Insights, Ideas, Results
The franchisor and franchisees have a love-hate relationship. They cannot live with each other and cannot live without. While there are certainly benefits to “going the franchise route” when buying a small business, particularly for first-time buyers, selecting a wrong franchise can hurt you and may even wipe out your hard earned savings.
So how do you know if the franchise you are considering to get into is a good one?
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In our previous post we showed several misunderstandings potential small business owners have that hurts them. In this post we want to show the other side. These are the myths that prevent many would-be owners from getting into small business. While it is certainly challenging to own and operate small business; they are not insurmountable and the rewards make it worthwhile to pursue that dream.
We hope that by understanding these common myths and realities you will not get scared by the challenges and be able to make an informed decision.
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Many potential buyers of small business dream of one day owning a business where they can hire people to do all the hard work and they can sit back, relax and collect money. They think of owning a small business as some form of nirvana to escape from the drudgery of everyday corporate life. It’s only when they get into it that they realize how difficult it is to own and operate a small business.
In this post we aim to identify common myths about owning a small business along with the truth the owners can expect to face.
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Guest Contributor Chris Blanton is a former serial entrepreneur and business
advisor. He is currently editor of Ingenious Business Guide, a collection of proven practical techniques to ignite business growth and profitability. He can be reached by email
One of the most important questions business owners should be able to answer is why their customers are buying their product or services. You have to determine what benefit your customers pay for. You can employ a skilled marketing consultant to guide you in this exercise. But if you’re determined to go it alone, you can get great mileage performing a thought experiment to uncover the true benefit your client realizes buying from you.
Our consumer culture so artfully manipulates us that we are often unaware of our own motivation. For instance, examine the process of buying a new car. Why does someone buy a new car? What wants or needs does it satisfy?
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Majority of small business owners use a business broker when buying or selling their business. A business broker takes the headache out of buying or selling process and lets you focus on your primary tasks. A broker also presents you with more and targeted opportunities that you cannot otherwise find yourself. One of the most important considerations when choosing a broker is whether he/she can help you sell your business at the highest possible price in the shortest time or buy a business at the lowest possible price quickly.
However, not all business brokers are created equal. There are good business brokers and there are mediocre ones.
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Guest Contributor Chris Blanton is a former serial entrepreneur and business
advisor. He is currently editor of Ingenious Business Guide, a collection of proven practical techniques to ignite business growth and profitability. He can be reached by email
Do you know that every company loses potential profit on every sale? It’s true. You could be earning much more income than you are now. The key is to reduce your price flexibility.
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We mentioned in the previous post that selling your business is the second most important decision you will make. We also provided reasons why it is important to be careful about choosing a broker to sell your business. Hiring a wrong broker will not only leave you with lot of headaches; but also will waste your valuable time in the selling process.
So how can you make sure you are hiring the “right” broker for your needs? Below we have listed 10 questions you can ask the broker before making decision to engage him/her.
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Selling your business is the second most important decision you can make after your decision about buying the business in the first place. There are many reasons why small business owners decide to sell – to get into some other business, because they cannot handle the workload, because they want to cash out and so on. Whatever the reason, we cannot overemphasize the importance of selling process and the attention you need to pay to it.
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As a small business owner you hear these phrases time and again from your peers – “Customer is always right”, “Don’t argue with customers”, “Customer is king” and on and on. While this is true in many cases, we find it hard to accept it without qualification. Let’s face it – There is enough number of people out there who want to (and do) take advantage of this philosophy. They will find some reasons to bitch about your products or services. Some will do it because they are having a bad day; others will do it to get discount or free stuff; while still others will do it just because they can.
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If you are not careful to check your emotions when running a small business you may stand to lose number of customers and sales. As a small business owner, you are not only the leader of your employees; but also represent the face of the business. Whatever emotions you show in front of employees and customers reflect upon your business. That is why it is important to have enthusiastic demeanor and smiling face when facing customers and employees.
Many small business owners and leaders cannot control their emotions, especially when things are not going right on a particular day. They get too frustrated with the pressure of the time and get upset with employees and customers. We have experienced this first-hand.
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