Month: April 2017

Media Reviews #loan #for #business

#www.business.com

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Business.com Media Reviews

Upper Management is full of themselves and cliquey. The company that I joined awhile back is not what BDC is today. sales are down, morale is down and overall, things are trending downward, but there is zero recognition of this on the part of management. One of the biggest issues is that HR doesn t feel like a neutral party, so no one feels like they can really say how they feel, which is why people are venting on Glassdoor.

Advice to Management

Take a good look around.

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Business.com Media Response

Business.com Media 2015-09-03 07:18 PDT

Culture Values

Comp Benefits

Former Employee – Anonymous Employee

Former Employee – Anonymous Employee

I worked at Business.com Media (More than a year)

Southern California office, lots of company events

Very very little appreciation or praise.

Advice to Management

Flag as Inappropriate Flag as Inappropriate

Business.com Media Response

Business.com Media 2015-08-18 12:35 PDT

Is this helpful? The community relies on everyone sharing Add Anonymous Review

Culture Values

Comp Benefits

Former Employee – Sales Executive in Carlsbad, CA

Former Employee – Sales Executive in Carlsbad, CA

Disapproves of CEO

I worked at Business.com Media full-time

Socal location is amazing, some great coworkers at the junior level

I had a horrific experience at this company. My old boss left a couple of months ago, and that was the final straw. I heard that their top content person, who was also great, left as well. From a career perspective, I can t say it strongly enough — do yourself a favor and work somewhere else.

Advice to Management

Time to clean house – start with the person you see in the mirror

I relocated to San Diego for this position and am really excited about my new gig. I really like the team that I work with and am excited to take ownership over a major product. It seems like communication is pretty strong within my team, not sure how other teams work though. I love that the company offers a gym membership and keeps our kitchen stocked with snacks. The people here are really nice and have been super welcoming.

There are a lot of meetings, which can take away from time that could be spent on getting things done. It would also be nice to get to work from home sometimes bc my commute can be rough.

Advice to Management

Like others have said, a 401k match would be awesome and less meetings.

The gym membership is free and there are great snacks. A few really talented individuals (not in management). But are free Sun Chips and Red Vines really worth working late every night and made to feel bad when you still can t get everything done?

I can t say much more than the other 1-star reviews on here. I agree with EVERYTHING they have said, and in some ways they have voiced it better than I could. The atmosphere is unprofessional. Management plays favorites, especially to those employees that they are in romantic relationships with.

They preach culture, but it s not at all welcoming or empowering. You re encouraged to have ideas and help move the company forward, but most good ideas from the trenches are thrown out in favor of short-term wins, management s egos, and maintaining the illusion of success. Why solve a problem when you can lie about it and pretend it doesn t exist? On more than one occasion, I was forced to work on projects that were unethical, manipulating results so the advertiser would think the campaign went differently than it actually did.

You can work hard and keep your head down, as one reviewer put it, but you will get taken advantage of, and there will be no recognition for the effort you ve put in. That s why so many people are quitting and writing these reviews. Management is struggling to keep people, demonstrated by the extremely high turn over.

They will say ANYTHING just to convince employees that the company is moving in a successful direction, and scold you for saying anything other than positive things about the company. It doesn t surprise me at all that another reviewer was contacted about leaving a negative review here. They treat internal employee surveys the same – they only report on the positive comments and don t keep results anonymous when there is negative feedback. I suppose you increase your positive reviews when you scare people into thinking that their comments are not going to be anonymous.

Overall, I felt completely duped. What I was promised in the interview was not at all what was delivered. Save yourself the time and effort, since the interview process isn t quick or painless.

Advice to Management

-Stop lying to employees and advertisers.
-Hire more people in order to avoid burnout and turnover.
-Pay attention to the super talented worker bees and recognize them for their awesome work.
-Match 401k contributions.

-Most importantly though, don t just dismiss negative feedback and people quitting as individuals who just couldn t measure up at your cutting-edge, industry-leading company. They quit for other jobs. it s not like you fired them. Stop kidding yourselves.

The health insurance plan was pretty affordable and they offer a flexible spending account.

