Smart Ways To Leverage Your Marketing Efforts
You have many responsibilities as a small business owner, and marketing is always going to be one of those responsibilities. You should try to find ways to save yourself time and money with your marketing, or in other words, find ways to leverage your marketing. If you can set things up so that they are automatic, wouldn’t this be a whole lot easier, and quicker, than having to do everything yourself, when you could be better spending your time on other projects? You don’t have to focus all of your energy on marketing to see a profit when you use the right tools to help you leverage your marketing efforts. Here are some things you can do to help leverage your marketing, and save you time and money:
- Consider franchising your business: You can make a lot of money by setting up a franchise. Just think about it. You have all kinds of businesses, but you basically sit back while others run them, and you get to collect a lot of profits. What could be better than that? Look at some of the biggest businesses in the world, such as McDonalds, KFC, Taco Bell, and others. They are all immensely successful, and their success has come from franchising the businesses. Once you have your business running smoothly and have a great operating system in place, you can use that system to set up franchises, then watch your profits start to soar.
- Working with affiliates really helps: Today, affiliate marketing really is one of the best ways to go. Basically, an affiliate is someone who has their own business, blogs or websites, and have products and services that are related to yours. You can combine your advertising efforts so that you are working together and not competing, and you will both see terrific results. You will be entered into a contract, where either party will receive a commission every time you refer a paying customer to the other. You know the old saying, I’ll scratch your back if you scratch mine? Well, that is the gist of affiliate marketing. You can find many business owners who are just waiting to team up with someone like yourself, so what are you waiting for?
- Use the Internet to the fullest: The Internet is a very valuable marketing tool, and you have so many options as to marketing when you use the Internet. You will find that you really save a lot of time and money when you use the Internet for your marketing, so it is a wise choice to take advantage of all that it has to offer. You can find new leads, expand your customer base, and have a really successful business when you are marketing on the Internet. This is also going to automate a lot of things that you would normally have to spend a lot of time on, again saving you money, and increasing your profits.
Andrew McCombe is the owner of Activate Your Business where they teach new and existing business owners to Start, Grow and / or Automate their business(es) with EASE, so they can live a life of EASE. For more information visit Activate Your Business
Questions To Ask When Assessing Franchise Opportunities
Franchises come in all shapes and sizes and offer all kinds of business opportunities. You can choose from hundreds of service orientated franchise businesses, which cover just about every niche market you could think of, and there are new ones appearing every day.
Picking out the right one is critical to the franchisee’s overall success. Select one which is struggling, or has grown too fast to sustain itself, and problems follow. On the other hand, pick one which is on the rise, that has got proven systems and programs in place, and you can easily become a success.
This step, far more than any others, is the sole responsibility of the potential franchisee to get right. The advice of a franchise consultant can be sought, but their objectivity can sometimes be questionable. Regardless of the particular type of franchise being considered though, they can be assessed with the answers to these questions:
- What is the vision of the company?
- What is the age of the company?
- For what time did it work as an independent business prior to offering itself as a franchise business?
- What is the brand position of the company?
- What kind of franchises do they offer?
- How many franchisees are there in the system?
- How many multi-unit franchisees are in the system?
- Have any franchisees left the company? If so, why?
- What is the franchise fee and what does it cover?
- Is there a royalty fee? If so, how much is it?
- What is the duration of the franchise agreement?
- Who is in charge of the company? What are their qualifications?
- What training does the franchisor provide? What is the on-going support?
- Which regions are they operating in?
- Where are raw materials sourced? Can franchisees choose their own suppliers?
- Does the franchisor offer financial assistance?
- Is real estate support provided by the franchisor?
- What number of employees are required?
- Is assistance offered in the recruitment of employees?
- How proven is the marketing plan?
You will be able to find the answers to these questions from a range of sources. Firstly, browse through the website of the company in question, and perform Google searches to find out what other people have written about them. Then, talk with a professional franchise broker or consultant and contact a few people who are currently operating franchises of the company that you are evaluating. Finally, speak with a representative of the franchise company.
Find Out More : Starting A Franchise – Learn How To Start A Franchise
7 Key Traits Of A Highly Successful Franchisee
If you are at a point in your career where you’re entertaining the possibility of buying a franchise, you need to understand the psychology that is behind a franchisor’s decision to award a franchise to the “right” person. There are certain, essential skills and personality traits that encompass a “model” franchisee, and before you go any further down the road to franchise ownership, you had better do a self-inventory and make absolute certain you have them.
