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Things to Know Before I Decide to Franchise My Business

Just have a look around the franchise industry and you will be amazed to find that most of the top franchise companies have humble beginnings. Many of the brands that are popular all over the world started as a small family business and through franchising have turned out to be popular. To franchise your business you need to have knowledge about how to franchise in the right manner to ensure success. Thus, if you dream of making your business big and successful, you can consider franchising your business.

There are many business owners who get confused as how to “franchise my business”. Well, before taking the decision to franchise your business, you need to go through a lot of preparations. It is not just a decision that can be implied within a day. Give some time to research and analyze the market before coming to a conclusion as how to franchise my business. Take help of a franchising consulting firm or some experts to help you make the right decision.

The very first thing that you need to understand is whether your business or company is good enough to undergo such a big a step. You can know if you can franchise your business if it possesses the following qualities:

Business Longevity: Franchise experts say that it is a good idea to franchise your business if it has been in operation for at least three consecutive years and generating profit. Also the size of your business should be good enough to attract other investors. Franchising will be successful only if the company possesses a proven track record of success.

Unique Business Concept: The competition in the franchising industry is quite high, so before deciding on how to franchise, make sure your business concept is unique and easy to duplicate. Organize your business system and concept before thinking of franchising it. Success in franchising industry is very much depended on how well investors are able to replicate your system and concept.

Profitable Business: Your business concept must have the ability to make money. Your business must have a consistent record of financial success so that investors can show their trust in your franchise business. Ultimately, it is the motive of everyone to earn and make money. If your business is profitable, it is just the right time to franchise your business.

Affordable Business Format: Most of the investors look at the initial investment while searching for the right franchise business opportunity. If the initial investment is very high then very limited people will be interested in buying your franchise. Along with cost of the franchise, investors also inquire about the return on investment. If your business format can promise high ROI, many will be interested in your business concept.

Marketability Factor: Before you franchise your business, make sure your business idea is easily marketable. Many companies franchise their business when many investors are asking them to franchise their business. This ensures that the business concept is very unique and that is the reason why potential business partners are ready to invest.

To conclude, if your business has that above mentioned qualities or attributes, you can plan ahead to franchise your business.

How to Discover Which Business to Start: 5 Steps

What business do you dream of starting? If money were no obstacle, what would you invent, create, start-up, and/or launch that would bring a service, process, or product to the market? Give yourself permission to entertain the idea that you could create a business that will fill a need in the market and fill a personal need for earning income while doing something you enjoy.

The reality is that finances are an important consideration when determining which business to start. Beyond finances, there are many other important factors to consider regarding your future business. For the purposes of this article, I’ll discuss 5 Steps to complete as you move forward on your quest for the best business.

Step 1: Ask and answer the question, “What do I want to accomplish by starting a business?”

Consider the following: do you want to make a little extra money on the side? Do you want to turn this business into your main source of income? Do you want to offer a life-changing product, service or idea to the world? What would the mission statement be if you could sit down and write one out at this moment?

Step 2: Ask and answer the question, “What kind of funding/investment would be needed to start this kind of business?”

If you plan to use your own savings, you will want to strategize so that the business you start will begin generating some income right away to pay you back for your expenses.

Step 3: Ask yourself, “5 years down the road, how do I want this business to operate? How much time and energy do I want to spend building and expanding this business?”

Things to consider: Do you want to eventually hire employees and expand the business? Do you want to avoid the hassle of hiring employees and depend upon virtual assistants or other independent contractors to help you run your business? Do you want to be the sole contributor/creator in your business – depending upon automating your services, and/or products online?

Step 4: Take all the answers to the above questions and get a big-picture idea of where you are, where you want to be in 6 months to a year, and where you want to head after that. In light of this information, is the business you have in mind going to fit with your time and energy constraints? Will it be realistic to start this business with your own savings or do you need to learn more about other funding options?

Brainstorm by jotting down some of your options now.

Step 5: Research – Talk to friends, mentors, parents, spouses, and anyone who might have information or resources that you can tap into as you decide what kind of business to start. Go online and research other businesses who have done something similar to what you want to do.

Consider an online business – you could learn how to utilize the internet as your “storefront”, as a major part of your marketing plan, and as an easier (and more cost-effective) way to get your services or products out world-wide. If you see the benefits of starting your own online business, you will want to begin the learning process about how to build an effective web-presence, how to drive traffic to your business, how to write articles, start video-blogs, and/or search engine optimize for the maximum exposure for your business.

The above-mentioned online business aspects can involve a steep and expensive learning curve. If you do not know what you are doing, you could spend a lot of money hiring “experts” to create your website, provide search engine optimization and teach you about online marketing and other things which may or may not work. On the other hand, self-teaching and creating all your own content is time-consuming and requires sustained motivation over the long-haul. In light of these challenges, consider joining a reputable training program that provides information, mentoring, and encouragement along the way.

The very act of participating in some online training could very well be one of the best ways to discover which business to start. You’ll be able to make a more informed decision about how to create a business that suits your income needs, your lifestyle, while utilizing your talents and gifts.

How Local Small Business Marketing Drove My Sales Through The Roof In The Dreariest Of Economies

Local small business has one major issue unknown to international conglomerates: a service area. Another differentiators is the brick and mortar store front. Most of us local business owners must talk directly to prospects before converting them into customers. Often, we expect them to come in the front door and lie on our adjustment table or eat dinner over our many tablecloths. Few of us have shopping carts and sell info-products.

Is Local Marketing Right For You?

The Internet has changed the way that the world does business. It really has changed everything. People no longer stop what they are doing to reach for the Yellow Pages when they need a service or product. They reach for their computer and this has changed everything.

Has Local Small Business Slowed?

Where once you might have succeeded advertising your local business in the local newspaper, now you need to get your business online with local small business marketing My business targets my local community — most of my customers come from a five mile radius. Year on year it’s been getting harder and harder to hit my sales targets. It seems like each year there are fewer good customers out there. Can you relate to my story?

The reason for my struggles is likely the same as your struggles — I was not making the most of marketing my local business online. It’s less about traditional offline media and all about the Internet now. How has the Internet has transformed local small business marketing? That is where eager buyers are looking for my products and services.

Local Small Business Marketing Is On The Internet

Since I started taking seriously what the Internet offers in terms of local business marketing, my sales have literally shot through the roof. Where once I was struggling to make ends meet, now I’m struggling to cope with the avalanche of work I have coming in every single day – I need to add staff soon. There is no doubt in my mind that the Internet and its facility to put my local business directly in front of eager buyers has changed my local small business for the better forever!

Marketing To Local Buyers Grows Small Business

I was taken completely by surprise that my business keeps growing, even throughout these current economic challenges. Not even this global recession has stopped my business from growing. My success is undoubtedly our change from traditional marketing methods to local small business marketing online.

Local Business Profits From Eager Local Buyers

I know that it might seem counter intuitive to use the Internet to connect with customers who are perhaps just a few miles from your door; but, look at the facts: The Internet is everywhere — in our phones, in our iPads and iPods, in our computers and in our cars and TV’s. More than 80% of Americans use the Internet regularly and more than 1 billion people each month search to buy locally.

Get Onboard Local Small Business Marketing

This Internet thing has changed the game of business by moving the goal posts closer for local small business. If you have a local business and you want to grow profitably in 2011 and beyond, wake up to these changes and get onboard. Local business marketing is what you need to do right now.

Once you start local small business marketing you, too, will witness profound changes. You, like me, may realize that your true business is collecting testimonials; and pulling teeth and shingling roofs are simply means to that end. Profitable local small business marketing is simpler than you think.