Business.com has a totally unprofessional work environment. A few months after I left the company, I actually got an email from HR accusing me of leaving them a bad review on here. I didn t write the review, but it s so close to my own experience I could have. I can t believe a professional would take the time to make those accusations, but it s not really that surprising. That s just a small reflection of what the company culture is like. Like another reviewer said, it feels like high school.

Advice to Management

– You won t succeed if you don t drink the company Kool-aid.
– People are told they re encouraged to speak up yet reprimanded if you question anything
– Incest – it seems like pretty much everyone is sleeping with each other.
– Unqualified Management
– Customer Service is of least concern; never able to keep clients because of poor service
– If you re quiet and work hard, you re pretty much invisible.
– No real constructive criticism is given

Advice to Management

Pay attention to the people who the people who are actually doing their work, not the ones that pretend to do it.

Hire qualified managers or provide training so they are qualified.

Take into account CONSTRUCTIVE feedback from the employee surveys and share it with the company; don t just share the positive feedback





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New Business Ideas with low investment in India #business #loan #rate

#low investment business ideas

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Business Ideas with Low Investment in India

There is a familiar belief that starting a business needs a huge amount of investment. This is not the case for every type of business. You can run businesses with low investment, even from your home. India is a land of many opportunities. You can start a business in India with a nominal amount of investment and grow your business. Given below are some profitable small business ideas, with low investment, in India.

List of Best Low Investment Business in India

Home canteen

Running a home canteen is an excellent idea for a business with low investment. You can cook different types of tasty food and supply them to offices, factories, and other customers. Of late, the business of cooking and food supplying has garnered significant popularity and it is a profitable small-scale business. The success of your home canteen will depend on providing quality food and giving timely service.

Dance Instructor

You can work as a dance instructor and this does not require a whole lot of money. You can open your own school or work as a freelance dance instructor. Since dance forms an integral part of Indian culture, many parents like their kids to learn dance from a very early age. Therefore, there are plenty of opportunities for a dance instructor to earn both fame and money.

Fashion designing

You can work as a fashion designer and start your business venture with a low investment. For this, you will need to undergo a full time or part time course on fashion designing. Start with traditional Indian clothes since they are the most sought-after outfits at the present time.

Data Entry jobs

Data entry jobs do not ask for a big amount of investment. If you have a computer at home and Internet connection, you will get a host of data entry jobs by sitting at your home. Data entry jobs are outsourced to freelancers and other organizations so it is not so difficult to grab a project. However, you should remember that you have to finish the task within a certain time period. Filling up forms online is a popular example of data entry jobs on the Internet.

Affiliate Marketing

Affiliate marketing is the method of merchandising the goods and services of another organization on their behalf. Here you work as the affiliate of that organization. Whenever you sell a product, you will be entitled for a commission. The amount of commission will depend on your agreement with the company whose products you are selling.

Web Development

Like other small investment businesses, starting a web development company is possible without a huge amount of investment. If you are familiar with web development processes, you can start a business on your own with a PC with Internet connection and software. Once your business reaches a sizable scale, you can employ a few web development professionals who can run your business adeptly. The most difficult part of this business is getting projects. You have to obtain projects constantly for sustaining your business.

Home Made chocolates

Making chocolates in your home is a moneymaking business. You just have to get the ingredients that are essential to make chocolates at home. After preparing the chocolates, pack them with fancy wrappers to add creativity and make them more attractive.

Event management

Event management is a cost-effective business option for people who are interested in organizing different types of events and functions.

Wedding consultant

Weddings are big events in India and take a lot of time. You can work as a wedding consultant to make things simpler and manage them for people who just don’t have the time to do it for themselves.

Industry/factory tour planner

You can open a business for an industry/factory tour planner with a small amount of investment. Start an agency which will conduct industry or factory trips. Hire a small number of people who are experienced in the job of factory tour guides. Look for contracts from companies that are looking for industry/factory tour planners. This will take some time in the initial stages. However, when the contracts keep flowing in, you will start making money gradually.

First aid instructor

If you have sufficient knowledge regarding first aid, you can start working as a first aid instructor. There are abundant opportunities for first aid instructors in schools, colleges and various educational institutes. You can work either as a full time or part time first aid instructor. Purchasing a first aid box is necessary for this business.

