Best advice for new business owners.

Why your business needs employees.

Why You Need Employees to Grow Your Franchise Business

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By Cindy Rayfield

When I talk with clients about the type of business they want to invest in, usually everyone involved in the decision will agree about one thing – employees can be the biggest challenge and they may not be up for it.

Many of my clients – in fact I would say most of them – say they want zero to few employees in a business because – people. Dealing with people can be hard. I know this is true from personal experience.

The reality is, some businesses actually require employees, and if you, as a business owner don’t want to work IN the business but ON the business, then you have to rely on a team.

As a business owner, you will be tempted to try to do everything yourself if you have the skills. But having employees can actually supercharge your company’s growth and success. Here’s why you need employees to scale up:

  1. More Hands Make Light Work
    Employees allow you to delegate tasks and focus on operations that make your company grow. Employees may have specialized skills and bandwidth allowing you to offload the day-to-day activities.

 

  1. Increased Capacity Drives Growth
    By hiring staff for customer-facing functions like sales, marketing, services, etc., you can massively expand your ability to grow your business through marketing, leadership and operations. Employees can turn the business into a machine.

 

  1. Automatic Income Without You
    With the right employees in place, your business can run smoothly without you needing to be present. Isn’t that why you went into business anyway? This allows you to enjoy the business ownership lifestyle – maybe not right away, but over time and with growth, you are afforded this benefit as an owner.

 

  1. Fresh Perspectives, Innovation and Coverage
    Employees bring new ideas, energy and approaches, along with their physical presence to run the operation better than you could by yourself. Their talents and input may also allow you to expand your products and services, which means more revenue. A diverse team makes a resilient business that doesn’t necessarily rely on you all the time.

 

  1. Multiplier For Business Growth
    Having employees isn’t just about easing your workload. It’s a gamechanger for rapid growth and scalability with more people creating revenue. Investing in the right team leads to exponential results.

 

  1. Create a Valuable Asset for Sale Later On
    Employees can help a business grow and create value for a potential resale down the road. You may have just built a machine with the help of a team, and other investors like to buy smooth running machines. Create value by utilizing employees.

The results speak for themselves. Employees make a fully functioning business that can grow without you, and that, my friends, is why hiring employees just might be the best decision you can make for your business and yourself.

 

If you would like more info on buying and growing a business, schedule a call with Cindy Rayfield at bit.ly/schedulecindy.

Why Buy Before Yead End? Strategize Now.

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There’s a push for people to make a franchise business purchase before the end of the year. It can feel like pressure, but there are valid reasons to make it happen. Here are some potential reasons an investor may choose to pay their franchise fees before the end of the year rather than waiting until the new year:

 

– Tax benefits – Franchise fees are generally deductible business expenses. Paying them in the current tax year allows the investor to realize those deductions sooner and potentially reduce their tax liability for this year.

 

– Lock in pricing – Some franchises may increase their fees annually. Paying early allows the investor to lock in the current lower fees.

 

– Meet deadlines – Franchisors often have year-end deadlines for existing franchisees to commit to renewing or paying fees for the coming year. Paying ahead of time ensures meeting those deadlines.

 

– Show commitment – Paying franchise fees early can signal an investor’s commitment and confidence in the franchise to the franchisor. This could potentially lead to benefits like preferential treatment or access to new locations.

 

– Budgeting reasons – Some investors may want to pay large recurring fees at the end of their fiscal year as part of financial planning and budgeting.

 

– Take advantage of cash flow – Investors may have surplus cash available at year end that can be used to prepay expenses versus investing or holding the cash into the new year.

 

Let me know if you need any clarification or have additional questions! Schedule a time with Cindy at bit.ly/schedulecindy.