new company, it’s crucial to clearly define who your customers are and how you will reach them.
A description of each part of your operations — finance, marketing, sales, operations (production) — with details on how each area supports others within the organization in achieving goals for growth and profitability.
Use of funds: How much money do you need? How long before investors get their returns? What exit options do they have? Challenges and opportunities: Is there room for growth within this industry or niche market? Projections: Financials (income statements/profitability ratios)

Conclusion
Starting a new business can be a daunting task, but it can be easier if you have a plan. A written business plan is an important tool that helps manage your company and keep you on track with your goals. It will help you determine what type of company you want to run and how best to reach those goals. A good plan should also analyze the financials, operations, and market conditions. It’s not just about writing down numbers – it’s about understanding them so that you can make informed decisions about how best to move forward!

CONTROLLING LABOR COSTS IN A RESTAURANT

Posted on by Franchise Strategist

Photo by Charlie Firth on Unsplash

Controlling Labor Costs In A Restaurant
By Johnny Day

Labor costs are a critical part of the restaurant business. The labor costs in your restaurant will vary depending on how much you staff your business, what kind of benefits you offer, how large your staff is, and how much turnover there is. If your labor costs are too high, it can cause issues with profitability. However, if they’re too low, then you may not be able to meet customer demand or provide the level of service that customers expect. Unfortunately, there’s no one-size-fits-all solution for controlling labor costs; every restaurant will have unique factors affecting its labor expenses. The best way to manage these costs effectively is by creating an action plan based on data from previous years’ budgets and actual payroll figures from those same periods. Here are a few tips as an overview to labor cost management.

Control Staffing Costs
Staffing costs are typically the most significant expense in a restaurant. Hence, it makes sense that controlling labor costs is one of your biggest priorities. You can do this by hiring the right people, ensuring you have enough staff to cover shifts and peak times, ensuring you have the right staff for the job, and keeping your team happy and engaged.

As you can see, payroll cost is one of the largest expenses in a restaurant. The good news is that they can be controlled by carefully planning how team members are scheduled according to past sales trends. In other words, if you control your staffing levels and manage employee benefits and turnover while keeping an eye on labor-related taxes, you’ll be well on keeping your payroll costs under control.

Control Employee Benefits
Employee benefit costs can be a significant part of your labor costs. Health insurance and retirement benefits are usually the most expensive. Still, you may also offer additional perks such as vacation time or sick pay. As a business owner, it’s essential to understand what is covered under each employee’s benefits package. In addition, it’s critical to keep these costs in line with your budget and ensure that employees have everything they need to perform their job well. Also important is communicating these details clearly with employees. Take the time to ensure there are no misunderstandings about what they can expect from their benefits package.

Create A Management Staff That Must Multitask
To keep labor costs low, you must have a management staff who can multitask. A manager should be able to manage multiple employees and tasks simultaneously. This means they must be able to effectively prioritize and delegate tasks, as well as address any issues that arise from the execution of those delegated tasks.
To do this effectively, managers need a solid understanding of how their business works. They need to know what positions are required for optimal performance. For example, what duties each requires and how these roles relate to the greater operation (i.e., if an employee is late or leaves early). With this information readily available, managers can quickly decide which tasks they should assign where they’re needed most—and whether or not an employee might need training before taking on new responsibilities.

Optimize Your Team Member Schedule
Optimizing your team member’s schedules is essential in controlling labor costs. Optimizing your schedule ensures that every shift has the correct number of workers and that no worker is over or underutilized. You’ll want to define the problem before starting on a solution, however, so here’s how:
Figure out how many labor hours are used for each shift in your restaurant. Then track this number each day across all shifts
Review the duties performed by each employee during their shift(es), and allocate labor costs per job type (e.g., food service or dishwashing) according to industry standards or best practices
Determine how many hours each job takes based on its nature.

Software Helps Manage Labor Costs
As a business owner, you want to ensure that your business stays profitable. One way to do this is by software designed to help you control staffing costs. Labor management software can help you accomplish this goal by keeping track of time, attendance, and scheduling in one place.
You’ll want to use the right labor management software for your business. Find one that’s easy and efficient to use so that it doesn’t create more work for yourself or your employees (who are already busy enough). It also has to be affordable and reliable to provide accurate data about when employees start and stop working each day.

Conclusion
A successful restaurant can positively impact the local economy, but not if it’s not profitable. Therefore, controlling labor costs in your restaurant is one of the most important aspects of restaurant operations. Follow these few tips and see how they improve your bottom line.

Love at First Bite: Oath Pizza Signs New Multi-Unit Franchisees to Fuel Growth in Austin

Posted on by Franchise Strategist

Oath’s simple operation drives attractive labor and supply chain advantages for traditional corporate and franchise locations. Oath’s nationwide supply chain distribution network creates reliability, the brand’s adaptive menu offers customers a quick, consistent product, and the business with attractive unit economics, including longer shelf life, reduced costs, and better throughput.

