Franchisors provide new franchisees with all kinds of training tools and systems, but good entrepreneurs always look for a competitive advantage.

That’s why it’s no good to settle – franchisees should be taking proactive approaches to their businesses, to remain at the cutting edge.

And that’s where advanced software can help.

While the franchising industry is poised for growth and success, it’s crucial for franchisees to find new ways of controlling costs and managing their business.

Here are 5 Ways Advanced Software Optimizes Your Franchise:

1. Enhanced Business Management. Advanced software can help franchisees manage their business and track growth from anywhere – helping them stay dialed in 24/7, if needed, to ensure vigilant oversight of their franchise.

2. Optimizes Inventory Levels. Keeping paper records of inventory just isn’t efficient. Using inventory-tracking software, franchises can stay on top of their supply chain management and work closely with suppliers and their franchisor to optimize inventory levels.

3. Reduced Costs and Shared Logistics. Using franchise software with a cross-chain retail software solution helps reduce carrying costs. In addition, it allows franchisees to source inventory from multiple pools – helping reduce costs without compromising quality.

4. Pricing Management. Advanced software can help track and manage pricing, which is especially crucial when factoring in regional/seasonal changes between franchises, along with marketing campaigns and promotions.

5. Efficiency-Driving Information. When you can track and analyze growth through advanced software, you’re able to improve on your shortcomings. With reports on sales, purchasing, CRM, employee management, and more, advanced software can help your franchise optimize its growth and success.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Walking into a store with bare shelves or no hamburger buns isn’t pleasant.

Chances are, your customers aren’t going to be pleased. Even more, they may not come back any time soon, and will spread the message to others.

For franchise entrepreneurs, inventory control is preemptive damage control. Not only that, it’s just good business practice, and doing so can help optimize your daily processes and boost operational efficiency.

Here are the 5 Best Tips for Inventory Efficiency:

1. Project Better. Having too little inventory means your customers will be left with nothing to buy; having too much could eat into your capital budget. By better projecting how much inventory you’ll need – through a combination of sales tracking, seasonal factors, and potential for growth – you can best strike that fine line of having enough product without overspending.

2. Organize and Improve Tracking. Mistakes happen – often, inventory can be miscounted and that’s where problems arise. To best ensure this doesn’t happen, invest in an electronic tracking systems using bar-code scanning to eliminate human error, and use analytics to determine your best and worst sellers.

3. Spreadsheets. Crumple up those loose-leaf inventory notes, and invest in taking the time to create a spreadsheet. While Microsoft Excel and Lotus 123 will work fine, Quickbooks or Peachtree also have high-functioning inventory tracking that will help you better organize your inventory tracking.

4. Prioritize. New franchisees may be, at first, overwhelmed by the number of responsibilities they have. That’s why it’s so crucial to prioritize, especially when it comes to inventory control. Most businesses have hot-selling items that make up the majority of the demand from customers; focus on controlling these core areas.

5. Have a Backup Plan. It doesn’t have to be too complicated, but anything could happen. Have a thumb-drive with your inventory on it, in case your files are lost. Have a contact who can get you supplies ASAP, by forming a strong business relationship with them. Whatever you do, just make just your business is prepared when the unexpected hits.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Entrepreneurs that succeed the most maximize their time efficiency.

Then, if so, why is it that mornings are so difficult for some people?

When it comes down to it, simple planning and a few changes can help most entrepreneurs thrive in the mornings and get more work done.

Plan ahead the night before, rethink wake-up time

It’s important to get into a soothing ritual before bed, to best prepare your body for quality sleep. Along with this, it’s a good idea to rethink your wake-up time – most successful entrepreneurs and business leaders rise at 6:00 a.m. or earlier.

As a great tip, it’s important to slowly wind down by turning off all electronic devices and relaxing the mind 90 minutes before you go to bed.

Get off on the right foot in the morning

Just as it’s important to have a routine before bed, it’s also good to have one in the morning to successfully gear yourself up for a productive morning. Whether it be exercise, stretching, something creative, or just reading the news, get into a habit you enjoy and can look forward to.

Most importantly, get focused for the day ahead and be sure to stay relaxed and connected with your environment.

Tackle most important things right away

At the office, make a list of your Top 3 most important things and tackle them right away. This will help your prioritize and re-focus your mind, while helping you to optimize your efficiency.

Above all, manage your morning energy effectively and spread it out through the rest of the day.

For the full picture, check out this infographic from Entrepreneur and Column Five:

Rome wasn’t built in a day, but it did take a heck of a lot of people to do it.

For military veterans looking to franchise, there are significant franchise-fee discounts and other reduced costs to encourage them to become a franchisee.

But what about raising the rest of the capital needed?

In recent years, crowdfunding – gaining the capital needed to start a business from a large group of people – has become increasingly popular, and should be considered by vets looking to become franchisees.

Donor-based crowdfunding driven by good will, communal interest

For starters, donor-based crowdfunding is perhaps the most convenient for new business owners. It involves financial backers donating money to help get a new business off the ground, who often donate because they want to be part of a new and exciting idea or they believe in the product or service.

In addition, sometimes a business will offer crowdfunders products, services, or other perks in exchange for their donation.

Investor-based crowdfunding gives donors piece of the business

This type of franchising is more capitalist-rooted in nature, where investors will buy into a business to seek a share of returns and equity.

In both cases, the long-term benefits for vets becoming new franchisees are created from the communal buzz of the crowd-sourced marketing.

Crowdfunding grows buzz, facilitates community engagement

One of the major advantages of crowdfunding is the initial marketing it gives to the new franchise. From the buzz surrounding the crowdfunding campaign and engagement on Facebook, Twitter, YouTube, and other social media, the community gets involved in the discussion around the new franchise.

And, if the crowdfunding campaign is a major success, it gives a huge indication to the franchisee that the franchise will be success right off the start, too.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Having trouble converting customers to buyers, or worried you may in the future?

Having a large number of customers and leads for a franchise is always the first goal, but all of this marketing success doesn’t matter unless you can convert on sales.

After all, how do you expect to make money?

For service- and product-based franchises, converting leads into one-time or long-term clients or customers is difficult – and hard selling and poor service isn’t a good place to start.

Here are 5 Sales Secrets to Help Boost Franchise Profits:

1. Promote One Thing at a Time. While your franchisor’s processes and main promotions will always take precedence, you can also put forth your own promotions on occasion depending on the agreement you have with your franchisor.

By implementing promotions, it limits your potential buyers’ thoughts processes to a simple “yes” or “no” – making it easier for you to convert while drawing them in with great pricing.

2. Open With Your Biggest Benefit. What’s your franchise’s unique selling proposition? For a fitness franchise, for example, be sure to succinctly communicate why your franchise is different – and better – than all the other ones you’re competing with. This will help customers make a quick-and-easy decision on whether they’d like to buy, and saves them from having to listen to all your benefits and becoming impatient.

3. Custom-Tailor Your Approach with Potential Customers. No two people are alike, and that’s why it’s hard to simply follow a sales script word for word. Instead, listen to what potential customers need and then customer tailor your messaging to how your franchise’s services or products benefit the customer.

4. Provide Clear and Concise Information. Nothing’s worse for potential customers than hearing “high quality” and “best” and “top-of-the-line,” over and over again. Instead, provide specifics on why your franchise’s products and services are superior.

5. Make Buying an Emotional Decision. The easiest sales are forged on emotions – how much a person likes their salesperson and imagining what buying a service or product feels like. While your franchisor should have significant investments made in this, be sure to train your staff about building relationships with your customers and being likeable at all times.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.