Establishing and running a restaurant in the 21st century is not what it used to be. Even in the last decade, the industry has undergone tremendous change. Restaurant owners must be ready to adapt as their customers become increasingly knowledgeable, dine out more frequently and expect higher standards and a faster service. With a growing […]
Startup
What is an S Corporation?
According to the IRS, S Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S […]
6 Reasons Franchise Businesses Fail and How to Avoid Them
As an investment and a point of personal pride, you want your franchise business to succeed. So does your franchisor, your customers, and your employees. So, as you begin your franchise journey, let’s look at some reasons franchises fail and what you can do to avoid them. 1) Lack of Capital We’re putting this right […]
4 Critical Steps to Create a Small Business Brand Identity
In any type of business, building a strong brand identity is a key part of creating a thriving company. That goes double for small businesses, who rely even more on their reputation and the goodwill of their customers than their larger competitors do. Still, building a brand’s identity from the ground up is no easy […]
“I Want to Start My Own Business, But Don’t Know What Kind of Business to Start!”
In the last few years, we have seen a huge increase in entrepreneurship. More and more of us are looking to start our own business, Millennials especially. The idea of being your own boss, working at your own discretion and of course, the most attractive benefit—keeping the profits—is all well and good, but how do […]
How to Market Your Franchised Business Locally
You did it! You’re a franchise business owner. And while one of the reasons you decided to franchise was to own a business with a proven system and brand recognition, including national advertising campaigns, you still have to think about marketing in your local community. Isn’t That What the Brand Fund Is For? Franchises didn’t […]
Become a Pet-Friendly Business
Pets have always been our best friends, but now more than ever they can also be our business partners. The power of pets in our economy is strong and taking advantage of opportunities in pet culture can help build business. In the U.S., more than two in three households has a pet. That’s nearly 393 […]
Why It Pays to Focus Your Business on a Narrow Niche
Everyone in the business world has heard of the old bestseller by Geoffrey A. Moore titled “Crossing the Chasm,” but most entrepreneurs have no idea how it relates to them. In fact, it’s all about the “focus” required to get early stage technology products across the deadly chasm from early adopters to mainstream customers. Most […]
What You Need to Know About Buying an Existing Franchise
Purchasing an existing franchise is what’s known as a franchise resale. Many entrepreneurs are attracted to these types of sales because you can buy into the franchise for a lower price than if you were to start from scratch with the brand. Although it’s easy to get excited to inherit someone else’s good fortune, there’s […]
How to Choose a Franchise Consultant
There are thousands of franchise systems to choose from. It’s a big decision that can easily become overwhelming. That’s why many people turn to franchise consultants, also known as franchise brokers, who act as the middleman between you and a number of hand-selected franchisors. Their job is to help you narrow down your choices to franchise […]
