Showing posts with label start a business. Show all posts
Showing posts with label start a business. Show all posts

Wednesday, October 12, 2022

Considering Buying Into A Franchise? How To Pick The Best One For You

Once you decide to go into business for yourself, you have a choice. If you want, you can choose to start a business completely from scratch.

However, this can take years to see it become profitable and offers you no guarantees of success. On the other hand, you could choose to buy a franchise of an existing business. 

If you're considering this option, here's how to pick one that could result in big profits and years of financial stability.

Track Record of Success

Before you buy into a franchise, always verify that the business has a proven track record of success regarding sales. If the business you are interested in can prove its sales have continued to increase over the years, chances are you have a great business opportunity waiting for you.

A Market that is Growing

Along with verifying the franchise has a track record of excellent sales, you should also make sure the franchise is in an industry that is expecting significant growth in the years ahead. 

After all, if you invest your time and money in a franchise that has nothing new to offer its customers, there is a good chance you won't be in business very long.

Corporate Support

When you buy into a franchise, the amount of success you achieve will be tied to how much support you get from the corporate office. 

While you don't want to be micromanaged as a franchise owner, you do want to deal with a company that is willing to promptly answer your questions, help you navigate unexpected problems, and meet with you regularly to discuss new business opportunities for your franchise. 

Should you buy into a franchise and find yourself always trying to figure out things for yourself, the future will not look very promising.

Do Something You Enjoy

Finally, you should always choose a franchise that will have you doing something you enjoy day in and day out. Since there are numerous franchise opportunities available in all types of industries, this should not be a problem. 

For example, if you love food, you may want to consider buying a restaurant franchise. Should you enjoy cleaning, a janitorial or housekeeping franchise may be your passion.

When you take these factors into consideration, success is almost inevitable. By making sure you have all the details clearly explained to you from the beginning and knowing you will have excellent support from corporate staff, you can soon be a franchise owner who is enjoying big profits each and every year.

Wednesday, August 19, 2020

How Entrepreneurs Make the Most of Their Endeavors

Entrepreneurship is incredibly attractive to many people for a number of reasons. Some people like the idea of owning their business. Other people like the potential income their entrepreneurial efforts can bring. 

However, there’s a certain mindset that’s important for entrepreneurs to possess if they’d like to be successful. If you’re thinking about becoming an entrepreneur, consider some of the ways you need to make the most of your endeavors.

Embrace the Challenges

Challenges will arise. It’s a part of running a business. This is especially true when you’re a newly budding entrepreneur. However, as the challenges come, don’t sit in the seat of a victim. If you develop a victim mentality, you’ll never win. Instead, focus on what the obstacle can teach you. When you figure out what you can learn from it, you’ll naturally become stronger and wiser as a result.

Become Resourceful

It doesn’t matter which industry you’re in. There are tools that are specifically created for your brand’s needs in mind. If you’re a reseller that needs a system to help you cross-list items, there are tools you can use in order to automate that process. 

If you’re launching a new video game that you’d like to promote, there’s a game launcher that can help you navigate that process. The key is to be intentional about finding and using the resources that are available. Don’t spend too much time recreating the wheel. Use what’s in front of you.

Develop a Positive Outlook

If you wake up in the morning with the mindset that something will go wrong, you’ll make that your reality. You’ll subconsciously look for things to go wrong. Make the most of your endeavors by learning how to focus on the positive aspects of a situation. When you view life through the lens of the glass being half-full, it’ll change your perspective and how you view the possibilities of life.

Utilize Assistance

There’s nothing weak about asking for help. If you know a professional who knows more on a topic than you do, it’s okay to reach out and ask for help. If you know you need to hire a new employee, that’s a great way to have help within reach. 

Take note of the areas of your business that can use fine-tuning. Find ways to get help with those areas in order to make your business run like a well-oiled machine. It’s also important to remember that Google can serve as an amazing helper. Sometimes, the answer is a Google search away.

There are so many benefits to building your own business. However, if you don’t possess the integrity and emotional stamina to keep things going, your business will fail. Be intentional about making the most of your endeavors throughout the various aspects of your life. Once you develop that habit, it’ll bleed into the way you operate within your business.

Thursday, August 9, 2018

How To Start Your Own Business

If you have been looking around for a good job with long-term prospects and the chance to earn some real money, but you haven’t found anything that will suit you, or you’re having trouble getting an interview, you might want to consider starting up your own business. 

