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Franchise Your Business

Answering the phone, paying the bills, waiting on customers, ordering, attracting new customers, training staff, adding product, handling complaints. They’re all part of your day. All are part of working ‘in’ your business. It’s time for you to start working ‘on’ your business. What are we talking about?

You sell products and/or a service and you readily recognize these as the merchandise of your trade. But did you ever consider that your business itself is a product too! When you ultimately decide to sell for retirement, or to pursue other interests, such as converting your hobby into a money making venture, your business is the ‘product’ you sell to the new owner. Is this product ready?

Consider the vast world of franchising. Whenever a franchise is sold, the item purchased is a business; a specific way of doing business that perhaps includes a logo, color scheme, jingle or slogan, and maybe a recognized mascot. When we think of franchises we logically recognize the concept of a ‘business as a product.’ It’s time to think about your business in the same light. What can we learn from this fresh perspective? And how might this work ‘on’ your business, help you working daily ‘in’ your business?

I’d be willing to bet dollars to doughnuts that if you consider this franchise model, comparing it to your current operations for just 15 minutes, you will think of multiple ways to make your business more productive and therefore more attractive to any potential buyer.

The franchise’s most distinguishing feature, the one thing that sets it apart from all other businesses is its turn-key nature. It is ready to go, ready to be replicated over and over again. How is this possible? It has all been documented. Because of this scripting, results are predictable. The franchisor can say, “I have a product (a business) to sell you. Let me show you how it works.” Can you do this with your business? Could you step away today and have another be equally effective with your business? And just how would they do that?

It is directly because of this recorded channeling effort, their uniquely singular focus on operations of the franchise model that the consumer gets the very same product in Pittsburgh as Paris, Chicago as Cairo. Geographic multiplication is the natural notion we harbor when thinking of the franchise. But this replication applies just as effectively to the single location experience. Are your customers receiving the very same experience one after another, day after day? What value would it be for your business to have this level of control over results?

Documenting informs all on staff what is expected of them, who they report to, and how things are done in your business. It is the who, what, when, where, why, and how that makes your business unique. Why does a customer choose you over the competition? Do you know? Can you commit to writing the reasons why with certainty?

Written text informs suppliers of what is expected as well. A famous hamburger purveyor learned that French fries sometimes ended up soggy even though they were cooked exactly the same way, time after time. Since the oil and cooking temps were constant, it just had to be something about the potatoes. The moisture content of the soggy fry spuds was tested. Potatoes with moisture content in excess of 23% yielded a soggy fry.

This experience allowed them to provide suppliers with notice they would accept no spuds with such high moisture content. Simply stated, “You want to do business with me? This is how you keep me as a customer. This is what I want.” The supplier is genuinely pleased to know how to keep this customer happy.

This scripting idea may conjure up feelings of a company manual the size of the U.S. Internal Revenue Code. You may also shelter thoughts of you having to record it all this week. If so your imagination has the better of you. However, you can prove the value of the franchise model to your business knowledge now, particularly if you never seem to have enough time.

Over the next week keep a list of all the chores, the tasks, you personally find yourself committed to as a business owner. Add a check mark for each additional time you are called to perform that task. Merely making a mental note won’t work. At week’s end you’ll benefit greatly from the visual confrontation a physical record provides. The more detail you supply, the more valuable your list.

At the conclusion of your experiment, review the evidence of where you spent your time. With a critical eye, ask yourself what assignments should be occupying your time? As opposed to those which actually did occupy your time. Think about the specific tasks and functions that lend themselves to delegation? As you pose questions regarding this experience, be aware of what you are doing. Considering tasks that can be delegated and choosing the assignments you need to concern yourself with; these are the process of defining your position, contracting the focus to the critical path that really matters in your line of business.

Congratulations! You are now working ‘on’ your business. You are shaping, forming, and creating the product that is your business. The sharpened focus the process develops obviously makes you more effective working ‘in’ your business as well.

This little exercise can be repeated in most areas of your business. It will help isolate problems as well as recognize opportunities. A recorded outline form is sufficient. No doubt you will make modifications as time goes on.