Obviously, if you are considering a handyman or home improvement franchise and you’ve never used a hammer or a saw, this could be a serious problem. Or if you are looking at a certain business to business franchise, but you hate selling, you are all but guaranteeing misery. But those aren’t the king of skills that I’m referring to here.
Regardless of which specific franchise you are considering, you need to possess and exhibit some basic, key skills that will fuel the overall potential for success of your franchise business. Franchisors have spent plenty of time and money researching what the profile of the ideal franchisee looks like. Here are a 7 mandatory traits:
1. Commitment to following a proven system. Franchise systems are in place because they work. It’s that simple. If your nickname is “Genius” because of your brilliant, super creative ideas that you come up with daily, then franchising is not for you. Go back and read the previous sentence again. It is imperative that you are passionate about the product or service and are completely committed to executing the company’s marketing plan. If not, consider starting your own business.
2. Excellent People Skills. You need to enjoy working well with others as a team. If you don’t like interacting with others, you’ll become stressed, your employees and customers will sense it, and ultimately your business will suffer. Instead, display the positive behavior that you want your employees to model when dealing with your customers. A happy, positive, “customer is always right” attitude must prevail at all times by you, your managers, and the employees.
3. Strong Work Ethic. A must for any potential franchisee. If you don’t possess strong, disciplined work habits and have burning desire, you might as well work for someone else and punch a time clock. Any successful franchisee will tell you that they work until the job is done. They don’t quit when the whistle blows. They’ll do anything it takes to get the job done. Having true passion to work for yourself will tend bring out this work ethic automatically.
4. Well-Capitalized. Obviously, franchising costs can be significant. Franchisors will not move forward with candidates that are under capitalized. You’re facing an initial investment, the franchise fee, and ongoing royalties due to the franchisor. Most small to medium sized franchises require a franchise fee of $5,000 up to $30,000. Royalties are usually a percentage of the income that your business generates, which you in turn pay the franchisor, typically ranging from 3%-7%. Don’t let these costs scare you, though. In return, you are receiving the use of the “brand”, which is significant in that you’ll attract customers immediately. Many franchisors offer assistance with financing. Also, you’ll tap into the volume discounts on product purchases you’re entitled to as a result of being a franchisee.
5. Willingness To Ask Questions. Asking great questions is a true sign of strength. A successful franchisee will ask the franchisor’s support team or another franchisee for advice when he/she is stuck or unclear. You must be coachable and be prepared to implement the advice you receive.
6. Risk Averse. While it’s true that there is no guarantee that you will be a successful franchisee and there is some risk involved, your chances of failing are substantially reduced with a franchise, as opposed to starting your own business from scratch. Statistically speaking, U.S. Department of Commerce states that franchise businesses are exponentially more likely to succeed than individual new start-ups.
7. Finally, research, research, research. And seek out assistance. It’s virtually impossible to conduct a thorough franchise search alone. A seasoned franchise consultant can arm you with the knowledge you need to make an educated decision on the business that is the closest fit to your specific requirements.
Franchising is a great business model if you have the necessary skills and mindset to follow a winning formula. If you truly possess the characteristics spelled out above, chances are you have a solid foundation for success as a franchisee.
Cory Barber is a professional franchise consultant affiliated with the world’s top franchise broker network. His free, confidential consulting services guide you through the process of buying a franchise based on your background, lifestyle, and financial goals. For information about his free Franchise Consulting Service contact Cory at his office: 877-271-4305. email Cory
Top 5 Reasons To Use A Franchise Consultant
If you’re seriously considering franchising, perhaps you have a plan of surfing the net or reading some popular franchise magazines in order to find the one best suited for you. Or maybe you try to make this analogy: “I buy everything else on the internet these days, so I’m sure I can locate the franchise of my dreams there, too.” Sure, the web is clearly a wealth of information on every topic imaginable. But while it’s a great place to shop for a pair of gold earrings or a new cardigan sweater, it’s a lousy place to conduct an effective franchise search. Trying to find your ideal franchise using this strategy will, at best, completely overwhelm and frustrate you.
Most franchise seekers have absolutely no idea of what is involved in carrying out a thorough franchise investigation on their own. Aside from the financial investment, there is a substantial time commitment to consider. Try conducting this search alone and you’ll see what I mean.
An experienced franchise consultant can effectively and efficiently streamline the entire search process for you, sparing you all the aggravation and headaches mentioned above.
A franchise consultant is a recruiter for the franchise industry and a trusted source of solid business opportunities. He helps to clearly identify an appropriate franchise vehicle through the process of effective qualifying, matching, and presenting.
