6 Tips When Buying A Franchise

6 Tips When Buying A Franchise…
Make a list of questions and spend the day to meet the team and get answers as well as a feel for the culture of the organization. Find out how deep the franchisor’s organization is and, please make sure you feel comfortable that the franchisor has enough experienced staff to service the franchisees.

By Gary Occhiogrosso
Founder and Managing Partner of Franchise Growth Solutions
Photo by rawpixel on Unsplash

Starting a business can be a life-altering event both good and sometimes not so good. One of the ways people reduce their risk is to purchase an established brand with a proven business model – a franchise.

Franchising has proved over and over again to give a new business owner the highest probability of success. If you follow the system, choose an experienced franchisor, work diligently, are appropriately funded and understand what you’re getting into then operating a franchise may be a perfect business model for you.

Selecting a franchise and purchasing a franchise combines gut reaction with solid research. Although there are many steps to buying a franchise here are my Top 6 Tips that will keep you moving forward in the process. I recommend never skipping or overlooking any of them.

Tip #1 – Begin With Some Soul Searching
Make a written list of what you believe you’re looking for in a business opportunity. However, for this exercise, you cannot put the words “make money” on your written list. The reason for that is simple. I want you to look inward at your dreams, background, hobbies, likes, dislikes, skills, social and community positions and all the elements that a business would need to deliver to you, despite the money. I know many franchisees and entrepreneurs that dread getting up every day to work their business even though are making all sorts of money. Franchisees that are great at selling or corporate engagement should seek a franchise that puts them in front of customers in a corporate environment, perhaps in the advertising business or financial business. Entrepreneurs that like to craft things or work outside or work with their hands should never seek out opportunities that land them behind a desk or stuck in a shop 12 hours a day. Although ultimately in time you will not be doing the “work of business” keep in mind that in the startup phase you may need to. Moreover, if you don’t like the work or have neither the time, desire or inclination to develop new skills you may never get to the next level in developing your business. If you can’t “see yourself” doing a particular type of work, then walk away, no matter how much money you think you’ll make. Look in the mirror and be honest when you sit down to write your list.

Tip #2 – How Much Available Capital Do I have?
Numerous business reports cite the number one reason a small business fails is that proper thought and consideration wasn’t given to the appropriate capital required to open and sustain the start-up of a small business. A lack of adequate money can destroy you before you even begin. It is crucial that you understand the numbers. Before you start your quest for a franchise, you should access your available liquid capital, your borrowing ability and the net worth necessary to collateralize a business loan. Also, there are various ways to finance your new business. That includes your savings, investments or loans from friends and family, bank loans, SBA loans and using the funds in your 401K to finance the new venture. Once you know the number, you can go shopping, or you may decide you don’t have enough money now and need to create a plan to accumulate the appropriate amount of start-up capital. Your accountant may be able to help you access your investment ability. Keep in mind many accountants (and lawyers) are not entrepreneurial minded or risk takers. Some will attempt to “protect you” by trying to convince you not to go into business. Remember you’re assessing your investing capability not looking for permission. That said, knowing how much you can invest will save you and the franchisor time. In addition, it’ll place you in a better position to succeed.

Tip #3 – Meet The “Parents”
In this case, the Franchisor. Once you’ve selected the type of industry you’d like to be in, its’ now time to search for a company that meets the criteria on the list we discussed earlier in this article. There are many ways to seek out opportunities, Franchise Trade Shows, Websites, Franchise Business Brokers and others. I’ll cover that in a subsequent article. Once you reach out to a franchisor, a franchise sales representative will most likely contact you. At this point be prepared to answer some questions over the phone. You may also be asked to fill out an application before going any further in the process. Many reputable franchisors will not engage in any serious conversation with a candidate without an application. My experience has been that franchisors willing to forgo written applications or skip asking qualifying questions at the start of the process may be desperate to “sell” a franchise. That should be a red flag for you. Beware, because it may be a sign the franchisor is undercapitalized and/or more interested in selling franchises and collecting licensing fees instead of supporting the franchisees long term by focusing on royalties from successful franchised locations.

