Of course, having several revenue streams is essential in any franchise. They provide a proven way for an owner to reduce risk and create a more predictable revenue flow from several sources, rather than relying on a single, traditional product or service.
With numerous income sources, franchisees can reach the same loyal customer more frequently and through more points of contact.
Even if your franchise is already up and running, it is never too late to introduce new revenue streams. More services can be added to your franchise business at any time. The idea is to keep your mind open to new opportunities and to be resourceful when they present themselves.
If you own a storefront, you can add new features to your business, such as complementary services, collaborations, extended retail or other products, and special operating hours to reach a niche customer. You can also work with your franchise to offer upgrades.
Can you co-brand under the same roof with another franchising company to offer complementary, non-competing products or services?
Can your franchising brand provide higher-paid services to your consumer base?
Can you design and sell swag?
Merchandise such as t-shirts, hats, and so on may be an effective way to advertise your business while simultaneously making a sale.
You can pursue additional opportunities by collaborating with the franchisor on what may be available. You don't have to limit yourself to just one choice in order to build your franchise business.
Offering different revenue streams can typically be done with minimal cost. First, determine what your target audience wants, the cost/labor associated with the addition, then provide that need through your franchise.
To learn more about franchises that offer multiple income streams, please schedule a quick call here.