Love at First Bite: Oath Pizza Signs New Multi-Unit Franchisees to Fuel Growth in Austin

By Luca Piacentini – 1851 Franchise Senior Writer
Reposted with permission

Oath Pizza has become one of the most popular brands and sought-after franchise models in less than a decade. Since opening its first seaside shop on Nantucket Island, Oath has expanded to serve its fresh, feel-good pizzas to communities across the country. This year, momentum has picked up steam with Oath Pizza signing on multiple new multi-unit franchise owners to expand to new markets like Austin, Seattle, and Los Angeles.

Dilan Karunamuni and Sham Tyagi are the new franchise partners behind the three-unit signing in Austin. The two friends come from a background in the finance and tech industries, where they first met as consultants.

“I used to work in retail at Verizon and AT&T, so I had experience working with customers,” says Tyagi. “I eventually ventured into the cell phone business and started my own company. I sold that business to one of my competitors and founded my consulting firm specializing in subscription-based systems for software companies.”

Karunamuni eventually took a job at that firm, where his long-lasting friendship with Tyagi began. While the two never considered going into business together, that changed the day they each took their first bite of Oath Pizza.

“I was visiting Philly and stopped at the Apple store,” says Tyagi. “I was hungry, so I walked next door to Oath Pizza. I knew it was a brilliant experience when I had the first bite, and I called Dilan and told him he had to try it.”

Karunamuni stopped by Oath the next time he visited the area. “We were so blown away by the food, brand, store, [and] the look,” he says. “It was so good, and I even brought some home for my family to try.”

Soon, the duo recognized the unique opportunity ahead of Oath and decided to introduce the pizza to the growing Austin market.

“We knew this would work in Austin,” says Tyagi. “There are plenty of food options, but it is an ever-expanding market, and the palette of people moving from all over is always changing,” he adds. “People here want to explore new food options, and Oath Pizza is an option that is better for you with fresh toppings, organic proteins, and limitless customization options,” he shares.

As an experienced entrepreneur and business owner, Tyagi says he could also tell Oath Pizza’s business model was positioned for success thanks to the backing of its expert team and robust support infrastructure.

“Our process started by reaching out to the Oath team,” says Tyagi. “As we learned more, we saw the leadership team was very experienced, and how every franchise and corporate team member was knowledgeable and went above and beyond,” he adds. “We instantly felt comfortable with the company and wanted to be a part of the team that would take this brand to the next level.”

Karunamuni and Tyagi visited a store to explore how each location functioned inside and out. “I had never owned a food business, which I knew could be tricky, so I was doubtful about the simplicity at first,” says Tyagi. “We saw how it operated, and it was an instant no-brainer for us. Everything is seamless, with streamlined processes, a simplified menu, and a super smart and efficient model.”

Oath’s simple operation drives attractive labor and supply chain advantages for traditional corporate and franchise locations. Oath’s nationwide supply chain distribution network creates reliability, the brand’s adaptive menu offers customers a quick, consistent product, and the business with attractive unit economics, including longer shelf life, reduced costs, and better throughput.

“Efficiency is the key word,” says Karunamuni. “I have a little experience having worked at Quiznos and Dunkin Donuts, and I’ve seen how a messy back of the house can lead to problems in the front end,” he says. “When I saw the Oath Pizza model, I was in awe — everything is thought out precisely, from ordering the products to serving the customer. There are so many advantages to joining a brand so primed on efficiency.”

Karunamuni and Tyagi hope to open their first Oath Pizza in early 2023 and the rest of their stores by the end of 2024.

“It’s the best chain pizza I’ve ever had, and it can compete with mom-and-pops everywhere,” says Tyagi. “We are excited to have people in Austin taste this product. That’s what it is all about — it’s that good.”

Karunamuni and Tyagi aren’t the only entrepreneurs recognizing the strength of Oath’s franchise model this year. Brad and Jennifer Langford, a married couple of restaurateurs and franchise industry veterans outside Seattle, signed a three-unit deal to grow Oath Pizza throughout their market.

“Being an operations-focused owner, when I read about Oath Pizza’s business model, I realized they had found a way to streamline their operations and customer service to make the numbers work,” Brad Langford shares. “You can have the best product in the world, but if you can’t take the development of a product and streamline it through prep, product, and marketing to your customer, it doesn’t matter how great it tastes,” he adds. “I was shocked at how great this product tastes, and more importantly, the bottom line adds up.”

Another recent signing comes from former Target executive Mandeep Singh and his brothers-in-law, Garish Talwar and Kulwant Jafal. They are introducing Oath Pizza to Greater Los Angeles through a three-unit deal as franchise group Brothers Empire.

“We came across an article about Oath and liked what we read, so we dug deeper and decided to reach out to their team,” says Singh. “I was immediately impressed. They are great people and walked us through every question we had. They are passionate about what they do.”

Oath Pizza’s CEO Drew Kellogg says the team is excited to find more franchisees across the country as the brand continues to emerge as a leading force in the pizza segment.

“We’re excited about our continued expansion into growing markets like Austin,” Kellogg says. “We’re looking forward to bringing on more smart, passionate entrepreneurs like Dilan and Sham to help us expand to new markets and inspire happiness in our communities every day.”

