Lead Generation, Franchise Sales and Reality

Posted on March 9, 2020April 9, 2020 by Franchise Strategist

This approach is terrible not only because you have empty spots in your pipeline but also because an ebb and flow in the advertising plan sometimes may cause the “brand” to disappear for awhile and send the franchise buyers a less than confidence inspired massage. For a start-up or emerging brand, this is the equivalent of a jet airliner “pumping the brakes” to save fuel while attempting to “take off.” It usually leaves a mess at the end of the runway.

Lead Generation, Franchise Sales and Reality
By Gary Occhiogrosso – Managing Partner – Franchise Growth Solutions, LLC.
Photo by Kees Streefkerk on Unsplash

The best way to get results in franchise lead generation is to remember that NOTHING works a lot, but everything works a little. What does that mean? It means for a start-up or an emerging brand (under 50 units), you need to try various lead sources to test which “streams” bring in the type of leads at the rate necessary to make your sales plan.

Look at all the factors in the game
Cost Per Lead and Cost Per Acquisition are only two KPI’s to look at when monitoring your program and its results. It is not as straightforward or revealing to limit your decision based on “how much did I spend and how many units did I sell.” The Reality is; it takes numerous elements to gain success. Such as time to build your pipeline (5-8 months), consistent follow up by a competent, highly trained, and relentless sales staff. As well as accepting the reality of the selling cycle
(about 120 to 180 days) and a realistic lead generation budget to pursue a professional and sustainable franchising recruiting effort. Your brand will NOT “sell itself.”

The Reality is that consistency in lead flow is also essential. I have seen many start-ups and emerging brands take a hiccup approach to franchise lead generation. This approach is terrible not only because you have empty spots in your pipeline but also because an ebb and flow in the advertising plan sometimes may cause the “brand” to disappear for a while and send the franchise buyers a less than confidence inspired massage. For a start-up or emerging brand, this is the equivalent of a jet airliner “pumping the brakes” to save fuel while attempting to “take off.” It usually leaves a mess at the end of the runway.

Royalties will make you the King or Queen
For me, the most important thing for a start-up or emerging brand to remember is the “value” of your franchisee over the lifetime of the franchise agreement. The Reality is; if you calculate the royalty return over that period, you will see the real reward of consistent lead generation and awarding a franchise. Calculate your Royalties on your AUV’s by the number of years you expect your franchisee to be in business, and it’s obvious. Do the math. Keep that in mind, and you won’t think the “Cost Per Acquisition” is too high unless you are attempting to “fund” your new franchise company from the upfront franchise fee collected. Funding your growth solely with the Initial Franchise Fees is never a good idea.

You should be in the franchising business for the royalties and the eventual exit, not the franchise fee. News Flash, focusing on the collection of Franchise Fees doesn’t work and often puts not only the franchisor in jeopardy of failure but also the franchisee. When you focus on the franchisee’s success, you will build a better organization, better equipped to support your franchisee. Successful franchisees paying long term, residual income from ROYALTIES is the way to BUILD YOUR BUSINESS.

A bigger “kiss” at the end
The Reality is; the sale of franchise companies (especially to Private Equity firms) have proven time and time again, that multiples paid on Royalty driven EBITDA at exit are more significant than the multiple typically offered on EBITDA derived from company operations. That’s because it’s scalable at a faster pace and with a lower cost.

Building a franchise business as a Franchisor requires a great concept, a comprehensive system, manuals and training, proven results, capital, planning and patience. If you remove any one of these components the journey may be an endless winding road with no clear direction.Talk to us to get started.

For more information, visit our YouTube channel and watch the videos titled:
“Using Digital to Sell More Franchises.”
“Private Equity and Franchising.”
https://www.youtube.com/channel/UCy6HZTtVYfsO9o8fBFMnZww

It’s Harvest Time – Tips On Selling Your Franchised Business

Posted on March 7, 2020March 7, 2020 by Franchise Strategist

You have used the franchise system, brand, and people to build your business. Don’t be afraid to use them to exit.
They have a critical interest in a successful transition. Use them to help you close the deal.

In today’s post, Tom Spadea, Founder and Partner in Spadea-Lignana Franchise Law shares his thoughts on the best way to sell your existing franchise business. As you might imagine there are steps that you need to be aware of while moving through this process. Working with your franchisor is just one way to expedite and ensure a smooth transition. Selling your business is a big decision. If you’ve worked with the end in mind then it should be a payoff, not an act of desperation. The payoff after years of smart work should be reflected in the multiple paid on EBITDA from an eager buyer who sees value. One thing I’ll remind you; Buyers want “potential” but they don’t often actually pay for it. Smart buyers will pay based on a specific set of guidelines to determine “valuation” or “enterprise value” which directly equate to selling price and price paid. This article explores best practices and tips when selling your franchise.

