Choosing a profitable franchise When thinking...
Starting a franchise is, at its heart, all about the money. It's money that "talks" and helps you reach success. Without money, your business isn't going to be able to run or cater to your career. Of course, your reason for joining a franchise may primarily be the dream of owning a great business all on your own, but you still need those profits to realize that dream.
Naturally, even when your franchise hits its goals, you will still want to find ways to increase profits. After all, increased profits can mean a raise for good employees or yourself, expansions, upgrades and other things that make your work and personal lives thrive. But you don't have to wait until you've been in business for years to work on boosting your profits. Even as a new Canadian franchisee, you can start right now using the tips below.
Streamline business spending
This probably sounds obvious, but it's easy to lose track of everything going out the door in a business. For a food franchise, for example, this could mean measuring or weighing sides, placing limits on to-go items such as cups and sauces, or figuring those things into your prices. Make sure all of your employees know the protocol so you're all on the same spending page.
Limit the overhead you have as best as you can. It can be tough to determine how much you need on hand to avoid running out of anything versus having so much that you are wasting inventory, but this will get easier over time.
Keep in mind that the exact ways in which you can streamline your spending will depend on your industry. In a painting franchise, for example, you can teach painters to avoid wasting or spilling paint and how to thoroughly clean brushes so they don't need replacement as often. An accounting franchise could turn to digital files to cut down on ink and paper costs. Whatever industry you are in, chances are there are ways you can decrease your spending while keeping your customers happy. It may just be a matter of examining every part of your business and considering where you can eliminate waste and inefficiencies.
Aim for working smarter, not harder
When you hire and train employees, reach for those long-term goals. Try to avoid hiring "right now" employees who will only do the bare minimum. Take the time to find motivated workers who want to grow with the brand. Keep in mind that this means creating a workplace environment in which they will want to stay and work. It also means focusing on training, helping employees learn new skills, and potentially paying more and/or offering a bonus structure. Don't look at increasing pay or offering bonuses to the right workers as just a labor cost--it is an investment that will provide value to your business.
Create a stellar customer experience
You will ultimately need customers to grow your profits. To entice and keep customers, they must have a great experience with your brand. People who are happy with your location will also recommend it to others, helping you to grow your base. Happy customers are your best advocates, so it's worth taking the time to ensure their experience is outstanding.