The process helps you create a turn-key operation: one that gives you time away from the grind stone. If you’re with me, you realize the greater opportunity created is that now, documented your method of operation, your unique product – your business – can be replicated. You could be the franchisor, selling your business model to others. As long as you can demonstrate convincingly, “I have a product (a business) to sell you. Let me show you how it works.”

An Affiliate Business is Awesome!

Affiliate marketing companies themselves are often excellent sources of information about how to get started in the affiliate business. If you want to start the affiliate business for your first internet marketing business then I recommend you to choose the smallest hosting package. Start your own legitimate home based affiliate business FREE. Affiliate business programs offer other benefits on top of the easy money as well, such as exposure for your business and more resources for your customers. An affiliate business is a win-win for both parties, because it costs nothing but the space on your page. These businesses make income through affiliate programs that are simple in concept and work much the same way that word of mouth advertising does. While running an affiliate business you should remember that you will not make fortune overnight , you have to be dedicated for quite some time before you make any fortune , but keep working you will surely get good results.

Traffic is the life and blood of your affiliate business, in fact, any online business. What you should understand is that without traffic, you won’t get any sales. One of the most important reasons for failure in affiliate marketing in my list of 5 reasons for failure in affiliate marketing is not getting enough traffic. However, businesses cannot simply rely on their websites to drive traffic. The key, of course, is owning your own traffic. The content of your site with good keywords will make for a busy site with lots of traffic. What I have learned is that what most people mean is, “Where do I market my business so that I get traffic and sales. Why not monetize your traffic by offering other products and/or services also known as back-end sales.

There are countless opportunities everywhere a person looks. As it becomes harder each month to make ends meet more and more people are looking for internet home business opportunities or ways to earn extra income online. It is quite a job to sort through the information you have collected,this is what you need to find legitimate offers. If you want to truly build a business where the value continues to increase, which reflects your values and will build you a legacy, then you must look for opportunities within your passion. Follow the basics, especially when starting out for the first time.

1. You have to find a quality product to sell

2. A good website with high traffic with highly search engine optimized pages

3. Employ a good business credit card for various purposes.

Please take note: These are the essentials for anyone entering into an affiliate business online!

Commission based business has always been fruitful since ages and in the age of internet, this has taken a new turn. If you have a good website with huge traffic then you can always promote and distribute others product for some commission. The affiliate promoters, who wish to sell their commodities online, take the help of affiliates to advertise their product who are paid commissions. Sponsor’s products are the key to receiving commissions. “Most affiliate marketers aren’t even aware that their commissions are being stolen from under their noses by thieves”. Protect yourself from the hijackers that steal your commissions. If they can’t see that it’s an affiliate link, lower the possibility of you getting stiffed of your commission. Sign up through an affiliate partner such as Commission Junction, Clickbank or eBay.

What you need to do is start by planning out your business. Make sure that you have an overall business plan. Research for the best way to put into play your business plan. You are looking at a business plan that will take a short time to produce the results you are looking for. Here, you’ll find a workable plan for setting yourself up as a corporation, thinking through your long-term business goals, and growing your business by using outsourced help. To be a successful affiliate one has to have awareness, interest, desire and action to make any marketing plan successful. When you start to treat your affiliate marketing business like a real business, you will start to plan and execute the strategies to make your business growth. A step by step business plan guide is the only way to go.

Ways To Check Your Business is Producing Results

In the beginning, many start with stars in their eyes about what having their own business will mean and how the money will come pouring in with little or no effort; because of course, the idea or product is brilliant. But as time goes on, the new business owner may well realize that their business isn’t going as planned in the revenue sense or in the time sense. Some may close their doors prematurely. Some may keep their doors open indefinitely, pulling down family assets in the process.

Cash Flow:

Most businesses struggle with cash flow. Indeed when first starting your business, the tendency may be to spend all the money coming in on making and expanding your company. But then of course, a bill you had forgotten about resurfaces and you have to tell the other company or person to wait, that your cash flow. The fact that you are identifying that your cash flow is down may make the business owner doubt their abilities but cash flow is a fact of life for business, from the biggest to the smallest. There are times when the money comes in really well, perhaps a season and there are also down times.

