Our friends over at FranchWire have been talking a lot about franchise remodels, and I know they’re putting together a post on the benefits of such remodels as we speak. I wanted to talk a little bit about that very topic here at PointBlank.
Direct Capital finances a ton of franchisee remodels for major franchises across America, so the benefits are something we’re familiar with. We’d be awfully remiss if we didn’t share the best features of a remodel with you, so that’s what we’re going to do right now.
Without further ado, here’s a brief list of the benefits.
- It’s more attractive to customers. An updated, fresh-looking, clean location means a lot in the world of quick-service franchises, where you only have minutes to make an impression that may last a lifetime. Every 10-15 years, your store should get a facelift to better appeal to your customers.
- It boosts revenues. A new store is more attractive, yes, but it’s also likely more efficient. According to **** Robyn Gault, you can expect your revenues to rise by 10-20% in the days, weeks and months following the upgrade. You’ll likely make back what you spend in short order and then some, in other words.
- It’s a great marketing opportunity for you. Combined with the launch of a newer menu item or other new feature, a remodel gives you the chance to really pull in new customers by giving them a fresh hook.
- It puts you in the good graces of your franchisor, which is important. Some franchisors will penalize franchisees who don’t complete their remodels in a timely manner, and many others offer carrots for those who can get the work done quickly. It never hurts to get a little extra help.
Of course, if you need to do a remodel, you can explore financing from a firm like Direct Capital. When was your last remodel?
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