As franchisees grow their business and continuously strive to exceed their customers' expectations, franchisors must provide a very high quality and breadth of franchise support services.
Ask why you need a formal business structure when you start a business and the answers are usually straightforward. For some, it's a need to separate personal assets from the business; for others, it's a desire to lower overall taxes or be viewed as a more credible business.
You know what sets your company apart from your competitors, but does everybody else know? Being unique is an important part of branding. It lets the world know why people should purchase from you and not your competitors.
Small business owners generally experience many highs and lows. Do you have what it takes to succeed? Your answers to the six questions below can help determine your chances for business success.
One of the most important principles in startups today revolves around the idea of a Minimum Viable Product, or MVP. An MVP is the absolute bare minimum service or product that will allow you to get users, buyers, clients, etc. to see how they interact with your main idea.
When a start-up presents a business plan, it's the job of a savvy potential investor to poke as many holes in it as possible. They don't need to figure out why they should risk their hard-earned, non-refundable money into your start-up business.
We're all familiar with comparing the similarities and differences between two things, but unless you're a business aficionado you may not be familiar with franchises versus business opportunities.
You don't have to have an international rock star headlining your idea in order to know if it's worth pursuing, nor do you need a million dollars to make it a success. Through my experiences developing concerts, tours, and Rock 'n' Roll Fantasy Camp, I've discovered that great ideas all share four common characteristics.
Use your own experiences to build upon and benefit others. People want to be around you, be part of your efforts and energy; whether in private business, public service, or charitable work. It will catapult you to even bigger and better things down the road.
As a professor of social entrepreneurship and an entrepreneur, people often approach me with all their ideas. They get overwhelmed with how to start choosing their first venture (or second, for that matter). Whether you are new to entrepreneurship or starting another venture, you begin the same way.