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FranChoice

Posted by on Feb 4, 2015 in Blog | Comments Off on FranChoice

If you have been seeking a route to rapidly achieve rapid growth in your business, then maybe it’s time you considered franchising it. However you should bear in mind this is not a surefire way to instant success but rather will require lots of hard work and determination to reach the heights of success you desire. It is the dream of every business to have their brand become a household name with numerous branches globally and that is why most people still attempt to franchise their business. So what exactly constitutes a franchise business? A franchise can be defined as business where its owners have sold their model name and business logo rights to third parties who in turn independently run retail outlets across the globe. Franchise businesses are very common nowadays and you cannot miss one every few blocks. Examples include UPS and McDonald’s. Steps in franchising a business include: Evaluate the Readiness of the Business The suitability of a business to be franchised will depend on a variety of factors which surpass the profitability and sales of such a business and they include the following; Your franchise concept-what will you do differently that other providers of the same business are not doing? The answer to this question is what will appeal to customers as well as the potential franchisees who will buy the idea. The financial base- before attempting a shot at franchising a business, you must have a solid financial base as well as having similar branches of your business that are profitably running. Do thorough background checks- Be sure to do thorough market research to ensure that your product is in high demand beyond your local area. Your franchise business should aim to bridge the existing gap. Bracing yourself for change- your role will shift from being a business owner to being a franchise seller and manager. Additionally you will have to relinquish some of the control over how some of your concept is executed. Therefore you must be ready for such changes. Legal Requirements This is basically learning about the laws governing franchising business and adhering to them. You don’t want to find yourself on the wrong arm of the law right? Register your franchise and fulfill all the legal requirements and you will be good to go. How to run your model As you embark on fulfilling all the legal requirements, you should draft a copy on how exactly you intend to go about your business. Key areas to consider include terms of agreement, royalty and fee percentage, localities for franchises, marketing franchises etc. Paper work After compiling the terms of operation, of course with the help of a lawyer, you should complete other required legal paper work necessary for registration and then submit to the relevant authorities. Hire key staff members You cannot solely run franchises therefore you need to hire key staff specialized in franchises to help market, sell and run franchises effectively. After adhering to the above steps, you can now proceed to selling franchising and supporting them and voila! You have franchised your business.      ...

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The Entrepreneur’s Guide to Staying Sick-Free This Winter

Posted by on Mar 26, 2014 in Blog | Comments Off on The Entrepreneur’s Guide to Staying Sick-Free This Winter

When important business beckons, it’s hard for the top dog to take a day off.    For many entrepreneurs, running a business requires long hours of hard work, being on call, and – most importantly – being able to handle problems and important duties as soon as they arise, no matter what situation they’re in.    That’s why getting sick can wreak havoc for entrepreneurs – especially those who are heavily involved in their business’s day-to-day operations.    By effectively planning ahead for the cold- and flu-prone months of October to May, you can avoid burning out, weakening your immune system, and becoming more susceptible to colds and flus.    Step 1: Focus on getting one extra hour of sleep. While many entrepreneurs like to rise before dawn to get a jump-start on the day, getting one more hour of sleep could significantly help boost your body’s ability to fend off colds and flus. If you’re unable to get away from the habit of five o’clock early rises, try splitting it up: get to bed thirty minutes sooner in the night, while taking a short thirty-minute nap either in your office (if you’re lucky enough to work from home or have a comfortable chair) or right after work. Your body will thank you for it.    Step 2: Delegate more tasks, hire more staff during these months. If you’re going to work as efficiently as possible, it’s important not to burn yourself out. To ensure this doesn’t happen, it could be a smart idea to hire on more staff in the October-May stretch to help get more done, while delegating more tasks to your management. Needless to say, you don’t want to burn your staff out either – make sure you compensate them for their effort, while making sure tasks get divvied up efficiently.    Step 3: Eat healthy. Especially when travelling. For many people, their New Year’s resolutions involve losing weight and eating healthier. This can be a huge boost to health and fitness franchises, which make many entrepreneurs breathe easy when they see a bump in business right after the Christmas holidays. Needless to say, though, it’s imperative that entrepreneurs themselves focus on their own health, too – and the easiest way to do it is by adjusting their diets.    While busy, jam-packed schedules don’t allow for much choice, make sure you cook ahead of time: make meals, pack them, and then store them in the fridge or freezer to preserve freshness. For entrepreneurs travelling by air, they can help by eating healthy the days leading up to flying (fresh fruits, vegetables, lean meats), and then ensuring they pack a small snack to take on their flight. Step 4: After the all-important handshake, wash your hands. You’ll thank yourself later – and so will the business associates, customers, friends, and families you’ll be around after coming across a bug. Bring an anti-bacterial hand wash with you, as well, in case you’re not near a...

