Business Idea: Garage Sales Specialist: Profit Selling Other People’s Junk

Organizing a successful garage sale takes a certain amount of skill. One must dedicate a considerable time and planning to profit in this venture.

A garage sale might be a one-time event for an individual who is trying to dispose of unwanted items. Or a planned event for a group or charitable organization. In order to really profit a well written and thought out business plan is necessary. The plan should cover startup cost, pricing, advertising, and marketing tactics. Most people are not willing or able to devote the necessary time or energy to organizing a garage sale on a grand scale. This is exactly why an aggressive garage sales specialist will enter the picture.

Garage Sales Background

Essentially the garage sales specialist is a professional reseller of items which are donated or collected from people who lack the time or ability to organize and sale the items. Essentially the specialist is also a liquidator of people’s accumulated “junk” through the garage sale venue. This business has the potential to earn considerable profits if planned and promoted aggressively.

Garage Sales Startup Cost

The startup cost depends heavily on the size and length of the sale or if the specialist or customer are responsible for advertising costs. Cost is more of course if a lawyer is consulted along with other professionals.

Garage Sales Pricing

Draw up a contract which clearly outlines the terms and services provide to the customer. Avenge commissions run 20 percent and up of the sales.

Garage Sales Marketing Tips

Place classifieds in local papers advertising a garage sale on the specified date and time, location. Run the ad a week before the garage sale date. Check other garage sales ads to get inspiration on how to write a good attention grabbing advertisement.

Place posters (where permitted) around the neighborhood announcing the garage sale. Place flyers on bulleting boards in community centers. Print business cards and hand them out to everyone you meet.

Design a one page website devoted to advertising a garage sales specialist business. And promote the website URL on business cards and stationery, flyers, posters.

Get some speakers and start playing music if your neighbors are okay with it. We suggest looking at this Edifier R1700bt Review for further insight.

Place ads on any of the free garage sales advertising website.

Equipment

  • Tags
  • Receipt Books
  • Bags
  • Advertising Signs
  • Portable Cash Register
  • Computer/Office setup
  • Internet Connection
  • Record Keeping Software

Skills

Hold a garage sale for yourself, family, friends to get familiar with the process. Visit other garage sales and watch how the host handles sales and customers. Good organizational skills are a must. Good business sense. Like dealing with all kinds of people. Tip: Take a course in antiques or collectibles.

Best Customers

Families, singles, couples, moving to a new home and want to dispose of their junk. Search out local realtors and leave business cards.

Potential Income

Varies according to the owner’s promotional skills and sales ability. Capitalize on this business today. And remember to check local requirements. A permit might be necessary to operate this business in your location.

Capitalize on this idea today to start making profits with a garage sales specialist biz.

Low Cost No Cost Marketing: How to Get Customers for a Growing Small Business

No Cost Marketing: How to Get Customers for a Growing Small Business

One of my favorite little restaurants is Topolino’s in Clinton MD. They have a wonderful buffet and great service. One day there I was speaking with a fellow entrepreneur about business. I though to myself, I wonder what they are doing about marketing this place. As a passionate entrepreneur, I gorilla marketing. The concept of Low Cost and No Cost Marketing is something for which I’m passionate. When younger, I simply wanted to know what it was to be in business. I had no idea what the difference was from a small business to a fortune 500 company. Years later as an entrepreneur, I realize that small businesses have small budgets with big dreams. Most small business are passionate about what they do. The small business owner tends to be an expert in a particular area. Yet most small businesses do not make it past the 3rd year. I’m convinced that with the right Low Cost No Cost Marketing Plan many businesses would last far beyond the 3rd year. Here are 5 tips a business can implement to get customers growing Small business.

Small Business Networking

I hear the word networking and I think of Network Marketing. For a small business, networking is a tremendous key to growing your business a minimum cost. If you associate with other small businesses, it put you in an environment where people seek growth. That environment alone is a progressive positive factor that will add synergy to your business efforts. Going to SBA training courses, or SCORE programs will give you the opportunity to meet other small business. I’ve received countless referrals from business I’ve met at these types of initiatives.

