Venturing into business franchising
You want to expand your repair business through franchising. But still, you are indecisive about whether you can manage it or not.
Business franchising is a common strategy to extend your business. You sell your business name to a third party and generate revenue out of it.
So you are not only expanding through the franchise system. But you are also earning out of the profits of your franchises.
But the tricky part of adopting a franchise model is its management. You need to manage all of your repair business franchises vigilantly.
For this, you can get help through repair shop software. So software can serve the purpose. How? Here you go.
Why do you need repair shop software for your franchise?
Customers want to have a uniform and consistent experience at all your shops. The expectations they have associated with your brand name must be the same in every shop.
The best solution is to use repair shop software for your repair business.
To manage your repair business effectively, you have so much on your plate:
- You need to manage your employees.
- You need to manage repair tickets.
- You have to look into your inventory, invoicing, and other essential tasks.
Most of the repair shop franchises use the same software. So a new franchise must use the same POS software. By this, they will be able to monitor all stores through the same POS.
For instance, POS software: RepairDesk allows you to manage all your operations through the same software. As a result, you can not only manage your customer, inventory, and employees but market your business effectively.
To run all your franchises smoothly, transparency in your sales and operations is vital. You can accomplish it by integrating your franchises into your software.
So it’s imperative to use efficient POS software which allows you to integrate all your franchises. By this, you can keep track of all sold tickets.
Business franchise fee
Once you allow franchisees to run their repair shops with your name, charge them a franchise fee. For using your brand name, they need to pay you. Franchises need to pay you monthly, quarterly, or yearly for using your brand name.
Repair shop software can significantly help you in multi-store management. For example, you can easily add details regarding the fee for the franchise of your business.
You need to set calculation criteria for charging a certain percentage of total sales, net profit, or getting payments from your franchise.
After this setup, the software will allow you to keep track of franchise fees from the report of multiple stores. You can even set a particular time in the search filter. And can view franchise fees against each franchise.
Manage your inventory
Another crucial task for your business franchise is inventory management. You are the leading store owner, so there is a liability on you. You must keep a check on the inventory of your franchises. Knowing about low stock will help you supply to them.
You can also get a low stock alert. It will make you aware of which items in your inventory are running out. After this, go to the transfer inventory module on the settings of your main store. And transfer orders to your franchises.
You need to order abundant stock in your main store. And then send it to your franchises. With this strategy, you can cut the travel cost and save your money.
Or if your POS software is efficient enough, you can integrate it with your vendor. This integration will streamline your processes and enhance your productivity.
Like a POS software RepairDesk, it is providing intelligent solutions through vendor integration. Integrating the software with vendors like MobileSentrix and Injured Gadgets helps them to manage inventory.
You can also view the multi-store report. It will help you to view the sales breakdown of individual stores. Multi-store reports summarize everything that is happening at your franchise stores.
You will be able to see the complete and category-wise report. It tells you exactly how much you are earning from selling products, repairs, and trade-ins. One detail report covers everything.
You can also discover your top-selling products and the products which are not selling. Likewise, you can also know about your underperforming and good-performing employees.
With minimal effort, reports will provide you a complete view of your shops. And it will ultimately help you improve your results. You can use the data to make wise decisions.
Intercompany billing helps you to earn profit. You can configure profits on inventory transfer. It allows you to set up a percentage or specific profit margin on every product category in your main store.
After this, profit will be added to the cost price of products whenever it will be added for transfer orders.
There is also a blend of low stock reports and transfer orders in the inventory transfer module of your cell phone repair shop software. It helps populate transfer orders straight from the standard stock reports of the store.
It helps you to create transfer orders instantly from inventory settings on the main store.
To smoothly run all your franchises can be challenging.
But you can get intelligent solutions through a repair shop software. You need to know your business in-depth.
We hope all the above tips give you a clear picture. And you will be able to understand the importance of repair shop software in business franchising.