Ways to Prevent Fights from Escalating in a Brainstorming Session

Business Tips

When brainstorming for the next marketing strategy to use, it is inevitable for people within the marketing team to fight. Everyone has great ideas, and no one would want to give up. It is okay to have different views on what to do next to advertise the products you sell, but it does not mean you can allow fights to continue. If you fail to control the situation, it could get too personal. These tips will help ensure a healthy discussion.

Find a facilitator

You can facilitate the discussion, or you can have someone else in the team do it. The role of the facilitator is like a referee, to determine who will speak first and who will speak next. If someone is interrupting the other, the facilitator can step in. This person needs to be in control of the situation and pause the session if it gets ugly.

Avoid shutting people down

When someone says an idea is terrible, you need to step in and prevent it. The session needs to be open. At this point, you cannot judge one idea to be awful in favour of another. Brainstorming is useful to ensure as many ideas as possible come out before you start delving deeper into each suggestion. It also needs to be clear to those participating in the discussion that shutting an idea down is a big no.

Set rules

Even before the brainstorming session commences, it is crucial that you talk about what will happen and what the rules to follow are. You will have a smooth discussion if everyone agrees to the rules. You can even include the members of the team to determine the rules to follow to allow ownership.

Invite the right people

You need different views for the next marketing campaign. If you intend to use a trade show stand since you received an invitation to join a trade show, you need various viewpoints. You can invite someone from your marketing team. You can also have another one from your production team who knows the products well. You can also have some of the most senior employees who might have a different take on the ads along with the newest employees since they might have opinions that are without bias as they do not yet feel a strong attachment to the company. Hearing different voices could help promote a more productive discussion.

Set an agenda

You need to let everyone know what to talk about. You can even inform them before the session date so they can prepare. You would rather have people come with ideas than telling them on the spot. They can research the topics to discuss. They can also look for trade show stand samples and trade show displays that could work if you are taking that route. If you start the discussion, and no one has anything useful to contribute, the meeting will be useless.

Making a successful trade show display along with other marketing campaigns could be challenging. It helps if you listen to different people and respect what they have to say.

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Using Custom Promotional Products in a World of Fake News

Business Inspiration Tips

These days there so many different versions of the “truth”. Business has been caught in the crossfire while politicians and the media fight for credibility, so much so that most people find it difficult to know what to believe. In the new, disconnected digital business environment consumers find it impossible to work out who to believe. With both sides pointing the finger and accusing each other of spreading “fake news” it’s hard to know the truth about anything anymore.

So how, in this era of uncertainty and fake news how can a small business have their marketing message taken seriously?

It might seem old fashioned but using promotional products is a proven way to avoid much of this confusion. When a business prospect holds something real, like a branded product they automatically reach an opinion of its practical value and a subjective, related emotional judgment of the whole. These personal impressions, both good and bad merge with any other preconceptions to form an overall attitude towards the brand with which the product is associated.

Branded merchandise, unlike other forms of business communication, does not rely on the manipulation of emotions to manage perceptions. The right promotional item creates a direct connection with consumers and allows you to avoid the negative impressions which come with the rising public cynicism in these days of “fake news”.

Managing consumer opinions of your brand and market offerings is the main purpose of promotional marketing. Billions are spent across the world every day on advertising but the final outcome can never be trusted to be exactly as planned. Research confirm using economical promotional products compared against more traditional forms of brand promotion reinforces positive perceptions. Particularly in the case in this day of digital communication few people with whom we do business are met face-to-face so doubts easily creep in. Branding something as simple to printed pens and handing them out to customers and business prospects is a way to escape the negative filters which dominate so much on-line chatter.

If you think about it, how can a good quality product with genuine practical value do anything for your brand but create a positive impression?

A good example of promotional marketing’s effectiveness is in the world of eco-friendly claims, about which consumer cynicism is growing. Many companies have realised it’s necessary to turn to physical products as a way of reinforcing their “green” company claims. So many organisations have unjustly claimed a clean, green reputation that there is great doubt about such claims amongst consumers. By simply offering your business contacts a branded item which reflects brand values and as an example, is made from recycled materials is now known to be more convincing that any number of bold claims made in general media advertising.

Unfortunately many people see a marketing world where bluster and misinformation is the norm so the simple act of placing a branded item in the hands of consumers creates an impression that no amount of online advertising can replicate. The simple reality of a physical product you hold in your hand cannot be denied.

