What is a Part-Time Franchise?
Buying a franchise business is a great way to become an entrepreneur and help secure your financial future.  Franchises are available in an amazing number of different industries and can appeal to people with all sorts of skills.  Although most businesses require an owner’s full-time attention, there are plenty of opportunities out there for the person who can only devote a few hours a day—or just a couple of days a week—to running their own company.  A part-time franchise offers many of the same benefits as its full-time complement.  This would include representing a well-known brand, taking advantage of a proven sales-and-marketing system, and receiving extensive training.  Just because you have limited time to run a business does not mean you have to limit your hopes and dreams for an independent income.

Franchises for Moms
The stay at home mom can also be a work at home mom by choosing the right part-time franchise business.  Here are some elements to consider when searching for your best possible opportunity:

Read More

Leaving the Corporate Rat Race
Quite a few nine-to-fivers express an interest to buy a business - no more bosses looking over their shoulder and no more asking permission to take a day off for personal reasons.  These days, however, people are just as likely to be pushed out of Corporate America as opposed to leaving of their own volition.  With businesses going bankrupt or simply cutting costs, worker layoffs are reaching a level not seen since the early 1980s.  Whatever the reason, many of these ex-corporatists are turning into entrepreneurs, anxious to make their own way in life and achieve financial success.  The biggest question is probably, “What business to buy?”  There is no single best answer, as every person’s experience, ability and finances are different.  But being a corporate dropout does not mean your business life is over - in many ways, it’s just starting!

Best Business to Buy – Some Criteria Worth Considering
Striking out on your own as a business owner can be scary, but the rewards are great.  Your first thoughts should revolve around what type of business to buy.  There are five elements to consider before looking any further:

Read More

Know The Buyer
One of the top commandments for anyone looking to sell a small business is to recognize where your prospective buyers will come from, and what will motivate them to acquire your company.  Among all the things you can do to sweeten the deal and attract a wider selection of prospects, one of the best involves seller financing.  Many buyers will express an interest in your company and possess the skills to run it properly, but they may be financially constrained in doing so.  By understanding what motivates a buyer and showing the willingness to accommodate him or her, you will sell your business more quickly and for the price you want to achieve.

Read More

A long-term care facility is a medical facility that takes care of seniors and the disabled for the duration of their lives when they are no longer able to manage self-care.  Many people know long-term care facilities as nursing homes, retirement homes, group homes and assisted living homes.  The first consideration when you buy a long-term care facility is to determine exactly what type of long-term care facility it is that you are purchasing.  You will need the assistance of a business lawyer, accountant and financial advisor when you are ready to buy a long-term care facility.

State Regulations
There are many State regulations associated with operating and maintaining a long-term care facility.  In order to buy a long-term care facility and operate it effectively you need a strong understanding of the State regulations for that type of long-term care facility.  Each type of long-term care facility has basic State regulations and specific regulations for that particular type of care.  Additionally, there are government regulations for Medicare compliance, HIPPA compliance and OSHA compliance.  Many technical and secondary institutions offer instruction and training on your State’s laws and regulations for long-term care facility management. You can also look on the Internet for online courses covering this topic.

Read More

After the Paperwork Has Been Completed
A fairly sizable check has changed hands and mountains of documents have been initialed and signed.  You are now the proud owner of a franchise operation.  It might be a retail store, a mobile business, or perhaps something you can do from home.  Maybe it’s a restaurant, or a house-painting business, or a daycare center, or a computer consulting operation.  You have been planning for this moment ever since you cruised the Internet in search of just the right business to own.  You’re clearly ready to make the next move.

Five Franchise-Opening Steps
From the time you buy your franchise to the actual first day of business, there are a number of tasks to be completed.  These can be grouped into five basic steps:

Read More

What is Due Diligence?
A legal term that has taken on extra-legal meaning over the last seventy years or so, due diligence was originally coined in reference to the U.S. Securities Act of 1933.  Following the stock market crash in 1929, brokers were given some very specific steps to follow before being allowed to sell securities (stocks and bonds) to investors.  One of the causes of the Great Depression was the lack of adequate controls on Wall Street.  My, how things have changed!  Today, the broad concept of due diligence can be summed up by a more pedestrian phrase: “Do your homework.”

Due Diligence in a Franchise Setting
For anyone considering the purchase of a franchise, the due diligence portion of the decision-making process is probably the most important.  There are certain documents that a franchisor is required to provide, whether under federal or state statute, but that is not the only evidence worth examining.  Beyond what the parent company must provide, there are a number of other elements that demand careful analysis.  The steps outlined below are hardly all encompassing but nonetheless a great place to start.

Due Diligence Process – Due Diligence Checklist

Read More

“I’ve Got a Little List…”
With apologies to Gilbert & Sullivan – the above quote is from their operetta, The Mikado – making a list of the top “this” or the best “that” is always a challenge.  Strong opinions abound, and any attempt to compile the most popular food franchises across the United States is equally dicey.  But after considerable research and a few opportunities to field-test the data – hey, writers get hungry, too – here is a fairly representative accounting of the best food franchises around.  Criteria include number of locations, total sales, brand recognition, food quality and variety, customer satisfaction, and a few intangibles.

