What kind of due diligence should a franchisor perform on a prospective franchisee?
The simple answer is: A lot. But that is rarely the case.
Franchise consultants worth their salt may preach to their franchisor clients that they should stick to a plan of vetting prospects, but for the most part, good luck seeing that kind of a plan in action.
It is a simple, but sad, fact of life that most franchise systems have some glaring deficit, and often that deficit is found in the marketing area. Franchise marketing, indeed, the VP of Franchise Development is still and always will be the hottest seat in a franchise organization. As is the case with most groups interested in growth through sales, when things dont go well in a franchise company, all fingers normally, but wrongfully, point to the person responsible for sales. And with enough fingers pointing for a long enough time, a certain head will role.
Thus the kind of due diligence needed to be performed by a quality franchise company, the kind of due diligence that means finding out if the candidate should be part of the system, can be easily overlooked. Its a franchise fact of life, and therefore, it is vitally important that prospects provide their own due diligence when buying a franchise.
The long-term outlook for the economy remains grim.
However, now is actually a good time for some companies to invest. If you have a good cash flow and little or no debt, you may want to take advantage of the downturn. Heres why:
There are a lot of vacancies in office and industrial space. Newer buildings and factories tend to be more energy efficient than older facilities. With so many vacancies, youre in a good position to negotiate sales or rental terms.
Businesses that are forced to shut down often sell their assets at auctions. Used manufacturing equipment is actually posted on sites such as e-Bay. You might be able to upgrade your existing equipment at a heavy discount.
A lot of skilled workers are unemployed. Instead of training, you might be able to hire workers with new skills.
Interest rates are low. Taking on debt is risky, but its certainly an optimum time to borrow if youve been putting off upgrades.
While a recession may not be inevitable, the economy is showing slowed growth, and this could mean that some companies consider downsizing. Worries about a US recession have many also worrying about their jobs.
You want to make sure that you can keep your job if times get tougher. Here are five things you can do to improve your chances of being kept on:
Come up with ways to cut costs. See areas of waste at your company? Point out practical ways to improve efficiency and cut costs in the workplace. Obviously, now is not the time to ask for a raise. Bonus: If you can see a potential new revenue stream that requires a low (or better yet, no) cost investment, get that going. Someone who is innovative at stretching resources is more valuable than someone who does nothing more than consume them. Boost your visibility. You want to be noticed in a positive way. Make sure you are on time to work, and that you limit your vacation time. Also, if you are making solid contributions, make sure that they are noticed. You dont have to be obnoxious about it, but you should make sure that your boss is aware of what you add to the company. You want to be known. The first people fired are those with a negative impression. The next to go are those that are unnoticed and therefore expendable. Go beyond. Look for ways to go beyond what youve been told to do. Volunteer for additional tasks. But be careful! Dont volunteer for more than you can handle. You want to be known as a go-getter who gets the job done well. Improve your skill set. Are your skills obsolete? Take extra classes to brush up the latest skills. If career improvement seminars are offered at work, attend them. You want to show your employer that you are still viable in the workplace, and that you have the necessary training to continue doing a good job. Watch your attitude. Now is not the time to complain constantly. If you have constructive ways to make the workplace better, present them in a professional manner. Do not whine or complain excessively. A reputation as a morale-killer can lose you your job. And, because theres no guarantee that you will retain your job in a recession, no matter how hard you try, it doesnt hurt to be prepared. On your own time, update your resume. Also, make sure that you are still networking with old bosses, co-workers and business contacts. Dont wait until you are laid off to keep your contacts and resume fresh. You will get better results if you are prepared ahead of time.
Tags: keep job recession, US recession, personal finances, companies consider downsizing,
Heres some food for thought about innovation. It sounds pretty theoretical, but bear with me. There are important practical implications.
Clayton M. Christensen, author of the fascinating business best-seller, The Innovators Dilemma, has an article in the new Harvard Business Review on how conventional financial wisdom can have a dampening effect on innovation. Its only mildly interesting, but it caused me to re-visit his first book, which has some very important ideas for small and midsized businesses.
The point of The Innovators Dilemma is that good managers, paying attention to key customers needs, tend to allocate resources to improving their current offering, rather than looking for new (and often uncertain) opportunities in new markets. In disk drives, for example, the leading players in the eighties were focused on improving capacity and price per megabyte (important for so-called minicomputers), while the upstarts that eventually put them out of business focused on light weight and size (important for the emerging desktop computer market). In mechanical excavators, the market leaders focused on bucket capacity and reach (key factors for commercial contractors), while the innovators focused on speed and maneuverability (key to residential contractors).
In other words, if youre a supplier to OEMs and listen to your customers needs, you may do well over the short run, but you may miss huge opportunities in emerging markets where the criteria for winning are quite different.