Running your own business will give you freedom and flexibility, and it’s also the best way to make the money that you want. It’s not an easy thing to do well, however, which is why you should do a lot of research before committing. This article will help you to get started.

Don’t Make Excuses

The first important thing to remember is that many people have the idea that they want to start a business but they never actually get round to doing it. 

They just keep coming up with reasons and excuses as to why it’s not the right time or they’ve just got to do this or that before they can begin. The truth is, for many people, there is no ‘right time’ and they just need to get on and do it or it will never happen. 

That’s not to say that you should rush into your own business, but it does mean that once you have everything in place (money and knowledge to begin with), then you should start as soon as you can, rather than wait for a time that may never come.

Speak To Experts

Starting your own business can be daunting, and that could well be the main reason why some people never do it even though they want to. The good news is that there are many experts out there who will be willing to impart their advice to people who want to make something of themselves and start their own business. 

You can find these people online, for example, or even in your local town or village. Not everyone will be willing to help out, but many will; they want to see people who were in their position succeed just as they did. When the time comes, you can pay back this favor by helping other young businesses and offer your own advice.

Speak To Others

It’s just as important to speak to people who aren’t experts in running their own business. These are the people who are potential customers, so it’s essential to know what they think of your products and services, and whether they might use them. 

There is no point in starting a business that no one is going to buy from, so this kind of market research will give you a much better idea about whether you should stick with your initial thoughts or change and decide to sell something else instead.

The best way to know what to sell is to be a solution to a problem that a lot of people have. Stop thinking in terms of things you want to sell and start looking at problems you want to solve. 

Once you have that in mind, you can work on exactly how to do it. Remember, the problem needs to be a widespread one if you intend of making money. Something niche might be fun, but it won’t bring in the cash that you might be looking for.

Have A Budget

It’s so easy to get carried away when starting an exciting new business that you can overspend without even realizing it. Doing so can cause major problems when you run out of money before you’ve bought or set up everything you need to get started. 

This is where a budget will come in extremely useful. When you make a business budget, you can work out exactly what you’re going to spend and where you’re going to spend it. 

Creating it will require research to get all the costs in advance, but it is worth every second of the hard work you’ll put into finding out the details.

When you know how much you are going to spend, you can look at how to finance your startup. It might be a loan, personal savings, or perhaps you would consider these credit cards.

 It all depends on how much you need to spend and how long you will need to pay the money back. There are many options, so financing your business should not be a problem.

Keep Your Day Job

Eventually, you should be able to give up your day job and focus solely on your new business, but if you do that right from the start, you might live to regret it. If you have a job, try to stick with it for the first few months at least. 

If you don’t have a job, then you might want to try to get one; remember, it doesn’t need to relate to your business, it just needs to pay the bills, plus it needs to give you enough time to help your new customers.

When you find that you’re making enough money from your business and you don’t have any spare time to dedicate to it to grow it further, you will need to quit your other job. Until this, it’s a great safety net to allow you to work on your business as you see fit.

Check Out The Competition

Something else that you will need to do when starting your own business is to check out the competition. Who else is selling something similar to you? To start with, looking at what your competitors are doing will give you a good idea about how to start advertising, and perhaps even what promotions you should consider. 

This exercise will also show you how much money you could potentially make, and how popular your goods and services might be. It will be a particularly useful thing to know if you want to speak to an angel investor about helping out with your business.

Make A Business Plan

A business plan is always going to be needed when you start your own business whether you intend to apply for a loan or other credit or not. This plan, when done right, is what will help you to keep on track with your business growth plans; it’s like a road map to success. 

Taking the time to create the perfect business plan (which has to be flexible because in business things change quickly) will keep you on course.

Friday, March 9, 2018

6 Costs You Must Consider Before Becoming Self-Employed

If you have always dreamed of being your own boss, setting your own hours, and doing something you’re passionate about, then becoming self-employed may be the best option for you. 

However, no matter how big your dreams are, you need to fully understand the reality of being self-employed and what it will actually cost you. 

Before you tell your boss to peace out and start pursuing your dreams, here are the six costs you must consider before making your final decision.

