A quick look into reading your balance sheet.
The 5 Qs to ask yourself before buying a franchise
“I’d like you to check out this franchise for me, you know, go over it and see if it makes sense.”
When you are thinking about buying a franchise, there are a number of specific things to look at, here are our top five questions we urge you to consider to look into yourself or with a financial specialist.
Building up your conference
"I wonder who we could get to speak at our conference who is lively, fun and engaging ... and can speak about the financial aspects of business?"
Our Keynote Conference, ‘Financial Conversations’ provides a great opportunity to discuss a range of financial topics in a non-threatening environment, where people can relax and enjoy themselves, but also learn at the same time.
Why do I need to prepare a cashflow forecast?
Thinking of buying a franchise?
What can you ‘bundle up'?
One of the most successful sales and marketing strategies is to ‘sell in bundles.’ This is where you bundle up more than one product or service to provide a broader offer to your customers. The customers are happy because they are getting better value from their purchase. It also allows you to provide more goods or service to your customers. It is a great way to build additional sales revenue. If you are looking to increase sales, you should consider bundling up a number of your products or services.
Is now a good time to buy a Pack and Send franchise?
Demand for freight and package services had already increased due to online sales and the corresponding delivery of the items purchased.
But the COVID restrictions have seen another big push.
With many employees and business owners now getting used to Working From Home, this increased level looks set to continue as the online world is now well entrenched.
A Pack and Send franchises offer a broader range of services than simply postage, which can be done at a Post Office. It typically involves liaison with freight forwarders as well as some brands offering specialised packing services for customers.
As one client said to me, “It’s not hospitality, there’s nothing perishable, it’s normal trading hours, it’s business to business and I get my weekends back!”
However, this business it still needs someone to drive it. Someone who is prepared to get out there, meet people, promote their business, network, sponsor and build their local community presence.
From a financial perspective, the costs can be fairly well contained. The two biggest costs are wages and rent. Location and positioning are important considerations, so this may impact rental costs, but there are some good deals on offer, with more likely to appear.
Remember to get a Pre-purchase Review done before you commit, to review the numbers and make sure it is a viable option for you to consider.
Let me know if you need a hand.
Peter
Brands we’ve worked with include Pack & Send and InXpress Freight Forwarders