If you’re someone who is thinking about purchasing a franchise, then after doing a bit of research, we’re pretty sure that you already know just how much of an investment that can be. And being that most of them tend to cost several thousand dollars, it tends to put many owners on a tight budget as a direct result.
So, in order to make the first few months of your franchise run smoothly for you, we wanted to provide you with five failsafe tips for starting a franchise without having to break your budget in the process below:
Know which franchises are inexpensive. Did you know that there are certain franchises that are actually pretty affordable? Some of them include non-medical senior home care, home and office cleaning, pet sitting and dog walking, youth sports and energy auditing and conservation. So, before you sign an official contract with a franchisee, be sure to look into those various opportunities first.
Discuss with the franchisor what they plan to invest. Once you have narrowed down the option of the franchise that you want to invest in, the next thing that you need to do is talk to the franchisor about how much they are willing to put back into the franchise. For instance, it’s not uncommon for a franchisor to want to invest money, provide equipment or even do their own marketing for the business. It makes sense that they would do these things being that the more successful a franchise is, the more it ends up benefitting everyone.
Start off small. Although you may have big dreams for your franchise, it’s still a good idea to start off small. Don’t hire a ton of staff (especially full-time staff) until you actually need it. Avoid purchasing lots of new equipment if you can find items that are refurbished. And don’t spend a ton of money on advertising. When it comes to getting the word out, you can get a lot accomplished without spending a dime. This brings us to the next point.
Use social media to get the word out. If you were to read a publication likeFranchising USA Magazine for tips on franchising your business without spending a lot of money in the process, we’re pretty sure that one of the things they would recommend is that you use various social media accounts to promote your franchise. So, make sure that you have a Facebook fan page, a Twitter, Pinterest and Instagram account and that you can also be found on Linked In. It can also work to your benefit to have a blog on your website where you can provide new content and post giveaways. That’s a smart way to turn a customer into a repeat customer.
Provide impeccable customer service. Most successful companies will tell you that it doesn’t matter how great your product or service is if you don’t offer great customer service. That’s because one bad experience is all a customer needs in order to decide not to patron your business again. So, make sure the people you hire are professional, friendly and willing to go the extra mile. The better your customer service is, the more customers you will get and the more money that you will make. And in time, you’re “tight budget” will transition into big profits. Good luck!