1. Lack of a consistent paycheck.

The biggest monetary concern you must face when becoming self-employed is having a lack of a consistent paycheck. Sure, you may think that you’ll reap all the profits of a successful business, but it could take months or years before you make any real profit that comes close to what you were making as a full-time employee. 

Be sure you look into your currently monthly expenses as well as the expected expenses of the business, and then determine what you need to bring in to make ends meet. If you plan on living off of your savings account, you want to know just how long your savings will last before your company needs to start making money. 

If you don’t consider this, you could put yourself into a very bad financial situation too quickly, and it could be detrimental to your personal finances as well as your business.

2. Start-up costs.

In order to start a business, you need to make sure it’s legitimate. This means you need to file your business with your local governments, and this typically requires a small fee. 

In addition, if you need to produce products, build inventory, or purchase equipment to do a specific service, these are all expenses you’ll need to provide upfront to get the business up and running. 

Throw in other necessities, such as a website or other marketing collateral, and you could find yourself with a hefty start-up cost expense list. Be sure to have a full understanding of what these are so you can be financially prepared for what’s to come.

3. Insurance costs.

When you are self-employed, you’ll be responsible for two different types of insurance: insurance for yourself as well as insurance for your business. 

For the business, you’ll need to make sure you’re getting all the coverage you need to keep your company protected from liabilities, workman’s compensation, insurance coverage for employees, and anything else that is necessary for your specific operation. 

As for personal insurance, you’ll no longer have an employer covering all of or a percentage of your medical/dental/vision/life insurance, which means you’ll need to pay for this out of pocket. 

Be sure to shop around for the best deals and do some research by looking at reviews and seeing what other people have to say about the company before making your final decision.

4. Legal fees.

When you’re starting a business, it’s always a good idea to ensure you’re following the laws appropriately, and this means using the assistance of a lawyer. 

However, legal fees can add up, and if you’re not prepared for these, it could damage your business. Be sure to meet with a variety of different lawyers in your area and choose the one that you have a good rapport with as well as one whose fees aren’t astronomical. 

Also, have a clear understanding of how their fees and payment structures work so you’re not blindsided with a giant bill for asking them a question over the phone or having them draw up a contract.

5. Technology costs.

Most entrepreneurs will start their company from their home, and that’s a good way to lower the start-up costs without taking on additional rent or mortgage payments. 

However, while running a business, you may find that the technology you currently have will not suffice. For instance, maybe you need a landline, a fax machine, accounts payable/receivable software, or a higher internet speed to help your business operate. 

Any of this will create a higher technology cost on your end, and you need to be prepared to pay for this.

6. Taxes.

If this is your first time being self-employed, you need to understand that filing your taxes will be different than years past. As a business owner, you’ll need to account for all of your spending, which means you will likely want to itemize expenses. 

In order to do this appropriately, you’ll need to keep records of your expenses, which means keeping receipts, bill statements, check stubs, and anything else that can prove an expense for your business. 

In addition, you want to be aware of any self-employed tax credits you’re eligible for, as those can help reduce the amount of taxes you owe.

Running your own business can be a dream come true, but it’s also a lot of work you need to prepare for, especially when it comes to keeping your finances in order.

Saturday, July 13, 2013

4 Challenges to Take on After Retirement

retirement (Photo credit: 401(K) 2013)
You're finally there! You've been working tirelessly for decades, at a nine to five job, because you had to. Now it's time to retire and you can finally do what you've always wanted to do. Take a look at these four challenging things you can have fun doing in retirement.

Travel the World

There's no better time than retirement to travel the world because you don't have to worry about being back on a certain date to get back to work. You finally get the opportunity to see all the places you want to see, whether that is a trip to Egypt, Africa, Europe, or the Caribbean. Depending on how well you saved money for retirement, you can travel for most of the year. 

  • Go on a cruise 
  • Take a tour with a travel group 
  • Take a road trip with several stops 
  • Visit every state or every continent 

Take Some Classes

Learning doesn't have to stop just because you've reached retirement. As a matter of fact, it is one of the best times to learn because you can devote your full attention to learning something. Is there something you always wished you could do? Well, take a look at the classes at your community college or find other opportunities in your area to take classes. 

