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Are you ready to Franchise your business?

Wondering how to franchise a business? Before embarking on a franchise development program you’ll want to determine if your business has what it takes to be a viable investment opportunity for investors and if you are ready to franchise your business. Listed below are a few questions that one should carefully consider prior to moving into a franchise model. There are many factors to consider when deciding if franchising is right for your business, however positive responses to the following questions are a good indication that your business might be ready to start franchising.

Is there more than one location currently in operation?
Is the current business operation a suitable prototype for the franchise model?
Is there a system of processes and procedures currently in place for the business?
Has the business been open and operating for more than two years?
Are the profit margins sufficient to institute a percentage of the gross sales to be paid to the company in the form of a royalty and continue to produce a profit?
Are there proprietary systems, products or services in the operation of the business?
Is the business unique in any way or one of the few within its industry?
Are there economies of scale related to purchasing, advertising or administrative functions that will increase as additional locations are added?
Can others be trained to duplicate your existing system?
Is the current business profitable?
Have you had individuals or investors express interest in opening additional locations for the company?

 

Franchise Beacon chooses to work with a select few companies each year to insure that each one of our clients receive service that is second to none, so it is imperative that the company encompasses the following:

The concept is ready for franchising.
The company’s existing location(s) is operating successfully/profitably.
The management and owners of […]

Capitalizing on Your Facebook Following

I you read my last blog post, you now know how to get 1000 people to like your Facebook page in a year! That is 1000 people who shop in your store, and now you can market to them for free. Now what? What does capitalizing on your facebook following mean, and how do you do it? We all know that good content is the key to social media engagement, but what IS good content?
Good Content
Good content is content that your Facebook fans read and share. If you can get your fans to consistently share your content, your fan base will grow exponentially.   Here are some keys to good content.

Use images, but mix it up. Images are key to posts, but don’t use them every time. Most of your posts should have images or links, but don’t be afraid of an occasional text-only update.
KISS (Keep it Simple, Sir). Posts with less than 80 characters have a 27% higher rate of engagement, yet people often think they need to write a novella for an effective post. Keep it short, simple, and fun. Which brings us to
Make them laugh (or cry or go WOW). People love to share humor. Something that is truly funny is most likely to get shared. Barring that, a touching story, or something that they find interesting and think their friends will, too, is more likely to get shared.
Engage. Ask your customer’s questions. Have them vote for your next in store promotion or new product line. Ask them what their favorite one of your products is, how old they were when they first started using your products, or other interesting and industry-relevant questions.
Tell them what to do. Do you want your customers […]

10 Signs you should or shouldn’t franchise your business

Before you ask how to franchise a business, you should ask if you SHOULD franchise your business. Not all businesses will make good franchises, and not all business owners will make good franchisors (or franchisees, for that matter, but we cover that in a different article). To really know if your concept is right for franchising, you should work with a competent professional to do a feasibility study, but here are some quick flags that franchising may or may not be the way for you to go:
Ten Signs you should franchise your business
1> You have a proven concept
2> You have a team in place
3> You have been approached by multiple people asking to buy a franchise
4> You are profitable
5> Your business runs smoothly without your presence
6> Your local business growth is starting to plateau, and you are looking for the way to the next level
7> The idea of helping other entrepreneurs is exciting to you
8> You can teach others to do what you do
9> Your market can weather an economic downturn or recession
10> Your business is high-margin
10 signs you shouldn’t franchise your business
1> Your are looking for a way to save your business
2> Your business would likely fail without you behind the wheel
3> You are struggling financially
4> You can’t imagine moving your location, it wouldn’t work as well anywhere else
5> You can’t take a day off or go away on vacation because the business would fall apart
6> If your business had to give away 5% of its gross sales, it would fail
7> Your business is very reliant on something that is popular in your area (surf shop, ski shop, etc)
8> Your industry is facing technological obsolesce
9> You love what you do and can’t imagine […]

How to get 1000 likes in 1 year on Facebook

This article isn’t specifically about how to franchise a business, but any business owner, franchise or otherwise, needs to know how to effectively use social media.

 

S0cial media is the quickly becoming the juggernaut of interpersonal and business connection. There are over 1billion users on Facebook, and the site sees over 600 million unique visitors a month. While Facebook is obviously the dominant player in the market, Twitter currently have 165 million users, foursquare has 20 million, and even social media dinosaur MySpace still boasts over 20 million active users, so these are most certainly with your attention as well. This article will focus on Facebook marketing, but most of these techniques can be applied to other social media as well.

The key to any marketing is the audience. If you don’t have an audience, the best designed marketing plan is worthless. In social media, your audience is your followers, and on Facebook, your followers are the people that have liked your page. Building likes is something that you should be focused on every day. There are two keys to building your following; in-store promotion and solid content.Here is how to get 1000 likes in 1 year on Facebook!
In-Store Promotion
The best time to get a customer to like your Facebook page is while they are in your store. First, you know that this person is the ideal audience; after all, they are shopping right now in your business. Secondly, you can ask them. People don’t like to say no to other people, and when you are asking them to do something that doesn’t cost them anything, you are likely to get a yes. You are even more likely to get a yes if you incent them, […]

By |February 20th, 2013|Retail|1 Comment

Make your Store Holiday Ready!

This article was featured in Small Business Opportunities Magazine, August 12th, 2013. See the original article here.
This article is slightly different than our normal; it has nothing to do with how to franchise a business. Though franchising is our primary expertise, our team has skills in other places, and our franchisors are able use those skills as they franchise their business.

 

The holiday season is coming at us faster than Santa’s sleigh. If you are not preparing now for the holiday season, you are already behind the times. Stores last year started the selling season earlier, kept later hours and offered better deals. Did you? As hard as it is to believe, each year many consumers start their holiday shopping before Halloween. This is even truer in difficult economies, as it allows families to spread the spending out over several months.  Not much in the way of advertising is done during this time, but you have to have merchandise on your shelves.

Maybe this is your first Holiday season, and you don’t know what to expect? Or maybe you are not happy with your store’s performance in Q4 of last year?  If so, use the suggestions in this article (and the rest of this guide) to boost sales and set some records this holiday season! Oh, and get your shopping done early, because you won’t have time for gift-buying this year!

Store Appearance Assessing your store’s appearance should be step one of your holiday plan. From the moment your customer sees your store from the street, it is talking to them.

Dirty, windows, too many posters or poorly designed assets, or a cluttered entrance tells your customer “this store is dirty and unprofessional” whereas a clean looking […]

By |September 30th, 2012|Retail|0 Comments