BNI is another great networking resource. There is a nominal fee to Join BNI with is a company focused on Small Business Network marketing. This fee to minuscule For a Growing Small Business when you consider what you get. As a BNI member, you will be networked with a group of 30 or so other small businesses. There will be no two small businesses in a network group that are the same. Within your BNI small business group you each get to know the others business. The focus of the group is to have each one in the group refer business to the others in the group. The big picture is through BNI Small Business networking you get 30 new sales people working for you for free. Each referral sources has a vested interest in growing your small business. The Small business in your BNI network will help your Growing Small Business get as many new clients as you can handle.

Small Business 30 second commercial

In a training class with Women’s entrepreneur’s of Baltimore (WEB), we were taught to give a 30 second commercial when meeting people. We each had to stand and let every guest know who we were and what our business did. Initially, I dreaded the 30 second commercial. I hated being on the spot to talk about my business in a way that was awkward and unnatural. I hate getting up in front of the group and saying the same thing over and over again. Then on day, I was out in a public setting. I spoke to someone that was interested in what I did. Without hesitation, I smiled and gave them my prepared 30 second commercial. I gave my commercial with enthusiasm and belief that I would deliver on promises. I got this person as a customer and I was sold on 30 second commercial.

Along with the 30 second commercial, you must have some paraphernalia. I can say from experience, when you do not have a business card its hard to get the sale. You can do it, but It hard to get the follow-up needed. If you have a card or a brochure of your business, it is a tremendous help. Right after your commercial people will ask for something from you. A card is great, but I personally like the professionalism of a brochure. A brochure, give a person a better perspective of what you do and how you do it.

Small Business Marketing Plans

To accomplish any goal, we must have a plan. Many people want to have a Growing Small Business but have not defined how they will grow. A marketing plan will clearly define what you expect to do to grow your Small Business. Without a marketing plan you are just taking action without a framework. To not have a marketing plan for your Growing small business is similar to throwing darts in the dark. How will you know if you hit the bullseye unless you turn the lights on to see the target?

A good small business marketing plan will give you timeliness and specific goals you must achieve. As you focus on your target, you will attempt to reach these goals and tweak them as you progress. You measure your results as you define them in the marketing plan. You can have a goal of meeting 25 new people a day. You could have a goal, of closing 30 new clients each month. Your goals simply must be clearly defined, and have a tangible time-line to help your business grow. To have a Marketing Plan For a Growing Small Business, will cost nothing. Not having a Marketing Plan, will certainly cost your clients.

Good luck as you focus on Low Cost Effort of Growing Your Small Business. Its always fun to do what you enjoy. I wish you joy and happiness as you fulfill your entrepreneurial destiny.

Internet Store Management, a High Growth Career – How Much Salary Can You Earn?

Income for Internet store managers and entrepreneurs is usually tied to the profitability of the business. Internet store managers who work for established traditional businesses are typically salaried employees of the company. Internet entrepreneurs who offer a service may be paid by the project. Entrepreneurs are self-employed and their income will depend on the success of the business. Those just starting out may actually have no earnings, while those with a business that has been existence for several years may have annual earnings between $25,000 and $50,000. Some in the field may earn much more than this amount. Those who have good technical skills and can do such things as create the database program for a website may have higher salaries, in the $60,000-$125,000 range.

Entrepreneurs are almost always responsible for their own medical, disability, and life insurances. Retirement plans must also be self-funded and self-directed. Internet store managers may or may not receive benefits. Internet entrepreneurs and store managers may work out of a home or private office. Some Internet store managers may be required to work on-site at a corporation or small business.

The entrepreneur must deal with the stresses of starting a business, keeping it going, dealing with deadlines and customers, and coping with problems as they arise. They must also work long hours to develop and manage their business venture; many entrepreneurs work over 40 hours a week. Evening or weekend work may also be required, both for the entrepreneur and the store manager.

