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Four Tips to Manage Your Money as a Franchisee
As you are about to embark on the exciting opportunity to invest in your own ice cream business, you’re going to want to step up your game when it comes to managing your money. This doesn’t mean you need to go back to college and earn a business degree.
Instead, it comes down to the idea of being proactive. Investing in a Marble Slab Creamery is a great way to expand your business portfolio but it’s not a business that’s going to run itself.
Topics of Discussion
- Track Your Spending
- Set Up a Bill Calendar
- Put Money into an Emergency Fund
- Whenever Possible, Use Cash
1. Back in the day, any type of ice cream business depended on a book ledger to keep track of spending. Every item had to be written down and added up manually. Today, there are a wide array of business accounting software programs that can help you keep track of your spending without any stress. You’ll still have to enter in the numbers, but these programs will do all the math and help you organize the spending categories.
2. With every ice cream business, there will be money coming in and money going out. You have to pay attention to both sides of the cash flow. With regard to the money going out, it might be helpful to set up a bill calendar. There are all kinds of fixed costs you’ll be paying every week, so having reminders is a great way to make sure those bills can be paid on time.
3. An emergency fund is important to have as a homeowner. These are the funds you have set aside to deal with any type of unforeseen circumstances such as a plumbing problem or a broken oven. That same philosophy can be applied to your ice cream business. Knowing that you have this emergency fund will make managing those incidents go a lot smoother. In other words, it will be taken care of.
Disclaimer: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of or want to locate a franchise in one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your state. Franchise offerings are made by Franchise Disclosure Document only.
