Owning a pet sitting franchise means you are often adapting your business model. An excellent way to cement that process can be found in this franchise business plan. In addition, measuring the metrics of your franchise can lead to viable growth to your bottom line. Let’s look at metrics used to measure your franchise:
1. Sales Revenue.
One of the most informative measurements, the sales revenue metric indicates the total sales income minus any returned funds. This is a “big picture” look at the monthly revenue and indicates how well your pet sitting franchise business is doing in the marketplace.
2. Net Profit Margin.
This measurement evaluates the ability of your pet sitting franchise to generate a healthy profit within the sales revenue. Subtract costs of sales from the monthly revenue to determine the level of profit. If the results are low, increase revenue or decrease sales costs.
3. Lead Conversion Rate.
How much does it cost your business to bring a potential customer to the point of purchasing services or products? This metric will inform the answers. If the costs are high, examine any factors that may be blocking the purchase, such as poor customer reviews, unclear website messaging, a lack of training for sales staff, etc.
4. Website Traffic.
The amount of traffic that comes to your site, stays on the site and reserves services on your site is critical in aligning with new customers and retaining the ones already held. Use a free traffic tracking tool, such as Google Analytics, to record traffic. If the traffic rate is underwhelming, make necessary changes to improve the website to sell products and services.
To support the growth of your pet sitting franchise, adopt a solid business plan, track metrics and use the results to significantly increase profits.