The cost to open an Oath Pizza franchise ranges from $380,000–$550,000, including a $30,000 franchise fee. For more information on franchising with Oath Pizza, visit https://www.oathpizza.com/franchise.

About Oath Pizza: Oath Pizza is the fast-growing franchise known for its award-winning avocado oil crust, fresh, organic toppings, and efficient, innovative business model. Oath started in a seaside shop on Nantucket Island. Today, it has expanded nationwide under the leadership of former Chipotle executives who have built the brand and business to scale. The Oath franchise opportunity has quickly risen to a top business consideration for its unique advantages: low cost of entry, small 800 – 1,200 sq ft footprint, flexible build-out with no Type I venting or gas requirement, reliable supply chain, innovative digital systems, and a simple operation that requires only one-to-four employees per shift. Learn more at oathpizza.com/franchise.

5 Tips To Finding A Great Location To Open Your Restaurant

Posted on by Franchise Strategist

Photo by Toa Heftiba on Unsplash

You can have the best food, drinks, and service in town, but if you don’t have a location that gets people into your restaurant, you will not be able to make money. If your site is too far away from where people live and work, your customer base will be limited to tourists or other people who are willing to make the drive. This means that while they may be loyal customers, they are unlikely to spend as much as residents.

5 Tips To Finding A Great Location To Open Your Restaurant
By Dom Hemingway

Finding the right location for your restaurant is one of the most important decisions you will make. It will affect everything from how much money you spend to what kind of traffic you get and even how much revenue your restaurant generates. In this article, we’ll help break down the steps to finding an excellent location for your business so that you can open with confidence.

You can’t change location unless you have a big budget, so take your time to find a good location.
While the location is the most critical decision in opening your restaurant, finding a good one can be challenging. If you can afford to pay rent and not make money for a few months while your business finds its footing, then it’s great to have this option. But if you don’t have that kind of budget and need cash flow from day one, finding that perfect spot may be harder than anticipated. If you have enough capital for a few months of rent and no income during that period, then go ahead and explore some areas where there aren’t many other restaurants nearby. You could be surprised by how much traffic is coming into these locations—ask yourself: “Where do people go when they want to eat out?”

If there are many restaurants nearby, you’ll need to compete vigorously for customers. So explore those spots, if your food isn’t unique, chances are it won’t stand out in such a competitive environment.

Site Selection is the most important step, so it is vital that you get it right.
You can have the best food, drinks, and service in town, but if you don’t have a location that gets people into your restaurant, you will not be able to make money. If your site is too far away from where people live and work, your customer base will be limited to tourists or other people who are willing to make the drive. This means that while they may be loyal customers, they are unlikely to spend as much as residents.

When looking for a location, consider:
* How close is my proposed location compared with competitors?
* Will it give me an advantage over them?
* Can I increase foot traffic by opening near other businesses (like coffee shops)?
* Is there enough parking available at my proposed location? In some areas, this might mean building more parking spaces than you need because those spaces will likely remain empty during most hours of operation.

Think about your customers. Where do they live? What type of neighborhood? Will they drive? Will they bike? What kind of plaza or strip mall will they want to have breakfast, lunch, or dinner?
Look at the location in terms of your customers. Think about where they live and where they will drive, bike, or walk. What kind of plaza or strip mall would be most appealing to them?
What kind of stores do they like? What stores do you want to bhave as neighbors? Are any businesses at the site struggling or close to failing? If so, you might consider whether that’s a location where people are still shopping—or if it’s one where customers might have moved on.

Make sure there are no significant competitors nearby.
While choosing a location with a lot of foot traffic might seem like a good idea, this can be risky. If there are other restaurants nearby that do well or poorly, they’ll have an impact on your own business. For example: If you’re opening up your new restaurant in the same space as an old one that closed down, customers may not want to try something new immediately because they associate that space with the previous restaurant’s failures (or successes).

Evaluate Competition
Before you sign up for anything, know all the financial details and look at the best and worst-case scenarios. Make sure you feel comfortable with both before signing a lease.

Ensure that the location is near your target market (i.e., people who will buy your product).
If possible, avoid sites that have too many other restaurants nearby. You don’t want competition from other businesses in your area.

Finding the right location will help ensure your restaurant’s success.
A restaurant’s location is one of the most critical factors for success. The first thing customers see when they come to your restaurant is its location, which can affect their perception of the quality of food and service. The site affects how many people come through your doors, what they order, and how much they spend there. It also affects rent costs.
A real estate agent in Little Italy, Toronto, once said: “There are three things that will make or break a business – location, location, and location!” A good restaurant owner should always know what kind of customers frequent his restaurant and where his competition does business. Be mindful of how these factors affect sales volume at each location.

Conclusion
So, there are five simple tips to help you find an excellent location for your restaurant. Remember, your site is one of the most critical factors in determining whether or not your business succeeds! It doesn’t matter how much money and time you spend on advertising if no one can find your restaurant. So take these tips to heart—and then go out and find that perfect spot for yourself!

