Do you use Twitter as part of your overall Marketing strategy?  Many business owners know they need to utilize social media in their marketing  plans, but just don't know how!  So, what can Twitter do for my business?!

I found a blog post by Lisa Barone on the Small Business Trends website.  She lists 80 ways to use Twitter for your business.  Check it out - read the entire blog here!

Business Owners are getting serious about developing a presence through social networking - and they should! Facebook has passed Google in website traffic!  If you own a small business - you should definitely start looking into finding a way to utilize Facebook so you don't get left behind!  I found a great article by Lisa Barone on the Small Business Trends website that suggests 5 ways to improve your Facebook SEO!   Check out the article here!

I was read an interesting blog post written by Melinda Emerson at Small Business Trends that I wanted to share wtih everyone.  Melinda talks about how future entrepreneurs must have strong life goals and a clear vision of how they really want to live before they can make their business plan a reality. She provides eight questions would-be entrepreneurs should answer to ensure their business is a good fit with their life plan.  Check out the entire post!

Business owners, especially in today's economy, are looking for ways to expand their businesses to attract new customers as well as expand offerings for existing customers. It is important to make sure that as you diversify your business, you don't lose focus of your core offering. I found a great post on the Owners Only blog at www.bnet.com with some ideas about how to stay focused.

Click here to read the post.

According to NAWBO (National Association of Women Business Owners), women business owners are optimistic about the economy and business in 2010.  Many expect their businesses to improve, to increase investments and to hire new employees.  Click here to read the entire article in the Washington Business Journal.

• Be Your Own Boss
• Proven Product or Service
• Starting a Business w/Limited Experience and/or Capital
• Franchisor assistance (education, training, advertising/marketing assistance, on-going support and often group buying power)
• Brand Name
• Other franchisees can assist you – You are not alone 

 

Are you caught in the aftermath of merger mania? The fallout of corporate mergers can be disastrous for the executive talent pool.

Ninety percent of the clients I see todasy are corporate casualties. They come from Management, Marketing, IT departments, Supply Chain and HR. They have typically been searching for their next position for 12-18 months with very little success. These merged companies have fewer positions and the requirements are more specific and demanding.

Often, after months of fruitless searching, many executives decide to explore business ownership. This could be an existing business or a franchise. Naturally, the franchise model offers a more palatable solution for the risk adverse. You could compare this to wading into the river of opportunity versus jumping or diving in as you would in starting your own business. Both are startups; however your chances of success are much better with a proven model. The franchise model offers initial and ongoing assistance and maintains some measure of control. This measure of control and the “brand” marks allow the franchisor to charge a royalty. The royalty is considered your rental fee for use of the marks and to be a part of the “brand.”

Why are some franchisees with lots of corporate experience and talent not as successful as others? Part of the reason could be the personality of the franchisee and the franchise model are not a match. Matching the personality of the individual with the franchise is paramount in the ultimate success of each franchisee.

For example, it is extremely important that any individual considering franchise ownership determine if they would be willing to follow as system, pay royalties and be willing to upgrade and/or add new products or whatever might be required by the franchisor. Some personalities would not be willing to give up that much control.

On the other hand, for the talented corporate executive, his/her skills are often easily transferable into the franchise model. Because these experienced individuals have not yet actually owned their own business, becoming a franchisee can be a great segway into an exciting and rewarding new career path. These days most people progress through four to five different careers as they journey from their first job to retirement. For Baby Boomers and many personalities, 75 has become the new 65. Boomers are staying in the workplace and remaining active. They are creating a new model of retirement as they often cycle between periods of work and leisure. Many Baby Boomers expect to retire from their current career and launch into a new career.

Opportunities are plenty for the experienced executive who is willing to think outside the box and consider a new career path.

I found a great article on the Small Business Trends website about the marketing activities of Small Business Owners in the United States.  According to the State of the Small Business Report:

"Although American small businesses are admired for their ingenuity and aggressiveness, this is another area where they struggle, earning the equivalent of a ‘C-‘ in the Marketing and Innovation sub-index. Small businesses are not as successful as they would like to be in effectively marketing themselves to grow their business beyond their current size."

Click here to read the entire article and get some good marketing ideas.

In today's economy where small business owners optimism is very low, I think it is important to try and focus on positive things people can do to make their businesses survive. Sitting back and waiting to see what happens is not going to work! I found an article written by Anita Campbell on the Small Business Trends Website about 12 steps to take to upgrade your business. From identifying what customers want to networking, here are 12 actions to step up business this year. The ideas include being proactive with strategies, setting the business apart from the competition and learning new technology.

Click here to read the entire article.