In addition, these professionals must spend time researching, reading, and checking out the competition in order to be informed about the latest technology and business trends. Their intensive computer work can result in eyestrain, hand and wrist injuries, and back pain.

The Future of E-commerce

Online commerce is a very new and exciting field with tremendous potential, and it is likely that growth will continue over the long term. However, it is important to keep in mind that the failure rate for new businesses, even traditional ones, is fairly high.

Some experts predict that in the next few years, 80-90 percent of dot-coms will either close or be acquired by other companies. The survivors will be small businesses that are able to find niche markets, anticipate trends, adapt to market and technology changes, and plan for a large enough financial margin to turn a profit. Analysts also anticipate that the amount of business-to-business e-commerce will surpass business-to-consumer sales.

Internet managers and entrepreneurs with the most thorough education and experience and who have done their research will have the best opportunities for success. For those who are adventurous and interested in using new avenues for selling products and services, the Internet offers many possibilities. The Bureau of Labor Statistics predicts that the top four fastest growing occupations through 2010 will be computer related.

My Beliefs in Internet Marketing: Work Hard Now to Be a Future Bum

Have you ever felt stuck and never moving forward in your path towards Internet Marketing? Do you feel frustrated, disappointed and still not seeing any results? If you have all those emotions deep down in your heart, you are in luck. Cause there are probably many other people like us walking down this lane.

You may have an entrepreneur spirit, or you are just frustrated working for others and for some, we just want to work hard for ourselves so that we can be lazy in future. What’s your reason for embarking on this journey of a better, promise virtual world?

It’s most likely you have been hearing about what the Internet can do for you. How Internet marketing can give you a second chance, how it can change your life and finally, how it can make you become a millionaire.

Frankly speaking, it should not be what Internet marketing can do for you but what can you offer to the Internet marketing community. What kind of strategies do you have, and how do you identify your market audience and give them what they need.

Strictly for beginners, you need a plan. You will need to brainstorm and come up with a Internet marketing strategy. Below are some of the tools you need and the order I have placed, are, in my views from most important to least importance:

Finding a niche market. Before you spend any money on getting a domain, first know what do you want to sell, or what can you provide to the internet marketing community and whether if there is a demand or whether the competition is too heavy. There are free websites like Wordtracker to find important keywords. Why are keywords so important? This is because you have to find out if the market you are looking for is in demand. There is too much to say on this topic. For me, I prefer Keywords software like Keyword Elite, which can help you to identify niche markets, and more importantly, to identify keywords to optimize your website as well as find new markets. Of course, all these cost money.

Apply for accounts at Clickbank, Commission Junction, where these places serve as a market place where you can place your products to sell or you can help to sell a product for a cut of a commission. These 2 places are 2 of the most popular that I know. There are many market place websites out there. I placed this as second as you may have found a niche market but you do not have a product, these websites allows you to find available products that you can help to sell and earn a commission.

Domain Name, to get a website address, which acts like your home which customers can type in your web domain name and arrive straight to you. Preferably, your domain name will be the similar to what you intend to offer to the market so that it will be easy for potential customers to find and remember you.

A host server, which you need to have a place for you to place your websites for others to access. Usually, servers like bluehost allow you to register for unlimited domain names and an account to serve your web pages.

Blog or Website, pending on how do you intend to earn your income. Blogs have become increasing popular and you can earn from both advertising and affiliate marketing. Of course, there are places, which you can create a personal blog for free like Blogspot or Bloggers. Check it out; it depends on your budget and target market.

Adsense accounts allow you to become publishers. What this means is that when you have a Blog or website, you approach Googles that you would like to publish advertisements in your website. And you will get paid if someone clicks on the advertisements that are found on your website.

Googles Adwords accounts allow you to be an advertiser to pay through Googles to place your advertisements, and the money that you pay for advertising will be split Googles and the publisher showing your advertisement in their website. You pay a certain amount each time a person clicks on your advertisement, and the amount is depending on how popular is the keywords you choose. Please take note of this advice, you may not want to do advertisements, but there is a very important tool, which Googles Adwords provides that helps you to find keywords.

