Tag: franchise model

Franchise or Start-Up?

Scott Asai1 Comment

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The franchise industry turns over billions of dollars a year. Buying into a franchise can offer a new business owner some support and stability, but it can be more expensive to do this rather than launch a business of your own. As a start-up, you will be able to control your own business, and reap some huge rewards for your hard work. Whichever route you go down, there’s a lot of research that needs to be done to find out what opportunity there is and whether it’s a worthwhile investment. The right option will depend on your business style, business acumen and the type of person you are.

Franchise Vs Start-Up

If you decide to buy into a franchise, it’s likely to be a bigger investment than starting up on your own. This is because the franchise will share an initial fee for you get started with them. The advantage is that a franchise has a lower risk of failure, and the franchise might help you secure the funds to get started. You will need to keep paying royalties to keep your franchise, but you will keep getting support too for things like advertisement costs and the reassurance of a known brand. 

When you start a business on your own, you need a business plan to get any investment. If you can’t secure a big investment, you can get started using loans or credit cards. Whatever you need to do to get started and keep your business afloat in the early days, you will need to make sure that you also have a long-term plan in place, so your business can continue to grow and doesn’t falter in the early stages. 

Support

One of the big advantages of buying into a franchise is the strong support network that comes with it. Some big franchise, such as Auto Repair Franchises, give their new starters a few weeks of training, with time spent in a classroom learning the brand and time spent in existing franchise sites learning more about the business. The other advantage is that you also have operational processes and links with suppliers already in place through the franchise. You will be looked after from the beginning. The downside of buying into a franchise is that you won’t have the freedom to try anything new or build partnerships on your own. 

If you decide to start your own business, you will be able to make all your own decisions at every stage of the journey. This will take hard work and a lot of knowledge, but if you have a great idea for a business, you will probably want to shape it yourself and watch it grow. By what support is available to start-up businesses? Good business is good for the economy, so look into government schemes that offer funding, advice, and support. There are lots of websites, forums, and books out there that can offer lots of valuable advice that can guide you through the process of starting your own business.

Great Ways To Expand Your Business

Scott Asai3 Comments

Collaborative post – may contain affiliate links

When we run a business however big or small, the one thing which we always want to do is be able to grow and expand our business to the max and make an impact on the world. Today we are going to have a look at just some of the different ways that we can expand our business and make more of a profit for growth this year.

  1. Make a sales funnel.

When you want to make a change to your business and allow it to grow quickly one of the things to do is get organised. If you want to make your business easier to run and automate a lot of your processes, one of the things you can always look to do is create a sales funnel. A sales funnel can be a handy tool to have when you want to grow your brand and it will allow you to automate your business and make more of a profit in the long term.

  1. Build a website

If you feel as if you need a push in the right direction for your business this year, one of the best things which you can do is build a website and build an online presence for yourself. These days, if someone wants to find a brand or look up information about them, they will choose to search on google and find answers there. This is where you need to be present so that people can see your brand and engage with you. Make sure to build a great website which is clear and concise to grab people’s attention.

  1. Research the competition

One of the things which you may not have already considered when you are looking to build your brand is looking at others. Take a look at the current market and research your biggest competitors. It is incredibly important for you to make sure that you know who you are fighting against and how they operate. Look at their website, social media, prices… gain an insight into the way they run their business and see if you can make the same impact on your followers. This is always a great way to build a better reputation and help you to be seen amongst the sea of content.

  1. Loyalty scheme

If you fancy trying something a little bit different when it comes to your brand this year, one of the greatest ideas you can have is to build a loyalty scheme with your customers. You can create a card which they can earn points from and these points can translate into prizes and discounts or allow them to get free products. This is always a good thing to bring into your business because if a customer has a loyalty card with you, they will be more likely to get what they need from you rather than from someone else.

  1. Identify new opportunities

As a business owner you need to always keep one eye on the ball and one eye on the future, and there is no better way to do this than look for opportunities in the world and take advantage of them. For example you could look into the pros and cons of expanding your business overseas to reach a new audience. Perhaps you could look into new products which can be created and sold for profit and new markets you could enter into. There are so many great ideas you can try and all of these will help you hugely to grow your business.