  • Learn to decorate cakes 
  • Learn how to be a good photographer 
  • Get that degree you've always wanted 
  • Learn some new dance moves 

Start a Business

Are you one of those people that will never truly retire? If you like to work and want to be your own boss, starting a business in your retirement will help you continue to stay busy. Plus, it will help you out financially if you didn't start saving for retirement early enough. According to Entrepreneurship Monitor, 18 percent of startups are made by people who are 55 or older and 7.9 percent are 65 or older. That's no surprise since older people have more business experience and know what it takes to be successful. The best businesses for retirement are those that are fun and rewarding. 

  • Start a restaurant with gen2 cooking equipment
  • Tutor children 
  • Become a travel agent 
  • Provide consulting services with your years of expertise 

Spend Time on a Hobby

Some people never have the time to learn a hobby until they retire. There just isn't enough time in the day to go to work, take care of your kids, and handle all your other responsibilities. So, retirement is a great time to learn a hobby because you are finally able to stay at home. The best hobbies are those that keep your mind active. 

  • Start a blog 
  • Learn how to paint 
  • Sew or knit for your grandkids 
  • Start a collection 

These are just a few of the challenges you can take on after you retire from your job. There are many more things you can do, too. What do you want to accomplish in retirement? Leave a comment.

Wednesday, May 22, 2013

Its Never to Late to Start a Home Business

Apple muffin
Apple muffin (Photo credit: Wikipedia)
It’s great to have hobbies as they clear your mind, keep your fingers nimble and your brain active, but have you noticed how expensive many hobbies have become? The time has come to find hobbies which don’t break the bank or, preferably, ones that actually increase your bank balance. Make a list of things you enjoy to do – things you’re good at and things you’d be interested in pursuing. Let’s look at a few clever ideas. 

Start a Baking Business

If you’re lucky enough to be a great baker, this may be something worth investigating. Not only is baking a real talent but it’s also rather scientific. (If you've ever mis-measured the ingredients in a cake recipe you’ll know exactly what I’m referring to.) The average person would much rather buy a cake than bake one, so you already have that on your side. Start by selling your baked goods at small fairs and markets; set up a Facebook page with photos of your wares; hand out business cards to friends and family and also don’t be shy to approach companies about baking for them on a weekly or monthly basis. Sending over samples may be a clever way to tip them in your favour. 

Offer Home Organization Services

As you grow older you realise that there are many people out there who have spent their lives ‘trying to get organised’ with little or no success. If you’ve always had a flair for organisation and your cupboards are almost always neatly packed and stacked, there may be an untapped opportunity waiting to be uncovered. Offer your services to friends and ask them to pass on your business cards to their friends and colleagues  Place an advert in your local newspaper and on any community notice boards in and around your area. Speak to real estate agents, people who have recently moved into new homes and also to small companies who often don’t have the resources to employ an admin person full time. 

Turn a Hobby into a Business

Arts and crafts can be a costly pastime, but when you’re looking at it as being a potential income earning activity, the playing field changes. People are always looking for original, thoughtful gift ideas and if you can come up with something that goes just that little bit further or is great value for money, you’re heading in the right direction. If you’re really good at a certain hobby you could even consider offering classes. Many people find themselves glued to their computers on social media sites and playing games such as Intertops blackjack out of sheer boredom, but given the opportunity to attend a course in an informal setting and learn a new skill that they will be able to save them money in future, they are bound to consider it – especially if targeted and marketed correctly. 

Teach your Skill

Gardener Gardening
Gardener Gardening (Photo credit: Wikipedia)
It’s clear to see that the world is ‘going green’ and that its citizens have begun to take a pro-active approach to preserving the earth and its contents for future generations to come. In a time where there is much talk about genetically modified foods being unhealthy and organic produce being the best option, it may be time for you to start your own vegetable and herb garden. Not only will you save on having to go out and buy certain vegetables, but the convenience of having them on hand is priceless. If you have green fingers you may even consider teaching a beginners gardening class from your own home. While gardening may sound simple and straightforward to you, for many, both young and old it’s a daunting task, but given the right guidance, many successful gardeners may emerge.
There are hundreds of hobbies one could consider pursuing, but remember, unless you enjoy it and are relatively good at it, you may want to look further down on the list. Don’t feel hedged in – you may decide to make beaded jewellery this month and candles the next – as long as you have a diverse client base, the world is your oyster, but be warned: if you land up with a closet full of goods that haven’t sold, you may need to reconsider your hobby of choice and spend some time investigating what the market is actually interested in buying.

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