Entrepreneur TNT

Franchising means the way of doing business on the basis of other person’s philosophy of business. Here a franchisor, the owner grants the right to an investor or entrepreneur to market his companys goods or services to increase its brand visibility. For using the rights, the investor gives some percentage of gross monthly sales and a royalty fee to the franchisor. Some examples of today’s popular franchises are McDonald’s, Subway, Domino’s Pizza, and the Levis Store.

If you want to leverage the benefits of franchise business, take help from some experienced franchise consultant. Such consultants would help an investor to choose the best franchise business. In fact, today investors and entrepreneurs prefer to invest their money wisely under the guidance of a franchise consultant for various reasons, such as:

Evaluation of business scope

A franchise consultant first tries to understand the type of business that would suit an entrepreneur. A detailed analysis on the profile of the entrepreneur in lieu with their goals, skills, resources, experience and background help to get an idea about what are the best franchise opportunities for an entrepreneur.

Analysis of financial resources

To start a franchise business, an entrepreneur needs to make investments. A good consultant helps entrepreneurs to manage their capital in a more profitable manner. They will also guide on how much one should invest initially and from where loans and other financial helps can be arranged.

Help in making a choice

As such consultants are part of the franchise industry; they have better knowledge of the industry, their positive and negative aspects. Their contacts and expertise ensures that entrepreneurs invest in top franchise opportunities that they can run successfully.

Thorough research

With a franchise consultant, entrepreneurs get to know about the competitive analysis of the leading franchise companies. Suppose you want to invest in beauty industry then the consultant will provide you what leading companies are expecting from an emerging market or particular location.

Analysis of location

Knowing the markets from a consumer perspective and analyzing the growth allows the consultant to understand a location in a much different way as compared to a prospective franchisee. Plus, a consultant also has idea about what type of location will be beneficial for a particular type of business.

Meeting with existing franchisees

For starting a franchise business, it is essential to talk to some of the existing franchisees. But where can one get the details of the existing franchisees? Professional franchise consultants know exactly how to fix a meeting with existing franchisees. This definitely helps a new entrepreneur to understand the business in a better way.

Legal agreement

A consultant also helps an entrepreneur during the franchise agreement sign up process. They help you to understand the legal terms in a better way before the sign up and fees are transferred and the final agreement is signed.

Well, all these above mentioned points clearly points out that an experienced reputed franchise consultant would always ensure a better franchise deal.

A business model explains the rationale of how a company establishes, provides, and captures value. It includes the product or services offered, sources of revenue, customer base, organizational structure, strategies, operational process, and financing. Basically, the methodology and infrastructure of a business combine to form the business model. This model should be created long before a business opens its doors.

Before starting a business, an entrepreneur should be aware of the basic process for building one. This knowledge proves valuable when creating the business model. Certain aspects of infrastructure, operations, and strategic thinking have proven successful, while others are destined to fail. Being able to distinguish one from the other enables a business owner to avoid the pitfalls. A business with a model that maximizes opportunities and avoids threats is positioned for long-term success.

Sales are an important aspect of the business model and this is where proven methods really shine. By learning how to quickly generate income from sales, any business can get out of the growing pains stage much faster. The sooner a company can pass through this phase, the less likely it is to become a statistic. Quick success is especially important in the online world, where competition is particularly fierce. When a company becomes financially independent, so will its owners, and this is a much more comfortable way to live.

Closing a sale successfully is what leads to income so a business model should include information regarding closing techniques. These should be based on success achieved by other businesses and should be shared with the entire staff. Every employee serves as a mouthpiece for the organization so it only makes sense that each staff member be skilled in closing a deal.

Prospects have many excuses, especially during times when money is tight. They may be fearful of making a purchase because they do not want to spend their hard-earned money. Some of them convert this fear to aggression, placing pressure on the business. Staff should be trained in handling these situations and know how to convert negatives like this to positives.

Leaders in business know what it takes to achieve and maintain a high level of sales. It is not unusual for them to have salaries into the seven figures. By incorporating what they do and how they do it, any business can realize similar results. A sound business model can result in an entrepreneur making more money than ever anticipated.

