Categories
Franchise

My Ideal Franchise

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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]

Categories
Finance & Capital

Showcast To Investors

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Mind Petals: Plan Heaven is a site focused on linking entrepreneurs with investors. Never used their service, but I think that it has some cool features than may be worth exploring.
For those of you aggressively pursuing investors and trying to raise some capital for your startup, spending the monthly $49 for the capability to share video presentation of your idea, a business plan, and the chance to go one on one with a Angel / VC might not be such a bad deal.
What I really like about this service is the “video” option. You and your team can record a video presentation of what you are doing with your startup and upload the video to the site. Plan Heaven will then update potential investors with your video and see who bites at the opportunity to learn more. Personally, if I shot a video for this, I wouldn’t release any proprietary information — just keep in short, simple, and give ‘em just enough for them to want to learn more.
Plan Heaven: Matching Entrepreneurs, Investors, and Resources [Mind Petals]

Categories
Starting Up

Beat The Rivals

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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]

Categories
How-To Guides

How To Build Positive Relationships

12.jpgBusinessKnowHow.com: Positive relationships are the key to success in business. What if we’ve already burned bridges with the people we’ve done business with in the past? Is it too late to make peace? Or, how do we prevent burning bridges with the people we’re doing business with now?
Below are a few strategies that I use to prevent burning bridges and to nurture positive relationships with my clients:
– Always treat your customers like dear and valued friends. Do the nice things for them that you’d do for your best friend or a family member.
– If your customer has a problem, rectify it as soon as possible. Communicate with them always. Let them know exactly how you intend to handle the problem, and when you’ll be in contact with them next.
– Always try to conduct yourself nobly and professionally in the end, as well as in the beginning of a relationship with your customer.
– If the business/customer relationship doesn’t work out, attempt to salvage whatever good and goodwill are still left in the relationship. Just because it didn’t work out with them, doesn’t mean they wouldn’t refer others to you…as long as you treat them with respect.
– Despite any differences of opinion, work hard to be honest and positive. Always be noble, respectful and genuine.
Positive Relationships Are The Key to Business Success [businessknowhow]

Categories
Entrepreneurs

Entrepreneur Profile: Vail Horton

vail_horton.jpgCNNMoney.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]