11 Qualities That Contribute to the Success of a Franchisee

Posted on by Franchise Strategist

Photo by Gerd Altmann: https://www.pexels.com/photo/success-text-21696/

Franchises are the number one way new entrepreneurs start a business. A franchisee can take advantage of a proven system, brand recognition, and access to capital. But, in return, they must spend time learning about their industry, develop relationships with suppliers and customers, as well as adhere to strict standards set by the franchisor.

What Qualities Contribute to the Success of a Franchisee
By Gary Occhiogrosso – Managing Partner, FranGrow

I get asked this question often. Of course, many factors go into the formula. Yes, it’s true: not every franchise owner is cut from the same cloth. It seems that we have an entrepreneur for every niche and industry. That’s why franchising has no one-size-fits-all approach; what works for one person might not work for another!

What brings success to one franchisee may not necessarily be what brings success to someone else. But, of course, there are some common traits among successful franchisees. Successful franchisees come in all shapes and sizes, but having the right qualities will help them succeed. Successful franchisees are not afraid of failure. They understand that it is an inevitable part of the journey and know how to deal with it. They also realize that there are no shortcuts to success; if you want something, you have to work hard for it every day. These Qualities and Skills include:

Experience
A clear advantage of being a franchisee is the knowledge and experience you can gain from your franchisor. While it’s not always possible to have previous business experience, there are ways to be sure that you are prepared for this new venture.
For example, many people find that an apprenticeship helps them learn about their chosen industry. If you don’t have professional experience similar to what the franchise offers, taking a class at a local college or university may be just what you need before diving into your new venture. An apprenticeship program allows students to learn on the job while receiving regular feedback from their employers or instructors while earning money. The best part? Apprenticeships can often lead to full-time work after graduation! Considering becoming a franchisee, believe many things before signing on the dotted line. For example, you should be sure that the franchisor is experienced and has a good reputation in the industry. You should also ensure that they offer training classes for new franchisees and ongoing support for your business once it’s up and running.

A Relentless Work Ethic
In the world of franchising, work ethic is a combination of hard work and passion for your business. You need to be able to put in long hours to get things done, handle stress and conflict within your staff, and know when you need help with something. In addition, a relentless work ethic means being smart enough to know when you don’t have all the answers.
The best franchisees are constantly learning, not just about their business but also about the industry and how it works. As a result, they don’t rely on others to do their jobs; they take responsibility for their success or failure.

Motivation
Motivation comes in many forms, but motivation is not a fixed attribute of a person. Instead, it is an emotion that comes when you’re starting to do something and keeps you going as you finish the task.
Motivation can come from within or without. Some people are naturally motivated to achieve goals. In contrast, others need external incentives (such as money) to complete something. While some people have both types of motivation, others may only be motivated by extrinsic or internal factors. The trick is figuring out how each person uses their unique style of inspiration so that they will succeed with your franchise business model and continue achieving. The goal for every franchisor is to find ways for their franchisees to stay motivated after opening up shop. This way, franchisees remain fired about what they’re doing, as do all their employees! The best way to keep your franchisees motivated after opening is by letting them know that you’re still there for them. Being available for your franchisees doesn’t mean calling them every day; it means making sure that when they need help with something, you’re able to provide it. Depending on your franchise’s business model, this could be anything from giving marketing tips or advice on how to run a successful business.

They are Innovative
An innovative franchisee will be able to think of ways to make their business stand out from the competition. They may also develop ways to improve efficiency or help attract more customers. An idea can be as simple as a new advertising campaign, or it could be something like a product that is better than what’s currently offered in your industry.
To get innovative ideas, you must begin by following the basic steps of brainstorming: define an issue and gather information on it, generate ideas on how to solve it, evaluate those ideas against one another and others’ opinions, then choose which ones are best suited for implementation. Once you’ve decided on an approach (or several), you’ll need input from trusted advisors before implementing them into your business plan so that they’re practical and professionally sound. When you’re ready to move forward with your idea, it’s crucial to have a plan for what steps you’ll need to take next. A plan will ensure that you don’t waste time or money on something that won’t work or that isn’t feasible within your budget.

They are Tireless
Tireless is a word that describes someone who works hard but doesn’t get tired. Being tireless is essential in any business because you will most likely fail if you don’t work hard enough and stay on top of things. Here are some examples of what it means to be tireless: Don’t stop working until the job is done. If an area of your business could use improvement, take the time to improve it even if it takes longer than expected or seems like more work than intended at first glance. The only way for your franchise to succeed is for every part to run smoothly and efficiently, so never let up on improving yourself as an owner—even if you already feel like everything is perfect!