I found an article on the New York Times website that gives tips on selling in a tough economy.  It is an interesting article I wanted to share.  Bob Leduc, an author on the Peak Consulting website, which specializes in statistical analysis and economic forecasting, suggests a three-part approach to increasing your advertising’s impact. 

Click here for the entire article. 

Today's business owners are facing many challenges in the struggling economy. This article offers 11 tips to help turn around a struggling business.

Click for the entire article.

Small business owners are trying new and creative ways to find new customers.  People are cutting advertising/marketing budgets and looking for innovative/cheaper ways to market themselves.  I ran across a story about a business using the Answers section on Linked In and finding a new customer.

Click here for details

I found an interesting post on the Wall Street Journal's Independent Street Blog about a new book about starting a business that proposes women are better suited to entrepreneurship than men, because women aren’t afraid to ask for help.

The book is called “Birthing an Elephant” and it offers advice for women who are starting businesses.

Click here to read the entire post.

What do you think?

Joel Libava, owner of Franchise Selection Specialists in Ohio, recently published a report about his view of 2009 Franchise Trends.  I found it very interesting and I'm sure you will too! 

Click to read the entire article!

Texas was listed as #4 on a new list of best states to start a business compiled by U.S. News & World Report. Texas’ fourth-place ranking fell behind No. 1 Washington, followed by Virginia and Colorado.

Click here to read the article in the Dallas Business Journal.

Even with all the bad news about the economy, a new survey shows that small business owners are still hiring and are planning to continue hiring in 2009. 

Entrex, a Chicago firm that markets information on privately held companies, released the results of its annual Private Company Index CEO Sentiment Survey for the upcoming year. The survey found 72 percent of CEOs plan to increase the number of full-time employees in the coming year

Click here to read the article!

As 2008 comes to a close, business owners are planning for 2009.  I want to share an article I found helpful about the 10 advertising words to avoid!  Click here to read the full article!

In today's lending environment, it may be difficult for entrepreneurs to finance business and/or franchise purhases.  I found this interesting article about two companies that help people finance their entrepreneurial dreams with their 401(k) plans.  Click here for details.

The economy seems to be a topic that’s discussed over and over in our local and national media and at almost every business level in America today. Predictions abound that the remainder of 2008 and into the first half of 2009 will see a decline in the economy.

Here are our Top Ten recommendations of ways you can recession-proof your business:

1.) Know Your P & L – In addition to your income and expenses, measure and identify your accounts receivable (numbers & days to collect), customer retention rates, project estimates w/variances, sales cycles and closing ratios, and inventory control. Understand which numbers and percentages have to go up or down for you to succeed. Forecast a 10-15% decrease in revenue and create a plan.

2.) Intensify Marketing – This is an area that many business owners will cut first in a down economy. DO NOT CUT your marketing budget. Marketing is important in a good economy, but vital in a slow one. Stay networked and connected. Be creative and strive to obtain a bigger market share.

3.) Cater to Current Customers and Deliver Extraordinary Customer Service – Create new products and services. In a down economy, sometimes it is more cost effective to generate additional sales from existing customers than find new ones. Continue to build outstanding customer service solidifying repeat business and new customers through referrals. Make follow up calls and/or use direct mail to stay in contact with current customers.

4.) Be Lean & Fit – Cut costs where you can, but NO cost cuts in learning or marketing.

5.) Reduce Debt – Long-term debt can sometimes be renegotiated saving dollars on interest rates and increasing cash flow. Reduce inventory, if overstocked. Always efficiently manage the cash flow.

6.) Keep Good Employees – Look to hire even better employees in this age of corporate downsizing. All employees should add value and get results.

7.) Adopt Cutting Edge Technologies – Create efficiencies, reduce costs, improve service and increase employee satisfaction.

8.) Maintain Prices – While it is tempting to cut prices to free up cash flow, it is a mistake! You will definitely sell products, but you will cut your profit margins in the process. Discounts are also hard to take away when the economy improves.

9.) Good Credit Ratings – Good credit ratings are always important, even more so in lean times. You want to always make payments on time and maintain that credit rating. Your borrowing ability and loan costs depend on having good personal credit.

10.) Dismiss Your Fear and Consider Expansion – Any down-turn will create new opportunities. Seek out market opportunities that would enhance your current business. New changes and growth will always have a positive effect on attracting new customers, satisfying existing customers and growing your asset.

I ran across a blog post by Rhonda Abrams on USA Today's website.  It talks about how small businesses need to drive traffic to their websites!  Click here to view the post.

Here we are - two days after an historic election.  I found the Wall Street Journal's Independent Street blog to be interesting today.  You can read their blog and see what readers think.