There are several major advantages and benefits to using the services of a seasoned franchise consultant. Here are just 5:
1. The entire service is free to you, the candidate. The consultant is paid by the franchisor for referring a qualified individual, both financially and professionally, who ultimately purchases a franchise.
2. The consultant has pre-screened hundreds of top franchises for you. Only the ones that meet the highest of standards will be presented to you. Top new and established opportunities are added regularly.
3. Complete professional and personal profile is conducted. Your consultant pinpoints the perfect opportunity for you based on your interests, talents, background, and goals.
4. Professional introduction to the franchisor. After you are presented with an opportunity that excites you and that you want to pursue, your consultant “takes you to the front of the line” and makes the professional introduction between you, the candidate, and the franchisor. The franchisor will respect you immediately, knowing that you, the candidate, are both qualified and ready to move forward.
One of the most annoying aspects the franchisor deals with is tire kickers. They despise having to answer phone calls from less than serious, under-qualified people asking stupid questions about their franchise model. It is very welcoming to have a top-notch candidate referred to them by a franchise consultant who asks intelligent, engaging questions.
5. Thorough education provided on investment options and types of ownership. Most franchise seekers aren’t aware of the costs involved in purchasing a specific franchise, and the consultant offers vast insight into the various types of franchises and their investment requirements. He can also suggest financing options that were never considered.
As you can clearly see, all three parties-the franchise seeker, the franchisor, and the consultant-win in this very productive business relationship. Unless you are absolutely positive about the specific franchise you wish to pursue (and are fully qualified in every way), it would be a big mistake to not utilize the free services of an experienced franchise consultant.
Cory Barber is a professional franchise consultant affiliated with the world’s top franchise broker network. His free, confidential consulting services guide you through the process of buying a franchise based on your background, lifestyle, and financial goals. For information about his free Franchise Consulting Service contact Cory at his office: 877-271-4305. email Cory
Potential Franchisees: 5 Key Questions To Ask The Franchisor
You’ve had your eye on that attractive franchise business for a while, and you’re finally ready to move forward and become a franchisee. Congratulations on your decision to take control of your future! You are showing your desire to be a leader, and someone who wants to be their own boss. That takes confidence, courage, and discipline. Before you buy, however, you need to ask some specific, key questions of the franchisor.
Becoming a franchisee is similar to a marriage, in that your committing yourself to someone long term, and if it’s done correctly, both parties are successful. For that to happen, though, you must know your partner really, really well first. That means asking some direct, sometimes tough questions relative to the business. Exactly what questions are important to ask, though? A good franchise consultant can provide an entire list of questions you should not only get answers to, but be very comfortable with the answers you receive.
Here are 5 key questions that need asking:
1. What type of support will the franchisor provide once your franchise has opened its doors? One of the top reasons to buy a franchise is for the excellent support provided. If you’re not satisfied with the answer to this, move on to another opportunity.
2. What types of territorial restrictions and protections have been set up by the franchisor? Key question. You most definitely need to, and want to, know the exact size of the territory you are awarded and its boundaries. This must be specifically defined before a franchise agreement can be reached.
3. What arrangements are established through the franchisor in terms of product supply? Most every franchisor will require you to purchase your products and/or services from an approved, specific vendor. You may be able to fill in with, say, a local supplier in between orders if you run low on an item, but for the most part, you’ll be doing business with a vendor that has been pre-established by the franchisor.
4. How many franchisees have failed and why did they fail? Ideally, your franchisor will speak candidly about what exactly it takes to wildly succeed in their business model, and also what some franchisees have done (and what you should steer clear of) to completely screw it up.
5. How much time am I required to devote in my business on a daily/weekly basis? A few new, ill-prepared franchisees have been quoted as saying “I feel like I live here I’m here so much” and “I had no idea I’d be putting in 75 hours a week”. Almost always, there is one of two reasons for these statements. One, and most likely, it’s a result of poor time management on the part of the franchisee. Second, the question of time commitment was never asked of the franchisor. Either way, its poor execution or implementation by the new business owner.
These questions are for starters and the franchisors’ willingness to cooperate in answering them should help you judge their sincerity. There are numerous other questions I provide my clients with that need answering before an informed decision can be made. These questions are for starters and the franchisors’ willingness to cooperate in answering them should help you judge their sincerity. Existing franchisees are often a more productive and responsive group to speak with, and I’ll discuss specific questions for them in another article.
Cory Barber is a professional franchise consultant affiliated with the world’s top franchise broker network. His free, confidential consulting services guide you through the process of buying a franchise based on your background, lifestyle, and financial goals. For information about his free Franchise Consulting Service contact Cory at his office: 877-271-4305. email Cory