Month: April 2012

Top Reasons To Start A Medical Franchise Business Today

Post author By Pamela Swift
Post date April 23, 2012

Article Contributed by Ray Haiber

It’s no secret that the health care industry in the U.S. is one of the most profitable and that it continues to grow at a blistering rate; even during the worst economic downturn since the great depression. By all accounts this growth trend should continue unabated into the foreseeable future providing a myriad of market opportunities for savvy entrepreneurs to start profitable health care and medical related businesses. In this article you will find some of the top and most compelling reasons to consider starting your own medical related franchise or business opportunity today. This includes information about some of the inevitable and emerging demographic and economic trends in the marketplace that bode extremely well for the health care industry in general. I will also discuss some of the advantages that buying and starting a franchise can offer to entrepreneurs who want to maximize their chances for success.

Favorable Demographic Trends

With the inevitable and rapid aging of the huge baby boomer population it is estimated by the US Census that by the year 2030 over 70 million Americans will be over the age of 65. This huge demographic shift will undoubtedly spawn enormous market opportunities in the health care and medical industry. Small business owners and entrepreneurs who have positioned themselves correctly to serve the growing senior health care market should by all estimates do well.

High Growth Industry

The Health care industry in general is the fastest growing industry in the US with the demand for medical related services growing rapidly as well. According to the US Bureau of Labor it is estimated that the healthcare industry will generate 3.2 million new wage and salary jobs between 2008 and 2018 all due mainly to the rapid growth of our senior population. And given the fact that health care spending has proven to be very recession proof, this growth trend should provide entrepreneurs with a lot of confidence going forward about starting new businesses and franchises that provide medical related services.

Rising Health Care Costs

Another factor that bodes well for starting a medical franchise is in fact the continuing rise in health care costs for the average consumer. The non-stop rise in health care costs and the declining limits of health care insurance coverage is now making it more feasible for entrepreneur’s to develop businesses that can provide direct to the consumer health care and medical related services. A good example of this trend would be the rapid emergence of independent medical lab testing businesses where consumers can walk in, pay cash, and order any number of medical tests without a Doctor’s prescription. Many experts believe that this trend of providing direct consumer access to many traditional healthcare and medical services has only just begun.

Minimize Your Risk

One of the biggest advantages of franchising vs. launching a startup is that it allows you to go into business for yourself, but not by yourself. Most small business experts agree that this well documented dynamic should ultimately increase your chances of success. There are in fact many medical related franchise opportunities available today that can legitimately tout having a proven and successful business model that you (and your advisers) can verify as part of your due diligence process before moving forward. This includes the invaluable opportunity to chat with current and established franchisees to get a hopefully unbiased perspective about the market viability of the franchiser’s business model.

About the Author

Ray Haiber has 12 years’ experience as a professional small business broker and franchise consultant. You can go here to research top health care franchises and business opportunities for sale here. You can research top franchises for sale across the USA here. © 2012

Entrepreneurs

9 Unlikely Entrepreneurs Who Changed the Market

Post author By Ethan Theo
Post date April 23, 2012

Starting a business is hard work, but making it successful is a whole other challenge. Some entrepreneurs want to do something that’s never been done before, while others want to build upon existing business niches or ideas and become a strong competitor. Whatever the goal may be, entrepreneurship is a tough undertaking and these risk takers have helped change the world for the better. Here are nine unlikely entrepreneurs who changed the market:

1. Bill Gates
It’s hard to believe that the genius behind the co-creation of software giant Microsoft never finished college, but it’s clear he didn’t need his diploma to do big things. Gates made the decision to leave Harvard to go work with Paul Allen at Micro Instrumentation and Telemetry Systems (MITS). This risky decision to leave school truly paid off when Gates and Allen partnered up to create Microsoft in 1975. Today, Microsoft and its line of operating systems are the biggest and most widely used in the world. His entrepreneurial spirit and incredible intellect have made him one of the world’s wealthiest people and most admired entrepreneurs.

2. George Eastman
George Eastman was the mastermind behind the Eastman Kodak Company, in which he invented roll film and helped make photography a mainstream form of art. Eastman’s roll film invention also paved the way for the invention of motion picture film. His incredible contributions and commitment to the field of photography and filmmaking helped change the industry in so many fundamental ways.

