If you are interested in becoming a franchisee, there are some tips you should be aware of that can help you grow your business, regardless of the industry you are in, or the actions taken by your parent company. These are actions you can take that will either help you cut costs, or leverage some of your existing business relationships into other marketing initiatives and other purposes. So, what are these fantastic tips you can use to build your bookkeeping franchise?
• Maximize your marketing – If you are a franchisee, in many cases the parent company has essentially all of the say in the allocation of marketing dollars. If you want to purchase additional promotion on your own, that’s fine, but it will be extremely expensive. One way around this is by becoming involved in franchise councils, so that you actually do have a say in the angle the parent company chooses to take.
• Collaborate with other local business – Try to team up, either with vendors or related businesses, to engage in cross promotional campaigns. In fact, the business doesn’t even necessarily need to be related to bookkeeping. If you are able to build enough goodwill with other locally owned enterprises, they may promote you essentially free of charge, or be open to engaging in barter services with you.
• Make wise capital expenditures – While it is no doubt painful to have to outlay a large amount of cash and not see any return on it for years, those with a long term view can take advantage of making shrewd capital expenditures that will eventually save them money. Examples can be conversion to fluorescent lighting, or the installation of tank-less hot water heaters that are significantly more energy efficient. These costs can add up after a while.
It is by making moves like these that you can bring your business from one that is able to meet its obligations to one that is a powerful driver of personal profit. Making the most of your bookkeeping franchise is simply a matter of using the resources you have, and making long term optimizations. Hopefully, your parent company will provide you with the information and infrastructure you will need to take advantage of factors like these.