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low-cost franchise

8 Ways Low-Cost Franchise Owners Can Maximize Their Earning Potential

Have you ever wanted to be your own boss and get away from the daily grind? Running a franchise is one of the best ways to do that. Franchises come in all shapes and sizes, so set your sights on what you can afford and choose wisely.

One of the greatest ways is to start a Pretzelmaker franchise. Everyone loves our pretzels, and our franchise is recognized by our inclusion in the Entrepreneur Magazine’s Top 500 Franchises. Here are eight ways you can maximize earning potential with a low-cost franchise:

1. Location Choice for Your Low-Cost Franchise

Choose your location carefully because you want to be in a place where there’s a lot of foot traffic. Make sure you negotiate a good lease, and walk away if the asking price is too high. This helps keep your fixed costs low and facilitates good cash flow as you build up your business. The key is to be reasonable.

2. Make Sure You Have Enough Capital

Building up any business takes time, so you want to be sure you have sufficient cash available to tide you over. Carefully estimate how much money you will need, and don’t forget to allow for unforeseen expenses. If you run short, you may find it difficult to raise more cash.

It’s best to have as much money saved as possible, because this will reduce what you have to borrow with a loan. Always shop around for the best rates.

3. Follow the Guidelines

We want you and your business to thrive, and to help you, we provide comprehensive guideli

nes on how to start your own Pretzelmaker low-cost franchise. These guidelines have been carefully developed over long experience and help you understand what it takes to own a franchise.

4. Keep Costs Under Control

Have an accounting system that allows you to carefully monitor costs. Remember that your initial margins will be low, so avoid unnecessary expenses that eat into profits. Initially, you should track your expenses every day; that way you can identify if anything’s going wrong and sort it out quickly.

5. Minimize How Much You Draw From the Business

While we understand the costs of living, draw as little as possible from the business, especially in the early days. This will provide extra cash and help you repay your loans ahead of schedule. It will also ensure that you have enough money to buy provisions and pay staff.

6. Be Prepared to Work Hard

This may seem obvious, but don’t underestimate how much time you’ll need to put into your low-cost franchise to get it going. Remember that as far as the business is concerned, your time is free. Put in as many hours as you can to limit what you spend on wages.

7. Advertising

Don’t neglect the power of advertising. Although Pretzelmaker advertises nationally, look for opportunities to raise the profile of your business in your area. Try to get the neighborhood newspaper to run an article on your business and look for opportunities to place advertisements in local publications and broadsheets.

8. Treat Customers Like Kings

Treat your customers well and always be fair. If you receive any complaints, deal with them immediately; remember that the customer is king.

Make sure you and your staff are always pleasant to customers and provide good service. Prepare for busy times by building up stock of popular items so customers don’t have to wait.

Starting your own low-cost franchise requires hard work, diligence, and enthusiasm, but you will reap the benefits of all your hard work. Maximize your earning potential by applying these eight tips. For more information on how you can open your own low-cost franchise with Pretzelmaker, contact us today!