Art and crafts

You can open an arts and crafts stall. Though this type of a business venture requires some more investment than the so-called low investment business options, it is definitely a lucrative venture. There are many people in India who are ardent art and handicraft collectors and they constantly look for these items. They can pay any price for their favorite item. So, think about opening an art and crafts shop right away. You can get a bank loan for this business venture from various financial services providers and banking institutions in India.

Daycare Center

Daycare Center is an excellent business choice which necessitates a trivial amount of investment. The most attractive part of this business is that you can do it from your house. In addition, there is no requirement to make a huge investment on infrastructure. The things you have to purchase include books, toys, and games for the kids. The other things are there in your home. Nonetheless, you might have to redesign your home as per the requirements of the kids. A number of safety measures need to be adopted such as keeping electrical devices in a place which is inaccessible to the kids and meshing the veranda.

Consultation

Consultation is a good business choice to start with a nominal amount of investment. You can work as a financial consultant or a real estate consultant if you have the requisite qualifications and expertise. As a financial consultant, you can guide people on doing the right investment at the right time. As a real estate consultant, you can help people in buying and selling of real estate. Other types of consultancies such as architectural and home design consultancies are gaining popularity.

Child Care

Running a child care unit is also a lucrative business option. However, you have to ensure that you have got the infrastructure and facilities to run a child care center at your home. Remember that you have to be extensively trained in first aid to run a child care center.

BPO

BPO or business process outsourcing is a profitable business in India. Under this process, the responsibilities and functions are contracted to a third party. You will find lots of outsourcing jobs on the web. If you have a PC at home with Internet connection, you can turn it into a home-based business by procuring BPO jobs. Some of the popular BPO jobs include medical transcription and data entry jobs.

Bookkeeping

You can run bookkeeping or accounting business from your home. If you are well acquainted with bookkeeping, accounting processes, and accounting standards, you can look for bookkeeping jobs that can be done from your residence. You need a computer with Internet connection and some accounting software packages that you need to install in your PC.

Mobile repairing

The mobile repairing business is also a moneymaking business. Since mobile phones have become an integral part of our day to day life, servicing and repairing mobile is essential whenever a problem occurs. You have to hire experts who have the understanding of the ins and outs of mobile and cellular phones.

Computer repairing

Similar to mobile repairing, computer repairing can help you make money. You can run this business from your home. Knowledge of computer hardware and kits for servicing computers are the necessary resources for this business.

Which Business is Good to Start in India





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USA Business Partner Wanted classifieds #start #your #own #business #ideas

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Los Osos, California

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How to Finance a Business Acquisition #sample #business #plans

#business acquisition loan

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How to Finance a Business Acquisition

Business experts often say that it costs less to buy an existing business than to build one from the ground up. If you are an entrepreneur looking into purchasing a business, there are a few items to consider when seeking financing for the acquisition that may strengthen your viability as a loan candidate and your ability to tap into a variety of potential financing sources.

Most lenders will want to review your business plan, and you should also determine the economic status and value of the business you re considering buying. Review the financials and consider having your banker and/or trusted financial advisor also review the numbers. Ascertain the value of the business, including any equipment, real estate, inventory and other assets.

To increase your viability as a loan candidate, convey your industry expertise and any management know-how to your potential lender. Lenders look for candidates who exhibit strong potential for success after acquiring the business. Show lenders that the transition period will run smoothly, and consider keeping existing managers on staff to help ensure an easy transition. Seasoned employees can also help you learn the inner workings of the business and help secure extended contracts with existing customers.

