The idea of owning a franchise was a good one. Already, you can see that the operation is gaining favorable attention in your territory. As the money begins to roll in for services rendered, what can you to ensure that you’re making the most of that PuroClean franchise revenue while positioning the company for future growth? Here are some ideas to consider.
Take Care of Your Standing Obligations First
There are some expenses that are key to the ability of your business to operate. Payroll is a prime example. Without employees on hand, the business won’t be around long. The same is true for standing expenses like utilities, building rent or leasing, and different forms of business insurance.
Don’t overlook the need to pay royalties to the franchisor. Those should always be paid on time. Failing to do so could lead to additional penalties that consume more of your revenue stream. Make sure you understand how the royalties are calculated, and ensure they are correct before remitting them.
Set Aside Money for Marketing Purposes
A portion of your franchise revenue should be set aside for marketing purposes. Along with online marketing, you may want to consider older methods like television and radio spots. Don’t overlook the potential that advertising in print media can have on your reputation as ell as building more brand recognition.
Do find if the franchisor has any special deals with marketing agencies. If so, there may be plenty of materials you can adapt to fit your territory. That would help keep the overall marketing costs down while also providing maximum exposure.
And Some For Future Supplies and Equipment Purchases
There will always be more supplies and equipment to buy. That’s because much of what you need is consumed while providing services to your customer base. For this reason, choose to set aside a portion of your PuroClean franchise revenue to cover the costs of getting what’s needed to keep up with customer demand.
Look closely at the approved vendors that your franchisor has made available to you. There’s a good chance the pricing is more competitive than you could receive on your own. See that as another way to accomplish more while spending less.
Don’t Forget a Nest Egg For Unexpected Expenses
No matter how carefully you plan, there’s always the potential for some type of unexpected expense. The best approach is to have some money set aside to help cover those events. You can keep the money in some type of interest bearing account until it’s needed.
This may be difficult to manage during the early stages of the operation. As business volume increases and customers pay for services rendered, it will be easier to set aside more funds. While not letting any essential go unfulfilled, see adding to the nest egg monthly as one of your priorities.
Remember that the key to operating a successful franchise has to do with working with the right franchisor and managing your resources to the best advantage. Look closely at what a franchise costs on the front end, the obligations you are making to the franchisor, and what sort of support you will receive. If you’re happy with the deal in general, then it’s time to sign up and get started on launching your franchise.