Multiple revenue streams are important in any franchise. They offer a tried-and-true method for an owner to decrease risk and generate more predictable cash flow from several sources, rather than depending on a single, traditional product or service.
With multiple revenue streams, franchisees have the ability to reach the same loyal customer more often and with more points of contact.
I've compiled a list of examples to help you understand what revenue streams various franchises may offer.
Boutique Fitness
Some franchises offer membership, packages, retail, and private and small group classes. These separate revenue streams give the franchisee flexibility in how they market and drive business to different revenue stream opportunities.
Children's Education or Well-being
Normally, the facility is only open Monday through Thursday, but the franchisee has options such as opening on weekends and doing special events it could generate additional revenue.
Salons and Personal Care
Full-service beauty salons have multiple streams of revenue, like haircuts, styling, coloring, perms, hair treatments, facial waxing, retail hair products, spa parties, and special events. These options are exactly what make this type of franchise both scalable and sustainable.
Home Services
In the area of home services, they bring together inspections, cleaning, maintenance, spa, carpet cleaning, window cleaning, yard care, security, and much more. Some services can be subcontracted if the franchise does not offer them directly.
Pet Services
A pet services business might offer instructional seminars, retail sales, and room rentals for local dog trainers. These additional channels bring in new customers who will notice the range of other services provided by the franchise. This also encourages customers to spend money on other items and services.
Auto Repair
Cleaners, emergency vehicle kits, floor mats and accessories, and aftermarket car parts are some of the things that an auto repair franchise can offer. These items complement the franchise's services wonderfully and are a simple add-on for staff to market to new and existing consumers.
Lastly, it all boils down to the old saying that putting all of your eggs in one basket is never a smart idea. The more revenue-generating options franchisees have, the more sustainable your franchise will be.
To learn more about multiple income streams, please schedule a call here.
