We’ve talked a lot about franchise remodels in the past couple of weeks – namely the many benefits of a franchise remodel. But, there’s often a long row to hoe before you can just sit back and reap the benefits of your store’s modernization.
Outside of acquisition costs, a large-scale remodel could be the largest expense for any franchisee. So, it’s important to have a handle on your finances before you even think about taking one on. Think about how much debt you’re currently paying down. If you’re still swimming in payments from your store’s acquisition, you may want to rethink your remodel or maybe opt for a simple update rather than an entire overhaul.
Then, there’s the task of finding a good lender to help fund the project. Before you just approach the first bank or lender you find, it’s important to do some research to find the RIGHT lender to match your needs. A lender with dedicated account teams to support each national franchise brand, like Direct Capital, will ensure you’re getting the amount of attention you deserve.
And that’s just the tip of the iceberg.
We’ve learned that as owners start to investigate remodels at their locations, many begin to realize that the projects can be much more complex than initially anticipated.
Luckily, the franchise account managers here at Direct Capital routinely deal with franchise owners as they go through many iterations of a remodel, whether it’s simply new customer facing elements, or a complete concept overhaul. They’ve put together an eBook with a set of tips to help you prepare your franchise & team for a remodel initiative.
Make sure you download the eBook for tips on:
- Tips on how to plan and get started
- How to get your finances in check and what lenders are looking for
- Important questions to ask your franchisor
- What to look for in a general contractor
- How to stay organized and on schedule
- How to leverage your new look
How do you prepare for a franchise remodel?