Auto responders and a mailing list, which will automatically allow you to get the potential customers’ information, which you need to create your mailing list, and also to get your potential customer’s email address, which normally should include first name, last name and their email address.

For each tool I have listed above, each can be a much detail topic on its own, but ultimately, you have to learn more on your own. While researching, you will come across many “so-call” gurus who claim that you don’t need to spend money to earn money, and they will tell you to just invest into their system and make easy money. Please beware; to make money, you need to spend money on education. Sometimes, the materials may be very detail and well worth the money, but sometimes, it will be very disappointing and a waste of money, but it will become your experience. And it is only through experience that we can learn and earn in this Internet marketing community.

Business Plan: Industry Section: Step by Step on How to Write the Industry Section of a Business Plan

Write

The Industry section of a business plan normally falls in the Business Overview section of a business plan, and is normally broken down into several sections: major players in the industry, the nature of the industry, any trends in the industry, and any government regulations that cover or relate to the industry. Most of this portion of a business plan is written after having thoroughly resarched these points. And where would you find these juicy tidbits of information? Start at your public library and talk to the reference librarian. If they don’t have the necessary information on hand, at least they’ll be able to steer you as to who does.

Overview of the Industry

First you’ll need to gather information about the general status of the industry in order to determine where your company falls within it. To do so, find the answers to these questions:

  • How large is the industry that your business competes, or plans to compete in?
  • What sectors does this industry include, and how are they defined in the marketplace?
  • Which businesses play the largest ballgame in the relevant sectors and industry as a whole? Which suppliers? Customers? Distributors?
  • What markets are important for this industry? Clients? Customers?
  • What income projections are being made about this industry, and how has it fared financially in years past?
  • What trends have affected, may affect, or are predicted to affect this industry?
  • What are economists and industry watchdogs predicting in the future for this industry?
  • What, if any, government regulations are there that affect this industry? Of those regulations, what hoops are there to jump through, and how much do they cost?
  • What cultural, geographical, economic, demographic, cultural, and social factors affect this industry and your sector in particular? Which, if any, are potential stumbling blocks?

Your Company’s Position within the Industry

The next step of the industry section of a business plan is to determine how your organization does, or plans to fit, within your industry. Some questions to ask yourself:

  • What products or services will your company sell?
  • What is your company’s perceived USP (unique selling proposition)?
  • What could potentially impede you entering into this industry and/or business?
  • Who is your direct and indirect competition? (Found by doing a competitive analysis)
  • How much market share do each of these competitors have?
  • What is your company’s competitive advantage? (Also found by doing a competitive analysis)
  • Who, or what, is your target market?
  • How do you plan on keeping the bits and pieces of your business that are potentially patentable, copywritten or trademarked (and so forth) secretive?

How to Write the Industry Section of a Business Plan

After compiling all of this information, try to reduce the information into a short series of paragraphs that explains the crux of the industry, its history, what the future holds, and how your business will fit into the mix. Most industry sections of a business plan are no more than a page at most (unless it is a very complex industry that requires a lot of explanation for the layperson to understand).

Strengthen the Effect of Your Marketing Impact: Clearly Define What Your Business is Telling Others

Business

In order to grow a business on a continual basis, one must take the necessary steps towards improving business processes. By focusing marketing strategies a business can grow in numerous ways. Below are tips that will provide guidance through this challenge.

Review the Best Customers

 

Repeat customers return for a reason, and business owners must know what that is. Is it satisfaction with service? What about the covenience of the location? Whatever the reason is discover it, and ask for new suggestions. While all may not be worthy of noting, if enough questions are asked, there will be valuable feedback in some responses as well as suggestions on methods of improvement.

Always Provide a Thank You

There is nothing worse than going to a business, being rushed, and then pushed forward sans a “thank you.” After this transaction, what would make a customer want to return? Everyone wants to be appreciated, and customers will take their money to businesses that provide this feeling. Prop a smile on your face, exchange a few pleasantries, send a hand written note along with the invoice, a simple email of appreciation. These actions will help increase business status, and raise profit margins..