Operating a business enterprise can be fulfilling both emotionally and financially. Of course, it can also be very demanding especially if the business is just starting out or is experiencing cash flow problems.

1. Manage Wisely

A person operating his own business should devote full time in managing the business if he wants to recoup his investments and make a decent profit. A hands-on manner in managing the business is often preferred especially for small to medium enterprises.

2. Cash Flow Is Everything

The cash flow of a business enterprise refers to the income of the business plus the corresponding expenses. In simple terms, the cash flow of a business shows if the business is indeed making money or is losing. By determining the cash flow of a business, the entrepreneur is able to determine if the business is operating by itself, that means it can pay the business expenses out of the money it has in its coffers.

A negative cash flow will mean the business is not able to operate on its own and there is a need to look for additional financial support every month. When this happens, it is best to take a closer look at what is wrong in the business operations to avoid further loses.

3. Determine Your Flow

To determine the business cash flow, the owner should take note of the monthly expenses of the business and see where the payment for these expenses will be coming from. If the income of the business is able to support and pay the business expenditures then there is a good or positive cash flow. Otherwise, the business may be in trouble and may be in need of serious evaluation.

4. Manage Funds Strategically

So how can an entrepreneur improve the cash flow of his business? A positive cash flow will require a strategic cash management. This means the entrepreneur should seek strategic means to improve the inflow of income and decrease the amount of business expenses. This means increasing the profit margin of the business as compared to the income and the expenses it incurs.

5. Price Products Intelligently

One of the best ways to improve cash flow is to increase the price of the products or services being sold by the business. Of course, this solution is not always easy since it will affect the patronage of customers who are always on the lookout for price increases.

If the product being sold is considered efficient and very useful by the customers then increasing its price will not really be a problem because they will always see the cost effectiveness of buying the said products. Most customers may be concerned about prices but they are more critical when it comes to product quality.

6. Maintain Quality

To maintain the viability of the products and increase sales, the entrepreneur should maintain the quality of his goods or services. Among the products that do not really experience a problem despite price increases are products that are already considered the best in its category, products for niche markets and products that are always in demand and are being produced only by a few manufacturers.

When choosing this strategy, the entrepreneur should make an analysis of the possible effect of the price increase in the volume of sales. The price of a certain product can likewise be increased without getting the ire of the customers by introducing improved features.

7. Minimize Expendatures

Another way to improve the business cash flow is to minimize expenses especially the cost for maintaining the business. By choosing useful business machines, the business can be more productive at lesser labor cost. The entrepreneur can also opt to outsource business functions that are not really regularly needed by the business or that are less expensive when outsourced rather than when the business takes it on its own.

The bulk of overhead expenses are related to labor cost so the entrepreneur should make a staff evaluation to determine that positions can be performed efficiently by a single person and determine if positions are no longer required entirely.

8. Have A Professional Billing System

A business experiencing negative cash flow should review uncollected income or as there may be credits that are already overdue. The entrepreneur should enforce an efficient collection strategy to turn the debts owed to the business into cash. The business may be experiencing a negative cash flow because of its failure to convert checks or debts into cash.

Any business can become taxing and tedious at some point; hence it would be understandable to find poster printing unmanageable. While you intend to print remarkable posters to promote your business, you couldnt find the time and effort to do so because of other matters that clamor for attention. But dont be bothered now; as you read this article, you will uncover some quick techniques on how to engage in poster printing at the same time manage your time for other business matters.

The very first technique that you should do is get a poster template. If you want to design your posters minus the effort and hassle, templates are the tools you can always rely on. All you have to do is log on to the Internet and search for them. Truly, they can help you out with the design and lay-out phase like a bestfriend. No more worrying about the proper dimensions and the rest of your posters base. You have almost every component prepared with a template. Just get those creative juices moving and you can be ready for poster printing in an instant. Never hold back when it comes to using a template; you will surely find designing posters easier and faster even if youre always on the move.