It seems every year we spend less time engaging with each other and more time engaging with a screen, even now as we walk along the street. In this rapidly changing environment the simple act of handing your clients a useful branded product is a more powerful way to build and maintain relationships than ever. The temptation exists for all marketers to spend their budgets online. It’s easy to manage, analyse and assess; and can be scaled up or down in minutes. But keeping a foot in the “real” world, using promotional merchandise to connect with consumers is a proven way to leverage greater sales from your general advertising messaging.

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6 Interesting Indoor Activities to Keep Your Kids Busy this Winter

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If there’s any phrase a parent dreads hearing from the kids, it’s, “I’m so bored!”

With winter coming up, you’re probably planning for the next couple of months when the kids are going to be indoors a lot, and not have much to do besides watch TV and play video games. As a parent well aware of the downsides of too much digital time as explained by this feature on CNN, it is understandable that you’re looking for other indoor activities that can keep them busy, but also challenge and develop their intelligence.

This winter, go ahead and choose things to do with your kids that will inspire their creativity and encourage them to think. Try and spend as much time with them as you can because nothing develops a child’s brain faster than love and nurturing that can only come from indulging in quality time with your little angels.

1. Take the Kids for Escape Room Games

If you’re looking to combine an afternoon of fun with indoor activities that will keep your kids out of the cold, take them for adventure escape games. Such games combine family time with challenges that encourage your kids to think in a familiar environment. For instance, choose an escape game room based on the Harry Potter theme or perhaps, Doctor Strange – anything that they are into. The room will have hidden clues that the kids must unravel to escape and help Harry save Hogwarts from the complete annihilation engineered by Voldemort.

Each group comprises of 8 to 10 players and they must break out of the room within 60 to 90 minutes. Depending on the ages of your kids, you can choose rooms with the right difficulty levels. The games are immersive and exciting and give children the chance to step into the shoes of their favorite fantasy character.

2. Sign Up the Kids for Music Lessons

Check out this article on the Daily Beast that talks about how kids who play a stringed instrument, piano, or any other musical gadget are likely to have up to 15% higher verbal skills scores. This winter, sign your kids up for indoor activities like music where they can develop their verbal and listening skills and with them, their IQ. Not only will you be giving your child the opportunity to learn something new, but you might just discover a musical genius hiding behind the remote of the TV.

3. Encourage Your Kids to Read

Books are easily the biggest treasure you can give your kids. Open up their imagination to a world created by the written word and watch their intelligence levels soar. Use the excuse of winters and forced indoor activities to build a love for books and reading. If you can take out the time, join them in reading the books together. Discuss the story as the book progresses so the young readers are encouraged to think beyond what they read and explore new possibilities. Statistics show that kids growing up in a home full of books have a 36% higher probability of graduating from high school and a 10% higher chance of earning a college degree.

4. Learn a New Language with Them

Being able to learn and converse in multiple languages can help your kids attain SAT scores 14% higher than their peers. Like studies conducted at the National Center for Biotechnology Information show, speaking and understanding more than one language teaches kids to be more disciplined, and develops their cognitive and processing abilities. Further, the brain learns to pay attention and concentrate; and becomes more adept at switching between tasks and excelling at each of them.

Use the internet to learn this new skill which could prove to be one of the most interesting indoor activities. The entire family can participate in the lessons and have fun while using the new language to converse at home.

5. Give Your Children Building Materials

Bringing home sets of actual building blocks is something that all parents do. It’s not unusual to find moms and dads scouting the aisles of pre-fabricated blocks for their kids to use for building say, a house or plane, or even, themed creations like spaceships. This winter, allow your kids to experiment with regular items lying around the house.

Craft paper, scissors, glue, paper cups and plates, paints, sticks, and even toilet paper can act as the perfect tools to be creative. You might just get to step into a rocket created by draping an old sheet on a ladder or tall lamp. Or, enter a garden with painted flowers, butterflies, and ferns cut out and stuck to the furniture in the kids’ rooms. You could also take your story-reading session further. Having finished a fairy-tale, get the kids to recreate it with their own illustrations.

6. Give Your Kids the Time and Space to Think

The Greater Good magazine directs parents to take a step back from directing all indoor activities and allow the kids to come up with ideas of their own. While you do hate having to hear about your kids having nothing to do, sometimes, the best thing to do is to just let your kids be. Give them the time and space to think in a quiet corner of the house or their rooms. Don’t cram every single moment of the day with some indoor activity you have planned.

