November 27, 2014

Small Business News: Franchise Fantasies

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Starting a franchise is not for everyone, but among the possible paths to small business ownership it is certainly one route. There are many reasons a prospective small business owner might choose franchising and a number of factors that should go into a calculation of whether franchising is a viable fit for your entrepreneurial ambitions and what opportunity might be best for you. Join our colleague Joel Libava and other franchise experts in this important roundup for aspiring franchise owners with some additional general small business news and tips thrown in for good measure. Enjoy!

What do you want from your franchise?

Why do you want to start a franchise? In this first post in his three part series, Joel Libava looks at what may be one of the most common reasons (though perhaps surprising to some) why people might decide to quit their corporate job and buy a franchise. Would you believe being tired of traveling? There’s a link to another of Joel’s posts on the decision process and to a cost calculator to figure out what you’ve getting in to. Read on. The Franchise King

Does franchise ownership really bring freedom? Well, yes, it can, if you pick the right franchise opportunity. In this second post in Joel Libava’s series on popular reasons to buy a franchise we look at the rather obvious desire for freedom as a motivation for becoming your own boss. Joel’s advice? Make sure the franchise opportunity you choose is one that offers you the freedom you desire. The Franchise King

Will franchise ownership give you greater control? Well, it could. Welcome to the third in an ongoing series on popular reasons to choose a franchise business. Truthfully, the franchisor will still control a number of the things about your business but, of course, you’re still the boss. Read more about franchises in the rest Joel Libava’s franchise series coming soon on his blog. The Franchise King

More on franchising

Choosing the right franchise opportunity depends on a number of factors. If you’re looking for a franchise opportunity, be certain that the franchise you choose has the potential to be successful. Discuss the decision with others who have greater experience in the franchise industry and be sure to use these 15 tips for evaluating. Angel Business Advisors

Have you researched your franchise opportunity? No matter what small business you choose to launch, research is essential. But this may be especially true of a franchise where you may have less flexibility to alter things if they begin to go amiss. In this post we look at some of the basics of research that must be done before taking the plunge. It is key to understand the opportunity before you take it to be sure it is truly the right opportunity for you. The Franchise Wizard

More small business news

Small business bill may still lend no help to small business owners. This may sound idiotic but critics of the legislation feel it may be true. Small business leaders complain that giving funds to banks in hopes they will lend more to small businesses is misguided at best, especially given the state of the economy. Prospective franchise owners in particular may have cause to worry if loaning isn’t loosened up. What do you think of the new small business bill? Air your thoughts below. Reuters

Is the government really in small business’s corner? We hear plenty of lip service from Washington about small businesses being the engine of the economy and the key to our economic recovery. But can small businesses truly survive in a regulatory climate that seems so clearly stacked against them? How can Washington lighten the burden on small businesses in general if they are to thrive and help the national a global economy return to prosperity? Small Business Trends

Picking that all-important location. Whether it’s a franchise you are launching or a business idea all your own, one important step is to locate the “Hub of Opportunity” that is perfect for your business allowing the opportunity to build a great customer base and then grow. But location, in this case, may mean more than simply what street or in what neighborhood your business belongs. It may also include the question; in what city or part of the country would it be best to operate this business. Get some data and weigh your options. Business.Gov

Entrepreneurship

Is there more to your business than the bottom line? You’ve heard before I’m sure about the tough economic times we’re in. Small businesses know all about staying lean and competitive. But Ken Kauffman writes this week about something that goes beyond the balance sheet when it comes to small businesses even in tough economic times. He calls it “entrepreneurial benevolence” and you may find that not only does it separate small businesses from huge corporations but has some basic human value as well. CFO Wise

Does your city or town have a program like this? If not, why not? Bizdom U is one part entrepreneurial training course, one part business incubator and one part venture capital or angel investor group. If your community is serious about improving the local economy by not simply training people for a job but training them to create jobs, they should definitely investigate a program like this one. Open Forum Innovation

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