StartupNation: Franchising is a wonderful way to go into business for yourself. So many things have already been established for your benefit: branding, marketing, processes, products, systems, etc.
Building a business through franchising has been so successful that franchised businesses generate jobs for more than 18 million Americans and account for 10 percent of the private-sector economic output, according to a study recently released by the International Franchise Association Educational Foundation.
If you’re convinced that you want to investigate franchising for your next career move, how do you go about finding just the right one?
Step 1 – Take Stock of Yourself
Before you start looking at franchises, take stock of that most important component of the equation – you. By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research.
Step 2 – Research, and Keep an Open Mind
Whether you use a resource like FranChoice or do your own research elsewhere online, keep all options open when considering a franchise. And don’t lock yourself into one or two concepts. If you think, “I’ll only look at ice cream and exercise franchises,” you could miss finding a gem that meshes perfectly with your needs.
Step 3 – First Contact
Let’s say you’ve found several promising franchises. What’s next? Contact the franchisors and ask for information about their concepts. You’ll probably get call from someone in their development department who will gauge your interest and tell you if the territory you want is available. Thoroughly review the franchisors’ Web site and any brochures and videos they send you.
Step 4 – Read the UFOC
Every franchise in the United States is required to provide a UFOC (Uniform Franchise Offering Circular). Read it thoroughly. You’ll learn the franchisor’s history, training and marketing programs, and what costs, royalties and fees you’ll have to pay.
Step 5 – Talk with Existing Franchisees
Getting feedback from existing franchisees is one of the most important steps you can take to judge how happy you’ll be with a particular franchise. They’re your best source of information about what really happens in the business day to day. Ask what they like and dislike, if they’re happy with corporate support, and even get a feel for their earnings.
Step 6 – Narrow the Field
It may not be easy, but it’s time to narrow down your choices. Hopefully you’ve now found one or more companies that fill your needs.
Step 7 – Making your Choice
As with any major decision, you’ll be filled with anticipation and anxiety, excitement and fear. Any or all of those are normal. But if you’ve done your homework and followed these steps, you’ll be fully prepared and can be comfortable with your decision.
7 Steps to Choosing the Franchise for You [StartupNation]
Author: Pamela Swift
Beat The Rivals
StartupNation: Competition is as inevitable in business as death and taxes are in human existence. Even if your startup business has stolen a march on the rest of the world with your product, service, execution, distribution or customer service, somebody else will inevitably try to chase you down and beat you at your own game.
Most entrepreneurs become concerned about competition early on and never quite shake their fears. In fact, besides tax issues and the matter of health care coverage for their employees, a recent survey reveals competition is the biggest concern of small business owners. And most of them are far more worried about the guy down the street than they are about being stomped by some Fortune 500 corporation.
But there’s one fail-safe way to avoid a preoccupation with your rivals – and that is to focus always on making your startup business the best that it can be. Whether your edge on the competition lies mainly in unique product selection, supreme customer service or cutting-edge marketing, you’ve got to maintain or increase that lead – and then look around for some other way to best your competitors as well.
5 Startup Tips for Beating your Business Competitors [StartupNation]
Entrepreneur Profile: Vail Horton
CNNMoney.com: Vail Horton, the co-founder and CEO of Keen Mobility, likes to glide along the hallway of his headquarters in Portland, Ore., on his wooden skateboard, checking in with employees who might need an extra jolt of encouragement or a laugh with their morning coffee. Wearing Dragon sunglasses and a dazzling smile, the man who runs this medical-device manufacturer might seem like any other brash, 30-year-old entrepreneur – with one striking difference: Horton leaves his legs behind in his office, propped up against his giant desk.
Horton was born without legs or a fully developed right hand, and doctors told his parents he would never be able to walk. But after consultations with rehabilitation experts and months of intense physical therapy at home, Horton took his first steps at age 4 with the aid of crutches and prostheses. He has been exceeding expectations ever since.
While still an undergraduate business major at the University of Portland, he developed chronic pain in his shoulders from the prolonged wear and tear of walking on crutches. Instead of resorting to a wheelchair, he came up with a new kind of crutch, using shock absorbers at the base to lessen the impact. Realizing that he had coincidentally discovered a promising market, Horton and his roommate, Jerry Carleton (now vice president of business development), decided to start a company that could help others overcome disabilities. The two launched Keen Mobility in 2002, naming their startup for the grandfather who encourage Horton at every turn, and giving it a lofty goal: to better the lives of customers who are elderly or disabled.
A disabled CEO’s $2 million innovation empire [CNNMoney.com]
How To Start Or Grow Your Business
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How To Use Local Online Advertising
Inspired Business Growth: Do you own a business that depends on local customers? Most brick-and-mortar businesses do very little online advertising or promotion, thinking that investing in internet marketing would be a waste of time for such a small geographic area.
Think again. Local online advertising can mean big business. Unless your business is the first thing that comes to mind for every person in your local community, keep in mind that approximately 60% of customers use the internet to research products or services online before they make a purchase (according to DoubleClick). And if you need a plumber, you would likely search for “plumber Naperville IL” – in fact, an estimated 30% of ALL internet searches have a local intent.
The various local advertising options you have:
Paid Search Engine Marketing – With PPC (Pay Per Click) search engine marketing, you can target your ads to only appear in a certain zip code. This way you can ensure that your ads are only being seen by the right potential customers.
Online Local Directories – Free options mentions in the above referenced article included the extremely popular MerchantCircle.com(USA), TouchLocal (UK) and Local.com as well as Google Local, Local.Yahoo.com, and Craigslist.
Local Online Media Planning and Buying – There are several very large websites that draw visitors that search for local information, and have the capability of geo-tergeting their ads to your region or zip code. National sites include Weather.com, Zillow.com, and CitySearch.com.
How to Market Your Small Local Business Online [Inspired Business Growth]