1. Choose the right location
Where you choose to open your business can have a big impact on your success. Choose a location with foot traffic and plenty of potential customers. If you can afford it, choose a location that’s visible and easily accessible. In addition, make sure there’s plenty of parking available. Who knows, you’ll even get some strategic four-wheel drive-bys from customers taking advantage of a popular special.
What is the best tip you could give new franchisees?
One word: Hire a good franchisee. The majority of people who open a new business lose money every year. Being a franchisee is hard work, but it can pay huge dividends if you give the process the TLC it deserves. There are many strategies available to franchisees, and this post will explore just some of them.
Anything I should know before I go into business with a franchise?
Although business licenses cost money, it’s worth the investment. Fighting crime, protecting consumers, training staff and gaining honorable mentions in local and state competitions are important aspects of what a company should be doing on the outside, too. Pretend you’ve mostly done in the past and you’ll get the gist.
When you’re interviewing franchisees, what questions can you ask?
Be sure to ask about hours of operation, how many outlets there are, if the business offers SKU’s, loyalty programs and any special offerings.
How fast should franchises be willing to deliver packages?
Indispensability is a major reason startups fail. Right there at number five is a handy “fast as possible” response to this question. There’s a lot of competition for limited shelf space, and fast shipping from a storefront versus delivery can save both money and time.
How should franchises try to get customers to come back?
People are hardwired to look for ways to reward friends and family. For franchises, honesty and accountability are critically important to keeping customers happy. It’s not enough just to once; repeat the process throughout the year and customers will reward you for it..
2. Have the right equipment
Prepping and displaying merchandise: A flyer that includes directions, menu, and contact info; A schedule of sales events; Definable rules and policies on the CDs and DVDs offered; A phone number and address to leave a message; A gig poster or flyer; And a policy on social media
What is a name and why should we use one?
Names: They don’t have to be official. Chicken Joe’s is Chicken Mike’s. Your business name is your business name. If it helps your customers remember, great. Website: Selling real estate is marketing. A website must know who you are and share crucial information about your business. It must be posted on your company web page and can be personalized. Facebook: Make it easy for people to connect with your company message and be sure of its presence on your page. Twitter: Get your company on people’s radar and keep tabs on who represents you. Instagram: Show off your community.
What is company culture and why should we have one?
Business culture: Speak and act like your customer. Invest in customer service. A company blog: Write content about your culture and trends. A phrasebook: How do you speak and act like a chicken when times get tough?
What is the difference for chicken and egg?
Keeping eggs in the house: This one may seem obvious, but it is a good reminder: Eggs don’t grow inside one another. Chickens do. Changing day-to-day living: Consider changing the conversation to something like, “Hey, this is great. We are all busy, but if you need a manager, we can have that person meet you right now.
3. Make sure you have a solid accounting system
Having a solid accounting system will help keep your business on the straight and narrow.
You can use a platform like Xero to track your finances. It’s important to make sure all of your finances are in good standing, whether you’re looking for a loan, a business partner, or a business investor.Having a solid bookkeeping system will also help ensure you pay your contractors on time. (Hey, sorry contractors — you’ve worked hard and deserve a reward!) And while you’re at it, you might as well keep your receipts for that chicken sandwich you just ate and send them to your accountant, right? Having a solid bookkeeping system will help keep your business on the straight and narrow.
How would you market the food at your restaurant if you had to start over today?
An accountant can help you come up with a marketing strategy. You’ll want to select a memorable name like “Chicken Taco Tuesday” or a business name like “Chickenville Donuts” so you won’t be confused with someone else’s restaurant. Window displays are key, too, because remember, open mics and cell phone cameras were not as prevalent back in the day. Market your brand like a celebrity.
What’s a good year for tax deductions for a sole proprietor/business?
Corporations can have significantly lower tax rates than other types of business income. Having a strong bookkeeping system will help you maximize money you can save on taxes. Plus, tax deductions for business expenses are more than just a tax deduction — they’re money set aside to help you build true wealth for you and your family. The Better Business Bureau has some tips on how to build up your investment accounts faster.
How do you tell how long a road trip took you?
Did you take a Uber while you were out there? Cab fares can be as cheap as 28.9 cents per mile, while most taxis charge about 50 cents per mile. Grab your calculator and plug in some numbers for these fun and cheap Uber rides.
4. Find suppliers that can meet your needs, even if you’re a franchise
Franchises are a great way to build a brand and expand your business.
When franchising, it’s important to find a supplier that can meet your needs, even if you’re a franchise. There are many options for suppliers, and you can even find manufacturers able to make products unique to your franchise. Franchisors: take it from us — you’re going to need a warehouse! There are many brands that can supply warehouses and distribution centers with carts, cuttings, and trays. We like American Farm Products and Sprout Value Foods, but there are plenty of options for large brands as well.
What is the one secret to getting hooked on a deal? Finding a sense of urgency? Offering a steep discount? Collating a pile of paperwork?
In order to make sure you get what you need when the time is right, you need to buy right. Buy right and you can’t… …be outbid. You need to buy before somebody else does. Understand that you might need to jump into bidding multiple times to get a deal you need. Just like negotiating a better price on a purchase, you need to “work the refinance lines,” or terms in the contract, in order to get the seller to drop their price. Finally, an owner should never walk all over his or her tenants. The motivation needs to be genuine, and the tenant does not get to have surprises every month.
What are the five things that really matter most when choosing a lender?
Keep in mind that lenders are only concerned with your personal financial standing, so don’t worry if this list seems kind of long. There are a lot of lenders out there. For our Branded3 banking solution, we begin by calling ourselves lenders, not accountants. Understand Your Lender’s Background A lender’s concept of “risk tolerance” is extremely important, as lenders will support you or your business with different levels of risk. Some lenders discuss their “happy” numbers; others talk about their “sucky” numbers.
5. Have enough capital to cover your startup costs, and know how to maintain your cash flow
There is a saying in business, “Cash flow is life.” This means that if you do not have enough capital on hand to cover your startup costs, you will not be able to pay your employees, which means that you won’t be able to keep your business running.
Hence, it is the first and foremost duty of a business owner to ensure that the business is in a healthy financial position. The five core items that ensure that your franchise remains cash flowing are: Cash Flow: Cash flow refers to how much money is coming in and how much money is going out. It is the overall amount of cash that your business is keeping in your account. An efficient business model allows you to keep more of the money you make by making more revenue. Cash reserves: Cash reserves or liquidity are needed at all times.
Without having sufficient liquidity to stay afloat, you’ll be unable to pay your employees, which means you’ll be unable to keep your business going. Hence, it is the business owner’s responsibility to ensure that the business maintains adequate liquidity by having sufficient funds in the business bank account at all times. Profit: Profits refers to any profit realized from your businesses if you are generating sales. Profits are crucial for survival since without profits, you won’t be able to pay employees. Hence, it is your job to ensure that the business is generating enough profits so that profits margins remain positive.
If you’re interest in owning a chicken franchise then contact Fransmart today to know more about the benefits of choosing the chicken franchise. Also, it’s the goal to help you succeed, and work hard to give you every advantage possible.