1 minute read
Getting the word out
Getting the Word Out
Not long ago, I was asked to provide a local store marketing (LSM) grand-opening program for an existing franchisee launching a new location. The plan started twelve weeks prior to opening, and the owner thought it was great, but he still decided to open the doors without a grand opening plan.
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Three months later, the store opened: Menu boards were in place, the lobby furniture was beautiful, and the food was prepped and ready to go. The only thing missing? Customers. The sparkling new store was absolutely dead. All the time and money spent on his new store netted in a disaster of a grand opening.
Opening a new business is tough, and pulling it together in time is enough to make your head spin. Like my friend, in the rush to get things off the ground, many business owners overlook LSM. Many think they’ll get to it later after their business opens. That may seem logical, but starting LSM after you open your business is too late. Research proves if you implement a LSM program before you open, you have an exponentially higher chance of sustaining sales—and thus success—than those who don’t.
You open a new business to make money, right? Yet, the vast majority of new business owners don’t know how much they need on a monthly basis to stay in business. You need to know—and developing a Pro Forma financial plan can help.
Your financial forecast drives your LSM decisions. The purpose of LSM is to bring in sales. Are you driving volume? Frequency? Transactions? Do you have a mix of all three?
Make a donation to a Little League team or community organization, and you’re contributing to your local marketing efforts. After all, the community is your sales base—these are the people who pay for you to operate your business. Business owners who give back and get involved in their communities will have more sales than those who don’t.
Janice Charles is a local store marketing expert out of Broomfield, Colorado. She can be reached at janice@thefranchiseconsultingcompany.com or 303-319-5186.