When seeking financing, consider these lending sources:

  • Family, friends or angel investors. Lenders will likely expect the buyer to provide between 20 percent and 50 percent of the capital upfront. If you do not have the initial capital to invest in the business, consider borrowing from family and/or friends. Another option may be angel investors–wealthy individuals who make equity investments in businesses at the early stages. They typically have expertise in the fields of businesses in which they invest and can also offer their resources and contacts.
  • Seller financing. Consider asking the seller if he or she can provide financing for the sale of all or some of the business. In some cases, sellers may provide a very reasonable interest rate. Some seller financing can also prompt other lenders to invest in the venture.
  • U. S. Small Business Administration. Many lenders across the country offer small-business loans guaranteed by the U.S. Small Business Administration (SBA). These loans may provide more lenient and flexible financing for qualifying borrowers.
  • Financial institutions. While the industry is still in the midst of a tight credit market, the fundamentals for loan qualification remain important. They include demonstrating positive cash flow, solid management experience, industry expertise and a strong credit report. Banking relationships are also a significant part of the equation. It is important to cultivate and maintain a relationship with your banker, keeping him/her well-informed about your business experience within a particular industry. Many banks, also have special lending programs for women-, minority- and disabled-veteran-owned businesses.

Be prepared and stay informed when seeking financing for an acquisition. It is not unusual, especially in a tight credit market, for business owners to seek a variety of lending sources.

The foregoing article is intended to provide general information about financing an acquisition and is not considered financial advice from Union Bank. Please consult your financial advisor.





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5 Hot Work-From-Home Business IdeasNFIB #selling #a #business

#home business ideas

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5 Hot Work-From-Home Business Ideas

From grocery shopping to backyard pond kits, new home-based businesses get creative and profitable.

Yes, we know all about child care and dog walking. But isn’t there something you can do while working in your slippers?

In fact, yes. Thanks to the wonders of the Internet, entrepreneurs nationwide are finding new and creative ways to work from home. And they’re not just selling ideas anymore, like public relations and consulting services.

Today’s home-based entrepreneurs make up 52 percent of all small businesses, according to the U.S. Census Bureau, and they are selling everything from groceries to backyard pond kits. Here are a few of the latest home business ideas, from those who are putting them into play.

1. Go for the Groceries

Entrepreneur Suzanne A. Wells buys groceries, marks them up, and turns them around on Amazon. “This business model works on the concept of scarcity: The less there is of something, the more people will pay for it. I sell things like specific, hard-to-find flavors of Crystal Light drink mix, hard-to-find gluten-free products, or specialty baby formula,” she says. “We scout out our local stores to find products we can sell for a profit on Amazon.” Last year, she sold 100 boxes of limited edition candy corn Oreos for $25 per box. Her cost at the local grocery, $3 each.

2. Mind the Shop

When business owners go out of town, Susanne Riehle takes their calls. As a “business babysitter,” she handles daily tasks such as responding to emails and triaging minor issues, sending receipts and quoting published prices. “Now the business owner can leave on vacation with relative ease and comfort, because the business is taken care of,” she says. Equipment is minimal: Basic computing, call-forwarding from the business, maybe an archived copy of Quickbooks. Should a major issue arise, “the babysitter has an emergency contact number for the business owner.”

3. Spiff up Slides

Margy Schaller’s home-based idea sparked when she saw medical and dental speakers at local society and national association conferences give great talks with lousy visuals. “Their PowerPoint slides were typically rudimentary, with a bland blue background, white font, and way too much text on any given slide,” she says. The market for presentation design on the corporate side is saturated, so she set up Laser Pointer in Poway, California. to address a niche market of medical professionals. Now she takes their basic slides and reformats them into slick-looking, professional visuals. “All I need is my laptop, cell phone, and an Internet connection. I typically start my workday at 8 a.m. and go until 5 p.m. with an hour lunch to play with my dogs.”

4. Make Matches

At Home Remedies in Hewlett, New York, Debra M. Cohen spends her day making matches. She vets local tradesmen for quality — painters, plumbers, carpenters, and such – and when she’s satisfied, she refers them to homeowners seeking such help, taking a pre-negotiated percentage for her services. She’s grossed $4 million since 1997 with no overhead, not just by making matches but by spawning look-alikes. She charges between $2,000 and $7,000 to others around the nation who want to replicate her business model. It’s a high-touch enterprise, but not so much that she has to leave the house. “This is a people business and it’s important to build trust, so I like to talk to my homeowners and contractors by phone as often as possible,” she says. With phone, email, website, and enewsletter, Cohen has all the outside contact she needs to keep the wheels turning, without having to get in the car.