Tip #4 – Take A Good Hard Look At All The Documentation
Once you fill out the application, the franchisor will most likely interview you over the phone or in person and then is required to issue you a Franchise Disclosure Document (FDD). Depending on the State where you live, you must have the FDD between 10 and 14 days before you can enter into any agreement or hand over any money to the franchisor. You will be asked to sign a receipt that you received the FDD and indicate the date you received it. This disclosure document has all the required information that the Federal Trade Commission (FTC) and various States require the franchisor to tell you. Please read it and reread it. Have a franchise attorney review the document and offer legal counsel regarding the franchise agreement. Then follow up with the franchisor. I would recommend that if you’re interested in moving forward, it’s now time to meet the franchisor in person (if you haven’t already) by scheduling a Discovery Day. Make a list of questions and spend the day to meet the team and get answers as well as a feel for the culture of the organization. Find out how deep the franchisor’s organization is and, please make sure you feel comfortable that the franchisor has enough experienced staff to service the franchisees.

Tip #5 – Speak With The Franchisees
Your best source of information is going to come from the franchisors customers, that means the franchisees. Call and visit as many franchisees as possible. Since many Franchisors don’t disclose Average Unit Sales and Operating Expenses in their FDD, they can not discuss it with you. Franchisors can only make claims and address financial issues published in their FDD. Be wary of the sales rep that starts telling you how much money the franchisees are making and how much money you can make. This practice of making “earning claims” not documented in the FDD is not only a violation of franchise regulation but also another red flag. However franchisees are not bound by franchise regulation and if they choose, are free to answer any question as long as they do not disclose proprietary information belonging to the franchisor, such as recipes or processes. When visiting the franchisees, build a report, let them know you’re close to making a decision and carefully phrase your questions so that they are not intrusive. I always ask about support and if they had the opportunity to “do it all over again” would they? Keep in mind there will always be a few disgruntled or struggling franchisees. Without knowing all the facts, it’s tough to condemn the system or franchisor. That said, if the majority of franchisees regret their decision or feel that the franchisor is not supportive, then you need to make further inquiries with the franchisor before signing the franchise agreement.

Tip #6 – Ready, Set, Go
Not so fast. Before the franchisor prepares a franchise agreement is it essential to discuss the best way to structure your new company. Many attornies will recommend that you not sign the franchise agreement in your name but instead set up a separate business entity such as a Limited Liability Compay (LLC) or an S-Corp. Seek competent legal advice from a franchise attorney before you sign a franchise agreement or set up a new company.

Franchise ownership can provide you and your family a lifestyle that can not be achieved by working a job for a company. Building a business can be rewarding, exciting and stressful all at the same time. As an entrepreneur, I believe business ownership is the best form of work for many people.

======================================
About the Author
Gary Occhiogrosso is the Founder of Franchise Growth Solutions, which is a co-operative based franchise development and sales firm. Their “Coach, Mentor & Grow Program” focuses on helping Franchisors with their franchise development, strategic planning, advertising, selling franchises and guiding franchisors in raising growth capital. Gary started his career in franchising as a franchisee of Dunkin Donuts before launching the Ranch *1 Franchise program with its founders. He is the former President of TRUFOODS, LLC a multi-brand franchisor and former COO of Desert Moon Fresh Mexican Grille. He advises several emerging and growth brands in the franchise industry. Gary was selected as “Top 25 Fast Casual Restaurant Executive in the USA” by Fast Casual Magazine and named “Top 50 CXO’s” by SmartCEO Magazine. In addition, Gary is an adjunct instructor at New York University on the topics of Restaurant Concept & Business Development as well Entrepreneurship. He has published numerous articles on the topics of Franchising, Entrepreneurship, Sales, and Marketing. He was also the host of the “Small Business & Franchise Show” broadcast over AM970 in New York City and the founder of FranchiseMoneyMaker.com

Six Ways to Finance a Restaurant Franchise

Six Ways to Finance a Restaurant Food Franchise…

Before seeking financing of any kind, make sure you’ve done your own due diligence. Prior to beginning your search, it’s important to know your own net worth, your credit rating, and to have a comprehensive business plan that includes pro forma documents, operations details and market comparison analysis.

Six Ways to Finance a Restaurant Food Franchise

If you are considering investing in a franchise opportunity, the very first question that may come to mind is whether you qualify financially. Most entrepreneurs, restaurant aficionados, or business executives exploring opportunities for a restaurant food franchise will seek outside sources of financing. The golden rule is to expect to contribute 15% to 30% of your own money to start with, and then go from there.

If 30% seems daunting, there’s good news. Often a franchise business opportunity is looked upon by financial institutions as less of a risk, compared to independent business start-ups. This can be further reinforced by the history and recognition of the brand name, the number of units in operation, and even the support provided to the franchisee by the franchisor.

