Benefits of Service- Based Franchise Industry:
There are franchising businesses of several types. Those that have retail items where customers come in to browse and shop, those that serve food – whether fast, fast casual, or altogether fancy and then there are service-based industries, where the business owners provide a service to their customers/consumers. This can range from any number of things: painting houses, installing gutters or roofs or repairing them, giving manicures or cutting hair and all of these along with a list of thousands of other specialties – are service franchise industries. Where you provide a service to your customers. Seems fairly simple concept, right?
Yet these types of companies are so often left unnoticed in the type of value that they can provide. If you’re new to franchising or are considering your industry, take a look at the perks/ advantages that can come from a service industry.
1. You’re Doing Something Your Customers Cannot:
In most of the cases, service franchises provide something that the normal consumer cannot do on their own. Maybe you have specialty equipment, perhaps its education or know how that the average person just doesn’t have. Are you preparing taxes? Providing financial advice? Offering childcare? All of these things might be a service that someone can’t or doesn’t desire to do themselves. If and when this is the case, you can start to celebrate. Right then and there you have an edge up with your business simply that you’re offering something that people need or yearn for. You’re in demand from the first day itself. Don’t fail to spot the value of providing something that others need, but can’t do on their own. Do a good job and you’ll get repeat business in the long run.
2. There are Levels of Revenue
You should increase your training, offer various tiers of service, and more. Doing all of the mentioned can create different revenue streams. It also helps your consumers have options as to how much they desire to spend. Not everyone can afford the top price point, but they may be able to afford the lowest one. This can increase your customer base from day one itself, and provide the benefit that customers can choose what they want.
3. Repeat Business
When selling something, consumers might not need to return for years, if ever. But with a service, they’ll need to come back quite often to have you do the same service again. Maybe they come in for a waxing every six weeks, maybe they need their tires rotated within every few months. Whatever you’re doing, it needs to be done again, eventually. Right there you’re setting yourself up for ongoing revenue with a franchise that provides something that’s repeatable to the same customers, time and again.
4. Referral Leads
If you offer a franchise service that’s out of the common or if folks simply don’t know where to go, your name could soon be a hot commodity. Encourage and light a fire under your customers to refer to others for a deal, or simply do a great job and allow referrals to take place all on their own. When you’re providing a service that few can reproduce, you’ll be surprised at how quickly your name gets passed around to the masses.
5. Smaller Overhead Expenses
While retail businesses will need to invest thousands just to get up and operating, you can make due with much less. Once your equipment has been bought, you can cut the spending and start earning. Certainly, your franchise location will need products and items along the way, but on average, you’re spending far less than different types of businesses. Your parts can be reused, and you can still charge customers for their time with each tool or piece of equipment. For instance, if you do hair, you reuse your scissors and hair brushes, etc., and if you’re a bike mechanic, your wrenches will last for years for sure. This means less spend on overhead overall.
6. You Can Create Your Ideal Size
As a franchise owner, it’s upon you; how big or how small your operation will become. When providing a service, you can remain the sole owner-operator. Or, you can hire tens of employees and train them all how to do job efficiently. The end state is up to you. You can even start out small like part time if you wish, and see just how big your gig can get. There’s no must reach size for your brand, but instead of that, you can tailor your franchise business to your exact needs or ambitions as an entrepreneur.
7. Branch Out into Retail (If you want to)
You may also find that there’s good amount of money in offering products to your customers. That’s strictly your call. But if it’s a good lead for your franchise location, you can offer relevant products to customers/consumers. Or if you don’t want to make a thing of it, steer clear. There’s no harm, no foul either way. Just one more perk to a business that offers a service in a franchise setting.
8. Ongoing Training is Available
Most likely, you like your industry and that’s why you got into your franchising business in the first place. But you don’t have to be stuck doing the same thing time after time. You can actually continue your training and learn more as you grow. Your business skills will gain ground while running your franchise. But you will also be able to attend training events, advance your education, and growing in your field. Choose the methods that mean a lot to you and pursue them. It’s a good way to remain fulfilled in what you do, as well as adding value to your business.
For any queries, feel free to contact Franchise Insider.
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