Franchises are a fast-growing business model and there are hundreds of them all over the world. In fact, 83% of US-based restaurants and cafés are franchises. However, there are only a few benefits to choosing a franchise. Maybe you’ve decided to go the franchise route because you want to start a business by earning a steady income without having to take big financial risks. Maybe you’ve decided to become a franchisee because you want an opportunity to work for someone else but want to have the autonomy to run your business as you see fit. Whatever the reason, know that several other considerations must be taken into account before you choose to franchise.
Business owners need to find ways to increase their profits and grow their business. It can be difficult to find ways to increase profits when you’re starting, and it can be even harder when you’re running a well-established business but whether you have been trading for years or just starting, it is always useful to take a step back and review techniques that will continuously help you grow.
In the past, the only time people would talk about ‘cash’ was when they wanted to buy something or to borrow money. But now, money and spending are more complex, as there are so many options for payment plans and credit, that it is much easier to ‘spend’ or give credit without really having visibility of the longer term consequence.