3. Sergey Brin
Sergey Brin is a co-founder of Google and one of the most successful entrepreneurs in the world. Before starting the multinational Internet and software corporation with Larry Page, Brin was a student at the University of Maryland, studying mathematics and computer science. He went on to get his PhD at Stanford University and met his future business partner Page there. Together, the two developed new search engine designs and algorithms, which led to the creation of the PageRank system and later Google.

4. Henry Ford
Henry Ford gave us the first affordable automobile and prompted the use of assembly lines in mass production. His incredible contributions to the American public changed the way people got from place to place and performed work. But Ford didn’t become a successful businessman overnight. In fact, he had to overcome some adversities, such as dyslexia and rejecting taking over the family farm to pursue his own business ventures.

5. Mark Cuban
Mark Cuban is best known for his wide range of business ventures, ranging from owner of the NBA’s Dallas Mavericks to the owner of Landmark Theatres, Magnolia Pictures, and chairman of the HDTV cable network, HDNet. But the tech-savvy businessman and investor wasn’t always a huge success. Before Cuban struck gold, he was working as a bartender, then a salesman at a computer software store. Cuban was fired less than a year after working at the store, and decided to turn his attention to starting his own company, MicroSolutions. Cuban diversified his wealth and business ventures as a serial entrepreneur and influential leader in sports business.

6. John Mackey
Whole Foods Market might be a household name today, but back in the late ’70s it wasn’t quite as promising. Before becoming a supermarket chain, Whole Foods was a small natural foods store in Austin, Texas, called Safer Way Natural Foods. John Mackey and his then-girlfriend Rene Lawson Hardy opened up the store in 1978 and later partnered with Clarksville Natural Grocery owners Craig Weller and Mark Skiles to join the two grocery stores. Together, they opened the original Whole Foods Market in 1980, and it soon became a hit among health-conscious shoppers. It is now a leader of the premium natural and organic supermarkets, and thanks to Mackey’s expert leadership, it has maintained its ranking as one of the 100 best companies in America.

7. Walt Disney
No one would have guessed that the man who created Mickey Mouse and one of the largest motion picture production companies would have ever been doubted or rejected for not being good enough. But the truth is Walt Disney and his creations weren’t always a hit. In 1919, Disney was fired from his job at the Kansas City Star because he lacked imaginative ideas. He went on to create a cartoon series that later developed into what we now know as The Walt Disney Company. Walt’s undying creativity, drive, and entrepreneurial spirit helped him become one of the most admired and successful businessmen of all time.

8. Mark Zuckerberg
Who would have guessed that a young brainiac from Harvard would create the biggest and most successful social network in the world? Facebook originally served as a directory-like website for Harvard students, but was later expanded to other colleges in Boston and in the Ivy League. Facebook quickly spread to various universities around the world and eventually became available to anyone 13 and older. The incredibly popular social network now has more than 845 million active users. Zuckerberg’s creation has significantly changed the way people socialize and use the Internet.

9. Oprah Winfrey
It’s hard to believe that anyone could ever doubt the incredibly powerful and successful Oprah Winfrey, but in the beginning, few thought she had what it takes to be a successful talk show host. The odds were against her as an outspoken black female working in a field dominated by white males. Despite the doubts and negative predictions, Oprah’s talk show career became a huge success. After the initial success of The Oprah Winfrey Show, Oprah began to explore her entrepreneurial side by creating Harpo Productions, Inc., which includes Harpo Films and Harpo Radio, Inc. After seeing how successful her Harpo Productions creation has been, Oprah joined with Discovery Communications to create a new channel called OWN: Oprah Winfrey Network in 2011.

Contributed by Business Insurance

Entrepreneurship

Some Important and Overlooked Aspects of Being in Business

Post author By
Post date April 22, 2012

Important aspects of having a business

Deciding to start-up a company and run your own business can be one of the most liberating experiences that you’ll ever have. The opportunity to grow a company from its first few steps into a firm that pays you a salary can be hugely rewarding. It can also give you a much better work-life balance and, with all of the responsibility for its success ultimately in your hands, offer great motivation to get out there and achieve your goals. If you’re keen to start a business or perhaps have recently started one, there are some important aspects to consider.