Where Do I Start if I Want to Sell My Franchise or Buy an Existing Franchise?
By Tom Spadea – Spadea Lignana Franchise Law

If you have made the decision that now is the time to exit a franchise, you need to accomplish three critical things before placing your business on the market. If you are interested in buying an existing franchise, it’s also important to understand these three factors because it can affect how you move forward.

1. Discuss Future Plans
First, you should discuss with your franchisor what your plans are. All franchise relationships eventually come to an end. You are probably not the first and won’t be the last franchisee to exit the system. You have used the franchise system, brand, and people to build your business. Don’t be afraid to use them to exit. They have a critical interest in a successful transition. Use them to help you close the deal. If you have a specific reason why you think telling the franchisor will compromise your exit, then you should discuss that with your franchise attorney. If you don’t have an attorney that you are comfortable working with, please give us a call for a free initial consultation at 215-544-2452.

2. Gather Documentation
Second, you need to gather documentation and clean up any inconsistencies, errors or omissions in your paperwork. The list is extensive and you can never have too much documentation. Buyers will take lack of documentation or documentation they have to fight to get as a sign of trouble and it will break down the trust between you. Not only will it potentially affect your value, it will cause unnecessary delays.

In a small business transaction, the trust between the buyer and seller is critical. Without trust, the deal will not happen. The way you can build trust is by having all the documents readily available for any buyer who is serious about making an offer. You need to tell a story to the buyer, and that story has to be validated by documentation.

Read the entire article here: https://www.spadealaw.com/franchise-law/buying-or-selling-an-existing-franchise

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About Tom Spadea
Tom Spadea spent more than 15 years in corporate and entrepreneurial positions before completing law school at Temple University’s Beasley School of Law. His undergraduate degree is in finance from Marquette University, where he graduated Cum Laude. Tom is a Certified Franchise Executive (CFE), a non-legal designation earned from the International Franchise Association. He has also been named a “Legal Eagle” by Franchise Times, a distinguished award recognizing Tom as a leader among his peers in franchising.

Tom is the founding member of the Philadelphia Franchise Association and is the current President and Chairman. The Philadelphia Franchise Association holds quarterly networking and educational meetings, bringing together franchisors, franchisees, and suppliers.
Read more about Tom here: https://www.spadealaw.com/attorney-profiles/tom-spadea
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If you’re considering selling your business or buying a business contact Franchise Growth Solutions.
We can help you sell you business quickly and at the highest possible price.
Contact: [email protected] and visit: www.franchisegrowthsolutions.com. We can help!

Key Points To Consider When Securing The Right Location For Your New Restaurant

Posted on February 14, 2020June 2, 2020 by Franchise Strategist

Gather data on the type of people living in the area. For example, if you’re planning to open a hip hamburger joint, you want a younger demographic, which might be present near a college campus. Do the people in the area like the type of cuisine you’re going to serve?

By Gary Occhiogrosso Managing Partner, FranGrow & Forbes Contributor
Photo by Louis Hansel @shotsoflouis on Unsplash

How many times have you seen new restaurants open their doors only to close them six months later? Ever wondered why? Among the top 3 reasons is improper location selection. The most successful restaurants are not only those with a great concept, outstanding food, legendary service but also the perfect location.

I spoke with David Simmonds the Founder & President of RESOLUT RE. He shares his insights on some key factors to consider when looking for the perfect restaurant location.

Here are some critical points to evaluate when selecting a restaurant location.

Conduct a Thorough Location Analysis
To be a successful food service establishment, the restaurant must fit the demographics; the restaurant needs to be accessible to the type of guests that live and work in the market it serves. Location analysis is an in-depth look at the general area you’re considering for your establishment. Gather data on the type of people living in the area. For example, if you’re planning to open a hip hamburger joint, you want a younger demographic, which might be present near a college campus. Do the people in the area like the type of cuisine you’re going to serve? Going back to the same example, an upscale seafood restaurant is probably not going to be a popular choice for most broke college students. Examine what types of businesses have been in the location you’re seeking in the past. It’s essential to understand why those previous restaurants failed to ensure you don’t repeat their mistakes.