5. Move Big Goods

At first it looked like John Olson had gotten it wrong. Graystone Industries was thriving, so much so that product was stacked 12 feet high, up to the vaulted ceiling in the living room. It was piled in every bedroom, the garage, the attic. “We had to worm our way through winding pathways to get from one room to another,” he recalls. The product is too bulky for a home business — statuary fountains, fountain lighting, pond kits — so Olson solved his space dilemma by outsourcing. “We got an order fulfillment company to ship our products, another company to provide customer service, another to do invoicing while another does web work.” The result: $1.8 million in 2013 sales, and Olson gets to stay in his PJs, should he so choose.

READ NEXT: 10 Popular Home-Based Franchises

This news article is intended to keep small business owners apprised of current events that may affect them. It does not necessarily reflect NFIB’s policy position on such issues.





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Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more #how #to #finance #a #business

#cottage industry ideas

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We think it’s important you understand the strengths and limitations of the site. We’re a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong.

  • This info does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances and remember we focus on rates not service.
  • We don’t as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it’s rarely made public until it’s too late (see the section 75 guide for protection tips).
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4 Ways to Market Your Business for Free #mobile #business #ideas

#advertise my business

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4 Ways to Market Your Business for Free

CEO and Founder of Tack

Ask any entrepreneur that s just starting out what the most difficult aspect of their business is and they ll likely point you to the challenge of reaching and retaining customers. Yes, marketing a new business or product can be a time consuming, costly endeavor — something many entrepreneurs don t have.

Small businesses and startups generally don t have the luxury of outsourcing their marketing needs to professionals. However, there are a handful of marketing practices available to entrepreneurs that don t require them to burn through valuable resources to get this challenge under foot and get their business humming.

As the co-founder and CEO of a media technology startup. I ve learned a few helpful secrets on how to market your business for free.

1. Create local awareness.

Gaining coverage in local papers, trade magazines and websites can greatly increase name recognition and educate people about your business – driving new customer acquisition. While many growing businesses in competitive landscapes may want to hire an expensive public relations firm, startups and small businesses can start off with some simple do-it-yourself PR.

Start by researching publications and writers that cover your industry — or local business. Once you have a grasp on the writers you want to reach and the stories they typically write for their publication, craft a pitch around your business that will pique their interest.

For example, if you re in the widget business, explain how your widget business is impacting the local economy — or your industry. Entrepreneurs and small business owners can also subscribe to Help a Reporter Out. This free service provides queries for upcoming articles — allowing you to contact the writer directly.

2. Increase lead generation and customer engagement with email marketing.

According to a recent survey conducted by Ascend2. email is the most effective digital marketing tactic, the one that delivers the best ROI and the least difficult to execute. Start a customer newsletter that offers timely information about the business, special promotions or an inside look at the company. This helps build a community with your customers, and it keeps your product and business on their minds.

Entrepreneurs don t need to pay an agency or marketing consultant to develop an email campaign either. You can do it yourself with free services, such as MailChimp. which allows small-business owners to send marketing emails, automated messages and targeted campaigns to customers. If you want to get more personal and send one-on-one messages, use a new free product called Sidekick that automatically notifies you when someone opens an email you sent them.

3. Leverage social media.

It s free, easy to get started and offers a massive network of potential customers. The hard part is increasing your followers without wasting your precious time. Make sure you focus on value over volume. Identify the social channels that reach your customers best including Facebook, Twitter, Pinterest, Instagram, LinkedIn and the new guy, Ello.

The goal is to provide your followers with something that s useful, interesting and shareable. Start small, post a few times a week and learn who your audience is. Once you have an understanding of who s consuming your content, and what they re interested in, you can start ramping up efforts.

Also, tools like my company, Tack. allows you to take a post you ve already created and turn it into an online ad outside of the social network — increasing your post s reach.

4. Stand on the shoulders of your customers.

Satisfied clients can be a business s best marketing tool. Actively engage pre-existing clients through PR, social media and email.

For example, pitching your business and a satisfied customer to a writer can be mutually beneficial for both parties. This tactic generally leads to a more compelling story and a stronger relationship between you and your customer. Once you have a customer army of spokespeople, let them share positive experiences and tell your company story for you.

