Opening a sign business can be a smart decision.
You’ll leave behind the day-to-day grind of the corporate world, be your own boss and have the backing of a proven brand.
But you’ll also need to come up with some capital in order to get your business up and running.
For some, financing a franchise is the most daunting deliverable. In addition to the initial franchise fee, cost considerations include getting the proper permits from municipalities, securing space, equipment, insurance, employees and marketing.
The numbers can add up pretty quickly. But there are ways to mitigate the cost of opening your sign business. Here’s a look at three proven techniques.
1) Hire a Franchise Architect
It might seem counter-intuitive to hire someone to help you mitigate the cost of opening a franchise, but investing in the expertise of a franchise architect does just that. It’s a short-term expense that can save you money in the long term.
Hiring a franchise architect before you sign any leases or begin building is a smart idea because he or she can work with local building departments to quickly secure the proper permits, incorporate the right design requirements into your space and ensure that your building is up to code — before you’ve signed anything.
Franchise architects can also inspect your space before you sign a lease to ensure it’s up to snuff. And if it isn’t, your franchise architect might be able to get you tenant-improvement funds from the property’s owner so you don’t have to pay for all of the necessary upgrades.
2) Make the Most of Free Media
Marketing and advertising are necessary in order to make sure prospective customers know about your business. But spreading the word doesn’t have to cost a lot — especially if you make the most of free media.
Local newspapers, television and radio stations and even bloggers are hungry for stories. They’ve got time and space they need to fill, and you’ve got a great story to tell.
Before you even think about buying ads, give your local reporters and producers a call and pitch them a story about your business. Maybe it’s the first sign business in the area; maybe you grew up in the area and are coming home to help it grow and thrive. Maybe you’re going to donate a percentage of your profits to a local charity.
Whatever the case, create a positive story about your business and then pitch it to the media. Chances are good they’ll cover it, and all it takes is a little creativity and a willingness to pick up the phone or fire off an email.
3) Make Sure to Get Multiple Bids
Equipment is essential to running a sign business, and you’re going to need a lot of it. So you might as well get multiple bids — on everything.
Sure, it will take a little more time, effort and energy, but it will also be worth it.
You’ll likely see price variances on everything from cabinets to fixtures to the technology you’ll use to produce high-quality signs. You might also want to consider purchasing used equipment. There is typically plenty of high-quality used equipment available (even in different parts of the country) and your franchisor will likely know how to help you get your hands on it.
Get Smart and Get Saving
Mitigating the cost of opening your sign business might take a little up-front investment, effort and elbow grease, but it is also worth it. The smarter you are about your investments on the front end, the more you’ll have to invest to ensure your company does well down the road.
Interested in learning more about how you can invest in a Signarama franchise? Then visit our website today!