Opportunities to start a new business or expand an existing business are always present. But in franchises particularly, costs to invest and get started are low. Does this mean that franchising represents the best opportunity for entrepreneurs these days? Not necessarily, say some experts. Here are some other tips you may want to remember no matter what type of business you are trying to start or grow.
Focus on Franchise
Let’s make a deal. The real reason so many franchise chains are cutting prices is that there are too many chains competing for too few qualified applicants. The problem here is that lowering franchise costs can invite under capitalized owners into the system and cost the franchise long term, preventing investment in the brand. Forbes
Lower your risk. Fortunately, if you still decide franchising is for you, there are ways to lower your risks a bit. Franchise expert Joel Libava has recently spelled out 10 tips that can decrease your risk when investing in a franchise. Libava’s approach involves some serious soul searching and a willingness to avoid the hype about what the best franchises might be, instead zeroing in on the best franchise for you. The Franchise King
A Broader Perspective
This is the end. No matter what kind of business you’re pursuing, a franchise or another opportunity, blogger Tom Ewer has a sobering thought. However profitable your business may seem today, it may still be only one step away from ruin. Businesses that depend upon only one source of revenue or customer base face this threat every day. But there is a simple answer: diversification. MyWifeQuitHerJob
PR priority. If you think your business is too small to worry about PR, this guest post from Ryan Derousseau, Director of R.M.D. Media, argues there is no such thing. Fortunately, handling PR chores isn’t so hard these days. What’s needed is a well-developed online presence and an understanding of how to pitch your business content to the media with an effective strategy. The Frugal Entrepreneur
Marketing mechanics. Before your marketing campaign even get off the launch pad, there are a few things you’ll need to check on to be sure your approach is all it can be. Copywriter Kelvin Cech gives this overview of three major steps your business should be taking before putting a content marketing plan in place. These steps will ensure you are creating a marketing campaign appropriate for your brand. Function Writing Group
A Positive Image
The bad blog. You may have heard from gurus and others trying to encourage every entrepreneur and small business owner to get started with this highly effective self-branding and communications tool, that there really is no wrong way to do a blog. But blogger Sian Phillips disagrees. In this overview, Phillips looks at the things that will seriously hurt your blogging efforts. CorpNet
Thinking of you. Many businesses think of their reputation too narrowly, says business coach Dave Brock. Buying experience and customer experience are both important, of course, but you should focus more attention on how your business is viewed in the community at large. In reality, customers look at everything we say and do, whether it happens to be part of the customer experience or not. So be sure the overall impression you create is a good one. Partners in Excellence
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great wrap-up of a hot topic this week.
Are franchise fee discounts a good thing?
Sometimes.
It depends.
If it’s being done for the right reasons, it’s fine.
If it’s done to make it appear as a “Big Sale,” it’s a problem.
The Franchise King®