Before seeking financing of any kind, make sure you’ve done your own due diligence. Prior to beginning your search, it’s important to know your own net worth, your credit rating, and to have a comprehensive business plan that includes pro forma documents, operations details and market comparison analysis.

Franchise financing can be complex, but it doesn’t have to feel impossible. Consider these six ways to finance a restaurant food franchise like Taboonette.

1. Friends and family, as well as experienced business owners,d business owners turn inwardly toward friends and relatives to help finance their franchise or start-up business. With this kind of financing, individuals and families get to create their own terms for repayment and enjoy the collaborative support from those closest to them.

2.SBA loans.
The Small Business Administration is a government agency that helps entrepreneurs plan, launch, manage and grow their businesses.1 They work with financial institutions to provide SBA-secured loans. A lender may be more likely to approve financing for individuals backed by an SBA loan because it is 90% secured. This means if the loan goes into default, the SBA guarantees repayment of 90% of the loan to the lending institution.

3.Bank and private loans.
Since the 2008 recession, it has been more difficult to secure bank loans or loans from venture capitalists or angel investors. A bank loan not secured by the SBA is perhaps the most challenging to obtain, but if you have a good relationship with a financial institution, a stellar credit rating and the required minimum liquid capital, it may be a good option.

4.Veterans loan.
The Department of Veterans Affairs, another government institution, offers qualified veterans financing opportunities for franchise and business loans. The program, called the Patriot Express because of its speedy process, makes loans up to $500,000 to active-duty military preparing to transition to civilian life, as well as to spouses and survivors of veterans. The loans come with the SBA’s lowest rates.2

5.Home equity.
A home equity line of credit or second mortgage is a way of obtaining financing but comes with a personal risk. Financing in this way uses your home as security. This means if you default on a business loan, you lose your home. But with sufficient equity in your home, it can be a relatively easy financing source to tap.

6.401(k), stocks and other personal accounts.
It is not unusual for people to tap into their retirement or savings accounts to help finance business ventures. In an interview with the Wall Street Journal, Bernie Siegel, founder of Siegel Capital LLC, discusses a rollover plan where the franchisee creates a C corporation that will own and operate the new franchise business. That corporation then creates its 401(k)-retirement plan. The C corporation’s 401(k) plan then purchases stock in the C corporation. The cash paid to the corporation is then used as the down payment, and the balance can then be financed through an SBA guaranteed loan.3

At Taboonette, we are excited to work with financially qualified individuals to help them reach their goal of owning a restaurant food franchise. Together we look forward to growing both our Taboonette franchisee and customer bases and bringing our delicious trademark Middleterranean® food and a unique dining experience to more hungry guests.

For franchise information contact [email protected] . “Offer by Prospectus only”

1.https://www.sba.gov/
2. http://guides.wsj.com/small-business/franchising/how-to-finance-a-franchise-purchase/
3.https://www.wsj.com/articles/SB120242422031851929

The Success of Acai Express – Now a Franchise in the USA.

“We provide a system that is simple to operate with no experience needed.” Our Acai Berries are harvested from the Amazon Rainforest. This discourages deforestation while at the same time creating financial opportunities for local farmers. We are committed to a culture of appreciation to our guests, franchisees, and team members.’
– Hector Westerband, Founder, and CEO – Acai Express

Watch The Founder of Acai Express explain the reasons why Acai Express is a hit.
https://lnkd.in/dhearqw

The Success of Acai Express – Now a Franchise in the USA.

Our story starts with crashing waves and bustling street corners. In July 2013, Hector Westerband, an avid surfer, founded Acai Express in his homeland of Puerto Rico. Beginning with a single food truck in Guaynabo, Hector wanted to promote a healthy lifestyle centered on the nutrient-rich acai berry. The rapid popularity of his food truck meant he quickly expanded the brand to open franchises elsewhere on the island (13 locations in Puerto Rico as of 2018…)

At Acai Express our mission is to provide our customers the best experience with the highest quality products. We strive to promote a healthy existence by offering customers a lifestyle brand with products that benefit our minds, our bodies, and our souls. Our products are created with the active and health-conscious consumer in mind creating a socially responsible business model.

Our Acai Berries are harvested from the Amazon Rainforest. This discourages deforestation while at the same time creating financial opportunities for local farmers. We are committed to a culture of appreciation to our guests, franchisees, and team members.