One of the biggest problems with cash flow is when you are accepting Purchase Orders and waiting for the bill to be paid.

The best way to calculate if your business is worth keeping the doors open in terms of cash is whether it is a. covering all of its bills and b. whether all staff are getting paid as well as you at the top. You can also look at what capital purchases were made that bring assets into your company. If money is being spent to acquire assets at any level, chances are your business is doing well. It’s when your cash flow is negative, your bills are not being covered and you are not acquiring any assets (beit products or land).

To calculate this, you must look at your expenses versus your output over a 12 month period. Track where your money supply is short and where it is high. Learn to predict how well your business is doing in certain seasons and try to track the reasons for this upsurge or downsurge. I’ve actually met people who closed their business just before December. They felt that they were in over their heads too far and that keeping open one more month wouldn’t matter. But winter time is a buying season and with the advent of sales and shopping in December and January, there is no doubt they would have been better toughing it out.

The main business cycle is to open your doors for a year and spend and make money. The product or service has already been invented at this point. Money has already been invested and the main thing is to work on marketing to get a better share and to get your name out. The second year, you look at all your expenses and you start slashing. So if you accepted that your phone cost 100 dollars in the first year, you now look to other providers to beat that amount or to offer more services with that price. On the third year, you expand by buying assets. Doing this business cycle over and over again every three years means.

So in the case of a business that is not covering all their obligations, they may want to look at restructuring their outflow. Rather than paying a firm they need for layout and design per job, instead look at giving them a standard amount of money a month. In the case of high cost items, look at putting them over two years with the outflow again steady. This gives more stability to your business.

Certainly if you are negative for two years, shut your doors, pack it in and move on or seek to reinvent yourself. If you started with a product, there is no reason under the same name you can’t provide a service. Start again with the business cycle. Many business people have had flops for businesses right away but have gone onto run successful businesses, taking what they learned.

The business must always pay for itself and getting the accounting to have stabliity can be a driving force in sorting out cash flow problems.

Time

How much time should the business eat of your time? Are you in trouble if you are spending too much time on your business?

The average start-up of a business exceeds the average work week by approximately ten to twenty hours. So 50 to 60 hours per week to set up your business over a year is fine. Beyond that the second year, you’re in trouble. And if at that point, you can’t hire someone to split the time, then you should seriously consider closing your business. To your peril, you can lose your family, end up in divorce, wake up from all that work to find your entire world has been shaken upside down.

If you can’t devote 50 to sixty hours a week to your business plan to start with, my suggestion is to split your business plan in half and start with phases. Phase one is a certain product. Phase two is a certain product. This cuts your work week to your business in half and allows you to pursue outside employment or look after kids.

A good way to monitor time spent is to just create a schedule of when you want to work and also what you’ll be doing.

Assets

If your business is not developing assets by year three, then you could be in trouble. It means you’re standing still as a business. Assets can mean anything you can sell that is a product. But it refers to the buying of those items. So if you have ten thousand widgets of some sort to sell over the next however many years it takes, then you’re OK. If you’ve bought land with the money from your business or purchased another business, then you are acquiring assets. This is key. Without these assets, all you have is the name of your company and your work.

If you find yourself in a continuous spiral of not developing or buying assets, having only enough products to last a month or two, then again you should consider closing.

Assets are like the chestnut a squirrel buries in the field for when times are low. Imagine being able to liquidate or sell-off property if need be to make your business buoyant or to face difficult times in your personal life when you cannot devete as much time to your business.

Sales

It shouldn’t cost you more than you make to get the sale. Therefore, your advertising budget should fit neatly cost wise into less than 20 percent of what you make. Anything more means you’re spending too much.

The phone plans cost little. Faxing and email are pretty affordable. But many have been disappointed by mailing results. Unless you can buddy up with a few companies to make it affordable, you may be surprised at results of .05 percent per standard mail-out.

Summary

In determining if your business is worth it, look toward cash flow, expense to get sales, acquisition of assets and also allocation of time.