Set aside an hour or two each day where your child can choose what he or she wants to do without supervision. Start with the question, “Okay, tell me! What would YOU like to do?” And, just go with the choices no matter how silly they may seem.

Keeping your kids busy this winter and coming up with indoor activities does not have to be expensive projects. You’ll be surprised to see how little it takes to challenge their imagination and creativity. As a parent, that’s possibly the best things you can do for the kids to develop their intellect.

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Data and Analytics Play an Important Role in Digital Transformation. Here’s Why.

Business Entrepreneurship Home Business Wiz Tech Tips

 

The world is forever evolving and changing. New technologies are being developed, behavioural patterns are changing, and businesses with the desire to avoid extinction have to evolve along with everything around them. As a result of modern technology, access to information is easier than it has ever been. Through digital innovations like artificial intelligence, cloud computing and many others, customers now have access to a wealth of information about whatever business or service they’re searching for. This raises the bar for existing businesses (adapt or lose everything).

Digital transformation involves restructuring existing business models, strategies, processes and so on, to suit consumer needs using current technology. The important thing to note about digital transformation is that it is consumer-focused, aimed at giving the consumer the best experience possible, while also making managing operations easier for business owners (CIO from IDG).

Consumer behaviour is constantly changing, and, as a result, organisations have recognised the need to shift from data generation to being data powered. Today, data and analytics are used to identify behavioural patterns through extracted data, analyse said data and use the results to improve business processes (Techopedia). Qualitative and quantitative data are gathered simply through using web analytics tools such as Google Analytics, Open Web Analytics, Clicktale and many others.

Data and analytics are important to digital transformation, as they are key aspects of strategy development. Different aspects of every business produce data, and some aspects provide a larger amount of data than others. As your business produces data, your competitor’s business also does the same. The difference in both cases lies in the goals of each organisation, how data is interpreted, and how the results acquired are developed into strategies that can help improve business processes and operations (Centric Digital).

One of the beneficial aspects of data and analytics, relating to digital transformation, is machine learning. Machine learning involves getting computers to learn and act like humans, by feeding them data and information in the form of real-life observations and interactions. This helps in making more intelligent and informed decisions. For example, selecting alternate routes to avoid traffic, in turn preventing the late delivery of goods or products.

Analytics help companies understand the data at their disposal and help them make better business decisions, resulting in decisions with benefits such as cutting down maintenance costs and improving business operations (Search Business Analytics).

Cloud platforms are also agents of digital transformation, which do not make access to information easier for just the customer, but also for the organisation and its employees. Cloud computing is built around hardware and software that can be accessed through any web browser. They store information and programs for businesses, which can be accessed through a secure connection (iomart).

Analytics in cloud computing involve activities such as tracking social media engagement and statistics.  Analytics deal with a large amount of data which requires plenty of processing power and storage space. Cloud computing thus possesses the space to hold large amounts of data, while also making data accessible from remote locations. This is what makes cloud computing and data analytics a great fit (Forbes).

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The Evolving Role of Human Resources Within the E-Commerce Industry

Business Entrepreneurship Home Business Wiz Tips

 

The human resource department has always been an essential component of any company, whether it runs online or from a brick-and-mortar location. Employee well-being is the responsibility of the HR department, which controls everything from hiring employees, setting pay rates and keeping track of payroll, deciding employee benefits, deciding how to fire employees, keeping up with tax laws and more. The HR department is basically the backbone of any successful business venture.

Basic human resource functions have been working behind the scenes for ages, but within the ever-expanding e-commerce industry, the role of HR has had to evolve and become more dynamic, and it’s still doing so today. Successful e-commerce fashion retailers, JJ’s House and VeryVoga, have shared some insight on the major points of HR evolution within their organizations. Read on to find out how e-commerce is modernizing its old conventions to sync up with a contemporary workforce.

Contemporary Hiring Trends

Today’s e-commerce businesses have to deal with a massive influx of advanced systems and technologies. It can get so complicated that many entrepreneurs who start online marketplaces actually consider them to be tech enterprises. HR managers have to employ some innovative hiring trends to fill in positions with worthy candidates.

HR managers in the e-commerce industry are expected to work around-the-clock. One of their most formidable tasks is to find the right candidates for open positions. In e-commerce, employees must not only possess a pleasant attitude and relevant work experience, they must also have the technical knowledge to perform their tasks properly.