As an Acai Express franchisee you will benefit from distinct competitive advantages. We provide an innovative marketing program with a unique and lively shop design. Our menu offers 100% organic “Grade A” acai with other high-quality products and has all day sales potential. With three flexible business models, we provide a system that is simple to operate with no experience needed. Our franchise model offers a low-cost entry, with protected territories, comprehensive training, and an experienced management team.

For franchise information please contact:[email protected]
Notice Regarding Franchise Offers and Sales

This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. There are approximately 14 countries and 15 US states that regulate the offer and sale of franchises. The countries are Australia, Brazil, Belgium, Canada (provinces of Alberta, British Columbia, Manitoba, New Brunswick, Ontario and Prince Edward Island), China, France, Indonesia, Italy, Japan, Malaysia, Mexico, Russia, South Korea, Spain, and the United States of America. The US states are California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states or countries, are receiving this message in one of these states or countries, or intend to operate a franchise in any of these states or countries, we will not offer you a franchise unless and until we have complied with any applicable pre-sale registration and/or disclosure requirements in the applicable jurisdiction.
This offering is not an offering of a franchise. In New York (USA), an offering of a franchise can only be made by a prospectus that has been previously filed and registered with the Department of Law of the State of New York. The application for registration of an offering prospectus or the acceptance and filing thereof by the Department of Law as required by the New York law does not constitute approval of the offering or the sale of such franchise by the Department of Law or the attorney general of New York.
© 2017 Harold L. Kestenbaum, Esq.

2nd edition in our “Coach, Mentor & Grow®” video series for Franchisors

Here’s the 2nd edition in our “Coach, Mentor & Grow®” video series for Franchisors. The panel at the NY FBN/IFA meeting covered the topic of “Franchising and Private Equity- How to Position your Company” Panelist Oz Bengur, Lisa Oak, Grant Marcks and Roger Lipton. Hosted by David Azrin Esq.

If you’d like to receive the entire 1-hour session please contact us at [email protected]

Watch the video: https://www.linkedin.com/in/gary-occhiogrosso/detail/recent-activity/shares/

Skinny Pizza continues Franchise Expansion

SKINNYPIZZA’s expansion focus includes primary domestic and international markets that support a healthier approach to great tasting New York-style pizza, pasta, organic salads and farm-to-table greens. Company officials say they anticipate additional expansion this year with a growth rate of 6-10 domestic units, including locations in Greenwich, CT, Dallas/Ft. Worth and Philadelphia.

SKINNYPIZZA® Goes Global

NEW YORK, NY – Healthier New York pizza sensation, SKINNYPIZZA®, announced their expansion to The Kingdom of Saudi Arabia with the addition of 25 locations with Fawaz Alhokair Group, one of the leading groups of companies in Saudi Arabia focusing on the retail, real estate and restaurant business sectors.

Fawaz Alhokair Group entered the Food & Entertainment sector in 2005, bringing fresh new alternatives to the Saudi Arabian market. Their highly experienced Food & Entertainment Company operates 11 separate franchises of leading international brands, in categories such as coffee, sweets, juices, sandwiches and fast-casual dining.

Fawaz Alhokair Group’s Food & Entertainment Group VP, Sultan Alhokair said, “There is nothing similar to SKINNYPIZZA in the Saudi market. It is either fast-food quality or casual dining pizza offerings.” Mr. Alhokair believes SKINNYPIZZA is a perfect fit for the market. He stated, “SKINNYPIZZA brings a gourmet, healthy, New York authentic pizza experience to the fast-casual sector, which differentiates it from the rest.” Karim Hajjali, Chief Business Development Officer, will lead the expansion of SKINNYPIZZA under the leadership of Kamal Abusara, CEO of the group’s Food & Entertainment division.

SKINNYPIZZA Founder and CEO Joseph Vetrano said, “We couldn’t be more pleased to be partnering with Fawaz Alhokair Group to bring healthier SKINNYPIZZA to The Kingdom of Saudi Arabia. Alhokair Food & Entertainment has a long history of successful real estate development and food operation and represents precisely what we look for in an experienced international multi-unit development franchisee.”

SKINNYPIZZA Senior Franchise Recruiter Vince Blumetti indicated that “the company is very excited with the newly formed multi-unit relationship with Alhokair Group and the discerning investments of its chairman of Fawaz Alhokair. We believe that this places SKINNYPIZZA in ‘rarefied air’ that includes Chairman Alhokair’s interests in 2,100 stores across the Middle East, North Africa and Central Asia, and of course his recent highly publicized $88 million Park Avenue purchase, which is Manhattan’s highest penthouse.”

