Articles
If you are thinking of buying a patisserie coffee shop you should have the financial figures reviewed before you buy. This is because you need to be sure the numbers stack up. Buying a business is a big decision and needs to be given due respect. There can be significant financial consequences from making a poor decision
With COVID causing an increased awareness of health issues and consumers conscious of what they’re eating, we see steady inquiries from people looking at health food franchises.
Location is key – will it be high street or shopping centre?
What incentives will the landlord provide?
What is the foot traffic, or passing trade?
What will the rent be?
Expected timeframe to open?
Expected up-front costs – total?
Will you need finance?
If so, can you get it and how much?
Expected ongoing costs, operational and franchise fees?
What will Cost of Goods Sold % be?
Staffing numbers and wages costs?
What marketing assistance will be provided?
How will the franchisor help you grow your business?
What are the demographics of the local area?
Do they represent your target client?
How much money do you want to make?
Can this franchise business model allow you to make that?
What is the expected payback on your investment?
Are you excited about this opportunity?
Is this the best option for you right now?
Buying a franchise is a big decision and will have big financial consequences on your life. So, get a pre purchase review before you fall in love with it!
Send me a message via Contact Us and we’ll get straight back to you to get started.
Peter
Small business owners hate meetings. Think they’re a waste of time. They’ve got too much to do and can’t just sit around talking sh*t!
We agree!
But monthly meetings are actually a really important way to keep control over your business and know where things are up to. The key is to keep them tight and focused.
So, let’s just focus on the essential things that must be covered. Should take no longer than 2 hours per month.
Set a regular time, no variations
Owners and key managers must attend.
Have a standing Agenda. Like the one below
OVERVIEW
Overview of the month so far
Review Action Items from last meeting
What’s the biggest issue for the month ahead?
FINANCE
Profit & Loss last month
Profit & Loss year to date (compare to Budget)
Cash flow forecast for next 3 months
Accounts Receivable
Accounts Payable & upcoming bills, incl BAS
& Super
MARKETING
Marketing activity for next month
Avg Sale Value
Customers gained / lost
Conversion rate
(Other KPI’s relevant to your business, eg sales
meetings, proposals issued, closed etc)
OPERATIONS
Work in progress
What’s working, what’s not, areas to improve
HR issues
(Identify key Ops issues relevant for your
business)
ACTIONS
Review any actions agreed throughout meeting
Confirm
who is to do it
what is to be done
when is it to be done by
Set and agree time for next meeting
Business meetings are a fundamental component of good business management. Many times they get missed just because people get busy. Not because of lack of intent.
But one of the best ways to be sure you’ll have your meetings is to engage someone to act as Chairman, or Facilitator, or Business Coach.
That’s where we come in. We have years of experience in chairing business meetings, and holding business owners to account. If that’s something you think you might find worthwhile, then give us a call, or shoot me an email.
Peter
Over the last few weeks, we’ve had an increase in enquiries for handyman franchises. This seems to be for two reasons:
COVID-19 redundancies. People are looking for a low entry cost business to generate income
WFH. With more people Working From Home, there has been increased demand for home office fit-outs, shelving, desks, benches, bookcases, etc.
Also, with more time spent at home, people have had more time to look around and see all the odd jobs that need to be done!
So, before you dive in and sign up for that handyman franchise, here are some things to consider:
Are you a ‘handy’ person? Good with you hands and tools?
Do you like dealing with people?
Are you comfortable making sales and building your business?
What are the upfront costs and ongoing fees?
What is the expected profitability?
How long will it take to Payback your initial investment?
Talk to other franchisees about their experience
Understand how you get leads – from head office or find your own?
What systems and training is provided?
Are there restrictions on territories and ‘out of territory’ work?
These are some initial questions to get your thought processes started. Once you get more information you’ll be able to dig deeper and find out more about the particular franchise.
And be sure to get a franchise Pre purchase Review!
Let me know if you need a hand
Peter
