Starting a mobile franchise can be a great way to kick your career — and your finances — into high gear.
But in order to get the most mileage out of your mobile franchise, you’ll need to know when to shift from start-up mode to growth mode. That’s because attempting to grow too soon can put unnecessary stress on you and your franchise, while waiting too long to pursue growth opportunities can lead to permanent stagnation and, possibly, business failure.
To help you know when it’s time to grow and do it successfully, we’ve put together this list of four signs to watch out for on the road to starting a mobile franchise.
When you first start your franchise, you’ll need to put a lot of time, effort and energy into attracting your first customers and closing your first sales. However, at a certain point, you will be unable to attract additional customers or generate additional revenues — no matter how much additional time, effort and energy you exert.
This is a plateau, and in order to move past it, you’ll need to make a fundamental change to the business. This change can include hiring a new employee, investing in new equipment or additional product, or expanding your franchise territory.
One of the best aspects of a mobile franchise is the fact that you can take it anywhere. So, after you’ve established your franchise in its initial location, you should research surrounding areas and ascertain whether or not your franchise would thrive in a nearby town, city or state.
You shouldn’t have to conduct this research alone. Identifying potential areas for expansion should be a joint effort between a franchisee and a franchise group. For example, at Bin There Dump That, we have a very specific set of criteria that helps us, and our new franchise operators, find areas where a Bin There Dump That franchise can thrive, and we provide the guidance necessary to help franchisees find the best locales.
Having a surplus of customers can seem like a dream for a small business owner. Unfortunately, if you can’t meet the demand, it can quickly turn into a nightmare as you become overwhelmed and overworked while, at the same time, customer wait times increase, customer service levels decrease and your clients are left with no choice but to turn to your competitors.
If you are losing customers simply because you don’t have the staffing levels or the equipment levels necessary to service them, then it is time for you to grow the franchise.
Growth opportunities shouldn’t sneak up on you; you should see them coming well in advance. To make sure that you have the proper perspective and are prepared to grow, it’s important to put together, consistently update and rigorously follow a comprehensive franchise business plan. If you’ve never written a business plan, or if you could use a little help, there are some great free business planning tools that you can utilize.
At Bin There Dump That, everything we do is designed to support the growth of our franchise operators. From our comprehensive franchise training, to our innovative national franchise marketing initiatives, to our emphasis on work-life balance, we are committed to your long-term success.
To learn more about how we help our franchise operators grow, or to find out what it’s like to be a Bin There Dump That franchisee, check out our franchise operator reviews.