SKINNYPIZZA’s expansion focus includes primary domestic and international markets that support a healthier approach to great tasting New York-style pizza, pasta, organic salads and farm-to-table greens. Company officials say they anticipate additional expansion this year with a growth rate of 6-10 domestic units, including locations in Greenwich, CT, Dallas/Ft. Worth and Philadelphia.

ABOUT SKINNYPIZZA
After life-long experience with authentic Napoli-New York-style pizza, and over six years of research and development, Joseph Vetrano came up with a winning formula. SKINNYPIZZA is the New York Post’s #1 rated, best tasting pizza. Their healthy and delicious pies include a no-additive crust, USDA organic tomatoes, and hormone-free, nitrate-free toppings. SKINNYPIZZA, along with its staff Registered Dietician, serves only all-natural additive-free pizzas, GMO-free pastas, USDA organic salads, farm-to-table greens, high-fructose corn syrup-free sodas, soups, sandwiches, and optional organic craft beers.

SKINNYPIZZA is based in New York City at Brookfield Place, Two World Financial Center, 225 Liberty Street, Suite 251, New York, NY 10281. For more information visit: skinnypizza.com

Media Contact:
[email protected]
516-695-7045

Franchise Inquiry Contact:
[email protected]
www.frangrow.com
917.991.2465

Franchising continues to grow and Millennial founded brands are a driving force.

There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”

Franchising continues to grow and Millennial founded brands are a driving force.

As Millennial Entrepreneurs are coming into their own with new brands that are emerging and growing, the idea of Franchising as a tool for rapid growth has become a prime focus. Understanding the need for Brand Identity and Social Acceptance perhaps better than any generation before it, the Millennials and GenX’rs are turning to franchising as the key method to expand beyond their immediate territories.

Gary Occhiogrosso, Managing Partner of FranGrow, (a franchise development and sales firm www.frangrow.com ), put it this way “as popular as the internet has become, you can’t physically experience your favorite restaurant or have your hair cut, or do a spin class or take care of aging parents “on the internet” or using an “app”. “There is a “real world” element that provides great opportunities for franchising both product and service based businesses.” “In the first six months of 2017 we’ve been approached by double the number companies looking to franchise their business or help them expand compared to the same time last year.”

FRANCHISING GROWS IN TOTAL

Robert Cresanti – President & CEO of the International Franchise Association (IFA) reported “We are forecasting that for the sixth consecutive year, franchise businesses will grow at rates that exceed the economy-wide growth of industries where franchises are concentrated, Franchise businesses are showing tremendous capability to provide new jobs for working families and new businesses for first-time business owners across all sectors in local communities, despite the fact that franchisees are facing many new regulatory threats at all levels of government.”

TOP CATEGORY IN FRANCHISING

According to Entrepreneur’s Franchise 500, the top growth sector both domestically and internationally is Quick Service Restaurants. As this stat relates to Millennials, they are particularly fond of the build your own concepts that feature fresh, made to order items, using sustainable ingredients and “built” to the customer’s specifications. Occhiogrosso who also teaches restaurant concept development and entrepreneurship at NYU says that his students aim their creativity on either launching or purchasing a quick casual brand that focus on the quality and social responsibility of the concept. He went on to say, “regarding founders and entrepreneurs that engage us to expand their brand, the franchise model is the primary form of expansion. Our client list has grown to the point whereby we’ve had to go to a waiting list. There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”

For follow up information please contact [email protected]

How to Turn A Franchise Agreement To Your Advantage

Often the most complex area relates to renewal and termination of the franchise. Are you granted an automatic renewal right beyond the franchise term of 5 or 7 years? What renewal fee is payable? Can you sell the franchise on?



How Turn A Franchise Agreement To Your Advantage

How Turn A Franchise Agreement To Your Advantage

By: Martin Truman

Deciding to buy a Franchise is a huge decision. Once you have convinced yourself that franchising suits your character and business aspirations, have identified the right franchise, done your sums, attended the initial training and perhaps paid an initial deposit you will be presented with a Franchise Agreement to sign.

Typically this agreement could run to 40 or 50 pages and can be a daunting read to those unfamiliar with commercial contracts. The very nature of a franchise business structure means that the agreement will be fairly complex. Remember that this document provides the framework for your business life over the next seven years or so.