Marketing a small or new business is extremely crucial to a company s success but that doesn t necessarily mean you have to invest a huge chunk of capital into it. Savvy, frugal entrepreneurs can find products and services that can help increase visibility and drive customer acquisition without spending any overhead.





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Ivey in the Rankings #business #development

#business school rankings

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Ivey in the Rankings

Many media organizations publish some sort of package which rank business schools against each other. Most rankings measure schools on multiple dimensions with different weightings assigned to different elements.

There are some rankings dimensions that align with Ivey’s program strategies, which center on student and recruiter satisfaction, and others that do not. On the measures that align with our strategy, we perform well and where we do not, we pay close attention and review the data to determine if there is opportunity to improve. However, we do not formulate strategy based on their results.

From the Dean

“Choosing the right business school for you is not an easy decision and rankings don’t always make the decision easier. As a consumer you should become familiar with ranking methodology and the dimensions each one focuses on. Beyond rankings it’s important to consider whether a business school is a good fit for you. Prospective students should take into account everything from classroom experience, to meeting career goals and strength of alumni networks when going through the selection process.”

– Bob Kennedy, Dean, Ivey Business School

Rankings and Accolades

Bloomberg Businessweek ranked our MBA program as the #1 international MBA program (outside the United States) two years in a row.

In a 2015 recruiter survey for Bloomberg Businessweek Ivey’s MBA graduates ranked first in leadership skills, strategic thinking, collaboration and communications skills – among the most-wanted and hardest-to-find skills sought after by employers.

According to the 2016 Financial Times Ranking. our MBA program has the highest recorded salaries three years after graduation of any Canadian business school and scored top marks for career management service satisfaction.

Our Executive Education program is ranked #1 in Canada by the Financial Times .

The Economist ranked our MBA program 2 nd in Canada.

In 2015 the School received a bronze medal in the Nurturing Employability category at the prestigious Wharton-QS Stars ReImagine Education Awards.

Ranked Top 10 in the World for Alumni Network.
*The Economist 2015 MBA Rankings.





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Small Business #business #process #management

#small business admin

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About Us

Palm Beach SCORE chapter is a nonprofit organization that provides small business counseling and training and works closely with the Small Business Administration (SBA) . PB SCORE has over 60 local mentors from virtually every business category you can imagine: marketing, manufacturing, service, retail sales, export, legal and many more. No matter where you are in business, we can help: I have a great idea, now what?; Startup idea; help becoming a successful business; help managing success; buying a business; selling a business; relocation; a new start West Palm Beach SCORE will find someone to help you succeed!

  • We offer support such as: Free, unlimited counseling at our office, business site, over Internet or telephone whatever works best for you.
  • Excellent selection of free business workshops designed to give you the training and insight you need to thrive in today s market.
  • Help with government information and resource material SBA guarantee loans . alternate financing programs, grants and many more.
  • Advanced low-cost workshops, local events and training Quickbooks; Buying a business; Simple Steps to Start; business plans; + many more!

SCORE National – an SBA (Small Business Administration) Subsidiary

SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA), and has been mentoring small business owners for more than forty years.

SCORE is a valuable network of 13,000+ volunteers who offer small business entrepreneurs confidential business counseling services at no charge. SCORE volunteers have the knowledge and experience to help any small business owner get the help they need. Our dedicated volunteers represent over 3,000 years of experience across 62 industries.

SCORE also provides local workshops and events throughout the country to connect small business owners with the people and information they need to start, grow, and maintain their businesses, as well as online workshops available 24/7. SCORE provides resources, templates and tools to assist entrepreneurs in developing tools and plans they need to navigate their way to small business success.

Founded in 1964, SCORE is headquartered in Herndon, VA and has 364 chapters throughout the United States and its territories, with over 13,000 volunteers nationwide.