History teaches us that only smaller, agile companies succeed in finding and exploiting these opportunities companies like yours.
For example, if youre a supplier within the American automotive value network (to use Dr. Christensens terminology), you may be in a similar position to the suppliers of disk drives for IBMs mainframe computers in the eighties. Most of your efforts are probably going into squeezing cost out of your products, and youre facing brutal competition from other suppliers who are trying to do exactly the same thing.
The way out of this difficult situation may be to allocate at least some resources to a new and growing market where price isnt the key factor. That might mean looking into emerging needs of the military establishment, or perhaps recreational items, e.g. motorized skateboards, surfboards and jet skis.
To be clear, I dont have a crystal ball, and pursing these particular markets may well be totally inappropriate for your company. What is appropriate, in my opinion, is giving some thought to markets where you can win through innovation that goes beyond price/performance.
Home » Business Ideas » How to Come Up with Successful Business Ideas January 14, 2014 Frank Bullock Business Ideas Tags: business, business ideas, business innovation, personal skills Weve all felt envy towards the guy who invented the drinking straw, the toilet paper roll, the screw-on bottle cap, or the folding umbrella. Weve talking about simple but genius ideas that transformed society because everyone needed them but nobody had thought about them before. Everyone would like to come up with that simple and inspired idea that will bring them money for the rest of their lives if they patent it. This is why weve decided to help you with a few tips on how to find successful business ideas that could help you and those around you.
Because the market is over-saturated with products and services, it can be difficult to see what is really missing. In order to find your successful business ideas, be open to anything. Any moment can be right to come up with a brilliant idea, but you also have to find inspiration anywhere you can get it. It doesnt matter whether youre just running errands or taking a relaxing stroll, be always on the lookout for what happens around you. Those who generally come up with innovative ideas are those who think outside the box and who try to predict trends instead of creating or following them. Since technology but especially technology that allows us to improve our lifestyles and gain more time is the highlight of this century, perhaps you can come up with an idea in this field, such as creating a smartphone app that helps people with an aspect of their lives.
Another way of coming up with successful business ideas is by focusing on things and issues that aggravate or annoy you. Chances are youre not the only person upset by the fact that a certain issue isnt solved, or that it needs improvement, change, an addition and so on. You can do this by discussing with friends, relatives, and fellow shoppers and see what dissatisfies them. Remember that the idea doesnt have to be grand or innovative but, just like the screw bottle cap, it solves a lot of problems. Furthermore, it doesnt necessarily need to be a product, but it can be a service that people require.
Perhaps you can also come up with a successful idea by applying your personal skills to a new and different field. Society can evolve much faster and easier if we learn to collaborate and join our knowledge, and many important discoveries were made by combining knowledge from essentially different fields. Your expertise might see room for innovation in a field where its professionals are in a rut. You can also try to think of a niche for yourself, or see which part of an industry could suffer innovation.
Dont be afraid to combine ideas from very different fields, or even trying to take two different products and uniting them in your head. Most of your ideas will be bad or nonsensical, but you never know when that goldmine presents itself. In order to come up with successful business ideas, you need to be open to anything and be willing to accept new concepts.
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Home » Business Ideas » Is a holiday rental property a good investment? November 15, 2016 Frank Bullock Business Ideas
If you have been looking for a great investment opportunity, a way you can increase your incomes, then a property investment can be the right answer for you and more precisely investing in a holiday rental property. Although you will be required to spend a pretty large amount of money initially, considering the great financial advantages you will receive, every penny will be worth spending. If you are still contemplating this idea, then perhaps learning more about what a holiday property investment in Cape Verde can offer you, will allow you to make a decision:
Cover your holiday expenses
With this type of property at your disposal, you can save a lot of money on vacations. Now you will have a house in the destination of your choice, where you will be able to stay during your every trip, for as long as you like, free of charge. Both you and your entire family will love this possibility, and it will certainly benefit your budget.
Minimal efforts
When investing in a rental property, regardless if you are planning to build it from scratch or not, you will have the advantage of a passive income. The efforts and responsibilities from your part are minimal ones, especially if you will be working with a company that handles these types of investments. From all points of view, this is a great opportunity.
You might receive a return during the construction
Depending on the company you choose to work with and on the contract you will be signing, you even have the possibility of receiving a return during the construction of the house. This can only be a plus, especially if you will be spending all of your life savings on this property. If you research the topic properly enough, and find yourself the right people to work with, then you will be surprised of how many great aspects you can take advantage of.
Taking all of these aspects into considerations, you can conclude for yourself that a holiday rental property can be an investment worth making. However, make sure you choose your location with care, and think about every important detail through. It is best advised to work with a company that specialises in this department and can guide you into making the right financial choices. Search for professional services of this kind before taking any further steps in the process, and you will benefit from the high profits you desire.
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We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials.
