As with any business, you need a sufficient amount of capital to purchase or start a franchise. Every franchise, for instance, requires an investment. You have to think about the franchise fee, personal finances, initial, and ongoing investment. However, it’s certainly possible to have a coffee waffle franchise at a lower price without breaking the bank.
Read on this article to learn how you can start a business franchise at a low cost and how you can make it grow afterward.
Starting up a franchise at a low cost
Typically, starting up a business can be undoubtedly intimidating. However, having a franchise like the Coffee Waffle can be a realistic and cheaper entry point for several entrepreneurs. Here’s how you can start a Coffee Waffle franchise at a low cost:
Get a business microloan from a bank or other lender
If you don’t have an adequate amount of money to cover all the expenses, you can obtain a business microloan from your bank or other lending companies. After all, repayment of a microloan is much less costly than the traditional ones when it comes to the repayment period as well as the accumulation of interests.
- Look for the right bank or lender who offers microloan services.
- Understand the computation of the interests and the payment terms of the microloan you obtain.
- Read the fine print first before you sign the contract.
Use free and low-cost marketing strategies.
If you’re on a tight budget, taking advantage of some free and low-cost marketing opportunities can be very beneficial.
- Try to be creative in all your marketing strategies. For example, you can offer a “buy 1 take 1” promo for the first 100 customers who will buy your product.
- Use free advertising opportunities on the web and take time to boost your social media presence.
- Apply word-of-mouth advertising by asking referrals from your customers.
- Have a free media exposure by submitting press releases to a wide range of publications.
Process all licenses and pay taxes on your own
Instead of hiring a consultant, you can invest in a small business tax software. You can save more money if you buy a small business accounting package than relying on an accounting specialist for the processing of all licenses as well as the payment of taxes.
Look for suppliers who are willing to extend credit to new customers
Running a coffee waffle franchise business doesn’t have to be costly. While it’s starting, find suppliers who are willing to deliver your first order on credit. Even if it’s quite challenging, it can help you get the ball rolling at a lower cost.
Keep your workforce lean
Starting up a business franchise doesn’t require you to hire several employees. Even if there are many things to do in the start-up phase, it’s best to keep your workforce thin as much as possible.
Although you should take additional employees to help the business running smoothly, delay that plan by assigning the tasks to your existing employees efficiently. If the cost is justifiable, opt to outsource non-vital activities.
Growing A Franchise Business
As an entrepreneur of a Coffee Waffle franchise, you’re duty-bound to apply the tools and techniques to grow your business. Here are a few ways you can build your business franchise successfully.
Perfect your business model
The first you should do to grow your franchise is to perfect your business model. You need to come up with a clear and goal-oriented business model to get started. Stick with the model and work on it to successfully build your franchise in the long run.
Don’t force growth
Let growth happen naturally. The success of your franchise doesn’t happen overnight. Forcing others or even yourself to open a new franchise might only put the new one at risk for failing. As a result, it might cause significant damage to your brand name and reputation.
Build a strong brand identity
Focus on building a strong brand identity – it’s something that’s recognizable throughout the industry you’re operating. Get the most out of some marketing initiatives such as internet marketing to increase your brand exposure and later on attract more customers to buy your products.
Make a streamlined process
If you want your Coffee Waffle franchise to grow and become successful, make sure you have a streamlined process throughout the organization. From the way you do the paperwork to the formula you use for your waffles, everything must be streamlined to maintain continuity. Although individual franchise locations do things on their own, can help the entire franchise organization succeed.
Focus on customer service
If you’re looking to grow a franchise business, it will help if you emphasize on customer service. The entire franchise should always pay attention to performing things the right way and treating employees as well as the customers the right way. Always show respect and kindness when working with these people.
Keep these things in mind so you’ll have a long way to go in growing your Coffee Waffle franchise company toward success. Lastly, work on your business model regularly to make sure your approach concerning the franchise growth is positively working in the market.
The cost of starting a Coffee Waffle Franchise varies depending on the type and size of the franchise. Generally, the initial investment costs range from $20,000 to over $50,000.
Basic equipment typically includes a commercial waffle maker or griddle, electric mixer, and a refrigerated topping storage unit, as well as cash registers, POS systems, and espresso machines.
Yes, a retail space is usually required in order to operate a Coffee Waffle Franchise. Depending on the size of the franchise, the required space may be anything from 1,000-3,000 square feet.
The criteria vary depending on the franchisor but typically include: financial capability, Manager/operator experience, personal and professional references, good communication skills, and a strong business plan.
Franchisors typically offer support such as initial and ongoing training, operational support, legal advice, marketing programs and access to proprietary recipes and products.
Some franchisors provide financing to qualified franchisees, while others may refer franchisees to lenders with whom they have an established relationship.
The franchisor typically provides training in areas such as business operations, customer service, menu creation, and event planning. Additional on-the-job training is usually provided at the franchise location.
Benefits of owning a Coffee Waffle Franchise include: low-cost investment, access to the franchisor’s brand and business model, the ability to leverage existing products and services, and the potential for high profits.
Terms vary by franchisor, but typically include a franchise agreement, non-disclosure agreement, and a royalty and/or management fee agreement.