For any franchisee, there are a limited number of factors that drive a business’s success. No matter what revenue volume a franchise generates, the franchisee needs to be able to create sufficient margins. Margin growth is generated by increasing revenue (sales) and, at the same time, improving operational efficiencies.
These factors are the result of focusing on key studio behaviors, which are largely driven by what an owner does within the four walls of his or her studio. SpeedPro’s Business Consultants and Regional Developers actively coach its franchisees to succeed by leveraging each of the following six, key behaviors.
- Accurate Pricing
- Effective Use of Business Software
- Marketing and Sales
- Financial Planning
- Labor Management
- Defining a Workplace Culture
Here’s a closer look at each one.
Accurate Pricing
Each studio owner produces a different mix of products and services that the local market demands. One of the most fundamental aspects of accurately pricing products is ensuring that the cost of goods sold is fully understood. This helps the owner calculate a fair price that won’t drive customers away yet drive a fair return on the sale. By leveraging the costs of goods sold with what the market will bear, maximizes margin and sales conversion rates.
Effective Use of Business Software
SpeedPro owners use powerful business software that helps them ensure their studios are run efficiently and also assists with effective pricing. Franchisees use the web-based platform for complete workflow management. Owners work from a customizable dashboard that provides insight into production, enables sales with a customer relationship management tool, and integrated invoicing for back-office processes.
Marketing and Sales Strategy
Studio owners create a plan to generate brand and market awareness which creates demand for the SpeedPro products and services. They also have a clear strategy to close more sales. Many franchisees build name recognition through networking and building connections through their local business community. They also use their studios as demonstration and staging locations to give potential clients a tactile and tangible experience with their studio products and services.
Financial Planning
A strong financial plan helps provide studio owners with a framework and projections to lead them to where they want to be in the future. The plan takes into account the product mix and equipment needs. For example, some studio owners operate in an area with a significant number of tradeshows, conferences and events, which motivates them to market trade show displays and similar products more heavily than other owners. The product mix and owner focus ultimately determine the type of equipment each owner acquires to maximize their sales opportunities and financial results for one, three and five years down the road.
Labor Management
Successful studio owners identify the individuals they need to effectively run their businesses. SpeedPro studios tend to start with limited staff; generally, with two team members. As the business grows, owners expand the number of team members; to up four or more. These individuals may be designers, operations and project managers, sales personnel, marketing assistants, among other roles. The owner identifies the need and right fit for these positions.
Defining a Workplace Culture
People have many options for where they can and want to work. A strong, positive culture goes a long way to attract team members who fit the owner’s vision help ensure they’ll love what they do. The very nature of a wide-format printing studio presents professionals with a dynamic work environment that supports individuals who thrive on creativity, collaboration and exceptional customer service. Still, it’s up to the individual owner to develop and foster a unique culture that differentiates his or her business from the rest.
When a studio owner consistently and effectively leverages each of these behaviors, the business thrives and grows sales, profits and reputation.
Are you ready to learn more about becoming a SpeedPro studio owner? Get in touch with us today!