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Top 4 Mistakes When Franchising Your Business #car #wash #business

#franchising your business

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Top 4 Mistakes When Franchising Your Business

Freelance Writer and editor, Self-employed

Specializations: small business, entrepreneurship and human interest topics. Katie’s work has appeared in Hemispheres, USA Today, Consumers Digest, Crain’s Chicago Business and others. Read more of her work at www.katiemorell.com

Michael S. Rosenthal has childhood issues relating to franchising. No, he isn t damaged by a bad experience; he s regretful of what could have been. Back in 1957, the same year as his birth, his father Harvey opened a hot dog joint on the north side of Chicago. One day, a man came in and asked Harvey to go into business with him, offering a restaurant concept at $5,000 per store that, the man said, would blanket the nation and make Harvey very rich.

My Dad told him to get the hell out of his store, that there was no way he would pony up $5,000 that was a lot of money back then, says Rosenthal. That man was Ray Kroc, the founder of McDonalds. If only he had said yes, I wouldn t be working right now.

Perhaps due to this story, Rosenthal has made it his life s work to save wannabe franchisors from bad decisions. Today he heads the franchise law practice at Wagner, Johnston Rosenthal in Atlanta, Georgia, and shares the top four biggest mistakes he sees every day.

Mistake No. 1: Underestimating costs

While franchising can make your company (and you) wildly successful, it can also sink you in a massive hole if you don t have enough money on the outset. Most startup costs go to legal representation and the drafting of regulatory documents, says Rosenthal. And regardless if your franchise is doing well or not, the Federal Trade Commission mandates you update them once per year.

On the legal side, Rosenthal says costs can range from the low teens to the mid-20s. From there, you must file with your state s attorney general, which could cost you another $1,000 to $2,000. Then there are the accountant fees (franchised businesses must be audited once per year, even if you don t sell any units), which could ring you anywhere from $7,500 to $15,000. Gulp.

How much are we talking here?

I d say you should have somewhere in the high five figures, says Rosenthal. I ve had clients start with less, but it is rare. You really need to set aside legal and marketing money because things add up quicker than you think.

Greg Archer learned this the hard way. As co-founder of Age Advantage. a San Diego, California-based company that provides in-home care to senior citizens, he and his wife began offering franchises in 2006, but stopped about 18 months later largely because of under capitalization. He says you need even more than five figures starting out.

Being undercapitalized really inhibits growth ; I recommend starting with a minimum of $300,000 to $500,000, he says. As a new franchisor, there is no cash flow. You really don t make money on the sale of a franchise, you make your money on ongoing royalties.

In addition to legal and regulatory fees, the Archers were strapped with sales and marketing costs, all which proved to be too much. In 2008, they reevaluated their business. Two years later another company bought out their original location, which freed them up to focus on franchising alone.

Today, they are going to tradeshows and actively advertising. According to Archer, the company is on par to close about 15 more locations (they already have six) this year.

Mistake No. 2: Confusing the roles of franchisor and business owner

Rosenthal uses a barbecue restaurant as an example. As the business owner, it is your job to deliver mouth watering pulled pork; you do a great job and have legions of loyal customers. Pretty soon a potential business partner offers to open a franchise and you jump at the opportunity. It s an ace in the hole, right? Not exactly.

You need to recognize that being a franchisor and a business owner are two different skill sets, says Rosenthal. You may be a great chef, but that doesn t mean you will be a great franchisor.

Franchisors must be focused on finding and recruiting franchisees, says Rosenthal. Processes need to be put into place, manuals need to be written and franchisors need to invest time into training franchisees and lower level employees. These duties can take away from those related to owning your primary business.

Also consider bringing in a franchise consultant to help you with the process. (Note: to find a consultant, check out the International Franchise Association .)

Mistake No. 3: Lack of planning

Planning is key to a successful franchised business. Before even considering the business model, make sure you have a detailed operations manual for your business that goes step by step through every process in your company and you ve talked to an attorney or franchise consultant, recommends Rosenthal.

Don t just think that you can do it on the cheap and see how it goes, he says. Franchises take a lot of pre-planning.

Mistake No. 4: Franchising too soon

Just because your five-month-old Mexican restaurant is selling out every night doesn t mean it s time to think about franchising. Rosenthal suggests waiting three years before considering the business model.

You need to have everything figured out, he says. No one is going to want to buy your franchise if you haven t worked the kinks out yet.





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