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Four Giants: Which Franchise Do You Most Align With?

Posted by on Mar 26, 2014 in Blog | Comments Off on Four Giants: Which Franchise Do You Most Align With?

In Harry Potter, students at the wizarding school, Hogwarts, are sorted into one of four houses that best suits their character. But what if franchise entrepreneurs could be similarly sorted into businesses that best suit them, as well?            At the very top of Entrepreneur’s Top 500 Franchises at 2014 were four giants: Anytime Fitness, Hampton Hotels, Subway, and Supercuts.     Which one do you fit into most?   1. Anytime Fitness. This company values simplicity with modernity, allowing their customers to have a cheap and easy way to access gym facilities. On top of this, they promote personal well-being and skill development through classes on personal relationships and financing. Even more, they’re all about the individual: for members who take a picture of a tattoo that represents their journey to improved health, Anytime Fitness will reimburse them for it. Talk about a company that cares for their customers.   2. Hampton Hotels. Catering to budget-minded consumers, this hotel franchise will appeal to business and leisure members of the marketplace who still have an appreciation for the established quality associated with the Hampton brand. Simply put, Hampton offers value at a reasonable price – all while provide high speed internet and hot breakfast to keep their customers coming back for more.   3. Subway. Healthy. Or at least healthier. That’s what Subway’s business has been focused upon, and it’s the type of customer they want: someone who’s looking to eat better than regular fast food, while taking care of their bodies. Subway customers are all about self-preservation – losing weight, keeping it off, and taking care of their bodies. And at a low cost, Subway customers value the cheap price.     4. Supercuts. Supercuts is focused on hiring the best talent, and to ensure the quality of hair cutting is consistent across all their franchise locations. They pride themselves on top recruitment, along with educating their staff to keep them up on the latest trends. Above all, Supercuts believes in customer retention and loyalty; they’re committed to value and convenience, and serving customers who have places to go and want affordable...

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4 Things Entrepreneurs Can Learn from Toronto Mayor Rob Ford

Posted by on Mar 26, 2014 in Blog | Comments Off on 4 Things Entrepreneurs Can Learn from Toronto Mayor Rob Ford

They say you learn your greatest lessons from your mistakes. But what could possibly be learned about business from a crack-smoking, criminally investigated mayor of Canada’s largest city?   Rob Ford, the embattled mayor of Toronto, appeared on Jimmy Kimmel Live last night. During his interview, Mayor Ford said, “I’m a businessman, Jimmy. I run [Toronto] like a business – no nonsense.”   While Ford’s well-documented public mishaps far outweigh whatever business-like positive efficiencies he champions at city hall, he’s still doing something right to be considered re-electable in this coming October’s municipal election by many media pundits.   Here are four things entrepreneurs can learn from Rob Ford:   1. Return your customers’ calls and talk to them personally. If Rob Ford’s done anything right, it’s this. Since being first elected to Toronto City Council as a councillor, Rob Ford has become well known for returning his constituents’ calls and – on many occasions – showing up on their doorsteps to help solve problems himself. For all his faults, this one attribute may help keep Rob Ford “in business” after the next election.     2. Be different, authentic, but professional. Mayor Ford’s garnered widespread international media attention for being, well, himself. His crack-smoking, alcoholic public appearances – paired with his gregarious, caring personality – make him something rare: a genuine politician with real human faults. But that’s where Ford toes the line a little too far. For any entrepreneur looking to learn from Ford’s mistakes, make sure you separate yourself from your competition but remain professional and responsible at all times.   3. Own up to your mistakes. Just don’t make them again. When you’ve done something wrong, it’s important to apologize to a customer or business associate – even if that means letter your ego take a slight hit. Doing so shows you care, which is what counts in business when trying to uphold and maintain a strong brand, which important to many franchises. Once you’ve apologized and recognized your mistake, move on – just don’t make it again.   4. Manage your stress through positive outlets. Being the mayor of Toronto, home of more than 2.7 million people and thousands of city workers and officials, is definitely akin to being the CEO or president of a large company. Unfortunately, though, the stress got to Ford, who admitted to smoking crack cocaine and drinking heavily in the past. Entrepreneurs looking to manage their stress and improve their productivity can instead turn to daily exercise, meditation, spending time with loved ones, or pets, for instance, to find balance in their life and restore their...

