Home
>
Strategic Planning
>
Expanding your business in a franchise system

Expanding your business in a franchise system

If you are a successful franchise of a large franchise brand or chain, chances are you will wish to expand. The most important thing to do is make sure you are on the most positive terms with your franchisor. You should tell your franchisor at the earliest point of your plan to expand. It is important that you ask the franchisor for help when you are expanding. Growing your business is not an easy task. It requires systematic checks of your business. The kind of checks your car does electronically such as sensors telling you:

Your alternator is charging

Your battery is good

Your seat belt is on

You have gas in your tank

Oil pressure

You are not overheating

Your speed is ok

Your RPM's are appropriate for the gear you are in

As long as the little warning lights are good, everything is ok. Right. Wrong. As you know, those are important indicators. However, what about the warning buzzer that says; Your door is ajar. Your door really isn't a jar. It's a door, not a jar. This sounds funny but think about it. There are warning lights in a car but they may mean more than they say or they may be a false alarm.

For instance, when you turn on your engine all the lights are on. Most modern cars display malfunctioning lights at least once during their life. These lights are great for idiots, as a matter of fact they are often called idiot lights, but they are bad for do-it-yourself mechanics. Some cars display lights automatically at a certain number of miles. The check engine light goes on. The dealership is the only one who can reset the lights. If you are a do-it-yourselfer and have maintained the car yourself, the light still goes on and stays on. Later, when something does go wrong, the do-it-yourselfer doesn't know because the light has always been on. Whoops.

Like a car, franchisors have built safety switches into there business models. They have out all the mistakes for you before they happen. These set of idiots lights will help you, but make sure you are interpreting them correctly. An erroneous reading of a warning light will create unnecessary hardship for you as a franchisee. An example of an erroneous reading would be:

Your sales are up 50% and you just signed a huge one year contract. You should expand because you are doing 1.5 times what a normal franchise does right.

Most would say yes, business is up, new contracts coming in, you are good as gold. On the surface this may look good. But any good franchisor will tell you this is a typical sign of a cash flow issue. Sales are up, but how are receivables? One year contract is good, but are they also net 90 days? If you do not have proper cash flow funding you could wind up waiting for a check in the mail the day the bank comes in and wants to repo your entire store? This is why you need to talk with your franchisor and have a game plan, pay attention and use their expert advice? After all that is why you bought a franchise in the first place. Think about it.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.worldthinktank.net/wttbbs

on demand house cleaning Winnetka ..

In The News:

The A.I. industry seems set for growing pains as Big Tech companies scramble for solutions to the medium's unprecedented strain on the power grid.

Fourth of July fireworks cause a 60% spike in lost pets, but GPS trackers and AI photo-matching services like Love Lost can help reunite missing dogs with their families.

Protect yourself from jugging, the rising crime by which thieves monitor ATM users and follow them to steal cash, with six practical safety tips to stay alert and secure.

U.S. airlines like Delta, American and United are selling your domestic flight records to government agencies through the little-known Travel Intelligence Program.

Autonomous robots from Uber Eats are rolling out across U.S. cities, featuring LIDAR sensors, secure compartments and all-weather operation for food and grocery delivery.

Costco has expanded into EV infrastructure with new ultra-fast charging stations that can charge most electric vehicles to 80% in 20-60 minutes while shoppers browse the warehouse.

The new Gemini Robotics On-Device AI allows robots to perform complex tasks without internet, offering enhanced privacy, reliability and adaptability for real-world use.

Protect yourself from Amazon phishing scams by spotting red flags like suspicious sender addresses and spelling errors while using Amazon's Message Center to verify communications.

GAC Group's new Govy AirCab flying car combines lightweight design with advanced safety systems and smart cabin technology to revolutionize city travel with an 18.6-mile range.

The Berkeley Humanoid Light (BHL) is a lightweight, open source humanoid robot that anyone can build using 3D-printed parts and off-the-shelf components.

Meta’s new AI chatbot is getting personal, and it might be sharing more than you realize.

A new threat targets both Android and iPhone users: SparkKitty, a powerful mobile malware strain that scans private photos to steal cryptocurrency recovery phrases and other sensitive data.

Thanks to a team at the University of California, Davis, there's a new brain-computer interface (BCI) system that's opening up real-time, natural conversation for people who can't speak.

Privacy risks are hiding in plain sight, as your personal data is likely being collected, tracked, and sold without your knowledge.

VenHub, a fully autonomous, AI-powered smart store just opened at the LAX/Metro Transit Center in Los Angeles.

A woman's Facebook account takeover reveals dangerous social engineering tactics and provides lessons on recovery, avoiding scams and enacting stronger security measures.

Shanghai engineers are using 432 walking robots to relocate a complex, preserving Shikumen architecture while creating space for a modern underground hub and cultural center.

Major healthcare data analytics firm Episource had a cybersecurity incident exposing 5 million patients' medical records and personal information in recent breach.

A new sophisticated PayPal scam sends legitimate-looking emails from official PayPal addresses, using phone numbers instead of links to convince victims to download remote access tools.

Fox News' AI Newsletter brings you the latest on this rapidly evolving technology.

The innovative Kara Pod device extracts moisture from air to create mineral-rich water and brew coffee, featuring UV sterilization and compatibility with Nespresso pods.

Gov. Hochul unveiled New York's nuclear power plant project to power a million homes, which faces permit challenges while promising jobs and a cleaner energy future.

SAFE introduces Aerie, an underground luxury bunker combining high-end living with advanced security, wellness amenities and interactive walls simulating panoramic views.

A Facebook scammer posing as Elon Musk tricked a victim with promises of a Tesla and $250,000, requesting gift cards that become untraceable once the codes are shared.

Experience hands-free golfing with the Robera Neo smart caddie that uses AI to follow you, navigate obstacles and carry your clubs with GPS course mapping.

Expanding your business in a franchise system

Strategic Planning