Every business or franchise owner will stumble from time to time. Much of being a good business person involves overcoming common barriers that come up on just about every entrepreneur’s road to success. Happy Tax is proud to offer a suite of tools and resources that our franchise owners can use to help grow their businesses. But when it comes right down to it, understanding the potential obstacles that a franchise owner may encounter before they come up is critical to avoiding common pitfalls.
Common Barriers Facing Entrepreneurs
Franchise owners face many of the same challenges as many other new startups – and many of these challenges are financial. Raising and maintaining sufficient capital can be difficult in the first few months of operations, but often franchise owners get a leg up due to their association with a national brand. As a result, franchise owners often face capital constraints when trying to grow their business rather than at the initial start-up phase.
New franchise owners may want to expand their business, but find that they are prevented from doing so by capital constraints. Running a business can be an expensive task, but fortunately, Happy Tax franchisees benefit from an innovative business model that keeps overhead low. Happy Tax also offers some of the lowest franchise fees in the business, which takes some of the financial stress off of new franchise owners starting their first business.
If franchise owners select franchisors – like Happy Tax - with low start-up costs, financing options, and low fees, the start-up phase may turn out to be a breeze. However, even so, it is not at all uncommon for finances to become an issue later on. In fact, many new franchise owners to hit their first financial barrier during the very first attempt to expand their operations. However, proper preparation and support is the key to franchise success. Good budgeting and bookkeeping practices are critical to running any successful business, and franchise ownership is no exception.
Gearing up for expansion
In the initial stages of growth, professional marketers and branding experts can take up a large chunk of operating capital – at least for any business that doesn’t have a franchise partner to help them in this regard. As critical as it is to have effective branding and market presence, some businesses end up struggling to grow their business. Happy Tax franchisees benefit from being part of a trusted tax planning and preparation service that has spent years building its reputation in the industry. And, in addition to the inherent benefit of being a part of the Happy Tax brand, franchise owners receive local, regional, and nationwide marketing support.
Without support, some franchisees may find themselves without the resources to support the next stages of growth for their business. This is a step that creates a major barrier for many startups, and it’s something that every franchise owner should keep in mind. In order to help make sure that their next franchise is a success, new franchise owners should keep a few important tips and facts in mind.
Tips for Success
There are ways to avoid the common pitfalls that have caught so many entrepreneurs off guard during their new business’ start-up and growth process. First, the franchisor should plan and budget for everything they think they may need - including the costs of consultants, lawyers, and support staff that they may need before starting or expanding their business. This way, the franchisee can gain a better and more thorough understanding as to whether or not a certain business move is possible, and provide an opportunity for reflection as to whether it’s a good business strategy.
Otherwise, once a business is established, successful franchisees often benefit from creating and maintaining an effective growth strategy. If a franchise owner wants to expand his or her business, access to a sufficient amount of capital before the expansion will be necessary. This is true no matter how low operating costs may be, so franchise owners are wise to plan accordingly.
In addition to good planning, budgeting and bookkeeping need to be on-point for any business or franchise owner. If a franchise owner feels as if she needs assistance in this regard, she should budget for a consultant or accountant of her own.
Customer Service – The Key to Success
The long-term success of just about any franchise depends upon the quality of its customer service. This is particularly true for Happy Tax franchisees, who are joining a brand that prides itself on providing top-of-the-industry customer service. Happy Tax’s concierge-style tax planning and preparation distinguish its services from the rest of the industry, which has an unfortunate reputation of putting revenues above customers.
Happy Tax has worked hard to become the foremost mobile tax preparation service in the country. Part of the Happy Tax experience is a genuinely friendly, high-end concierge service that is designed to impress even the most discerning client. This includes expert tax preparation by licensed Certified Public Accountants that we can fully guarantee. In fact, should any client find themselves in need of audit support, Happy Tax provides free assistance through its audit department. Happy Tax provides all of these services in order to ensure that every customer has a positive experience and that they all smile when it comes time to file!
In addition to effective budgeting, bookkeeping, and business planning, good customer service is critical to the long-term success of any franchise owner. After all, treating customers right not only adds value to your business at the time, it also builds a positive reputation and gets your business referrals among the community. While there are always marketing benefits from being associated with a well-liked national brand like Happy Tax, there’s no replacement for positive buzz in your local area.
It is not at all uncommon for new franchise owners to hit barriers in expanding their franchise network. However, proper preparation will lend any business owner a much-needed helping hand. Overcoming common barriers related to startup, growth, and customer care will greatly contribute to any franchise owners’ long-term success.