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”
You might know that starting a franchise is a great way to make more money. However, unless you are an accountant by trade, you probably don’t know how to keep track of it all.
But don’t worry! Even if you have an unhealthy affinity for an abacus, confuse balance sheets with balance beams or think that an allowance is only something you give to your kids, there are some great small business accounting tools out there that you can use to manage your money—and manage your business.
Here are our picks for the best accounting tools for small business: Continue reading “Stay Solvent: The 5 Best Accounting Tools For Small Business”
If you are looking for more flexibility, more empowerment and the chance to earn a lot more money, then transitioning from employee to starting a franchise can be a dream come true. However, the reality is that starting a franchise is hard work, and making it survive is even harder. In fact, 25 percent of all new businesses fail within the first year. That’s because there are a lot of obstacles that you will need to overcome and avoid.
Be sure to keep the five following first-year challenges for first-time franchisees in mind in order to keep your franchise — and your dream — alive. Continue reading “Franchise Ownership — First-Year Challenges For First-Time Franchisees”
One of the many reasons people become franchise operators is to spend more time with and better support their families. However, before you embark on any new business venture, you’d better get their support.
That’s because transitioning from the workforce to franchise ownership is a big change that can impact not only your career but also your family’s finances, schedules and lifestyle.
So if you’re thinking about making the switch, make things as easy as possible for you and your family by taking these five tips to heart. Continue reading “Preparing Your Family For Your New Franchise”
Budgets are tough. Budgets aren’t always easy to stick to. And sometimes it’s an even tougher task to come up with a budget in the first place. Take, for example, the startup costs you’ll have as you get your franchise up and running. How much will everything cost? Are you prepared — fiscally?
A lack of cash flow is one of the most common reasons a small business doesn’t make it out of its first year. The better you understand your initial startup costs, the better off you’ll be in the long run. Seriously.
So before you approach a lender, let’s make sure we get a better handle on the variety of costs associated with becoming a Bin There Dump That franchise operator. The best way to do that? Make two lists.
Here’s a look at what should be on your lists. Continue reading “Before You Approach A Lender: Understand Your Franchise Startup Costs”
A business plan can be a valuable tool for business owners. For someone looking to get financing, a business plan is necessity. You won’t even get in the door without a solid plan in hand.
Even for established business owners, a business plan can prove extremely useful.
It serves as a map for the where your business is headed and how you’ll get there. Every business plan has certain elements that readers expect. Here’s a look at five of them.
Call it trite. Call it a cliché. Call it whatever you want, but the old saying is true: It takes money to make money.
A franchise is a great way to make a living, to support your family, and to plan for your golden years. The hard part for many entrepreneurs isn’t running their businesses; it’s finding the capital to get the enterprise off the ground.
According to statistics from the Small Business Administration, a third of all businesses will fail in the first two years and only 44 percent survive four years. There are a variety of reasons businesses don’t make it beyond the first few years, and many of them tie back to the money. Inadequate funding restricts opportunities in a variety of ways.
Here’s a look at the top seven ways franchise operators can find the money they need to keep the Bin doors open.
Continue reading “Top 7 Ways To Fund Your Franchise Venture”
There is a seemingly endless list of things that need to get done to start a business. Beginning from scratch can be a particularly daunting and difficult task. The pitfalls are varied and vast. One of the most challenging aspects of the starting a new enterprise is the investment involved — time, energy and, of course, money. A franchise (Bin There Dump That franchise in particular) is a great way to get more for your investment dollars.
One of the first questions franchise operators ask is, “Where do my franchise fee and royalties go?” It’s a fair question, one we’re happy to answer. One of the more appealing aspects of purchasing a franchise is that much of the hard work has already been done. When you become a franchise operator, your business model is not only fully developed it’s also fully proven. Through the years, Bin There Dump That has fine-tuned the process. We learned what works and what doesn’t. Our approach has been managed and modified; it’s been tweaked and tested. We know it works.
Continue reading “Franchise Fees Vs. Royalties: What’s The Difference, And Where Does That Money Go?”