You Have Just Bought a Franchise— Now What?
Making the decision to buy a franchise and become a new franchise owner is a very exciting time for an entrepreneur!
Once you have signed on the dotted line, there are quite a few things that need to be in place to ensure the success of your new franchise business.
In today’s world, technology is the foundation of each and every franchise. The term technology usually makes you think of the latest gadgets but it also refers to anything that makes a process more efficient.
To ensure your franchise is set up for success, we at Bailey Brown The Franchise Agency have come up with the 3 key pieces of technology every franchise needs.
Every business needs a Customer Relationship Management system, AKA a CRM. They are made to keep track of everything that the business does. CRM’s also help you stay on track of getting back to your customers, which is an essential part of running a business. A CRM will ensure you make money if you implement it correctly.
If you have a home based business, it is likely that you will need an excellent CRM system. Usually, your franchise corporation will make suggestions for you or will already have one in place.
Email marketing is one of the key tech tools you need to implement as soon as possible. It’s very effective and allows you to stay in contact with all of your current and future customers.
If you are able to segment emails correctly there is a strong chance that the email list subscribers will purchase your product. It’s very important to find out if the franchise you are looking into has an email marketing strategy.
Point Of Sale System
Every business needs a point of sale system so it can handle payments from customers. The POS system that you use will track all your products and will notify you of which one is selling the most and such. Managing inventory is a key task and is one of the reasons your business will be successful.
These are the three pieces of technology that your business needs to start.
If you have a combination of all three you have a great chance of being on the path to franchise success.
What piece of technology would you add to the list?