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Is the Vending Machine Business Profitable
Is the Vending Machine Business Profitable 4 s7,173 views
If you want to have a business with less effort and energy with a lot of potential profit, then vending machine business is the best option. Vending machine business is considered as a very profitable business especially if you hit the right button.
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The strategy on how you can market your goods is one of the most important means.What is Vending Machine Business? Vending machine business is a sure hit business. The best thing about this business is that you dont need to put much time and effort as compared to other types of business. To do this, it is very significant to choose the right manufacturer of your vending machine to be sure that you can avoid problems with the machine in the future. How Vending Machine Business? Vending machine works easy. For example, perhaps you feel hungry or thirsty while walking down the street and theres a vending machine available nearby, all you need to do is to put a coin and the food items will pop out. Sounds simple right? As the owner of the vending machine, you can also choose the food items you wanted to sell. It can also be a candy vending machine or organic vending machine. Be your Own Boss Running a vending machine business will make yourself your boss. This is because you can decide the following important aspects like vending machine to purchase, the location of the business, the food items to sell, servicing your vending times and checking as well as accounting of course. Once you started to hit the right button you can surely be successful in this business. Factors to Consider in Running Vending Machine Business It is a fact that vending machine business is one of the most profitable businesses. However, remember that there are some factors that you need to consider to make it more profitable business.
Perhaps you decided that your vending machine business will vend cigarettes outside the pub and your competitor also sells the similar brand of cigarettes you sell in a certain area like gymnasium. This makes it hard for you to sell your items, so be sure to be smart enough when choosing the right location and product to sell. The best thing to do is to replace your items to energy drink and change your location to a place that will have a lot of people like outside the gymnasium. Location plays a very important role on how your business can be successful. Some of the places that are ideal for vending machines are schools, hospitals, government offices and streets with a lot of traffic. In these areas, it would be nice select the right foods items you will sell. For example in hospitals, it would be great if you can sell organic foods. There are several ways and means on how you can be successful in this business just be innovative.
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4 sReynaldo V. Diaz said on November 27, 2011Can you give me an idea on how much should I prepare to start this kind of business? Thanks for your .Manasa said on December 12, 2011can you give some more detail information regarding this business. if possible please give any related website name.lynn Furk said on December 18, 2011harare, zimbabwe, suburbs. i would probably do soft drinks and some type of food stuff, ie muffins, chocolates – are these machines available to Zimbabwe and how much are we looking at. Do you have a distributor here, or is it better to pick up in Johannesburg?Digambar Shripad said on December 25, 2011can I start this business in Nagpur city (India), what will be the budget to start this business? pls reply. thank you (All the above fields are required.)
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We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials.
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Opening a Camera Accessory Store
Opening a Camera Accessory Store 1 8,787 views
If you want to open a camera accessory store, start with a detailed business plan. Photography is a very interesting subject and if you love cameras, you can be a great owner of a camera store.
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There are many camera stores today and if you want to offer something different, you can open a camera accessory store.Starting a Camera Accessory Shop Photography is a very interesting subject and if you love cameras, you can be a great owner of a camera store. There are many camera stores today and if you want to offer something different, you can open a camera accessory store. As the name suggests, your store will be selling camera accessories. Your primary customers will be professional photographers and the amateur ones. It pays to know a great deal about the different accessories so that when your customers have inquiries, you can easily answer them. You will be able to offer them with the most suitable accessories that can meet their requirements. Like any other business, you will need a plan of action. A business plan will guide you with the startup. Before you can develop the plan, you will have to conduct thorough research. Marketing analysis is an integral part of the business plan and if you want to seek funding, you need to have detailed financials as well. Start by leasing out a store space near the city center. A great location would be near camera stores so that the customers who are in need of accessories will find their needs in your store. Items to Sell Opening a camera accessory store can be fun. Now, you dont have to look elsewhere for the accessories you need because you can find them in your own store. Some of the items that you can sell are accessory kits, adapters, chargers, bags, cases, batteries, cables, flashes, flash accessories, lenses, filters, protectors, memory cards, USB drives, remotes, software, and tripods. You must keep in mind that you should have adequate knowledge about these accessories to help customers in identifying their needs. Find a wholesaler or a manufacturer of these accessories and negotiate for a fair price. You can work out the best deals from reputed suppliers if you shop around. If you can get the items with discounts, you can have more room for profits. The next aspect is hiring extra help. The number of employees you hire will depend on the size of the business. Since youre just starting out, you can hire 1-2 competent and trustworthy employees. Your staffs should always greet customers in a friendly manner. When customers feel at ease, they are more likely to buy. The design of the store should also be carefully planned. Choose the best design for the store that will lead your target market directly to the camera accessories! Get the needed furniture and fixtures. Promote and advertise your business properly and soon you will see money come in.
