We recently connected with Erica Sanchez and have shared our conversation below.

Hi Erica, thanks for joining us today. Let’s talk about keeping costs under control when growing. How have you managed to keep costs from getting out of control?

As I began my entrepreneurial journey I Think before committing on fixed expenses because any expense for business is broadly classified under “Fixed” & “Variable”. Fixed expense is referred to as “Overhead” cost as this may reduce the pace of progress. Thus, it has to be the priority always to think and rethink before committing to any fixed expense. A business can excel provided one is less beleaguered with finances and expenditures,” he said.

And most importantly don’t Invest on office space Initially I began working from coffee shops & from home office concept till one generates some revenue to set up a separate office. “It is also better if there is any family member to receive business calls or take note of things if a need arises in your absence. In case you are compelled to take a separate office space, keep the cost as low as possible.

Work with a laptop even if this costs a bit more than a personal computer for better flexibility. Buy a branded laptop and don’t go for an assembled one. This will ensure reputation in front of your client and improve your brand image. Try to get one with 3 years warranty to have peace of mind and will also reduce recurring cost.

And lastly, organizing your funds after Due Diligence In case you intend to take a loan for meeting your business expenses, avoid using a credit card as a source of finance. The rate of interest can range from 30% – 45% per annum depending on the bank. Apply for a business loan instead which is an unsecured loan and compare rate from at least 2 / 3 banks. The banks will generally offer a rate of 15% – 17% per annum which is still better for a start up in case you don’t have an alternative source of finance. Don’t put all your earnings into business.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

Erica Sanchez – Founder and CEO, I am a franchise Developer, business consultant, and recently I partner up with a client as a co-owner/franchisor. I am a native of Phoenix, Arizona. I have more than 15 years of experience in sales, operations, franchising, and executive leadership. In 2020, I started Thrive Profit Engineer. This consulting firm assists small business owners with growing their brands and net worth. I then partnered with Franchise Creator to establish my second consulting firm in the Phoenix area, by integrating my first business with a leading franchise consulting agency.

Combining my interest in business and lifelong community involvement, I obtained a bachelor’s degree in public service and community solutions in 2015.After a few years, I decided to further my education by pursuing a master’s degree in business administration in 2019.

There are not many ways to expand and scale a business, and this can take years, money and time, one way to scale is by franchising and i bring a simple solution that I offer to many business owners. My team and I are more than capable of serving small or large businesses. Strategic development is our specialty. Doing business with me means you have the support of a highly qualified professional.

I focus on developing solutions for common business ownership issues. I help companies franchise their operations efficiently by creating customized plans that suit their needs. From the brand’s inception to its launch, my firm takes care of the entire franchise development process. This covers all marketing materials, sales, and lead generation.

I am most proud of the fact that I can make an impact to business owners lives & business. Our mission is to uphold the highest standards of honesty, integrity, and commitment when identifying problems, creating solutions, and optimizing each client’s business. We hope to help improve our clients sales, profits, and organizational effectiveness. Aside from our vision and values, we strive to consistently deliver excellent service in order to achieve client satisfaction. Every day i get to witness my clients not only grow to to other states they never imagined, grow their personal net worth and be able to scale in so many ways.

What do you think helped you build your reputation within your market?

A person’s or business’s reputation is a powerful asset if others considers it to be positive. Being reputable can distinguish one professional from another or influence customers and colleagues. Building a good reputation as an individual or a company takes time and effort, and the success of a person or business can depend on it.

First- for me is keep your promises- Follow through on commitments and timelines, whether it means meeting deadlines, reviewing a colleague’s work or resolving a customer service issue. Both your reputation and credibility grow when you fulfill commitments, and you can become known for dependable, reliable and trustworthy work.

Second- Give more than what’s expected, is doing more than what’s expected or asked of me. For example, if a client asks for a 3% savings discount, offering a 5% discount might lead to further business. People appreciate added effort and generosity.

Third- take responsibility- Be humble and admit mistakes when they happen. Consider openly acknowledging an issue rather than finding an excuse or hiding it.

Lastly- Welcome challenges, Consider taking on additional projects or challenges.

Can you talk to us about your experience with selling businesses?

On 2021 I became partners with an owner for a coffee business, I Work On Your Business, Not In Your Business I led it through its selling of it in 2023. “Unfortunately, as a co-owner I never got out of that [operational] mode I found myself strapped, unable to hire more, and not grow it as it became an issue in my personal life. The lesson here is if I was to start this journey once again, i will raise more capital and delegate more to others.

Contact Info:

• Website: https://thriveprofitengineer.com/
• Instagram: https://www.instagram.com/franchise_engineer/
• Facebook: https://www.facebook.com/ThriveProfitEngineerG
• Linkedin: https://www.linkedin.com/in/erica-s-99682b124/
• Youtube: https://www.youtube.com/watch?v=Swx7mm8ASwY&t=1069s
• Other: https://www.instagram.com/erica_sanchez0/ https://www.facebook.com/erica.sanchez.121398/