Read More

Turn the Key—Open the Door—Start Making Sales
For people exploring the prospects of starting their own business, a strong argument for buying a franchise involves the “turnkey” aspect of things.  While not every franchise business opportunity is a turnkey business opportunity—more about that below—every franchise has the potential for making a grand opening an easy walk in the park for the owner, or at least a not-too-arduous stroll around the block.  The term “turnkey” refers to something that is ready for immediate operation.  When used to describe a business opportunity, it suggests that the new owner needs to do nothing more than turn the key in the front door, swing it open, and sit back while the customers pour in.  While it may not be quite as simple as that, the reality is not far removed.

Read More

Living the Self-Employment Dream
Many people think about owning and running a business all their own, with no one to answer to but themselves.  The two most common ways of achieving this dream involve starting your own business or buying a franchise.  Each has pros and cons, and you must examine your personal preferences, business style, professional experience, and financial circumstances in order to determine which is the proper path to take.

What is a New Business?
As crazy as it sounds, the definition of a new business is…a business that did not exist before you started it.  Many new businesses are spin-offs of existing ones.  For example, you worked as a shoe repair apprentice for a few years and decided to open your own shop.  You were a Realtor with a large firm but elected to strike out on your own.  You cooked in a downtown restaurant and learned enough from the owner to open your own restaurant out in the suburbs.  Another way to start a new business involves coming up with an idea that no one else has, or recognizing a market that is under-served.

Read More

Business Start-Ups Are Risky
According to statistics compiled by the SBA (Small Business Administration), a U.S. government agency responsible for, among other things, guaranteeing loans to owners of small businesses, somewhere around 33 percent of new ventures fail within their first two years. When deciding whether or not to start a business, an entrepreneur must first assess a variety of factors. These may include:

• Management elements – What sort of knowledge is necessary to run this particular business; how does it fit with my skill levels or those I will select to look after day-to-day operations
• Market elements – What sort of need exists for this particular product or service, and what is the likelihood it will retain market share and preferably grow in demand
• Financial elements – How much does it cost to open and run this business; how likely is it to attract investors or some other form of third-party financing
• Brand elements – Is there any existing value to the company name or product among its perceived clientele; how will one create “market buzz” to drive sales?

Every topic above contains a certain element of risk. The wily entrepreneur will do his or her best to mitigate these risks, which means reducing the chance that they will have a negative effect on the company’s bottom line. One of the ways to do this – on a top-line basis – is to consider opening a franchise business instead of a non-franchise operation.

How a Business Becomes a Franchise
“But every company had to start somewhere,” you’re likely to exclaim.

Read More

Selling Your Business?
Once you decide to sell your small business, the next step involves finding someone to buy it.  When advertising a business for sale, the first inclination may be to broadcast the opportunity far and wide.  Some owners even go so far as to put a sign in their window that reads, “This business for sale.”  While you will probably generate quite a bit of interest, it may not be the sort of “buzz” you’d like.

Business Confidentiality
One of the greatest challenges facing a small-business owner is how to advertise a business for sale while maintaining business confidentiality.  On the surface this may not seem like much of a big deal, but consider some of the unintended consequences.  What about your existing relationships with vendors and suppliers?  Many have learned from past experience that business owners who plan to move on may not be as quick to pay their bills, and they have probably been involved in situations where the owner stiffed them entirely.  Then there are your employees.  One of the greatest selling points you can make to a prospective buyer is the fact that he or she is buying a business with a fully trained staff.  Workers get nervous when they discover that the place where they’re employed is on the block, as the new owner(s) may not want to retain them.  A final concern involves your competition.  Competitors can use the knowledge of your impending sale as a wedge against existing clients.  Imagine the following conversation:

“Pssst, Mr.

Read More

Taking the Money Step
There are many factors to consider when buying a franchise.  You have to decide what industry to enter, what form of operation your franchise will take, and which brand to represent.  No single decision is more important, however, than figuring out where the money comes from.  Very few people have enough cash on hand to buy a franchise outright.  Even for those who do, they may be better off financing at least part of the purchase and saving the cash for a rainy day, or those slow business days you will encounter while working hard to bring your new venture to profitability.  The money step is a big one, but you have plenty of franchise financing options at your fingertips.

Read More

Plenty of Economic Challenges
The Dow Jones Industrial Average continues to show erratic behavior and the unemployment picture remains bleak despite recent government intervention.  In spite of disappointing economic news that never seems to end, there are still some terrific opportunities out there for entrepreneurs who want to buy an existing small business.  Uncertain times for some can be advantageous times for others—it’s all in how you approach the situation.  Here are five secrets to finding that great business.  Of course, the publication of this article sort of blows the cover off that, right?  Well, try to keep it under your hat, if you can.