Word of Mouth Travels Far and Fast

Remember to always acknowledge customers, ask for referrals and allow behavior to demonstrate the worthiness of additional business. If a referral is received from a customer, show appreciation. How about providing a discount for a future purchase or sending a small free gift? The gift doesn’t have to be large, but recognition is the key to winning in the end.

Have a Professional Look

What does the business appearance say? Is it time to make changes? Examine recent receipts to clarify how business processes are flowing. Remember, simplifying things, being creative, communicating well, and upgrading the look and feel of the current flow will go a long way in the success arena.

Review the Business

While others are examining the facilities to see what is attractive, an owner must do this as well. Note what it is that would make others want to investigate further? Make a list. If the list is too short, then it is time to add to it. If it is difficult to pin-point what is desirable, then believe consumers will more than likely face the same problem. Decide on a small adjustment that can be made with limiting funding, and do it. If that doesn’t work tweak it again until the response received proves adjustments are heading in the proper direction.

Don’t be the Weakling

There are numerous businesses offering similar items in todays market. It is only pricing, services, location etc. that can distinguish one from another. Do some research to determine who is currently at the top in the market in the field, and why. Make note of this. Who is the weakest in the business? One must never fall in to this category. If the business is heading in this direction, find the necessary changes that need to be made and perform them. Study both sides, find what works and what doesn’t and make sure the business can outdo them by becoming the best.

Become a Cheetah

A Cheetah can reach speeds of 60 mph for a limited amount of time. They are often feared by other smaller, weaker animals because of their strength and endurance. Their ability to remain out-front makes them some of the most powerful animals in the jungle. This is the same mentality that needs to inhabit the mind of a successful business owner. The business should never become stagnate; competition always reviewed, and when the business becomes the best allow it to remain its own competitor to elevate the levels of success to the highest depths.

Before Getting Publicity: Steps To Take Before Seeking Out Free Advertising Methods

Advertising

Large companies can advertise their services using direct advertising and marketing campaigns, but smaller business owners need other, affordable tactics to get the word out. What follows are a list of free publicity ideas to start before actually getting publicity – essentially the things to have at the ready.

Be Prepared For Free Publicity By Asking For Editorial Calendars

A good entrepreneur already knows what seasonal issues affect their business way ahead of time, and have already contacted the media in advance with these kinds of news reports and reminders. But what about the items that aren’t seasonal? To find out what magazines will be focusing on months, or sometimes even years in advance, call or email them to get a copy of their Editorial Calendar, and then plan accordingly.

Be Prepared For Free Publicity By Listing The Business As An Expert

One of the easiest ways to test to see whether or not a business is ready for a massive publicity effort is to see how the spokesperson, owner or manager deals with the media on a smaller scale, first. With this in mind, get on journalist-centric mailing lists that ask for expert advice and opinions, such as the ever-popular online Help A Reporter, or get listed a printed version such as The Yearbook of Experts, Authorities and Spokespersons.

Be Prepared For Free Publicity By Creating A Press Kit First

A press kit is a set of documents created by a business owner or marketing professional that outlines all of the necessary information a reporter might want when publicity opportunities strike. Talking points, a history of the company and key players, location and hours of operation, brochures, photos and photocopies of other media can all comprise a business’ press kit. Make sure to have several sets ready to mail off at a moment’s notice, and at least one copy by the fax machine or to send via email as well.

Be Prepared For Free Publicity By Knowing How To Respond To Media Enquiries

Sometimes getting publicity is a piece of cake, and other times it isn’t. But when it works, it really works, and the need to be prepared is crucial. Make sure that the staff members that will be fielding the questions garnered from any publicity efforts are primed and prepared for all eventualities, and have adequate amounts of materials to send interested customers, potential clients or the media on hand at all times. As well, if inventory is something that applies to the business, ensure that there is enough already in stock to meet demand.

