Whether you’re interested in opening a Rebounderz franchise or you’ve already opened one, these 15 tips can ensure the profitability of your business and help you create a successful career! Continue reading to learn more.
1. Monitor Payroll & Employees
Essential to keeping your costs down, monitoring your payroll and your employees is the first step in the process to ensuring the profitability of your franchise. If you’re not already using a payroll and timekeeping system to monitor your employees’ schedules, you’ll want to get one set up immediately. Always take time to consider whether you have a surplus or too few employees working in a designated block of time, and don’t be afraid to adjust the schedules based on your needs.
2. Use Checklists Constantly
Staying organized is absolutely necessary when you run a business. Between employees’ schedules, cash flows, budgets, and everything else, you’ll need to use checklists to ensure that not only you follow procedures and get things done, but your employees do as well.
3. Remain Flexible
In an ever-changing world, so much is out of our control. As the economy and your customer base change, remaining flexible will allow you to keep your business afloat no matter what is going on around you. It is extremely important to keep a consistent internal operating structure for your business, but be sure to leave enough room to allow necessary changes as your business grows, changes, and adapts to your clients’ needs.
4. Take Full Advantage of Social Media Marketing
Social media marketing can be done at no cost to you, which makes it a simple, effective, and free benefit for your business. In an era when much of the population uses social media and has their personal devices readily available throughout the day and night, it would be silly to miss out on marketing your business to your local and global community for free.
5. Stay Connected With and Market to Your Community
No matter your location, connecting with your local community is essential to building your customer base and growing your business. Beginning with identifying areas in your community that would benefit from what your business offers, you can select events to support or create your own events to provide to your community. As an example, your Rebounderz location could offer a discounted day of trampoline fun to students who receive free meals at school.
6. Study Your Competitors In The Area
Knowing who your competitors are and finding out how they model their business will help you to fill the needs of the community and offer what your competitors don’t. This isn’t a tactic to destroy other local companies, rather a method of discovery to ensure that the needs of the community are met. Get to know your competitors if you haven’t yet!
7. Hire Only Well-Qualified Employees
Having a successful business is not possible without great employees. When you’re hiring employees and conducting reviews, keep in mind that you’re seeking individuals who are competent, capable, compatible with you and other employees, committed to excellence, possess a fantastic character, fit with your company’s culture, and are happy with the compensation you offer them.
8. Maintain a Good Working Relationship With The Franchisor
Signing a contract is only the beginning of your relationship with your franchisor. Maintaining a great relationship and consistently communicating with your franchisor in the weeks, months, and years following your opening is crucial to keeping your business running smoothly.
9. Follow the Procedures that Your Franchisor Suggests
There’s a reason this company has franchised — what they do works! Especially when you’re first starting out on your journey, stick to what works and your chances of success will be much greater.
10. Follow All Rules and Regulations in Your Franchise Agreement
This seems self-explanatory and simple, but failing to comply with the regulations set by your franchisor can lead to messy legal disputes and a loss of a great deal of your money. Don’t forget to re-read your agreement before, during, and after signing to ensure that you understand what you are agreeing to.
11. Take the Suggestions Given to You by Company Representatives
Representatives are an amazing source of advice because they’ve had success and they can help you become successful. Don’t be afraid to reach out to your representative to seek suggestions or get answers to your questions. The more profitable you become, the more profitable those you work with can become as well.
12. Use the Technology from Your Franchisor
In today’s world, success and profitability almost always go hand-in-hand with technology. Be sure to take full advantage of the technology that your franchisor provides you access to because it has likely already proven to be successful for other franchisees.
13. Follow Your Franchisor’s Marketing Plans
There are many ways to market your company, and maybe you’ve got a few ideas that branch out from your franchisor’s recommendations. However, in the beginning, to ensure that your money isn’t wasted, it is incredibly useful to stick to tried-and-true marketing methods.
14. Create and maintain close relationships with other franchisees
Not only can fellow franchisees be a source of emotional and mental support for you on your journey, but they can also lend valuable insight into the do’s and don’ts of the business. They have experienced opening a franchise and know exactly what you’re going through. Use them as a source of support and advice when you feel unsure.
15. Network constantly
Connecting with fellow business owners builds a sense of community and provides the opportunity to work with other like-minded individuals who can offer useful and relevant advice. Plus, networking between different industries allows you to find common ground and collaborate on events for the community.
If you use these 15 strategies, you’ll be sure to have a profitable franchise. Remember that Rebounderz offers an amazing opportunity to franchise by being a company that brings families, children, and communities together. For more information on Rebounderz and opening a franchise, visit rebounderzfranchise.com.