They Always Follow The System Set Up by the Franchisor.
Following the franchise system ensures that all franchisees follow a standardized set of rules which prevents one location from being treated differently than another just because they don’t quite know how things work yet (and this makes them less likely to succeed). It also ensures consistency across all sites, so no matter where customers go, they’ll receive similar experiences every time – which helps build trust between them and their favorite brands. Don’t take shortcuts or do things the company doesn’t want you to do. The system should be designed to ensure success and prevent mistakes. If there’s a way to do something more efficiently or effectively than what’s laid out in your franchise’s system, then make sure you’re not doing it. When you’re a franchisee, you are part of the system. You must follow the rules and regulations set forth by your parent company. If you’re not willing to do that, then it’s probably not a good idea for someone like you to become a franchisee in the first place. Franchisees must be able to work with others; they cannot function as lone wolves who have no regard for other people or their feelings. Instead, a successful franchisee can take direction from those above them and guide those below them in the hierarchy of any given company. A successful franchisee is someone who can work well with others. They are not lone wolves, and they have no disregard for other people or their feelings. Instead, a successful franchisee can take direction from those above them and guide those below them in the hierarchy of any given company.

Successful Franchisees Know When and How To Ask For Help.
A good franchisee is always looking for ways to improve their business. Sometimes, this means asking for help from other franchisees or the franchisor. By recognizing that there are people out there who have more experience than you do, you’ll be able to grow your business faster and become a better leader in the process.
Working with your peers: Franchisees often feel alone in their respective territories when starting on their own without the support of corporate office staff. Having other franchisees nearby gives them a sense of community, making starting up easier. It also allows them to play off each others’ strengths—for example, one may specialize in sales while another excels at marketing—so they can complement each other’s skillsets much like employees would in an office setting.
. The franchisor will likely have a community of franchisees where you may draw information. However, it’s still up to you and other franchisees to get together and make connections.

They Engage With Their Community.
Being able to help out and be part of your community doesn’t just make you look good; it also helps build trust and goodwill with your customers and strengthen your position in the market over time. It’s not just about being charitable – although charity sponsorships have their rewards – it’s about contributing something meaningful to local events or causes, whether they be arts-related or sports related. It may even come down to simply getting involved in things like recycling programs, helping keep your neighborhood clean and safe through litter pick-ups, or volunteering at schools or civic buildings around town.
The important thing is that you are a community member, not just an employee. If you can show people that you care about where they live, chances are they’ll care more about where they buy their coffee too.

They Understand How Advertising and Marketing Work.
Marketing is a critical component of any business, whether a franchise or not. A good marketing strategy can help you to stand out from the competition and increase sales. However, it should be based on the needs of your local market, so it’s vital that you understand how advertising and marketing work and how to promote your local franchise to stand out in the marketplace.
You may need to create an effective marketing plan if your franchisor doesn’t provide one for you. Still, many will give you templates from which to work or provide some guidance on developing an effective plan for your business model. If this isn’t possible, there are many online resources where you can find advice about what makes for successful marketing campaigns based on different industries. When developing your marketing plan, the first thing to consider is what type of franchise you are running. How does it differ from other businesses in the same category? If your business is a franchise, then there will be some elements set by the franchisor and others that you can decide for yourself. You can also look at how competitors market their franchises to get ideas.

Successful Franchisees Also Enjoy Being The Boss and Seeing Their Businesses Grow Over Time.
They like the independence that comes with owning a business. Still, they know what they are getting into before signing on as a franchisee. You have to be willing to work long hours for your business to succeed. This can sometimes mean missing out on time spent with friends or family members who don’t understand why some things need doing now rather than later!
However, if you are a person who enjoys being their boss and having a successful business to show for all of your hard work, then becoming a franchisee might be the perfect opportunity for you. If this sounds like something that could interest you, contact our team today for more information about how we can help!

And Lastly, They Have The Proper Capital
Capital is the amount of money you need to start your business. Of course, as a franchisee, some capital will be required to get started, but there are other ways of raising capital. For example, you can approach investors or apply for loans from banks or financial institutions like credit unions.

* Where do I find capital?
* How much do I need?
* How do I raise money?

The amount of capital you need will depend on the type of business you want to start. For example, suppose you’re planning on opening a small retail store or restaurant. In that case, you may only need $10,000 or less in startup capital. On the other hand, if your idea is more complex and requires additional equipment or facilities, you may need between $50,000 and $500,000.

Conclusion

When you sign up with a franchise, they expect you to be committed long-term. Not only does this mean investing money upfront (between $50K-$150K depending on what type of business), but also sticking with it through periods when profits might not come quickly. Such as during the startup phase when everything seems chaotic before systems are correctly implemented or when dealing with setbacks like natural disasters or poor economic conditions affecting customers’ ability to afford products/services being offered by competitors too! If you aren’t willing to put in the hard work upfront, don’t try a startup business because failure rates are high among new entrepreneurs who jump into entrepreneurship without knowing what they are doing.

Franchises are the number one way new entrepreneurs start a business. A franchisee can take advantage of a proven system, brand recognition, and access to capital. But, in return, they must spend time learning about their industry, develop relationships with suppliers and customers, as well as adhere to strict standards set by the franchisor. These requirements differ from starting your own company from scratch but offer many benefits, making them attractive options for businesses seeking growth.