4 Tips for New Entrepreneurs – How to Start a Business Successfully

Tips

Are you considering becoming an entrepreneur and opening your own business? Well, if you are, there is no better time than right now. “Why” you ask? Well, in the last decade, technology has opened more doors and helped many new entrepreneurs get their business off the ground. In 2017, as an entrepreneur, there is a plethora of information available to you, which then allows you to make more intelligent decisions. Don’t get discouraged about not having a BIG corporation. In fact, you have an advantage because you have less regulations to worry about, a smaller customer base which allows for closer relationships, and you don’t have the expenses of a big business.

Although being an entrepreneur gives you a lot of freedom, and allows you to have an unlimited income. An entrepreneur must be able to look at the bigger picture to make sure their business is long-term. In this article, I’m going to cover 4 tips that each entrepreneur should take to heart when considering your own business.

  1. Keep Your Day Job.

When first starting out, I would recommend only working part-time on your new business. I say this because most businesses take about 6 months to a year to get off the ground. Therefore, you should keep your day job. The last thing you want to happen is to quit your day job in hopes of having an overnight success only to be disappointed and not be able to pay the bills.

  1. Find Your Niche.

Specialize, specialize and specialize some more. You might be saying “Brian, what do you mean specialize?” Well, these days’ people are looking for a specific answer to their specific problem. That being said, it is up to you to do research into the market you wish to compete in and give your potential customers what they are looking for. The more specific you can get to your niche, the better.

  1. Have an Online Presence.

In 2017, it’s all about having exposure online. Even if you don’t plan to have an online business, it’s still important to mark your territory online. Once you can create an online presence, you free yourself from the limitations of the physical world. That means people from all over the world will be able to find you once you stake your claim online.

  1. Never Give Up.

Never, never, never give up. Even when things aren’t going as you planned. Most people have seen the movie “Rocky” but what most people don’t know, is that before “Rocky” was made Sylvester Stallone was nearly homeless. In fact, he was so poor that he would go to the libraries in the winter just to keep warm. Not only that, when he took the “Rocky” script down to the producers they said that if he acted in the movie it would be a flop. Well, what did Sylvester Stallone do? He refused to give the producers the script until they came to a deal and allowed him to play Rocky. So what is the point of this story? Well, when the producers told Sylvester Stallone that his film would be a flop if he was rocky he refused to give up and it turned out that “Rocky” ended up grossing over two hundred million dollars. So at the end of the day, don’t give up keep your head up when things don’t go your way, and follow through on what you start because you never know where it’s going to take you.

So, if you are considering becoming an entrepreneur and you remember these 4 tips, and use them I promise it will be much easier to grow your business into a long-term lucrative adventure.

From Employee to Entrepreneur

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My Roadmap to Entrepreneurship?

I had always wanted to be a buyer for a big retailer. I pursued a Bachelor of Art Degree in Fashion Merchandising from Old Dominion University to ensure I had the appropriate skills to become a buyer for a retail chain. Ultimately, my academic background and retail experience has helped me to refine my God given gifts in preparation for becoming a buyer for my own business.

I recall participating in a spiritual gifts class at church approximately seven years ago. The class helped me to realize that God has given me a number of gifts to include: strong administrative skills, strong leadership skills and wisdom. However, at that time I was not ready to make use of my God given gifts. I was the servant who dug a hole and buried his treasure. Matt 25:14. I buried my talents.

There was a time when I yearned to be a District Manager for a retail chain. In time, God blessed me with the opportunity to become a District Manager for a small company. Mission accomplished. I was hired as a District Manager, even though I had no multi management experience. Now, look how God works.

As a District Manager, I began to cultivate my spiritual gifts which were revealed to me during the spiritual gifts class I attended at my church. I used my strong administrative skills to organize some chaotic situations. I used my strong leadership skills to develop and inspire those whom I led. As a result, they began to believe they could achieve whatever goals they set for themselves and ultimately achieved the goals the company set for them ninety percent of the time.

My retail experience includes over 15 years of management and leadership, which led me to step out on faith and work for myself. I can remember a shipment of L.E.I jeans coming off the truck and being delivered to the Juniors department. I reviewed the packing slip and noticed the production cost was $4.99 and so I tagged the jeans for $29.50. I said that I would NEVER pay full price again.