David Simmonds, recommends “Know who your customer is- what he/she looks like from a demographic and psychographic perspective. One can accomplish this from the analysis of customer data from existing locations, or one can make as educated of a guess as possible. We recommend hiring a qualified professional who has access to different platforms of data that identifies the many characteristics and behaviors of people in defined areas.”

Also, the size of the local population is essential. You need to assess the number of customers you’ll need for your restaurant to remain profitable. Can the area sustain those numbers? The individual restaurateur can find many of these demographic data points, but Simmonds states: “While there are databases of comps available to people within and outside of the commercial real estate industry, nothing beats a CRE professional who is very active in the subject market and has relationships to obtain comps that are recent and pertinent.

Don’t Forget The Basics
In addition to the location analysis, there are some critical fundamental factors also to consider. Unless you’re going to open your restaurant in an extremely high foot-traffic friendly part of town, you’ll need an easy access parking lot as close to your restaurant as possible. Additionally, the side of the street you’re on relative to the traffic flow matters as well. If people need to make a left turn ten feet from a busy intersection to get into your parking lot, they may go elsewhere. Customers love convenience, so you must build that into your restaurant footprint.

Other things that matter include the overall safety of the area, as well as whether the entrance to your restaurant is openly handicap accessible. Your patrons need to feel safe and secure, and they need to be able to easily access your building, even if they require the use of a walker or wheelchair. You need to diligently go over each one of these factors when examining possible restaurant locations in your area.

Everything is Negotiable
To lease or to buy? This can be a tough but crucial question. You need to seriously weigh the pros and cons of leasing space or buying one outright. It may come down to your budget and how much you plan to spend on the remodeling and to set up your new space, as well as how much you have available to pay as rent or a mortgage. There are pros and cons to both leasing and buying. Leasing is a much more flexible option as far as the future of your business is concerned since it enables you to change locations (depending on your lease, of course) without having to worry about resale values or investing large sums of cash as a down payment. However, leasing requires knowledge in a lease negotiation. When asked about what can be negotiated, David Simmonds points out, “Absolutely, everything is negotiable, in theory. Of course, the extent to which landlords are negotiable depends on the type of business being talked about for the space, the credit and financial history of the person or entity that would be signing onto the lease, local market conditions, and each landlord’s current position in the property and goals for it.”

Another negotiable point is how much free rent time you can secure from the landlord so you can build out your space without paying rent. Simmonds answers it bluntly, “As much as you think you can get away with, without aggravating the landlord enough not to respond at all. Again, this is where a qualified professional with a thumb on the pulse of the market earn their money.”

Exclusivity For Shopping Center Locations
If you’re considering opening your restaurant in a shopping center, you’ll want to negotiate some measure of exclusivity with the landlord. This will prevent another restaurant featuring the same cuisine from opening in the same shopping center. I asked David if this is a realistic expectation from a restaurant tenant. He explains it explains this way: “Typically- yes, but again, this will depend on a myriad of factors: type of restaurant, credit/financials on the lease, local market conditions; meaning how much of a landlord’s market it is, how big the center is and what tenant mix the landlord would like to see in the center.

On the other hand, if you can afford to buy a piece of property or an existing building, you won’t have to deal with any potential landlord issues or rent increases. It’s important to weigh all factors specific to your situation and location before signing a lease or buying space.

Take Your Time to Secure the Perfect Spot
Using a professional commercial broker can accelerate the process, but patience is a necessary component. Though it may be difficult, don’t rush through the process. It’s completely normal to feel pressured into finding a space and jumping right in, but settling for a location that seems to be just “good enough” simply won’t cut it. The perfect space for your restaurant is out there, so if it’s a success you’re seeking, wait to find the right location, then snap it up!

ABOUT: David Simmonds

David Simmonds founded RESOLUT RE in January of 2009 and has since built a massive, international, 3rd-party, brokerage platform. RESOLUT has 6 offices across Texas (Dallas/Fort Worth, Houston, Austin/San Antonio, McAllen, Midland & El Paso), and services the great states of Louisiana out our Lafayette office, and New Mexico out of our offices in Albuquerque and Sante Fe.

RESOLUT RE represents over 40 tenants nationally, in Mexico and in Canada. We have the ability to service our clients’ expansion needs anywhere in the United States and up to 77 countries around the globe.

RESOLUT RE markets over 800 projects and exclusively represents over 250 tenants regionally across Texas, New Mexico and Louisiana.

David is a member of the International Franchise Association (IFA) and the International Council of Shopping Centers (ICSC) and received a Bachelor of Arts degree in Economics from Columbia College/Columbia University in New York City.