  1. Have an email list

When it comes to keeping in touch with your customers and keeping them interested in your products, the key word which you need to use is consistency. It is incredibly important to be consistent with everything that you do whether it be social media posts or updates on your website. The easiest way to stay in your customers mind is to email them every week or every few weeks with new offers and products which you want to sell. This is a simple and effective form of marketing and one which you should definitely consider using this year.

  1. Collaborate

There is nothing which can change the flow of your business and excite your followers more than collaborating with an influencer or another brand. If you want to expand your audience you can get in touch with another brand or an influencer and come up with a collaboration together which will mutually benefit you both. They will gain exposure to your audience and you will gain exposure to theirs and this can bring up your numbers by a huge mile.

  1. Use Amazon and eBay

A lot of us likely think that amazon and eBay are only for the use of small sellers online, but they are actually used by big brands all the time to sell off old stock and end of range products. To expand your reach again and also get rid of these items without suffering a heavy loss, it is a good idea to start selling on these international platforms.

  1. Can you franchise it?

If you are looking to expand your business and perhaps open up more locations this year, one of the best things you can consider is franchising your business. This will allow people to buy a location from you and run it with your brands name on the front. It can be a quick way to gain a good reputation and some real cash.

  1. Stick to your niche

The main thing which you need to remember as a business is that you should be a master of one trade and not the Jack of all. It is always good to expand your product lines now and again to reach a new audience however it can also make your customers a little confused if you go too far with it. Make sure that you always stick to within your niche so that your customers always know what to expect from you. This can make a massive different and it will allow you to be successful.

  1. Create an event

One of the main challenges you will always have to face as a business is engaging with your audience in a meaningful and real way. When you want to build a business which is trustworthy and that people love you need to be aware to engage with people as a person and not just as a business this is why it can be a fun idea to create an event in which you meet up with your customers and engage with them in a real life setting. If you are a cookware brand you could host a cookery class and workshop, and you can really create an event which suits you and everyone else too.

  1. Spend less

The most obvious way to help you expand a business this year is to learn to spend less money on other things. When you run your business make sure that you think about spending as little as you can on things such as your supplies and your software in the offices there are so many ways you can find second hand furniture, free applications and other tools which can be exactly what you need for your business to thrive and make a bigger profit. Only spend what you have to, and only invest in things which will genuine make an impact on the way you work and your ability to work.

7 Startup Hacks To Build Your Business Faster

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Building a business from the ground up can be a slow process. Many people can lose patience or run out funding if their business doesn’t develop quickly enough. If you’re eager to jumpstart your business make sure to try some these hacks…

Don’t be afraid of borrowing

Some of the best businesses were started on a loan. Taking out a business loan can give you the funding you need without having to spend months saving up. This could allow you to get things started more quickly. There are many sites where you can compare business loans to get the best deal

Get funding from investors

Another way of getting funding is to seek out investors. You may need to be willing to offer a share in your profits but in exchange you get given the money to help jumpstart your business (and unlike a loan, you won’t have to pay it back).

Save money by working from home

A lot of budding entrepreneurs feel that they need an office, but in this age of digital communication it can often be an unnecessary cost. Working from home at first could allow you to save money to spend in other areas. If you’ve got dreams of a retail business, you could even start by selling online before buying a physical store. That said, some people may prefer to get things going straight away in a physical store.

Prioritize building a website

Most people will discover your business via the web, so don’t put off building a website – it’s your most important form of marketing. You can build your own website for free using a website builder or you can pay a professional to create a website for you. Make sure to do your research into domain names – your ideal website address may not be available, in which you’ll have to find an alternative.

Stuck for business ideas? Consider a franchise

If you’re eager to become your own boss but are struggling for business ideas, you could always consider buying a franchise of a large company. You’ll find many franchises advertised online such as this opportunity to own a business brokerage. When starting a franchise all the groundwork is done for you – you already have an established brand and the parent company can provide you with all the equipment you need. You’re also using a business model that has been proven to work, making it less risky that starting your own business from scratch.

Consider a launch party

A launch party could be ideal for raising local awareness of your business – it’s ideal for shops, bars and restaurants. You can invite influential people in your area such as fellow business owners and journalists to come along and offer them freebies. This will help to make your business known in the community so that you can start building customers faster.

