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Are you thinking of purchasing a franchise someday? If so, you’re going to be focusing on things such as finding a franchise that’s a good fit for you, doing research, scouting out potential business locations and getting a small business loan.* In other words, you’re going to have certain goals in mind when you start looking for franchise opportunities that could make sense for you. Most of your goals are going to be short-term ones. You’re probably not going to be thinking about some of the long-terms things—...
In business, it’s inevitable that sooner or later you won’t get paid for the goods you shipped or services you performed. Or you may have lent money to an employee or your business, but won’t be repaid. Being passive about the whole thing doesn’t help. Learn what you can do to get your money! Collections If a customer or someone else owes you money, it’s up to you to diligently try to collect. Invoices aren’t like fine wine -- they don’t get better with age. The longer you wait to collect, the less...
I came up with the phrase “crystal ball and chain” years ago to describe one predictable barrier to introducing a useful business planning process into an existing small business. The phrase is intended to combine the crystal ball with the ball and chain. It happens because normal people, even good performers, and stars on a business team, naturally worry about changes. And when compensation is involved, and management structure, and raises and bonuses, it’s only natural to worry. Good planning involves setting performance...
Americans age 55 and up are the fastest growing group of new business owners in our nation today. Already, more than 7.4 million Americans over the age of 50 work for themselves. "Fifty is the new 30," says Rieva Lesonsky, founder and CEO of GrowBiz Media and a member of the HuffPost Small Business Board of Directors. "Boomers don't feel or act their chronological age. We have a lot of good years ahead of us, and we don't want to sit idly on the sidelines. We'd be bored -- and many of us would simply...
Spring is here—whether it feels like it in your part of the country or not—and it’s time to refresh and renew. That applies to your marketing plan, too. Are you ready to shake it up and sweep out the cobwebs? Pull out your marketing plan and take a good look. What’s working, and what isn’t? You should be tracking the results of all your marketing efforts, whether you’re using online analytics, codes in print ads or simply asking visitors to your store or restaurant how they heard about you. Based on the information you’ve gathered, assess...
Getting approved for a line of credit with a supplier is simply an opportunity for you to start building your company’s creditworthiness. The key to establishing positive credit is to make regular purchases using your vendor credit lines, and then paying invoices on or ahead of the due date. If you do not make regular purchases, then there is no way for you to establish any kind of payment history. So it is vitally important that you carefully select the suppliers with whom you apply for credit. Make sure that your business can use...
If you’re going to do a serious search for a franchise this year, please don’t make the mistake of not involving family members. Would you like to know why? Read on. A Big Decision The decision to become the owner of a franchise business is a big one. It’s not to be taken lightly. And, while there are several ways for you to lower your financial risk,* franchise ownership doesn’t come with any guarantees. (Neither does a job!) Your family members really need to understand what you’re thinking about doing....
There is little doubt that customers respond positively to the attractiveness of your workplace. In addition, it’s been *found that being in a good environment helps to motivate employees and adds to productivity. Improvements to your workspace may be modest or substantial, depending on your needs and your pocketbook. Either way, Uncle Sam can help defray the costs with tax write-offs. Here’s what you need to know. Deducting repairs A new coat of paint is a low-cost upgrade for your facilities. Other repairs may be more costly....
How do you value your business plan? What’s it worth to your business? Here’s how I do it: I value the business plan by the decisions it causes. I value a business plan by the money it generates. I value a business plan by its results. How do you value anything in business? For accounting purposes, expenses are negative value, and assets – things you buy, things you own, that aren’t expenses – are worth what you paid for them. But what’s the real value? That’s where the phrase “return...
Honesty is the best policy. Adopting an attitude of being clear and upfront has many benefits in life, from reduced stress to better relationships, but it can also be valuable in your business and key to converting leads into real customers. SCORE mentors will tell you that developing an open and honest relationship with your leads is important for several reasons: - Honesty creates trust. If a lead feels comfortable sharing their needs and concerns, you can address them directly. - An honest dialogue will determine if your business is well...
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by FranchiseKing, Guest Blogger on Wednesday, May 1, 2013 - 08:30