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If you’re a franchise owner, you know how a volatile economy can take a toll on your small business. With more than two years of the pandemic behind us, you might even be asking yourself — is being a franchise owner worth it?

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Running a profitable small business was challenging long before COVID-19 shook things up. If you’re struggling to make ends meet in your franchise, and the threat of business closure is looming, here’s what you need to know to keep the doors open.

1. What Types of Assistance Does the Franchisor Give a Franchisee?

As a franchise owner, you have opportunities other small business owners don’t have. You have the chance to lean on the umbrella brand for support, both when times are tough and when things are going well. 

When you signed on with an established corporation, you gained access to a variety of resources provided by the brand. Make sure you’re taking full advantage of everything offered, including marketing materials, systems for operations, and financial guidance. In some cases, franchisors are able to offer additional financial assistance to their franchisees, giving them a chance to get back on their feet after a tough couple of years.

2. Keep Hiring the Best

When profits are down, it makes sense to cut expenses whenever possible, right? Before you get aggressive with your budget, consider how your choices could affect your business for the long term. If you are a franchisee, hiring employees at a lower hourly rate might look good on paper but it is often counterintuitive, hurting your business more than it helps. 

Instead, reevaluate your hiring process and current employees to be certain you are hiring talent that will make your franchise successful. More often than not, paying a productive and skilled employee what they are worth is much more profitable than filling your staff with cheap labor. Good employees will work hard, care about your business’s success, and provide excellent customer service. Your franchise can’t afford anything less!

3. Turn to Government Provided Franchise Owner Assistance

If your franchise is struggling due to the coronavirus pandemic, you should know there is franchise owner assistance in the form of government aid available for businesses just like yours. Legislation that followed pandemic lock downs kept small business owners in mind, opening a variety of grants meant to help keep businesses running through the worst of the pandemic.  The team at ClaimYourAid can help you find grants, credits, and refunds specifically for franchise owners.

4. Find Additional Franchise Owner Assistance

Government aid isn’t the only franchise owner assistance out there. Funding for small businesses comes in a variety of packages, including small business loans and angel investors. In some cases, it might be possible to turn to your financial portfolio of mutual funds or stocks to fund your business until the economy improves and your business is profitable again.

5. Communicate with Your Franchisor

What types of assistance does the franchisor give a franchisee? You’d be surprised to find that many franchisors provide assistance to their franchisees in times of need. Don’t be shy to reach out to your franchisor to ask for help!

6. Communicate with Other Franchise Owners

When you sign on as a franchisee, you join a community of franchise owners who are running a business just like yours. Keep in contact with the other franchisees under your umbrella brand. There is nothing quite as valuable to a franchise owner as leaning on the wisdom and experience of others who have walked in your shoes. These relationships may prove invaluable, allowing you to glean advice from other franchise owners on staying open during the pandemic.

7. Keep Track of Spending

When things get rocky for franchise owners, it is easy to look for big changes you can make to keep your business open during the pandemic. Think smaller, and you might be surprised by how much you can save by keeping track of every dollar you spend. 

By watching for waste and paying close attention to your costs, you will likely have the chance to cut unnecessary spending that will make a big difference to the success of your franchise over the long haul.

8. Learn About Marketing From Successful Franchises 

Don’t just focus on cutting costs when times are tough in your franchise, keep marketing your business so you can increase revenue as well. If your marketing budget is tight, think outside of the box to keep your business name on the minds of customers in your area. 

Some affordable and effective options include sponsoring sports teams, participating in community events, and donating products to charity events. Take advantage of every opportunity you have to get your name out into the community.

Click here to schedule your free consultation with a member of the ClaimYourAid team to find out if your franchise qualifies for government grants, credits, or refunds.