Keeping Employees Happy

Since the need to retain top talent is arguably more significant in e-commerce than in any other industry, it’s imperative for HR to come up with ways to rethink employee retention. They must keep employees happy in order to avoid rapid reorganization, consolidation and a host of other hurdles that comes with losing an essential employee.

It’s the responsibility of the HR department to create a positive employee experience and provide an unparalleled, exclusive work-life experience by incorporating dynamics like an open work culture, relaxed hierarchy and other employee-friendly policies.

Introducing the SME

Where training and development are concerned, human resource departments use something called subject matter experts, or SMEs, to get the job done right in today’s e-commerce industry. SMEs are trained to help enable aptitude development and intensive skills within the workforce. These experts can also help improve communication between employees, initiate open thought channels, open new avenues of knowledge for employees and help them become seasoned professionals. Ultimately, they help employees feel nurtured and important within the organization so that they appreciate being part of the company and are naturally inclined to be more productive.

Successful e-commerce operations like JJ’s House and VeryVoga wouldn’t exist without a strong and modernized HR department to back them up. Anyone working in the e-commerce industry must employ a strong HR department by considering the points above. When a business has a solid HR department in place, all other aspects of the business should function well too.

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Why the Location of a Crane Hire Provider Matters

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One of the most important factors you need to consider when hiring a crane is the location. Generally, the nearer the crane service provider is, the better option it would be. If your project is in Peterborough, it is more convenient choosing a company offering crane hire in Peterborough instead of choosing those in Fenland, Cambridge, Huntingdonshire, or other districts. There are clear advantages in hiring a crane that is in close proximity to your project site, as briefly discussed below.

Faster arrival of the equipment

Obviously, equipment from a nearer location will become available faster than equipment that has to be shipped from a farther away district or city. If you need equipment quickly, it only makes sense getting it from the nearest provider. Depending on the service contract, you may have to pay for the fuel used to bring the crane to your location. You will end up paying more if you have to haul the equipment from a distance.

On the other hand, it will be easier to return the equipment if there is no great distance involved. Bear in mind that some service contracts hold the customer responsible for the equipment before it has been officially returned. Imagine the possibilities of encountering accidents or other untoward incidents on the road. The longer the return transit takes, the more probable an accident. Paying for any damage to the equipment would definitely be an unwanted additional expense. Even if the damage is covered by insurance, it will also be inconvenient having to spend time dealing with the problem.

Faster replacement or troubleshooting

Not everything might go as expected. Even the equipment from the best crane service companies will have issues every once in a while. There will be instances when the crane has to be replaced entirely or will require troubleshooting or repairs. If the company providing the crane you are using is a couple or more cities away, it will take time to have your problem addressed. The worst case is the need to have your crane completely replaced. The crane sent to your site may not be suitable for the project or the terrain. It would be a major inconvenience and waste of time having it replaced.

Permits and licenses

Another very important detail to take into account is the permit as well as the licenses for the equipment you will be needing. There can be complications if you have to hire a crane from a different district. You need to ascertain that the equipment is licensed and you also have to deal with the permit for hauling the heavy equipment. You will also have to worry about getting clearance to pass by certain roads. Oversized trucks with heavy loads (carrying the crane) may not be allowed to pass along certain roads. You will have to find a new route to haul the crane, which can add to the time and cost it takes to get the equipment.

Except when you are assured of clear benefits in hiring a crane from a farther away company, it is recommended giving preference to local crane service providers. Nearer is generally cheaper; unless the cost difference is significant without a difference in reliability (as well as the competence of the operator).

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Start-ups: Don’t buy into all of the myths

Business Entrepreneurship Home/DIY Money Tips

Over the last few years it would be fair to say that the start-up culture has really come into its own. Whether it was the economic dip, or a completely unrelated reason, we’re not going to speculate. However, start-ups are popping up in all sorts of places, and entrepreneurs are constantly being bred.

At the same time, the surge in start-up culture has led to a lot of misinformation being published about new businesses. Myths have been developed and as the title of today’s post might have already suggested, we are today going to scrutinize some of these misconceptions and reveal the real truths behind them.

Myth #1 – You need too much capital

Once upon a time, this was completely true. After all, most new businesses were started in a bricks-and-mortar form, and this in itself added more costs. However, through the power of the internet there is no doubt that this myth has been reset so to speak, and you don’t necessarily have to have a lot of capital to get going.

