Earning money from day one

By Andrew Cutler, Sales & Franchise Director, Card Connection

Turnover is vanity, profit is sanity, or so the saying goes. However, when you are purchasing a franchise, how can you ensure your new business is making money as quickly as possible? Andrew Cutler, sales director at Card Connection explains.

Pick a Winner
Buying an established franchise territory with existing customers will help to ensure you have income from day one. Picking a well known brand with a good reputation means that a large degree of the: ‘so who are you?’ work will have already been done for you and you can get up to speed more rapidly.

Choose a Quality Product
Selecting a franchise with an excellent product or service will ensure customers will always be keen to buy from you. Repeat business is important and quality will win every time. The acid test is to consider if you would, or do, buy this product or service on a regular basis? Card Connection for example has more than 1,200 quality greeting card designs distributed in retail outlets across the UK, which ensure customers keep coming back for more.

Manage the Handover Smoothly
Working closely with the outgoing franchisee to meet customers and ensure accounts are all aware of the impending change of ownership, and how well you plan to look after them, will make for a smooth handover. Don’t take existing relationships with the old franchisee for granted – this is your time to meet and forge relations with customers. Make sure that there is support from the franchisor during the handover process.

Get on the New Business Case Early
As well as getting up to speed with existing customers quickly, aim to start prospecting for new business early on. Find out if your prospective franchisor will provide you with new business leads which can be a great help at the start. Our national account network which includes retailers like Costcutter, Londis, Netto, Budgens, Spar and Haldanes are always an opportunity for Card Connection’s franchisees to begin work with retailer customers right away.

Have a plan
Finally, remember: failing to plan is planning to fail. Your franchisor should help you get off to a good start in the early days but there will be an inevitable and steep learning curve. Be sure you have done your research, checked the prospective franchise’s accounts with an independent accountant and begun to plan how you will manage your territory. Much of franchising is a case of preparation, organisation and effort. Think about route planning, good time management and ask your franchisor for advice.

For those with an entrepreneurial spirit, choosing to buy a franchise can provide the opportunity to live the dream of running your own business. The franchise support network will help to get you up and running quickly and will continue to help you manage your business on an ongoing basis. However, to make a profit in the early days, you will need to ensure you have picked a good franchise to start with and you are ready and organised to take advantage of existing and new opportunities in the marketplace.

For further information about Card Connection franchises visit www.card-connection.co.uk