All entrepreneurs and business owners plan to grow their companies. However, in order to make that growth happen, you’ll need to create an actual business plan.
There are numerous benefits to creating a business plan; perhaps the most important reason is the fact that no lender will take you seriously if you don’t have one. In addition to helping you acquire funding, a great business plan can serve as a best practices guide for you and your staff while helping you identify milestones and stay on track. It can also be a resource for planning and managing cash flow.
We’ve already covered what you need to do in order to create a good business plan. But, just as important, you need to know what not to do as well. Here are five common business plan mistakes to avoid: Continue reading “Entrepreneurs: Avoid These 5 Common Business Plan Mistakes”
You can make a lot of money by becoming a franchise operator. However, like the old saying goes, it takes money to make money, and franchising is no exception. A franchise is an investment, and your goal as a franchisee is to maximize your return.
But what, exactly, does that investment entail? In terms of amount, the costs associated with starting a franchise can vary greatly depending upon the franchise system, location, exclusivity options and a host of other factors. However, the types of expenses are more clear cut, and generally fall into one of two categories — initial costs and recurring costs. Continue reading “Entrepreneur’s Guide To Franchising Costs — Initial And Recurring”
What franchise is right for you? To answer that question, you need to do a thorough investigation. At the outset, this process should include exploring different franchise systems and industries online, attending franchise conferences and events, brushing up on franchise terms and terminology and creating a short list of the top franchise options that are consistent with your long term business and personal lifestyle goals, skill set and financial situation.
Then, it’s time to start asking some questions of your own. We’ve already covered some of the key questions to ask franchisors, but it’s just as important to ask the right questions of existing franchise operators. After all, nobody can give you the inside scoop like someone who is inside the system.
Continue reading “Selecting A Franchise — 10 Questions To Ask Current Franchisees?”
The day that your Bin There Dump That franchise opens for business will likely be one of the best days — career-wise — of your life. But what will your days be like from that point on?
To find out, we asked Patrick Daley, owner of Bin There Dump That Sarasota, to give us a glimpse into a day in the life of a Bin There Dump That franchise operator. Continue reading “A Typical Day In The Shoes Of A Bin There Dump That Franchise Operator”
When it comes to running a franchise, you can build the best staff, maximize your marketing and craft a captivating business plan; but if you are stuck in a failing industry, then your business is likely to fail as well despite your best efforts.
That’s why it is so important to not only investigate and choose the right franchise for you, but to investigate and choose the right franchise industry as well.
And while there are thousands of different franchises in hundreds of different disciplines, there is one particular industry that offers distinct advantages for aspiring franchisees — the home services industry. Continue reading “4 Reasons To Consider A Home Services Franchise Opportunity”