Of course, there are exceptions. If a bricks-and-mortar store is going to be at the forefront of your enterprise, you do need some form of funding. However, don’t be put off by the suggestion that items such as point-of-sale terminals are going to hike up your costs – these are low cost, or even free, to install with vendors making their money on small transaction fees (that will barely touch your bottom line).

Myth #2 – Customers will flock to your great store or product

This next misconception is at the other side of the spectrum. A lot of new businesses are under the belief that customers will flock to their new product, under the “build it and they will come” philosophy. Without trying to be party-poopers, this isn’t going to happen. Sure, you may have released the best product of its kind on the market, but if nobody knows about it this is all for nothing.

You need a solid marketing plan in place long before your product hits the shelves. People need to be aware of it and without this awareness, you really will be on a hiding to nothing.

Myth #3 – You can do it all yourself

With funding low initially, this next myth is hardly surprising. However, as much as you might want to carry out every task yourself, we would advise exercising caution. Sure, you’re not going to be in a position to afford full time staff, but the rise of the freelance economy means that there are a whole host of skilled, temporary workers out there who can help you with everything from marketing to product design.

Remember, if you do it yourself you might save money, but by just having one extra pair of hands you can effectively double your output.

Myth #4 – Big companies eat start-ups for breakfast

It can be hard to not be scared by the big competitors in your field, but this should only occur if you can’t differentiate yourselves from them. If your service is the same, you are destined to fail. If you can offer differences, and ultimately an advantage to the customer, this is where you can prosper.

Remember, some customers are just scared and put off by big brands – and this is a unique advantage that you hold in itself. You can give a personal service, which is something that is greatly appreciated in the modern-day market.

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Employee development: The term on the tip of company tongues right now

Business Education Entrepreneurship Home Business Wiz Tips

If we were to wind back the clock a couple of decades ago, we would assume that the term “employee development” did not exist. Even if companies were aware of its meaning, the chances of them implementing its philosophies would be slim to say the least.

However, over recent times there has really been a shift in culture in relation to this. Big companies in particular are happier to invest in the development of their employees, whether it’s through training programs or even just sending them to industry conferences.

Whether or not this is the case for smaller companies, who perhaps have more constraints in relation to budgets, is debatable. However, business education is shifting; whether it’s from single day training courses or online MBA programs.

Following on from the above, let’s now take a look at some of the reasons more companies are getting more comfortable with employee development, and how you might decide to follow the same pathway.

The employee turnover numbers

Any company that has a high turnover of employees is asking for trouble. Let’s not forget that the recruitment business is an expensive game. Positions tend to be left open for long periods of time, leading to unproductivity, while once you do find your star candidate there is every chance that you might have to pay a recruiter fee or something else to guarantee their signature.

As such, training is a means of keeping employees and ultimately making your business a much nicer place to work. It is regarded as a “perk”, and a way of showing your employees that you respect their career. It’s something that will tend to breed loyalty and ultimately, weaken the chances of them jumping ship at the first opportunity.

It becomes easier to promote from within

This follows a similar vein to the previous point we looked at. As anyone who has been involved in recruitment will testify, as soon as you start looking to fill more senior positions the business becomes much tougher. There are far fewer candidates out there, while their higher salaries naturally means it’s a bigger risk.

If someone is trained internally meanwhile, the process can be made much easier. They already know the culture of your company, while you already know all about them so the risk is much smaller.

Employees tend to be more engaged at work

This next benefit works in several ways. Firstly, an employee who is picking up new skills suddenly has a lot more options available at work. They can apply themselves in different ways and this should, theoretically at least, prevent boredom occurring.

Then, there is the training itself. Once upon a time training courses were one of those things that everyone tried to avoid – they were boring to say the least. Now, the outlook has changed, and an interactive way of learning means that employees actually look forward to them, and see them as a positive to their daily routine.

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BUNDESLIGA CHAMPIONS BORUSSIA DORTMUND IN MARKETING PARTNERSHIP WITH GMO TRADING

Entrepreneurship Tips

June 29, 2018 – GMO Trading is proud to announce that it has entered into a partnership with Borussia Dortmund the Bundesliga Football powerhouse for the 2018-19 football season.

GMO Trading is a worldwide investment firm that has created a secure and simple to operate trading platform for traders of all skill levels. The platform meets the needs of clients for a platform that can be accessed anywhere and at any time during the day. Reception to the platform has been outstanding by customers throughout Europe.

