The 3 most important numbers in your business

As a business owner, you get access to a lot of information and reports, and it can be difficult to understand how the numbers work and which data is really useful and which you should discriminate.

To achieve the financial and growth goals, you have to focus on what I call “The Business Trinity”, which refers to the three most important numbers in your business. You must monitor them every day to make sure your business is going in the right direction, and correct the path if it is not.

How to determine your Business Trinity

These three numbers are going to differ depending on your industry and your business model. They are not magic numbers that apply to everyone, because not all franchises are created as equal. It’s not the same to be in the personal care industry, in the car wash industry, or the food service industry. 

To determine the three numbers for your business, you need to take these three steps:

  1. Within your business reporting, look for the...
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The Pros and Cons of a Multi-Brand Franchise Enterprise

multi-unit franchising Jul 14, 2021

Should you multi-unit and multi-brand your business? There are clear advantages to choosing this multi-unit path: when you operate multiple locations, you become the owner of an enterprise that grows, you can delegate operations and generate enough money for you to find your financial and time freedom.

On the other hand, if you operate a single unit, the franchise becomes more like a job, because you have to open and close your business and also manage it since you don’t have enough cash flow to hire a district manager and delegate the operations.

But to obtain the desired outcome in the multi-brand model you need to have the right systems, the right knowledge, the right tools and processes to manage your business. But first things first. Let’s review what are the pros and cons of this franchise modality.

Pros of a multi-brand franchises

  • You will have diversification

Having a multi-brand franchise will diversify your investment and your risk in case one of the brands...

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When to add a District Manager to your Organization

Going multi-unit is the fastest way to obtain financial and time freedom, and have a sustainable business. If you choose this path, eventually you won’t be able to do everything on your own and you’ll need to delegate tasks. That’s when a district manager can help you.

Taking this step won’t be easy: you’ll go from running your operations directly to giving someone else the responsibility of your overall business. So, you have to be certain of when it is the right time to bring this professional to your company to help you scale your operations

Before hiring a district manager, consider these 5 factors

To help you with the transition, here are five considerations you need to analyze:

1.  The size of your business

How many units should you have to hire a district manager? There’s no right answer for this question because it depends on how many units you have now, how much you’ll want to grow, and your cash flow.

If your goal is to...

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The first step to become a multi-unit franchisee

multi-unit franchising Jun 29, 2021

Franchising is a great way to achieve financial freedom and independence. Using this business model, many people across the world have been able to open their own business and see the dream of business ownership become a reality.

 Within the US franchise sector, which is composed of over 4,000 brands and over 775,000 business units, the vast majority of franchisees are single-unit operators. 

 Operating one unit is good way to enter the entrepreneur world, but if the goal of the investor is to have true financial and time freedom, this path is the slowest. And there’s a catch because the business may become, basically, another job. Think about it: the franchisee is in charge of managing operations, and opening and closing the business every day, tasks that are a manager’s responsibilities.

This is why so many franchisees and independent business owners explore the multi-unit model. If you are considering making this switch, continue reading to...

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