Do You Really Need Website Today?

Hi Dane. My partner and I have a great Facebook page and a (relatively) popular (in our niche) Twitter account. But we don’t have a website. In 2013 (and beyond) is there any incentive to focus our (limited) time and resources (growing, hopefully) on a website when we could be focusing all of our attention on FB and Twitter? I’m going to tell you a secret. You’ve been sold a bad bill of goods, and because you’ve been neglecting your [...]

5 Keys to a Strong Franchisee/Franchisor Relationship

To many, the world of franchising is an attractive business model to follow because it offers a proven system with tangible results already in place. At first glance, it appears to be a “plug and play” scenario; one simply has to add themselves to the system and open their doors to achieve success. But like any business, it’s not that simple, despite so much of the foundational work already having been done by the franchisor. There is a lot at [...]

10 Factors to Consider Before Franchising Your Business

Your business’s growth is off the charts, and perhaps you’ve started to consider whether now’s the right time to franchise your business. But before you take the leap, you must consider how franchising will affect your business model, your customers’ satisfaction, and ultimately your revenue. That’s why we asked ten entrepreneurs the following question: Q. Business is booming, and I’m thinking about franchising my company. What’s one thing I need to do or consider? 1. Your Team Drew GurleyScaling is a big decision [...]

Help, I Can’t Get Motivated!

Abhishek Singhal – I can’t get motivated to do the work I need to do to start a business. I just keep putting off the hard work. Say something motivating, please. The funny thing about procrastination is that it’s rarely very enjoyable. In fact, avoiding work is often more stressful than just buckling down and doing it. Much of time you spend avoiding work is actually spent worrying, and anxiously regretting what you know you should be doing. In other words, [...]

Customer awareness of brand, its products and services

Known set-up costs Based on their experience of operating their own outlets initially and subsequently after other franchisees have joined the network, a franchiser is likely to have a quite accurate estimation of the setup costs of the business. By comparison, independent businesses that do not have the benefit of opening multiple outlets beforehand underestimate the set-up costs and risk compromising on key elements, such as working capital. Cash flow lending available from some banks A number of major Australian banks now have [...]