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1 anil lokunarangoda said on October 28, 2016Help me starting CCTV camera installing and repair, service (All the above fields are required.)
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How to Start a Letterpress Business
How to Start a Letterpress Business 0 9,079 views
During the 15th century, letterpress printing is already in use in Western countries. In fact, it was also used by Johannes Gutenberg to manufacture the Holy Bible.
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As years go by, the letterpress printing technique is being enhanced to cater to the modern needs of people.The mechanism of the letterpress printing today involves locking of the machines movable part into a certain bed press and inking and rolling it to form a particular impression. Since there are lots of documents to be printed out, this is a very in-demand and stable business. When it comes to profit nothing can be said about the letterpress business because of the fact that it caters to the needs of people from all walks of life. Do you want to venture in this kind of business? Well, everything is just easy if you have the best letterpress machine in town. In order for you to find a high-quality but cheap one, you can surf the online market for great deals.
Since this kind of business centers on letterpress printing, before you have location and business name, the machines must be your top priority. Of course, the prices of the letterpress printing machines vary in prices depending on their condition and brand as well. In the online market, you will be able to find great machines which are only sold for low prices. In order for you to get one, you must always be on the lookout for auction sales. So, you must know the sites where you can get them. Means to Start a Letterpress Business Business plan is a very important tool which will dictate the overall flow of your business. If you lack funds for you to start up, this will be used as a way on how to convince and impress lenders to lend you the amount of money you need. Before you pass your business plan to a certain entity, it would be very advisable that you ask the help of a lawyer first in approving it. When you have already brought it to a lending institution, you must also be prepared on how to present it especially its mission and goals to the board. If they see that it would be very beneficial to the community, you can get their favor. When you already have the fund, you can proceed to buying your canvassed letterpress printing machines. The next thing which you need to focus into is the location of your letterpress business. Of course you must prefer an area where there is high traffic to avail of your service. Any place in the city or in the marketplace can be very ideal since the people can easily know what your business is all about. When your place for business has already been constructed, you must get the necessary business and permits for you to operate the business legally.
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We are a local marketing and sales agency that help small/medium sized businesses and Start up. Established for over 10 years, our clients vary in size and cover a wide variety of business sectors. we see ourselves as active members of the local community helping local businesses by providing a variety of field marketing, btl marketing , door to door marketing, brand promotion, social media marketing, telemarketing, web and printed based marketing materials.
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How to Sell a Business without a Broker
How to Sell a Business without a Broker 2 s5,995 views
Usually, when a business owner is planning to sell his or her business, finding business broker is their first move. This is because they don’t have the right knowledge and understanding on how to sell their business on their own.
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However, when you have the right resources on how you can able to present your business effectively to potential buyers, you don’t need the assistance of business broker anymore.Important Things to Remember
Effective business presentation for potential buyers Business valuation is significant to know the value of your company Modified resources and strategies for finding the right buyers Resources to assist you work with your buyers to seal a good deal
Business Sales Presentation This is the most important factor to consider when selling your business. You would not just send files of papers about your business in case one buyer is interested to buy your business. First impression last as they say, so you need to impress the buyer on why they need to purchase and invest on your business. Make sure to provide them an authentic marketing presentation of your company. This presentation should include financial summary, facilities profile and financial information. These reports must include all the data that the buyers need to know. The Worth of the Business for Sale During the selling process, it is the most significant that you need to ask yourself and perhaps you may have wrong answer. If you are not sure, consulting an expert in terms of determining the value of such business is significant. The pricing of the business for sale is also vital dont price it too low or too high, just offer a price that is ideal on the market. Determining the value of your business is very important. The buyer will surely back-out if he noticed that you are not sure about the value of your business. Finding the Right Buyer of your Business Finding the right buyer is the most challenging part of selling a business on your own, even if you have a good business presentation and right price, it is still not enough. There are several ways on how you can able to find buyers like advertising on the leading newspaper, classified ads or through the internet. Numerous strategies like industry publications, direct marketing, newspapers and online ads must be utilized altogether. When making an advertisement is be sure to provide the right information that the buyer needs to know. Closing your Deal Once you already find the right buyer, closing the deal can be challenging task, so you to know all the legalities of closing a deal for selling a business. An attorney at law must be able to help you wrap up the deal by making an effective agreement between the parties involved.
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2 sDeborah Herder said on August 8, 2013FOR SALE. Fully recently renovated hair salon in rittenhouse center city , philadelphia, pa. 19103. In business for 28 years . Ruffly 3000sf, 11 chairs , 4shampoo stations, and fully staffed. (just had carpal tunnel surgery on both hands)joseph.bainomugisha said on December 1, 2013I would wish to begin transacting business in Dubai. I am A UGADAN FROM MBARARA CITY. (All the above fields are required.)
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