Why Do Entrepreneurs Choose a Franchise?

There are a number of reasons that entrepreneurs choose to purchase a franchise instead of opening their own independent business. Some of the main reasons given by entrepreneurs that own francises are:

• While you are in business for yourself, you aren’t in business by yourself. There is a “corporate” there to assist you, especially with the operations of your business.
• You get detailed instructions in how to do the operations of the business. If it isn’t a field you are familiar with, this provides a quicker start than learning on your own.
• There is the power of the existing brand recognition and the ability to rely on some “field of dreams” customers. (If you build it, they will come because they already know and like the brand).

Tune in to my next blog for the reasons why entrepreneurs choose not to purchase a franchise.

Starting a Business? Start Here. Go Far. LaunchX.com

It’s a Joy to Come to Work…

One of the most frequent sentiments I hear among business owners is that it is a joy to come to work because I know the business is mine! It is far easier to put in 80 hour weeks, deal with unhappy customers (especially those that are unhappy before they get to your business), and juggle all the balls at work when you are the owner because you know that you will reap the rewards.

Historically, owning your own business is the best route to personal net worth and financial independence. If I told you that in five years you would never have to worry about money again, would you be willing to work for half-pay, twice as long, for those five years? Many people wouldn’t. Those that are willing make great business owners! Ready for the most demanding and most rewarding job you’ll ever enjoy going to? Start a business and get on the road to independence and wealth!

Starting a Business? Don’t Know Where to Start? Start Here. Go Far. LaunchX.com

Some Great Twitter Tools

This posting, 10 Twitter Applications for Small Business, provides descriptions and links to some twitter apps that you may not have seen before. With the reality of any small business, whether just starting or long-standing, being that more things have to be done in less time, you may be able to find a tool or two on this list to improve your use of Twitter and social media in your business.

We already use bit.ly, and have several more on this list that will bear investigating! You can follow LaunchX at http://twitter.com/LaunchX.

Starting a Business? Start Here. Go Far. LaunchX.com

National Fill-In-The-Blank Month

I received an eMail recently from a supplier of legal services to business startups. They have declared February “National Start a Business Month.” I looked on the internet to see which organization was behind it, and couldn’t find any other references to it. However, that didn’t diminish the power of their marketing message — purchase their services and get a business started in February. It obviously got my attention!

What business are you in? Do you need a marketing boost? Maybe you should declare February National Month for your business. Check with  your trade association — they may already have a National Week or National Month in the works.

Starting a Business? Don’t Know Where to Start? Start Here. Go Far. LaunchX.com

Don’t Overlook Insurance When Starting a Business

This article about the insurance needs of pizza delivery companies came out this weekend in conjunction with the Superbowl, but the advice is good for any new business starting up. Don’t overlook your need for insurance. While the probablility of a loss may be small, your potential liability exposure could be large enough to sink not only your business, but also your personal finances, as well.

There are insurance companies that specialize in hard-to-insure industries (such as the pizza delivery mentioned in this article), and it is usually possible to purchase the insurance your business startup will need at a competitive price. An insurance agent or broker will be able to help you assess the risks that your company is exposed to, how likely those losses are to happen, and help you put together an insurance policy that will cover what needs to be covered in a cost-effective manner. So, as you are planning to start a business, don’t forget to consider your insurance needs!

Starting a Business? Don’t Know Where to Start? Start Here. Go Far. LaunchX.com

Take Control of Your Work Life. How? Open a Business!

Like it or not, working is a fact of life for the majority of us. We are pretty much guaranteed to spend at least 40 years at a full-time job…longer if the retirement plan ends up tanking with the rest of the economy. But that doesn’t mean every day has to be a grind, waiting for the bossman to bless us with a puny raise or meaningless promotion. There is a way to take control of your worklife, and that is to go out on your own.

Working for yourself is by no means a vacation. In addition to being your own boss, you are also your own legal counsel, accountant, marketing department, warehouse attendant, and secretary. But everything you do in a day seems to have far more meaning. It is easier to be motivated, easier to put up with the mundane tasks when you know exactly why it must be done and how it will build your venture. There are a million and one things on your to-do list, but they are all yours.

The things you daydream about at the office are really only possible through self-employment. Want more time to spend on your favorite activities? With your own business, you can fit your 50+ hours per week in any way that works for you. We know an IT consultant who does his work late into the evening, freeing up the after-school time to spend with his kids. We know another small business partnership that have divided the workload so that each is completely free half the weekends each month to be involved in their hobbies.

Starting a business will not reduce your overall workload — but it will give you control over when and how much you work.

Starting a Business? Start Here. Go Far. LaunchX.com

Marketing Lessons from Infomercials

If you, like me, find yourself strangely intrigued by the way infomercials are mesmerizing in the middle of sleepless startup nights, this article by Steve Straus from USA Today, has some great lessons we can all learn about marketing from infomercials. In summary:

• Enthusiasm is Key — There is a reason those informercials catch your ear…the sheer enthusiasm of the pitchman.
• Show the Need — Many people don’t realize they need the product until the infomercial shows them they do.
• Keep the Solution Simple — Show that your product is a simple way to meet that need you’ve just shown.
• Testimonials Lend Credibility — Use testimonials from satisfied customers to add credibility as well as a “me too” element to your sales.
• Ask for the Sale -Right Now! — Provide an incentive for your prospect to buy now or contact you today.

Starting a Business? Start Here. Go Far. LaunchX.com

Lessons in Networking from a 10-year-old

This past weekend, our daughter was involved in a co-marketing event for girls hockey as part of Hockey Weekend Across America and the new movie “The Tooth Fairy.” In addition to giving a hockey demonstration in the lobby of our local Regal Cinemas, the girls were also handing out brochures about the local girl’s hockey program to movie goers. She did a great job talking to people and getting the brochures in the hands of people that have daughters, but we all learned some lesssons:

• Some people are going to say no. Always thank them for their time.
• Some people are going to pretend you don’t exist. Say thank you to these people too!
• Some people may not be in your target market — don’t ignore them — you never know who they may know that is in your target market.
• If you don’t make the first move, you may not have anyone to talk to.
• Always smile.

No matter what your business, there will be times that you need to do direct networking. Remember these networking lessons the next time you have the opportunity to talk your business up!

Starting a Business? Start Here. Go Far. LaunchX.com

Starting a Business? Bargains abound in commercial real estate.

The news reports are full of stories about occupancy rates being at record lows for commercial real estate. Many of these stories are told in depressing terms — and how bad it is for the local economy. But, if you are starting or expanding a business, you should be able to see the silver lining in these news reports. With occupancy rates down, rental rates are also down, so you should be able to pick up a good to great location for your business at a lower than expected cost. In a buyer’s market, you, the buyer have a lot of negotiating power. Do you need graduated rent (low the first year and increasing over the lease)? Do you need a larger tenant improvment allowance? Do you want extra parking spaces? A bigger share of the center’s common sign? Now is a great time to shop for your retail or other commercial space!

Starting a Business? Start Here. Go Far. LaunchX.com

Starting a Business is a Path to Higher Income and Wealth

A study recently released by the U.S. Small Business Administration’s Office of Advocacy found that small business owners, as a group, experienced substantial gains in real income and wealth from 1998 to 2007. Read the full study here. Only about 12% of US familes own at least one small business, a rate that has held fairly steady over the years. Are you ready to join the ranks of business owners?

Starting a Business? Start Here. Go Far. LaunchX.com