Franchisors, particularly established ones, will rarely change or negotiate the terms of their standard Franchise Agreement as they will want to maintain uniformity across all the franchises. However, it is essential that you understand what you are being asked to sign. Once you have signed an agreement as a business person (without the cotton wool treatment given to consumers) you will struggle to persuade a court later that the terms were unfair or sufficiently unreasonable to be void. You will be stuck with it! I strongly recommend that you seek legal advice from a commercial solicitor familiar with franchising.

Key areas include establishing the true cost of the franchise including ongoing royalties, advertising costs, minimum stock purchases. What location and territorial rights have been granted? Are these exclusive to you? What property and equipment is required? What obligations are there on you and the Franchisor relating to the ongoing operation of the franchise?

Often the most complex area relates to renewal and termination of the franchise. Are you granted an automatic renewal right beyond the franchise term of 5 or 7 years? What renewal fee is payable? Can you sell the franchise on? Usually you will need to give the franchisor first option and/or a right of veto over the acceptability of any proposed transferee, often coupled with a % fee. What are the consequences of an early termination by you if you want or need to get out prematurely? There will usually be a minimum period with forfeiture of the franchise fee, stock and possibly other financial penalties and compensation. What if you are in breach? What circumstances would lead to an automatic termination? Are you given a period in which to remedy your breach?

Ask yourself some “What if?” scenarios. What if you died or were seriously ill? What if you failed to meet your sales targets? What if you wanted to sell product out of your territory? What if a customer sued you for faulty products? If you cannot answer all your What ifs, do seek more advice. Don’t be afraid to ask the Franchisor these questions. But don’t expect an impartial response. The Franchise Agreement will usually have an express term preventing any reliance upon representations or claims made by the Franchisor in the initial presentations or documentation. Much to the disappointment of many clients who come to us for advice having run an unsuccessful franchise, this applies particularly to any claims as to how much money can be earnt… Buyer beware!

Author Bio
Martin Truman is head of commercial law firm, Truelegal Solicitors. For more information about Franchise Agreements visit http://www.legal-advice-centre.co.uk/franchise-agreement.html“>www.legal-advice-centre.co.uk/franchise-agreement.html.

Article Source: http://www.ArticleGeek.com – Free Website Content


ALERT: 10 legal issues for restaurant operators to watch


photo credit:Mario Tama/Getty Images

From minimum wage legislation to predictive scheduling, here’s what to expect on the legal front in 2017

10 legal issues for restaurant operators to watch
Article link courtesy of Nation’s Restaurant News.
Written by Jordan Berstein

Jordan Bernstein is a partner at the law firm of Michelman & Robinson LLP in Los Angeles, focusing on the restaurant industry. Taylor Burras is an associate with the law firm. This article does not necessarily reflect the opinions of the editors or management of Nation’s Restaurant News.
______________________________________

With the election of Donald Trump as president, labor-related stress that restaurant operators have experienced in recent months may soon relax. However, new federal, state and municipal regulations will impact operators in 2017. Regardless of federal policy, restaurants will face uncertainty when it comes to employment and regulations.

Here are 10 legal developments that should be front and center for operators this year:

Read the entire article here:
http://www.nrn.com/workforce/10-legal-issues-restaurant-operators-watch?NL=NRN-02_&Issue=NRN-02__20170202_NRN-02__542&sfvc4enews=42&cl=article_1_3&utm_rid=CPG06000002460545&utm_campaign=14453&utm_medium=email&elq2=6c67573ba8544aec81dcf8424caebec2

Business Success Secrets You Must Know

Get advice from solicitors and learn about customer service from experts. Being prudent in this area will help eliminate any start-up mistakes and set you ahead of your competition.

Small Business Success Secrets
By Dan Cavalli

Small business success is easy but certainly not simple. Turn your passion into small business profits. Many business owners experience Small Business Success. Even though the world is experiencing economic difficulty, business growth is rampant. If you need help to achieve business success you have come to the right place.

What is it that an individual can do to achieve lasting success in their small business? Here are a few ideas to improve your chances of gaining small business success using time tested secrets I personally use in my own business.

1. Research. You can either market the product you have now in the hope of it being acceptable to the market place or you can research the market for the best product to sell. At any rate market research has to happen first and once done, marketing is a continual through the life of your business.