From GMO Trading: “We are delighted to be a regional sponsor of Borussia Dortmund, one of the Bundesliga’s finest football teams. As home of the ninth largest stock exchange in the world, Germany is an important trading market and presents a key growth area for GMO Trading. This partnership will help raise awareness of our offering among European business leaders.”

Beginning in August of this year, Borussia Dortmund and GMO Trading will work together to market GMO Trading to markets in Europe outside of Germany.

The partnership will allow clients of GMO Trading the chance to participate in a range of exclusive offers and benefits from the club, and the chance to get VIP tickets and official merchandise.

GMO Trading will use social media and its website to introduce Borussia Dortmund branded initiatives to the market. To discover how you could benefit from GMO Trading’s services, please visit www.gmotrading.com.

For more information, please email Rebecca Wharmby – Rebecca.Wharmby@Threepipe.co.uk

About GMO Trading

GMO Trading brand name of Royal Forex a Cyprus Investment Firm, regulated by Cyprus Securities and Exchange Commission

The GMO Trading platform offers clients an unmatched trading environment and superior service, allowing them to access global trading arenas with great security and comfort.

GMO Trading puts at its clients’ disposal an unsurpassed variety of account options that can perfectly fit any trader’s requests. Clients benefit from innovative trading tools that delivers them the possibility to turn their trading desires into reality.

For more information, visit the GMO Trading website at www.gmotrading.com or  visit its Facebook at www.facebook.com/gmotrading/.

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8 Things to Research Before Becoming A Franchise Owner

Business Entrepreneurship Tips

If you’ve decided that you’d rather buy into an already-successful franchise than risk starting your own business, there are some things you should know before you go ahead with your decision. Fast food franchises, such as Quiznos, Checkers and Wendys, for example often encourage individuals like you to buy into the franchise, but it’s up to you to do your homework before investing. You would own your own location, run your own store and be your own boss. You would be responsible for hiring and firing employees, and you would get to learn how to run a business. You’d of course have to pay a royalty to the franchise corporation, but the rest of the profits from your location’s sales would belong to you. Opportunities are abundant when it comes to being a franchise owner, and you just have to do your research to ensure that you are buying into a reputable franchise with strong brand power and a loyal customer base. If you need help with your market research, get in touch with a company such as Circle Research who will answer any of your questions.

Here are 8 things you need to research about a franchise before buying into it.

  1. Do customers love them? It’s crucial that you research how popular this franchise is before buying into it. Do the customers love it? Do customers leave positive reviews about the food? Quiznos, for examples, is known for its quality and customers can’t stop talking about how fresh the ingredients are and how flavorful the sandwiches are. And yes, there currently are Quiznos franchise opportunities.
  2. How strong is their brand power? In other words, how well known are they? How strong is their brand? How successful are their marketing campaigns? If their brand is in good standing, reputable, widely recognized and positively regarded, that’s a great thing.
  3. How many franchises do they have? It’s better to buy into a franchise that doesn’t have too many locations. For example, there’s a Starbucks on every corner, and several Starbucks locations compete with each other (they compete with their neighbor two blocks away). If there are less locations, there is less competition.
  4. What locations are available? When it comes to owning a franchise, three words come to mind: location, location, location. It definitely matters what location is available for you to buy. It would be amazing to get a location near a business district (hello, lunch breaks!) or near a university, or on a busy street that gets a lot of foot traffic. Sometimes the locations that are off of a busy highway do quite well also. Definitely put some serious time into researching the location.
  5. How reasonable are the costs? Owning a franchise comes with costs. You’ll have to pay for employees, inventory, equipment and more. You’ll also have to pay a royalty (franchise fee) to the franchise corporation. Research these costs to make sure they aren’t completely unreasonable. You should decipher what your total investment costs will be before you make your decision.
  6. How long will it take to break even? Since owning a franchise involves some up-front costs, you should research how long it will take to break even. The reason this is important is because you don’t truly start profiting from the business until you break even. Sometimes, this can take awhile. You have to be willing to wait to see the profits.
  7. What is the earning potential? Your research should include an attempt to figure out how well a franchise owner in a comparable location is doing. You should ask leading questions to figure out what your earning potential could be if you buy into this franchise.
  8. What level of support does the franchise corporation offer? Support is key, and many franchise corporations offer an incredible level of support to their individual franchise owners. Support comes in the form of instructions, guidance, materials, deals on equipment, negotiations on your behalf, advice, etc. Ask the franchise corporation what they offer in terms of support.

 

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