Another thing you can do is to always go for full color poster printing. Doing so will leave an enduring impression on your clients. True, this may require additional costs but dont panic. For sure, you will experience the returns of this investment. Through time, printing posters in full color has proven how it can leave a mark in peoples memory. This is contrary to the kind of reaction black and white posters cause. Therefore, it is truly important to do full color poster printing amid the slightly higher charges. Cheap poster printing is not better all the time. If you really want to create some noise, go for full color.

There is also something to be said on the endless clash between quality and quantity printing. And the matter doesnt even get any clearer when we talk about poster printing. In terms of quantity, there are some who concur with printing more posters of modest quality to reach out to a broader target market. Meanwhile, when it comes to quality printing, there are also people who believe that printing less posters of top quality would do the trick. But for a busy entrepreneur like you, the most effective solution would be to go for quantity poster printing. Remember, you aim to make a great impact; hence the most brilliant move would be to create and deploy more posters to various locations. Theres really no need to analyze the good and bad side of quality and quantity poster printing in your busy state now. If you want to make a safe decision, print more posters. Absolutely, this grand poster printing would boost up your marketing efforts.

Finally, if you aim to do poster printing despite your hectic schedule, you can always trust poster printing online. Definitely, online poster printing today has turned into the most convenient method of producing your marketing materials. Through an online printer, you can easily design your posters and transact online to place an order. You can now obtain your posters without going out of the workplace. No more driving around for a local printing company. Would you ever trade that convenience?

See, theres no reason to panic now. Even if youre always up and about, you can still successfully print posters and promote your business. Just stick to these techniques and your posters will do you right.

The holiday season is the time to really escape the pressures of daily work schedules and really treasure time off with family and friends. For many entrepreneurs, its also a time of reflection on the life and business lessons learned over the previous 12 months. The biggest challenge in moving forward and making fresh breakthroughs for the New Year is deciphering it all and getting a fresh Key Perspective – a 360 degree perspective which includes determining what areas are your strengths and what areas you may need to seek advice and/or assistance in. With regards to getting business assistance, it is equally important in determining when, where, and how to receive it.

how to become a successful entrepreneur

A few years ago on a holiday trip back to my home town of Little Rock, Arkansas, I was able to spend a little quality time with family and some old friends. One day I found myself in a room with my rambunctious, 3-year-old nephew while others were in another part of the house. Perhaps happy and overjoyed to see me or on a sugar-induced escapade, he began jumping on the bed and bumping off the walls. Instinctively, I say to him something that my granddad would have said to me at that age. I said, Boy, keep that up and youll fall flat and bust your head right down to the white meat.

He pauses for a moment, stares curiously as if he just heard an odd foreign language, and then quickly returns to his super-hyperactivity running into another part of the house. Less than 10 minutes later, I hear a loud CRASH-Kabooom!! Immediately followed by crying. Within a few minutes, my nephew slowly walks back into the room rubbing both eyes and sits next to me. Softly and slowly he says, Uncle Ricky, I bump my head on da white meat.

Trying to hold in a good chuckle, I replied; Well, maybe not down to the white meat this time, but, what have we learned here?

Meet Our business development consultant Expert online at https://www.linkedin.com/in/dereklharris

As a business adviser, analyst, and mentor, Ive encountered this same scenario many times before. Not with three-year-olds, but mostly with young twenty and thirty-something entrepreneurs and a few middle-aged business owners as well. Usually because of our egos, pride and/or do-it-yourself tendencies, we sometimes ignore the good advice and/or business assistance available to us. And it sometimes takes a few bumps and lumps to get through to us. Believe me, as a young business owner in the 80s and 90s; Ive certainly had my share.

But as you mature into a successful entrepreneur and possibly into a Breakthrough Entrepreneur, you begin to learn from other peoples failures and mistakes and trust the expertise of others. You also begin to see the true value of outside assistance through advice, education and training. Youll even be able to translate those into measurable returns on investment. Of course no one person can know everything, be qualified to do everything, and/or keep up-to-date with all the details of your business. So thats why being able to filter, discern, and utilize the assistance of others is an essential skill you should develop. So, how do you go about getting the right business assistance?