1. Hunt down a recession-proof business
Even in poor economic times, plenty of businesses stay ahead of the game—and some even do better.  By choosing a business in a field whose products or services are in demand no matter what the housing or job markets are doing, you will be making a smart decision.  Here are just a few areas worth considering:

Read More

Look Before You Leap – Or Buy a Franchise
Once you have convinced yourself that a buying a franchise is in your future, you will want to do a great deal of investigating before signing on the dotted line and writing a big, fat check.  There are a number of things to look for when purchasing a franchise – what industry to select, what type of business within that industry to run (whether managing a retail store, running a mobile operation, or working from home) and, finally, which of the dozens of brands to represent.  Not every opportunity is the right one, and what works for you may not be the best choice for another franchise buyer.

Before Buying a Franchise for Sale
It is vital that you first consider your financial circumstances before making additional inquiries regarding the purchase of a franchise.  What is the state of your credit?  How much cash do you have to put down?  What sort of collateral can you draw upon in order to borrow the rest of what you might need?  Having a clear picture of your financial resources will help steer you in the right direction.  After all, it makes no sense to consider buying a million-dollar franchise if your circumstances only support a purchase half that large.

Read More

What is a Small Business?
Although the term is somewhat malleable depending upon where you live, a “small business” is generally considered to be one that is privately owned and operated—that is, not a public company listed on any sort of stock exchange—with fewer than 100 employees (or fewer than 50 in the European Union).  The U.S. government further defines an enterprise as a small business based upon annual sales, but this will vary by category and only comes into play in order to qualify for small-business set-asides when bidding on government jobs.

Buying a Small Business for Sale
Businesses for sale are all around us.  This could include the dry cleaner’s shop where the owner wants to retire, the corner restaurant whose owners are interested in buying a bigger place downtown, or the mobile dog-cleaning service with a proprietor who’s tired of driving all over the city.  There are a number of factors to consider when buying a small business, and plenty of questions to ask once you have settled on a couple of possibilities.  Learn as much as you can before taking the big leap.

Read More

Pizza Franchise Review
The pizza business includes both mom-and-pop establishments as well as some of the largest corporate players in the world of franchising.  Because ingredients are relatively inexpensive and equipment is minimal – the most you need is a pizza oven, a clean workspace, and some well-trained pizza flippers – owning a pizza franchise is incredibly popular.  There are tons of choices out there, so deciding which business to buy can be challenging.  One should balance name recognition with the cost of operation, and take a close look at the competition.  Here are the top pizza franchises for 2009 as determined by one of the industry’s most trusted trade journals.

1. Pizza Hut
Pizza Hut is to the flat pie as McDonald’s is to the round burger – the 800-pound gorilla in the room.  Founded in 1958, there are more than 14,000 locations of this family-style pizza franchise restaurant.  The initial franchise fee is $25,000, and one’s total investment will range from $268,000 to $1.4 million.  The company charges a 6.5 percent royalty on gross sales.

Read More

Do I Need a Franchise Business Plan?
Unless you have enough money to buy a franchise outright, including all the start-up costs and a nice safety net of cash to carry you through the lean times until your business is more firmly established – of course you need a business plan!  Even if you’re independently wealthy, a business plan will serve as your road map to success.  Besides, most corporations won’t even consider selling you a franchise without first seeing at least a rudimentary business plan.

How to Write a Business Plan for Your Franchise
There are a number of places to go in order to create the perfect business plan for your franchise.  There are books for sale at your local bookstore as well as many Web sites with valuable information.  Surprisingly, your franchisor could be a worthwhile source, and they can certainly offer advice on the sort of material they want to see from you.  The basic business plan, whether for a franchise or any other kind of enterprise, should contain the following elements:

Read More

Social networking a.k.a. the likes of Twitter, Facebook, Ecademy, LinkedIn and so on have become the new marketing buzzwords. Everyone is interested in finding out about them and knowing how to use them to get business in through the door. 

So, if you’re interested and want to use them in your business, where should you start? Here’s my top ten tips: 

1)    Don’t expect to see clients immediately. Social networking is a long term strategy. It’s about relationship building. The more people see you adding information and content to online networking sites, the more people will get to know you and want to do business with you. 

2)    New social networking sites are springing up all the time, so don’t expect to keep up with all of them. Choose 3-4 to keep on top of and work on these. That means setting up your profile and regular posting on there so that people can get to know you. 

3)    Write a generic profile of your business and about you on Word and then use it on all of the social networking sites you’re going to try out. That way, if you get invited to start using another one, your profile is already written. 

4)    Link your social networking sites as much as possible. By that I mean, use sites like www.ping.fm to help you manage all of your sites. That way, you can post on one site i.e. Twitter and have the content automatically sent to all of the other social networking sites you’re using. 

5)    Write as much content as you can. Put your articles on there, give your opinion or views on topics and write down tips. You can write absolutely anything on social networking sites, so get creative. 

6)    Write as often as you can. It’s no good setting everything up and then ignoring it.

Read More