George can help you move out of the city and into a spacious home in the suburbs or find the perfect business location. text George at 201-245-3550 for a private consultation.

Using Technology To Build Your Brand

Posted on January 17, 2020January 28, 2020 by Franchise Strategist

It’s essential that you develop a strong marketing strategy, which should include goals, tactics, and measurements. Having a plan can maintain you on a set course with an established style, and it can help you track your development

Using Technology To Build Your Brand
By Veronica Lopez Siverio
Photo by Austin Distel on Unsplash

It’s widely known that technology and social media can basically “make or break” a brand. Every business owner has to think about ways to adapt the media to their company or restaurant.

A successful company does not see technology as only a way to brand itself or reach more audiences, but also to discover new ways of doing business.

How Digital Marketing Can Grow Your Audience
When a company is starting, usually, it doesn’t have a big marketing budget. Consequently, you have to be very wise about how you are going to spend it.

Communication is essential in the business world, therefore having an active social media presence can help your business, explains the Forbes Agency Council. Social media platforms like Instagram, Twitter, and Facebook are the best tools a company can use to track their audience, engagement, and growth.

Using platforms like Hootsuite, Google Analytics, and SEM Rush, marketing teams can strategize on content for social media and measure audiences, social media progress, engagement, and traffic.

Now, the audience can be very visual. For that matter, it’s crucial that the content you portray on social media or your website be visually compelling. Meaning it should be thought out, planned, edited, it has to have a pattern, and it should always represent your brand and its identity.

Also, creating an outstanding website will contribute to your online presence. For a website to be successful, it should be user-friendly, optimized for search engines, updated every few months, and it has to be mobile responsive.

A platform that has an excellent performance is Google Ads. You can track conversions regarding how many people visited your page, from which outlets they were referred, and if they filled out an email subscription form.

Using Technology to Increase Productivity
For starters, using technology can increase productivity. Applying different software to specific departments of your company can help you see where you spent your time. It can help develop a productive filing system, and it makes communicating much simpler.

For example, cloud-based applications like DropBox can accelerate productivity by being accessible from different devices and locations at the same time.

Another critical element of a successful business is handing an excellent customer service experience. Soft ware like Customer Relationship Management (CRM) can contribute to data analysis to benefit the company’s interaction with current and potential customers.

There are many applications that great companies have adjusted to their needs and help them boost both productivity and efficiency.

Also, the use of mobile technologies has increased over the last few years. Using this technology can as well improve productivity and efficiency. For starters, these mobile devices can contribute to a happier staff. As many experts say, happy employees can be more productive, and this can minimize staff retention percentage.

This technology helps employees complete a wide range of tasks because they can do them from any location. The technology achieves more things, getting done, creating more significant opportunities for companies to grow and be even more successful.
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To Learn More About a Franchise Using Technology to Build Its Business, Click Here

Can a Company Be Great Simply By Doing Good?

Posted on January 13, 2020January 17, 2020 by Contributing Writer

When we embed corporate social responsibility initiatives into the culture of an organization, we create a culture of caring for employees and greater value and accountability to all business stakeholders.

Can a Company Be Great Simply By Doing Good?
By Bizman
Photo by William White on Unsplash

Today we hear so much about corporate responsibility. Organizations focus on building sustainable products and taking a proactive interest in the communities where they operate. Many budget for initiative programs designed to ensure that the company is connecting and engaging the people they classify as “customers.” This shift to “Corporate Conscience” is due in part to how younger workers think about the world and choose the companies they decide to work for.

Corporate Mission With A Broader Approach
Companies now employ people who have a specific mission; to create and/or seek opportunities in the community whereby the company can connect and participate in outreach aimed at at supporting locally motivated programs.
When we embed corporate social responsibility initiatives into the culture of an organization, we create a culture of caring for employees and greater value and accountability to all business stakeholders.

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franchise, small business, senior citizen — Own the Franchise of your Dreams…Click Here to Learn more

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Stakeholders can include any and all – customers, communities, employees, the environment, investors and shareholders.

It’s this conscientious business philosophy that can help companies not only in their pursuit of profits but also in leading and inspiring their people, customers, vendors and partners to greater responsibility, enrichment and sustainability.

In Conclusion:
* Corporate Conscience is not a fad or publicity narrative, rather it is a focused effort to give back to the community.
* Corporate Social Responsibility has grown into a more “grassroots” approach to creating a better work/life balance in and out
of the company.
*Corporate Conscience initiatives lead to increased customer engagement, employee moress , productivity and eventually ROI.

Comment below if you believe in the idea of Conscious Capitalism?