Frame Your Business Problems, Dilemmas, and/or Ideas

Framing the Business Problem, Dilemma and/or Idea should always be your first step in finding the right answers and best solutions. When working with a client or mentee, I usually request that they follow a similar format to the one below to save on time and add clarity to the discussion.
Each question, problem, or dilemma should be written with pencil and paper in 1-2 paragraphs and in 5 sentences or less. They should answer these following questions:

What are the main objectives or ultimate goals for your business?
What are the backgrounds and core competencies of you and your business team?
What is the problem or dilemma and its background or history within your business?
What do YOU think are possible solutions?
What are the effects of each solution implemented 6-12 months down the road?

Its okay if you cant answer them all. It’s just an indication that you need help defining the problem or idea. This is more common than you think. If fact, as an executive business analyst, Ive met with several business owners that would often discuss what they thought were problems of their businesses. However, put under a microscope those problems turned out to be symptoms of a much deeper problem below the surface. In the complexities of business, it can be easy to mistake a symptom for a problem. Framing helps business owners and entrepreneurs think more deeply, focus, and begin to clarify. A wrong question never gets the right answer.

Determine what type of Business Assistance you need.

When framing, it is very important to think long and hard about what your life + business challenges are and how they relate to one another. Once youre clear on what questions you want and need answered, then youll be more apt to determine what type of assistance is actually needed. Usually it boils down to three types:

Business Advice
Business Skill-set Acquisition or Training
Business Education
Ive always said that some people just need advice; others need to acquire & develop skill-sets, while others may need a whole new level of education.

Consider the Source or Pathways to Potential Solutions

Living in the information age, there are a variety of sources from which you can find solutions. The following are the basic pathways:

Inexperienced personal acquaintances & friends people who are often inexperienced in the subject matter but have no shortage of advice. Usually it involves something theyve heard someone else say or claim they have done.
Mass media sourcessuch as the Internet, social media, books, blogs, print, television, and radio. This is often the easiest and cheapest way to get educational assistance, but because there is so much information, it can be overwhelming and sometimes hard to determine what or who to follow.
Experienced personal acquaintances & friends people who are experienced in certain matters, but are not engaged as a professional in your particular business or industry. They might offer some very good pearls of wisdom, but youll have to tailor the assistance they offer to your own situation.
Experienced professionals people who are experienced in the subject matter and can engage with you one-on-one to address the specific needs of your business. You can get advice, skill-set training, and education from this option. Most people consider it the most expensive route, but it really depends on what your intended outcome is. Most times, it offers the greatest ROI.

Evaluate which Resources Works best for Your Situation

You should further consider the following before determining which best serves your needs.

Complexity of the issue Is the issue too far outside your area of expertise? How serious are the consequences of making a wrong move or decision?
Implementation Is the solution difficult or time intensive to implement? If you implement the solution yourself, will there be any further implementations needed that affect your bottom line, customers expectations or other business operations?
Impact What is the potential impact if you do or dont heed the advice, acquire a skill-set, and/or educate yourself on a particular subject matter?
Price How much will the assistance cost versus its return on investment?

Once youve gone over all of the considerations, youre ready to move forward accordingly. But a word of caution: you should never think of getting business assistance as an exact science, no matter where you get it from. Because we live in a world of constant change, we have to manage and think in terms of probabilities. You should constantly and consistently monitor the outcomes and results of the business assistance you receive or act upon. To minimize risk, you should always take your time and review multiple sources and weigh the differences. Eventually, youll find resources that you trust and people with whom you can develop strong, mutually-beneficial business relationships.

Still, for most business owners and young entrepreneurs, reaching out for help for your business is usually a hard thing to do, but take heed to the advice here: If you keep going down the path of entrepreneurship and ignore the plethora of valuable business assistance available to you, you will inevitably bump your head.

And for the really stubborn: Youll see the real value of this only after you fall flat and bust your head right down to the white meat.

Well, maybe not right down to the white meat.

Are you considering (or ignoring) some type of business advice, skill-set training or business education that may resolve a nagging business problem or dilemma? Do you have a particular experience youd like to share? If this article been helpful let me know. Id love to hear your thoughts. Please leave a comment below.

Happy Holidays and Cheers to Your Fresh Breakthroughs!