TO LEARN MORE ABOUT SUCCESS IN THE FRANCHISING INDUSTRY CLICK HERE WWW.FRANGROW.COM

Mindset Over Muscle – Building A Solid Business

Posted on by Franchise Strategist

Photo by Andreas Klassen on Unsplash

As you can see, the mindset will get you to the top. It’s not about the muscle. While you may need some physical strength to push through a rough patch, your mindset will ultimately determine whether or not you succeed.

Mindset Over Muscle – Building A Solid Business
By Dom Hemingway

The world is changing, and you should also change… But if you’re looking for a way to stay relevant, you first need to change how you think. It’s not enough to go with the flow anymore; that can get your business stuck. Instead, it’s time for you to take charge of your future and start thinking like an entrepreneur. This means learning to build a solid business from scratch by developing the right mindset and skillset. This blog post will explore how changing your mindset can help grow your business by overcoming challenges and taking charge of your destiny as an entrepreneur!

The Growth Mindset
Mindset is the driving force behind your success. So if you want to build a solid business, you need to be able to think in ways that will help you succeed.
A strong belief that you can develop your mindset through dedication and mindset practice is called the “Growth Mindset” and is based on three core ideas:

* Your talents and intelligence can grow with effort

* You can develop skills through practice and instruction.

* The brain is like a muscle; it gets stronger with use.

The best way to improve is to stretch yourself and work on challenges slightly beyond your current abilities. The Growth Mindset is about continually expanding your capacity to be more effective in whatever you do and achieve more of the desired results.

Mental Mastery
Mental Mastery is the ability to control your thoughts and emotions. It’s the key to success in any area of life because it allows you to remain calm and focused. Mental Mastery works even when things don’t go your way, or others are trying to distract you from your goals.

The more you practice Mental Mastery, the better you will become at it—and there are many ways to do so: meditation, affirmations, reading self-help books, and journaling. But here’s a straightforward exercise you can do anywhere. First, close your eyes and imagine yourself having already achieved whatever you want (e.g., being a successful entrepreneur). Then describe what it looks like in as much detail as possible (i.e., how does your business look? How do you feel about yourself?).
This exercise will help you visualize your future and activate the Law of Attraction. Plus, it’s fun!

Mental Mastery is the ability to control your thoughts and emotions. It’s the key to success in any area of life. Mental Mastery allows you to remain calm and focused, even when things don’t go your way or when others are trying to distract you from your goals. The more you practice Mental Mastery, the better you will become at it—and there are many ways to do so: meditation, affirmations, reading self-help books, and journaling. Here’s a straightforward exercise you can do: close your eyes and imagine yourself having already achieved whatever you want (e.g., being a successful entrepreneur). Then describe what that looks like in as much detail as possible. Selling is an Attitude, Not a Skill Selling is an attitude, not a skill.
The more you sell, the better you will get.

I remember sitting in my office on my first work day at a small company. I was nervous but excited to start my new career as a salesperson! I remember thinking: “If they only knew how bad I was at selling!” However, it didn’t matter how good or bad a salesperson you were; what mattered was whether or not your attitude towards selling was positive or negative. It is all about mindset and being determined to succeed no matter what obstacles appear in front of you along the way!

The first day of work was a little nerve-wracking. I was very nervous and had no idea what to expect. I remember walking into the office that morning and being introduced to my manager and other salespeople in my territory. Everyone seemed much older than me, making me feel a little out of place at first. But after talking with them for some time, I realized that we had more in common than not—we all liked sports, cars, travel, and meeting new people!

The Law of Abundance
The Law of Abundance says that the universe is abundant and infinite, and you are a part of it. The energy of your thoughts creates your reality. The more you think about money, the more likely you will attract more money into your life.
The Law of Abundance works because when we focus on what we want in life (for example, wealth), we put ourselves in a positive mindset. It attracts things like opportunities, good luck, or others who share similar goals. So if you want to attract abundance into your life, start thinking about everything related to making money!

The Law of Attraction
The Law of Attraction is a theory that states you attract circumstances, events, and relationships into your life based on your thoughts. This isn’t new information, but it has gained popularity in recent years thanks to the book The Voice of Your Soul.
It’s not magic. It doesn’t mean that if you wish for something hard enough and it happens without any work on your part (other than wishing), then it’s The Secret at work. There are still steps to take for your wish to come true!

The Voice of Your Soul teaches us three steps:
1. Ask – Ask yourself what you want. What do I need? Think about what would improve my life and long-term goals that could benefit me now or down the road.
2. Next, believe – Believe that this will happen or already has happened, even though there may be no evidence.
3. Finally, receive – Be patient while waiting for the manifestation of what we asked for–it may take a while depending on how big of an issue we’re dealing with–and celebrate when something finally happens!

The Secret is a great way to interpret what is happening in your life. If you’re not getting what you want, ask yourself how you can change your thoughts to attract the right circumstances into your life. It may take some time before anything happens, but if it doesn’t, change your wish one more time until you get exactly what you want!
mindset, leadership, the law of attraction, entrepreneur Mindset, leadership, and the law of attraction are three things every successful entrepreneur has in common. These elements can be learned and mastered by anyone. Understanding these concepts will help you to build a solid franchise business.