Get in the news

Media attention could be great for also raising initial awareness and encouraging customers. You can try contacting local new outlets or you can use a PR company. Try to come up with an angle that’s likely to hook journalists in.

Growing Your Business: The Strategies You Need To Think About

Scott Asai2 Comments

Collaborative post – may contain affiliate links

Many entrepreneurs will be able to recount the day they got their first business idea, or the idea for the business that has made them a success. It is so exciting to think and be aware of something that could make you a huge success in the business world. It doesn’t matter what your niche is or where your skills lie, having the idea and turning it into a reality takes guts and determination. But it more than pays you back. However, once this idea becomes a reality and grows, you can find yourself in a situation where you need to take the business to the next level. But, what so many business owners fail to have the knowledge in, is the best way to actually do that. Which is why I thought I would share with you some of the strategies that you have available.

Expanding by moving location

One of the first things you could consider would be to expand your business but moving location. Many small businesses start at home, but often as a business grows, you can find yourself outgrowing that small office or storage space you have very quickly. Looking for the perfect business premises may seem hard work, but you will know when you find the right store or office for your brand.

Adding to your product or service range

Maybe you need to consider adding to your product or service range. This is an excellent way to expand your business. You might be able to make more of the services you have already on offer, perhaps smaller additions could group together to enable customers and clients to have a more fulfilled service from your business in the future. Perhaps adding to your product range is the natural step for you. Maybe there are areas that you could improve upon or even go into a different niche that would work well with your current range. There are so many options to consider that this could be a great route of expansion for your business.

Is franchising your business a possibility?

Not many people consider franchising their business model, it would all depend on whether you think it could be replicated. But it could be a great way to expand your business quickly. The business model needs to be easily replicated, and for a fee, you would supply the new owner of that shoop or retail store with everything they need to replicate your business in a different area. This allows your business name and brand to grow, without you needing to invest in the different areas. You could find out more by visiting the IFA 2019 convention to get the low down.

Becoming a global empire

Finally, there is always the option of taking your business global. This may sound like a big thing to do but actually because of the online world and websites being easy to use, you may have already got a ready and waiting global customer base. Simply adding international postage or developing dropship relationships with other people in different countries could help you to create a business that supplies all over the world.

I hope that this has given you some food for thought for the different strategies you could consider when growing your business in the future.

Why You Should Systemize Your Next Idea

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Having a side hustle isn’t a luxury anymore, it’s a necessity.

Today’s middle class is barely making it. Therefore thinking about your next business idea should be reality (like yesterday).

The main reason 80% of businesses fail within 5 years is because of its faulty foundation: you.

That’s not a knock of your skills or ideas, but your focus. After finishing reading The E Myth Revisited, Gerber emphasizes working on your business, not in it. Simply put, any business dependent on you to run it is destined to fail.

The only way to monetize your next idea is to systemize it. This is something I’m working on. I like being involved. I prefer to individualize customer interactions. I want to cater to people’s needs.

The problem there is the lack of a consistent experience. As much as we may loathe sales pitches, they are measurable. Standardizing a product or service provides branded expectations. When you think about it the best companies present clearly.

When an explanation is simple and easy to understand, a customer can decide whether to buy or not.

When an explanation is unclear, a customer leaves confused which results in a no.

The best example for systemizing your next idea are franchises. Starting at the model concept, processes and details are hammered out to a tee so it can be replicable at another location. Customers who visit any spot should experience a very similar encounter.

Another key factor in systemization is hiring others to help. This means people or outside systems (automation). Essentially this means delegating all the pieces you aren’t great at in order to grow the business.

It starts with the right mentality. Focus on developing the business to run itself. You won’t be able to afford all the help you need right away, but you should never defer from that plan. Most small business owners take shortcuts early on by doing everything which produces short-term gains, but in the long-run it’s not sustainable.

Ironically I’ve experienced this at a program level before where I put the right people in place and let it run like a well-oiled machine. It felt like everything was on “auto-pilot.” My goal is to implement this strategy with my next idea and where I’m finding it most helpful so far is in the early stages of discerning which ideas to pursue.

Some people’s goal is never to scale or sell a business and that’s ok. But what I’m learning is when you systemize your idea correctly, at least you’ll have that option because others see value in a predictable money making machine.