Develop a vision and stick to it

One of the most compelling reasons for having a business is that it provides you with the chance to run something in the way that you’ve always wanted. That being the case, a clear vision that helps crystallise what kind of clients you want, what you want your company to be recognized for in the marketplace; and what kind of services you want to provide is absolutely imperative. Having a clear vision from the outset and always keeping it in mind can help you set your objectives.

Discover your market

Business guru Peter Drucker once posed the question “what business are you in?” and for the business to succeed, it’s crucial for you to address this by knowing your market. Most businesses simply cannot cater products and services towards everyone and, especially when you’re starting out, you need to know who to sell to. The better that you can define your market, the more precise you can be when targeting possible consumers.

Ensure consistency

One leading area in business is to ensure that you are consistent in all operational aspects. Business growth comes over time and cannot be expected overnight, so you need to be prepared to put in the hours and consistently work towards your goals. In addition, being consistent in your products and services ensures that repeat customers will get the same service, as a minimum expectation, each and every time they return.

Protect your business

From the very beginning, even when your idea is no more than an idea on a napkin, it is important that you look to protect your business. It’s vital to take out insurance to cover such things as business liability, key man protection, repayment of inventory, and protection against third-party damage, whilst over 50’s life insurance can financially protect your assets for dependants and business partners should you become critically ill or die.

There are many aspects of having a business that you’ll need to consider whether you’re just starting out or are looking to grow your current enterprise. Having a vision, marketing to the right people, and staying consistent in your own motivation and the services you provide is vital for success; and, by utilizing products such as buildings, premises and life insurance, you can ensure that you’re fully protected in the event of major losses.

Sales & Marketing

Sales and Marketing Funnels – Taking Stock: A Self-Evaluation

Post author By
Post date April 20, 2012

For self-employed professionals and small business owners, it’s essential to periodically assess what is and isn’t working in your business, and then to make the necessary adjustments. Because small businesses often don’t have the flexibility of larger firms, this periodic evaluation is even more important for you than it is for larger companies.

A while ago, I realized it was time for me to evaluate which aspects of my sales and marketing funnels were working and which weren’t. I checked my metrics (which I know sounds scary, but metrics can be easy, I promise), and I found out that there were a few points in my funnels where things weren’t going smoothly, and I noticed a few places where my follow-up wasn’t as strong as it should be. What did these shortcomings mean for me and my business? Fewer clients, and less income. So I made adjustments.

Simply being aware of the ineffective parts of your sales and marketing funnels is the first step. After that, it’s time to implement the simple changes that are needed to help get your business on a better track.

Understanding the shortcomings in your sales and marketing funnels is important, but you still have to be able to get out of your own way. This is hard for many small business owners. It’s difficult to step back and view your own business objectively, to be able to tell yourself that the funnel you’ve worked so hard on isn’t working in some areas. It’s easy to see these shortcomings as personal failures, rather than as chances to learn and get better. What you have to keep in mind is that being honest with yourself and recognizing problems is great in the long run. It enables you to take important action, which will make your business much more profitable.

In my work, I’ve noticed that there are two main reasons why business owners fail to examine and implement changes to their marketing and sales funnels:

Fear: People fear making mistakes. They fear failure, they fear admitting miscalculations, and they fear the embarrassment that goes along with acknowledging mistakes.
Lack of know-how: Being confronted with a difficult problem is a huge blow to one’s confidence. Pretending problems don’t exist is much easier than educating yourself (or receiving education) with regard to the tools that can help you improve your business.

Giving in to fear is dangerous for any small business owner. It prevents action, it stops you from trying new ideas, and it prevents you from making necessary changes to your marketing and sales funnels. As a result, business owners who suffer from fear never give themselves the chance to turn their disappointing results into fantastic profits. Fear prevents action, and the ability to take action is the most important character trait of successful people.

Lack of know-how, on the other hand, is relatively easy to overcome. If you can get past your fear, you’re well on your way. All you need is to solicit the aid of mentors and coaches who can help you figure out how to create and analyze your marketing metrics. Working with an expert is one of the most valuable things you can do for your business. After all, it’s important to realize that we can’t know everything. Even the most successful people hire coaches and advisers to help them deal with the difficult complexities of running a business. Investing in outside help is an investment in yourself.