The challenge for most people is that their minds have been programmed for years by teachers, parents, friends, or society. For example: “Don’t think about it too much; just do it!” “Be practical! You can’t change the world!” Or my favorite one: “How could you possibly make money doing what you’re doing? It’s not realistic!”

These messages may seem harmless enough, but they keep us stuck and prevent us from taking action on our goals because they make us feel like we cannot achieve them. They also create fear around our capabilities which stops us from trying new things and having fun in life – all potent tools for success!

If this sounds familiar, then take some time today to create new beliefs around your ability to achieve whatever goals you set yourself this year. Whether they’re small or big, you must start somewhere.
You can do it! Take one step at a time, and don’t let anyone tell you otherwise. Follow your dream, and don’t allow anyone to steal it!

Conclusion
As you can see, the mindset will get you to the top. It’s not about the muscle. While you may need some physical strength to push through a rough patch, your mindset will ultimately determine whether or not you succeed.

Maximizing Employee Retention

Posted on by Franchise Strategist

Photo by Desola Lanre-Ologun on Unsplash

Maximizing Employee Retention
By Johnny Day

An engaged employee contributes to the organization and feels valued by it. In addition, an engaged employee can be more productive, loyal, and energetic than a disengaged one. And when employees are happy at work, they tend to stay longer with their employer. For this reason, companies are increasingly focusing on improving employee retention rates. However, not all companies have the same needs or resources, and there are no simple solutions that apply across industries or countries. So here we will look at some strategies for maximizing your company’s retention rates:

Stop focusing on the costs of retention.
One of the biggest mistakes you can make is to focus on the costs of retaining employees. The price may be slightly higher than recruitment, but it’s a good investment for your business.
Retention rates are typically 20% higher than recruitment costs, so if you can retain just one good worker for an extra year, you’ll have saved more money than you spent on hiring that person in the first place!
Retention can lead to increased productivity and morale within your company, which helps ensure everyone stays motivated at work. It also means less turnover and improved efficiency during work hours because everyone knows what they’re doing now.
The reasons above don’t even include all the additional benefits of employee engagement when people like their jobs.

Create a retention strategy
The first step in creating a retention strategy is ensuring it aligns with your overall business strategy. A solid retention plan should be implemented at all levels of the organization, from executives down to frontline employees. Additionally, it should use data related to turnover rates and reasons for leaving—to shape its strategies and methods. Once you have decided on how you want to approach employee retention (and are ready for action), several tools can help:
Surveys are great tools for gathering information from employees about their work environment, including areas where they feel happy and satisfied and where they see room for improvement. You can use them to determine why employees choose one company over another when deciding between job offers. This information will give you insight into what matters most when making offers yourself!

Exit interviews: Though exit interviews don’t always happen before an employee leaves a company (sometimes managers ask them after someone has already left), they’re still valuable because they provide feedback directly from former employees who have new insights into what made them decide to leave their old jobs or departments within their organizations.*
If you can’t think of anything else to do, then focus on improving the employee experience. You want to ensure that your employees are happy with their work environment, coworkers, and tasks.Exit interviews allow you to find out what employees liked best about their work. They will also help you understand why they chose to leave; they also help you identify ways to improve your current practices or create new ones. These interviews can be conducted face-to-face or over the phone; some companies even use an online survey tool to gather information from departing employees.

Audit your human resources workflows. The first step in improving your retention is determining where you fall short and how. You can do this through an audit of your HR workflows, which will allow you to identify areas where there are gaps, bottlenecks, or redundancies. To do this, ask yourself:
* Are our new hires being onboarded properly? Are there any areas that need improvement (e.g., training) or opportunities for streamlining (e.g., documentation)?
* Do we have an effective method for recognizing and rewarding employees for their contributions? Is it efficient enough that we won’t lose valuable employees because they don’t feel appreciated quickly enough?
* How does our performance management process work from end to end? Does it provide timely feedback so employees can improve their performance and stay engaged?

Speak with your employees
To retain employees, you need to listen. Your employees are the experts on their well-being, so invite them into the conversation about how the work environment can improve things at work. Ask what they like about their jobs and what they would change if given a chance. Ask if they are happy where they are in their careers and whether or not they feel successful in their roles. Ask them if there is anything that the company could do differently to improve morale or make life easier for them at work. If someone feels valued at a company, they will happily recommend it to others who might also benefit from working there.

Retaining good workers can save you time and money as long as you care for them.
Retaining good workers can save time and money in today’s competitive business world. Here are a few tips to help you keep your employees happy and productive:

Appreciate them! Giving praise and showing appreciation for their work shows that you value their contributions, encouraging them to continue doing great things for your company.
Please give them the tools they need to succeed! If an employee is struggling with something they’re working on, helping them out or getting different technology might be enough to get them back on track again. If not, having a dedicated mentor on hand may be helpful too!

