Build A Successful Franchise With Great Tutor Management Software
If your tutoring business is expanding rapidly, franchising may have crossed your mind at some point. While there’s a lot to consider before taking the leap, franchising can be a great model for growth if your business is ready for it.
If franchising is a serious consideration for you, it’s best to choose tutor management software that can support a franchise model and grow with your business to avoid switching costs later on.
In this article, we’ll talk about what makes a business franchisable, provide access to a free download, and explore Teachworks’ master account feature in more detail.
Is Your Business Franchisable?
For a business to be franchisable, it has to be attractive to both customers and prospective franchise owners. Future franchise owners will do their research and are likely to consider the factors below before investing:
- Return on investment: Typically investors look for a 15% minimum return on their investment (after expenses)
- Business risk: Investors will want to see a proven track record that spans over a few years before investing.
- Growth potential: There needs to be a growing demand for your service in the investor’s location, or else it wouldn’t make sense for them to invest.
- Support system: Support systems need to be in place to help the investor operate their business successfully, should they become a franchisee.
To make the research process a little easier, we’ve compiled a free e-book that contains more information about what franchising is, the benefits of this business model, how to attract franchise investors and the 5 Franchise Criteria that a business must meet in order to become a successful franchise.
Get your free copy here: How to Make Your Teaching Business Franchisable
How Tutor Management Software Can Help
Using tutor management software that can support your business from a single branch, to multiple locations, to a franchise model, will save you time and money. There will be no switching costs and business will not be disrupted while you transition to new software.
Teachworks can support your tutoring business at any stage of growth. Our time-saving tools will allow you to run your business more efficiently whether it’s a single branch, multiple locations or a franchise.
Teachworks Master Accounts
Our master account feature makes it possible to manage your franchise locations from a single account. In addition:
- It provides the ability to standardize processes. Standardization ensures efficiency and consistency in each franchise location.
- It ensures a streamlined setup of new franchise locations. The ability to save branch settings allows you to create new branches at a fraction of the time.
- It gives you the ability to switch between accounts quickly. You can switch between various accounts with a single click to view or manage records and settings.
- It provides easy access to consolidated analytics. You can track business performance for single branches or on a consolidated basis.
- Branches have their own administrators, subscriptions, employees, students, calendars and settings.
To get started with a master account, login to your Teachworks branch account and go to the “Account Settings” page. On this page, you will see a link in the sidebar to “Create a Master Account”, click on it and follow the instructions to get started. You can find more detailed instructions here: Manage Multiple Locations More Efficiently With a Master Account.
As your business expands, you may find yourself needing very specific functionality, and in this case you may want to create something custom. Fortunately, you can use the Teachworks API to expand the functionality of Teachworks’ tutor management software. You can find more information here: Teachworks API (API article to be linked).
In this article we looked at the factors that are required for a business to be franchisable. We also spoke about the importance of choosing effective software early on that can accommodate your growing business needs. The right software will make the transition to a franchise model easier, and will eliminate expensive switching costs.
If you’re looking for tutor management software to get your business franchise ready, give Teachworks a try. Start your free 3-week trial today!