One day I found myself reflecting on my retail experience. In the past fifteen years, I have successfully managed resources for other companies. At one time I was managing thirteen stores with over 60+ employees effortlessly. NOW, if I can do that and be continue to be successful as a District Manager, then I can have my own business one day.

Now the question is, “What will I sell?” I had no clue. I started to reflect on the things that I loved and enjoyed and that is when it hit me. Shoes! I love shoes! I cannot resist a pair of fun, fashionable, and sassy shoes. That was it. I decided to sell shoes online and eliminate the overhead cost associated with retail chains. It was then the research began in which I determined in 2011 that shoe retailers registered sales of $27 billion, according the Annual Trade Survey. The NPD group reported that women spent over $38.5 billion on shoes, in which over 50% were sales for shoes with 3″ heels or greater.

The online world was becoming the way people were purchasing products and services. Women would never stop purchasing shoes and so if I could make just 1% of the $38.5 billion in sales, I could be very successful. I drafted a business plan with the help of a marketing consultant and landed a business loan to purchase my inventory.
It took five months to create a logo and develop my website. On May 26th the website for Sassy Shoe Gallery was launched. By the end of the year, the average individual transaction amount was $80 (US dollars). The average individual transaction was $104 (US dollars).

Months ago, I wrote an article entitled, “Dreamers can be Achievers” and it includes 5 simple steps to start a business or accomplish your goals. I truly believe that you have to have a vision before you can have a plan. Your vision has to connect with your passion or you will get burnt out. Once you’ve connected the mental dots, it is a matter of getting your thoughts on paper. Once you declare your vision on paper, you will have a roadmap to success.
Never stop dreaming but more importantly never stop living

Benefits and Responsibilites of Franchise Owners: Most Value, Care Lies in the Brand Name

The benefit of franchising is that the franchisee starts with a business model and established brand name. Protecting that name is up to all franchisees.

Franchising is the safety net that has fulfilled the “American Dream” of many. Today, this industry is bigger than ever and the career choice of even fresh college graduates. But before you buy a franchise, there’s something that you should know; and that’s the benefits and responsibilities of franchise ownership.

Benefits of a franchise business

  1. A business owner isn’t out there alone. The company whose franchise you purchase offers a host of support and training, or at least they should. A potential franchisee should ask plenty of questions about the level of support or training before buying.
  2. Anyone with basic business skills can buy a franchise, because at its core, franchising is following someone else’s path to success. In a stand alone business, the owner is on his own.
  3. There are franchises in virtually every field imaginable. Restaurants, direct marketing, coaching, real estate, repair and restoration and senior care are just a few that showcase the diversity of fields. It’s estimated that there are nearly 1 million franchise outlets in the U.S. In all, it’s estimated that there are 2,900 unique concepts and about 300 are added annually.
  4. The market is already built, in some cases, thanks to the well-known name of the franchisor. If the name is new to the area, the franchisor has plans, and in some cases marketing and advertising dollars, to help break through. So, there’s not the challenge of developing a brand name and building a business that comes with a stand-alone business.

Responsibilities of a franchise business

  1. Every great thing comes with some responsibilities. Franchisees have important obligations, most of which should be spelled out in the Franchise Disclosure Document.
  2. Make sure to fully understand the rules and guidelines in the franchise agreement.
  3. Franchisees who want to make small changes should consult the franchisor first. Some may be stringent about adding a new product line, for instance, while others will allow for the flexibility. Again, asking questions before signing the FDD is key here. For those already in a franchise agreement, though, ask questions before making changes is critical in maintaining a good relationship.
  4. Strictly enforce the quality and safety standards set by the franchisor who is protecting the brand name and marketing efforts for all of its franchisees. Remember, other franchisees will be held to the same standards, benefitting all.

A franchise works best when all parties involved know the benefits and responsibilities of franchise ownership. If all do their parts to adhere to what’s expected, all will benefit.