When you make your scheduled regular royalty payment to your franchisor, you are—in fact—guaranteeing a brighter future for the brand as a whole, and your business individually.
For many people, the New Year's resolutions you were so set on January 1st are beginning to fade. If you are a small business owner, here are three essential New Year's resolutions you shouldn't give up on.
Some businesses are built around a single idea. And sometimes that idea is just too small a slice of the big picture to be interesting to investors.
You may not think your company needs extra oversight, but even a small business can benefit from the guidance and structure a board can provide. As long as your board is made up of the right people, the same will hold true for you.
The ability to understand franchise accounts is arguably the most important skill that a franchisee can possess. While some franchisors will offer to take over this responsibility, franchisees need to have a comprehensive knowledge of franchise accounting practices for their own protection and control.
Some say, "I don't need a brand." Well frankly, you have one whether you want one or not. Essentially, your brand is your reputation. Every touch point in your company has an impact on your brand.
Sometimes it is better to use an investing partner than a bank to get the capital needed for a business. While many people think that franchising requires bank loans, there are other alternatives for financing your franchise, including investors.
Creating a fresh and friendly work environment not only makes the work day more enjoyable, but it can also stimulate productivity. Adding a little personality to any office space can make a world of difference on how your business appears to both employees and customers.
Over the years, I have had the opportunity to work with more than 3,000 leaders, and I have observed they just about all share one common key to success. It is not intelligence, education or training but self-discipline that has enabled them to excel in their respective fields.
If we already believe we know a "thing" and are not interested in exploring an alternative view, then we might be right—or we might not be.