Click Here!

In an exclusive to Franchising World, Presidential candidates Barack Obama and John McCain have outlined their views on issues important to the franchise industry, the International Franchise Association (IFA) announced today.

Click here for details

 

21 - The percentage of sales alcoholic beverages make up for full-service restaurants. Source: National Restaurant Association

30 - The percentage of job applicants who misrepresent their working history. Source: SHRM (Society for Human Resource Managers)

52 Million - The number of slices of pizza Americans consume during the college basketball tournament, culminating with the final four in April. Source: The Christian Science Monitor

I came across this article on CNN. It discusses how slacking off sometimes can actually help you get things finished! Thought the article was very interesting. Click here to read it!

454 - The number of fast-food franchise systems in the U.S., according to FRANdata

164 - The number of franchises that can be run from your home, according to FRANdata

$500 - The amount the “average” American spends annually on fast food. Source: Survey conducted by Research International USA, seen in USA Today (6/6/2008)

I ran across an article on Entrepreneur.com and thought it would be great information for small business owners and potential small business owners and franchisees. In today’s tough economy, its always useful to find low cost ways to market your company.

Click here to read the article.

Existing Independently Owned Business – Some buyer candidates wish to avoid the “ramp-up” stage and seek a business that has already ramped up and is currently profitable. The price you have to pay is directly proportional to the earnings of the business. Existing businesses are typically priced as a multiple of cash flow. The cash flow is defined as what’s left after “necessary” business expenses have been deducted.

Some of the pitfalls you could encounter: make sure there’s documentation to support all financial information including tax returns, sales tax returns, etc. Make sure the greatest part of the revenue is not derived from only 1-2 customers. If so, how will you make sure to keep those accounts? Research the industry and competition. Check for market trends and the possibility for expansion. Make sure the seller has adequate equipment and it’s all in working order.

If you want to get into business for yourself, you can buy a new franchise, buy an existing franchise business, you can buy an independent existing business, or you can start a new independent business. Over the next few days I am going to go over some of the pros and cons of each. Today we will start with a new franchise.

Many people who haven’t owned a business before gravitate to a franchise because of the training, the marketing assistance, the assistance of the franchisor and other franchisees and the BRAND. The concept is typically proven because “X number” of franchisees are using the model everyday. It is less risky than starting your own business or buying an existing business. Who will you call if something goes wrong in a start-up or an existing business after the transition period when the seller has moved on to something else?

Let’s face it…you will make mistakes. A franchise will possibly lessen the number of mistakes because the learning curve has been diminished. As the franchisor works to expand their brand, they strive for the right fit in franchisees so that the franchisees validate well when contacted by “prospective franchisees”. Therefore, the franchisor has difficulty selling franchises without “happy” franchisees. Will 100% of the franchisees be happy? Of course not, because some will not be following the system and perhaps have found out they are not a good fit for this particular franchise concept. The other common reason for unhappy franchisees is the franchisee going into the business undercapitalized. Franchisors will tell you to plan for 6-12 months of working capital. Invariably, some people will think they can make it work in 3-6 months. Tough to do.

I ran across an interesting article posted on Newsday.com. Customer service is definitely key for small businesses. It is the way small businesses can differentiate themselves and compete with larger competitors.

Click here for the details.

1. The franchisor makes all the money
   This is a common misconception. Yes, Franchisors do charge an up front franchise fee. Yes, they also charge an ongoing royalty payment. But most of this money is invested in you, your training, and brand awareness nationally and in your market. The franchise fee you pay gives you the right to the Franchisor’s system. They train you in all aspects of their business. The ongoing royalty payments are used for advertising and to keep the brand in the public eye. It is in the best interest of the Franchisor to make sure that Franchisees are profitable and happy. If Franchisees are unhappy, it will be very hard for the Franchisor to sell more franchise territories.
    
2. Franchise businesses are too expensive
   Aside from the initial franchise fee (which provides you with thorough training on all aspects of the business you are buying), franchised businesses cost the same to start as independent businesses. This is where your research comes in. Choose a franchise model that you can afford. They range from a couple thousand dollars up to a half million or more depending on the type of franchise and the industry. 
    
3. I can’t wait 2-3 years to make money
   You may not have to wait 2-3 years to make money. Research – Research – Research. When you are deciding which franchise you want to purchase, call existing franchisees…ask them if they are profitable and if so, how long it took them to start making money. 
    
4. I am not interested in auto or food
   Great! You don’t have to be interested in auto or food to find a right fit in franchising. There are over 5,000 franchise opportunities in 80 different industries. There are thousands of franchise opportunities that have absolutely nothing to do with auto or food.