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Top 3 Reasons to Avoid a Midlife Crisis through Franchising

Posted by on Mar 26, 2014 in Blog | Comments Off on Top 3 Reasons to Avoid a Midlife Crisis through Franchising

Like a black cloud looming over your head, a midlife crisis can often arrive for some people with little warning and have lasting effects.   Usually occurring between the ages of 41 and 60, the most common characteristic of a midlife crisis is expecting something negative and stressful is about to occur – often brought on by (or a lack of) work, spousal relationships, or maturing children, as well as the loss of parents or physical changes associated with aging.   Owning a franchise, however, can help many people avoid experiencing this type of crisis by giving them a new sense of purpose, fulfillment, and direction.   Here are the top three reasons to avoid a midlife crisis through franchising:   1. The feeling of freedom is unparalleled. Owning your own business is a liberating experience, and pursuing it through franchising is a secure and safe way to do it. Being a franchise owner will allow you to control your own schedule, hire and manage staff, and determine how much money you make – something many people go their whole life without attaining.   2. Make your franchise your “baby”. Maybe you’ve had kids and they’ve grown up, or you never had the right opportunity arise to have your own. While owning a franchise isn’t the same thing, of course, the amount of joy it can give you will fill your life with a newfound sense of happiness. Working to build it from the ground-up after opening it, you’ll then be in control of how well it does – something you can take pride in for years to come and call your own.   3. You’ll be busy, employed, and in shape. Maybe you’ve had something unfortunate happen, such as the loss of a parent or job. Owning a franchise will help take your mind off these things, and allow you to make new friends and build lifelong relationships, all while keeping you employed in one of the most secure and fast-growing areas of the economy. Even more, you’ll have to be in shape: lots of work needs to get done, and you’ll need the...

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Tech Checklist for Your Grandparents’ Startup

Posted by on Mar 26, 2014 in Blog | Comments Off on Tech Checklist for Your Grandparents’ Startup

If Gran and Gramps are choosing to opt out of retirement and want to start their own business, chances are they’ll need to embrace the current technology to stay afloat. According to a Kauffman Foundation study, approximately 63 percent of small business owners are between 35 and 54 years old. Maybe Grandma is looking to sell her baked goods or perhaps Grandpa loves to garden and dreams of making a profit from his peonies and orange trees. Whatever the case, you can help by guiding them through the complex tech world you know so well and giving them the tools they need to succeed. Trademarkia The first step to creating a small business is to evaluate if your idea is overused and check that your business name hasn’t been taken. Help your grandparents find out if “Sugar Rush Baked Goods” or “Shop to Smell the Roses” are still available. The Trademarkia site is user-friendly and has a larger font design that is easy on older eyes. Show your grandparents how to look up a patent, trademark, domain, or logo to avoid copying someone else’s. MailChimp Never underestimate the power of online marketing. This trendy new way of advertising goods and services doesn’t have to be out of your grandparent’s reach. If their business plan includes targeting a certain clientele (and it should) then MailChimp (MailChimp.com) is a great choice for easy-to-use email marketing software. Don’t let the fancy name discourage grandma and grandpa. Instead, show them how easy it is to create a custom newsletter using pre-made layouts. In the future, they’ll be able to adapt their design for their growing number of fans. Shopify Now, what’s good about all this technology if you can’t use it to sell? Set up a Shopify account for your grandparents and explain to them that e-commerce is the new thing everyone is talking about. Let them know that even the website boasts that no technical or design experience is necessary to create and maintain an online store. The older generation will have no problem adapting to selling digitally, thanks to technology’s goal of avoiding clutter and simplifying online retail. Additionally, they aren’t stuck with selling solely online. If they come across a potential customer while out on an errand, they can process a transaction with their iPhone using Shopify Mobile. Wave Paper and pen accounting and bookkeeping is now a thing of the past. Update Gran and Gramps and show them how much easier and faster it is to do invoicing, accounting, and payroll online. If “Shop to Smell the Roses” takes off, you’ll want them to be prepared to send multiple invoices a day and track their employees’ payroll. Wave is a great online tool for small businesses owned by seniors because it’s meant for companies with 9 employees or less and has an intuitive interface. You can visit the site at WaveApps.com. LinkedIn LinkedIn might be considered the go-to site for recent grads looking for a job or business professionals trying to reach out to those in their field. However, LinkedIn is also a useful resource for finding new clients and advertising a small business, as Experian notes. Networking is extremely useful when bringing a start-up to life and chances are your grandparents already have a wide array of connections they can get back in touch with on LinkedIn. They can use their past years at a job to their advantage by turning past coworkers into current...

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