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Small business owners who are looking to sell their business for one reason or another are surely faced with a very hard decision. But at one point, the decision has to be made. To help you with all of that, consult. more

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Individuals, partners, and groups who are looking for a sound investment can always look into the possibility of acquiring a franchise. But with the number of franchise opportunities available today, it is more

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The real estate market is one of the most exciting and the lucrative industries to be a part of. It works very much like the stock market as the stakes can be very high. But unlike it, you can always go slow and more

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Franchising as an Expansion Strategy

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>> Using Franchising as an Expansion Strategy for Business: Why Many Companies are Turning to Franchising

Using franchising to expand a business is a proven method that creates a wider market base, increases brand value and brings in more revenue. Business growth through franchising is a popular model in the restaurant and retail markets with companies like McDonald, Burger King, Starbucks and Wendy’s easily catching the eye.

If the market for your business is booming, you will need to expand along with it. Franchising offers you a means to do so. Using franchising as an expansion strategy for business comprises of 3 steps.

  • Endorsing someone besides your employees/company to sell goods and services in a specific area.
  • Issuing guidelines and making key decisions like brand management, quality control and revoking the power of erring franchisees.
  • Franchisees using the brand name and products/services for business purposes after paying a mutual fee. Franchisees driving the business under a general framework. But receiving assistance from the parent company in terms of recruitment, training, strategy and purchases.

Franchising is a prudent way to expand the frontiers of your business. However, a franchisee should be aware that it requires an ample amount of resources. You need financial resources to pay royalties, buy products and cushion the salaries of employees. The infrastructure of the franchisee should be duly considered. Transportation, communication conveniences, location and a trained labor force matters too.

A franchising company can settle either for a slow-growth or fast growth pattern. The slow growth pattern is suited for those looking for gradual increase. Under this model, the franchised company assists all franchisees with location, marketing, training and financing to a certain extent. Everything is built from scratch and profiting from all this takes time. The advantage of all this is that the brand is stronger and employees are well-rounded. A franchisee will also experience minimal independence in every day operations. However, this might mean doling out higher fees for assistance and getting slower returns on investment.

Alternatively, the fast-growth pattern is the way to go if you are looking for a quick expansion or rapid growth. The franchise fees are lower because the main thrust is to capture promising marketing potential fast. Franchisees are autonomous in this regard and left to do things on their own. It is a good alternative for people with plenty of business experience and existing infrastructure. Franchisees that are inexperienced may find it difficult to handle these services long term. Growth using the franchising model is a good way to expand business.  This method bypasses the need to use vast amounts of capital to maintain a large overhead and expand operations. The amount generated by franchisees is used to return borrowed capital.

Categories : Franchising
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Starting a Successful Small Business

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>> Tips for Starting a Successful Small Business

Getting a small business off the ground is challenging to say the least. Here are few tips which will prepare the ground for running a successful small business.

Have Goals

This is where it all starts – the foundation for success. You need to know exactly where you are heading. What will the business ‘look’ like in the future? How will you know when your business is a success? When you wake up in the morning, do you know what actions you have to take to get you on the road to success?

Take Action

The difference between success and failure is down to the actions you take. The failures in life are the people who know what they have to do but never do it. The successful small business owners are people who take action on their well thought ideas, ones who never say, “I wish I had done …”

Seek Feedback

There is a saying that feedback is the breakfast of champions. During the early days of your business you must continually seek feedback about all aspects of your business. What works? What doesn’t work? What needs changing slightly? Speak to customers, suppliers, your bank manager, your accountant – anyone who can provide you with a fresh perspective.

Find Out What Do You Don’t Know

You can’t expect to know everything about running a business. Undertake your own skills analysis and find out your areas for development. Once you know your knowledge gaps seek out courses, books and advice, which will get you on track.

Be Focused

Let no one distract you from achievement of your goals. At the start of every day get yourself into the frame of mind that you will only do tasks which will get you closer to your goal – nothing else matters.

Take Risks!

You will never achieve anything if you’re not prepared to jump off the cliff a few times! We’re not talking about risks which will put the business in jeopardy; just risks which are planned and thought out, yet at the same time test the edge!

Think Positive

Yes, the oldest cliché in the book, but totally true. See the positive in everything. If something has not gone right train yourself to ask, “What good has come out of this?” Understand that in every problem there is potential for good.

Categories : Existing Business
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Hello world!

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Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

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