2. Cash Flow. Lack of cash flow is a major reason for business failure. It’s OK to gain sales and make money but if you don’t or can’t collect it you are destined to go broke. The rule to keep in mind is to make sure you invoice as soon as possible and you pay as late as possible. This is a simple plan that works. So sit down, and take the time to create a cash flow plan now.

3. Technology. Technology will save you thousands of dollars and halve your work time. Buy as much as you can afford. Remember, the hours spent in your business are worth money and plenty of it so be smart and embrace technology. Technology can automate every part of your business including communicating with customers.

4. Passion. There is nothing worse than going to work and becoming a clock watcher because you are unhappy. Find something you are passionate about and do that. The day won’t be long enough then to do all you want to accomplish. Why? Your passion creates enthusiasm and that will carry you through any tough spells. It’ll motivate you when your business hits bad times.

5. Marketing. The prime function for you as a business person is not to sell product but to become a marketing Guru. Marketing is one of the areas where many business owners fall down and that has a bearing on whether or not a business will be successful. You love your business and you want it to be successful. Do research and find out how are you will convince prospects to buy what you have?

6. Advice. You may think you are pretty smart. You may have specific knowledge about your specialty which is great, but you will come unstuck if you haven’t run a successful business before. You must still seek advice from experts when building your business. The reason is business is not about what you know in your field. It’s controlled by legislation, consumer rights and marketing. Get advice from solicitors and learn about customer service from experts. Being prudent in this area will help eliminate any start-up mistakes and set you ahead of your competition.

7. Delegation. When you own a small business you have to wear many hats. You are the CEO, GM, admin manager, customer service manager, research and development person, sales and marketing manager and everything else. It’s not practical to manage your business this way and hope to grow at the same time. Delegating responsibilities and tasks is an important component of running an efficient and successful business. As the business owner your time should be spent growing the business, working on the business, not in it.

8. Internet. I am not talking about using the Internet to sell your product or service [even though it is often used for this] but rather use it for research, communication Free Reprint Articles, making payments to save time. Use the internet to gain more for your business to save time and money for business building tools and the latest resources.

Your partner in business success

Dan

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

Helping people and business to be the best they can be now! If you liked this information and want more get the ‘Six steps to more business quickly’:http://www.leadbuildingsystems.com . Thinking about Starting a business and want to know how: http://www.startingabusinessnow.com/ Want to Grow a Small Retail Business fast: http://www.howtogrowasmallbusiness.com/

6 Tips for Startup Success From MIT Bootcamp for Entrepreneurs

Just after the defining the business idea, all the teams at MIT bootcamp are forced to interact with their potential customers and interview them. It doesn’t matter how hard it is to reach the target market, all teams have to find a way to get real responses to validate their idea.

6 Tips for Startup Success From MIT Bootcamp for Entrepreneurs

Former Olympian Inga Stasiulionyte shares the main lessons that she learned about starting a successful business.

by Carolyn M. Brown

Reports show that at least eight out of 10 businesses fail within a year after opening, and roughly 96% will close in 10 years. This summer, MIT held its regular Global Entrepreneurship Bootcamp, where entrepreneurs from around the world underwent the most challenging week of their lives while learning how to build a lasting and successful business. MIT organizes these bootcamps with the goal of creating more stable jobs. When businesses fail, it’s not only the owners that suffer financially and emotionally; when people lose their jobs, vendors lose their clients.

Inga Stasiulionyte is a former Olympian, mentor, and an MIT bootcamp award-winner for Onbotraining, her online startup for mind training. Here, Stasiulionyte shares the main lessons she’s learned from her MIT startup bootcamp experience.

1. Learn to Achieve Perfection

Everything is possible, even at the highest level. When running a 100-meter sprint, your body will function at its best in the shortest amount of time. However, you have to keep moving faster and faster without losing quality, in order to succeed. The more we learn about how we function, the more we can challenge our capabilities and standards. It all depends on mastering your thoughts, actions, discipline, and planning.

The more we learn about how we function, the more we can challenge our capabilities and standards. It all depends on mastering your thoughts, actions, discipline, and planning.

2. Work With Experts

If you want to achieve the best for yourself, work with experts. When you work with the best in their field, you can continuously challenge your limits and see how they break theirs. Being around groundbreaking individuals will increase your mental limits, surpassing what you thought was possible.

Read the entire article here: http://www.blackenterprise.com/small-business/6-tips-success-mit-bootcamp-entrepreneurs/