Encourage team bonding activities like group lunches or outings (always keeping safety in mind).
How do we measure and evaluate our employees’ performance? Is it timely enough to make an impact on their career development? How do we ensure that all employees receive regular feedback on their roles, responsibilities, and expectations? If you can answer these questions effectively, you can create an HR strategy that keeps your best talent. Many happy companies have taken to social media to understand their customers better. They are listening and responding to the needs of their audience. If you want your employees to feel valued, you should do the same thing. Ask them what they like about working for your company and what changes could be made to improve things even more. These questions will help your employees feel closer to each other and their workplace, which may encourage them to stick around longer. Offer growth opportunities! If an employee has been with you for a while, consider giving them more responsibility or training on something new to expand their skill set.

Conclusion
We hope this guide has been helpful for you and that it’s helped you think about employee retention in a new way. While most HR professionals know retention is essential, many don’t spend enough time planning for it or taking action to improve their retention strategies. But by following our tips here—and making sure your own company is prepared to do its part—you can help ensure that your employees feel valued and appreciated at work, which will lead them to stay longer with your organization. And if all else fails? Try giving out some nice bonuses!

When Not To Franchise Your Business

Posted on by Franchise Strategist

Franchising is not for everyone, but if you are willing to put in the time and effort required to make it work, it can be an excellent way to grow your business. However,let’s suppose you are considering franchising as a way of expanding your current business.

When Not To Franchise Your Business
By: Gary Occhiogrosso – Managing Partner FranGrow & Adjunct Associate Professor at New York University

Franchising is a great way to expand your business and grow your customer base, but it’s not for everyone. So before you get started on your path to becoming a franchisor, here are some things that you should think about:
You don’t have a proven business model.

If you don’t have a proven business model, franchising can be a hard way to go. You’ll have to invest a lot of money upfront and spend time managing franchisees, who may not see the potential in your product or service as clearly as you do. In addition, if your idea isn’t unique or doesn’t appeal to people outside of your local area, it won’t take off as you might expect.

There are plenty of success stories about companies that started franchising their businesses and became household names—but there are also plenty of horror stories about companies that began franchising only to have things collapse within a few years. For example, suppose your goal is to ensure that your company stays afloat and continues growing after its initial launch phase (and believe me: it should be). In that case, franchising may not be suitable for you at this stage in its growth process—or ever!

You’re still refining your product/service offering.
If you still need to test your product or service offering, then franchising isn’t for you. Franchising takes time and money, so it’s essential that you know your business model works before you start expanding it. The last thing a franchisee wants is to spend their hard-earned money on a product or service that doesn’t work.

These are some things you should consider before embarking on the journey of franchising:
* Are you offering the right price?
* Do the features meet customer expectations?
* Is the product reliable?
* Is it easy to use?
If you can’t answer these questions confidently, franchise expansion may not be for your business yet.

You can’t afford it.
Suppose you cannot invest in the necessary costs associated with franchising. In that case, it’s probably not a good idea. The price of franchising can be pretty high. You’ll have to pay for all the administrative and legal work required during the process, along with continuing support and other services. You’ll also need cash on hand for marketing purposes and regular payments into an escrow account (if applicable) that will help fund your franchisee’s initial start-up costs.
This is especially true if you don’t already have an established brand or product line; it takes time for those things to develop organically and build momentum among customers. As such, it may take longer than anticipated before any revenues start rolling in from new franchises—and those initial expenses will continue relentlessly until then!

You don’t have a strong brand presence in your local market.
Branding is essential, but it’s not a short-term strategy. On the contrary, branding is a long-term effort that requires a lot of work, money, and time. So if you’re looking for something quick and easy to get immediate results, don’t bother with branding. Branded businesses are built on solid foundations that take years to develop.
Brands are more than just logos; they express who you are and what makes your business unique. A brand can be as simple or complex as necessary (or both). Still, suppose it doesn’t convey the essence of your company in some way. In that case, it falls short of its potential value in building customer relationships over the long term.”

Your business is not scalable.
There are two basic requirements for a business to be scalable:
* The company has been successful in the past.
* The company can be run with minimal costs.
If you do not meet these criteria, your business will not be able to scale without additional investment. You need market research before deciding whether or not franchising is right for you!

Franchising is not for everyone; will it work for you?
Franchising is not for everyone, but if you are willing to put in the time and effort required to make it work, it can be an excellent way to grow your business. However,let’s suppose you are considering franchising as a way of expanding your current business. In that case, it’s crucial that you consider whether or not this type of growth is appropriate for what you’re trying to achieve with your company. As a franchisee, there will be times when you disagree with management decisions or feel like we’re not listening to feedback from our restaurants. To ensure that these situations don’t become roadblocks in our relationship, we strongly encourage all stakeholders (franchisees and management) to communicate openly about the issues before they become conflicts.

Conclusion
Franchising can be a great way to grow your business, but it is not for everyone. If you are still unsure if franchising is right for you, we recommend considering other options, such as starting from scratch or hiring an employee. Many factors need to be considered before making any significant investment. We hope this article helps guide you through those decisions!