Financing a Business? – What You Need to Know About SBA Loans

Posted on January 11, 2020January 14, 2020 by Franchise Strategist

Photo by Vladimir Solomyani on Unsplash

Many people are often misled to believe the money from an SBA loan is essentially “free.” That the funds are provided with the help of government grants and no-interest offerings; however, that is not the case.

Financing a Business?
What You Need to Know About SBA Loans
By Gary Occhiogrosso – Managing Partner, Franchise Growth Solutions, LLC

Whether you’re taking the plunge and starting a small business, or you’re interested in purchasing an existing one, or buying a franchise, you may benefit from utilizing an SBA loan program.

What Is an SBA Loan Program?
The Small Business Association (SBA) 504 Loan, also known as the Certified Development Company (CDC) program, was created to assist small businesses with the financing of their startup or growth. SBA loans are used to purchase everything from franchises to equipment to inventory. The SBA loan program was also created to help eliminate the “risk” banks take.
Through an SBA loan program, applicants can take out loans at below average market rates, which makes it an affordable option for small business owners.
Because of the complexities, it’s crucial to speak with a lending officer at a local bank. They may offer many options. Often, SBA loan benefits go untapped because many people are unaware of the program. In some cases, the information is not generally provided upfront.

Who’s Eligible
Only small business owners are eligible for an SBA loan. Specifically, their business’s net worth must not surpass $7 million, and their income cannot be more than $2.5 million in the preceding years.
Applicants must be able to provide records from the past two years that show stability and income, and they must have a credit score of at least 650. However, it also helps if the applicant has a background in the field of business they wish to start.

Setting the Record Straight
Many people are often misled to believe the money from an SBA loan is essentially “free.” That the funds are provided with the help of government grants and no-interest offerings; however, that is not the case.
Like any loan, SBA loans are offered through banks, but only SBA-approved banks can offer the program. You do not pay the SBA back; you pay the bank back directly.

Undoubtedly, taking advantage of an SBA loan can be a game-changer in the world of small business. If your interested learning about funding your new business please contact us at [email protected] – We can schedule a call.

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Sources:
https://www.smartbizloans.com/requirements-eligibility
https://en.wikipedia.org/wiki/SBA_504_Loan
https://www.entrepreneur.com/article/79254
https://www.sba7a.loans/sba-7a-loans-small-business-blog/2017/12/1/sba-7a-loan-for-a-restaurant

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About the Author:
Gary Occhiogrosso is the Founder of Franchise Growth Solutions, which is a co-operative based franchise development and sales firm. Their “Coach, Mentor & Grow Program” focuses on helping Franchisors with their franchise development, strategic planning, advertising, selling franchises and guiding franchisors in raising growth capital. Gary started his career in franchising as a franchisee of Dunkin Donuts before launching the Ranch *1 Franchise program with it’s founders. He is the former President of TRUFOODS, LLC a multi brand franchisor and former COO of Desert Moon Fresh Mexican Grille. He advises several emerging and growth brands in the franchise industry. Gary was selected as “Top 25 Fast Casual Restaurant Executive in the USA” by Fast Casual Magazine and named “Top 50 CXO’s” by SmartCEO Magazine. In addition Gary is an adjunct instructor at New York University on the topics of Restaurant Concept & Business Development as well Entrepreneurship. He has published numerous articles on the topics of Franchising, Entrepreneurship, Sales and Marketing. He was also the host of the “Small Business & Franchise Show” broadcast in New York City.
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WELCOME TO Go! Go! CURRY USA Franchising. Since 2007 we have been serving our Japanese Curry to our hungry customers, and are proud to be at the forefront of the growing Japanese Curry craze. Over the last decade, Go Go Curry has established itself as the industry leader in this emerging culinary market which brings a unique style and flavor to the fast casual industry. Click Here For Franchise Information

How To Start Your Own Daycare Center And Be Your Own Boss

Posted on November 15, 2019January 14, 2020 by Franchise Strategist

Photo by Gautam Arora on Unsplash

Start Your Own Daycare Center- Be Your Own Boss
By: Susan Anderson

Many people are now looking for ways to get out of today’s corporate business world, and to become their own boss. One way that some have been successful is by opening up and running their own day care center. More moms than ever before now have to return to work after their baby is born. Few families are able to make ends meet on one income. So, why not start your own center that caters to these busy moms, and open up a loving and safe place where they can leave their young babes and go to work knowing that will be well cared for?

When you first decide to open up your own daycare, you need to check with your state and government agencies to find out what rules and regulations you need to follow. For example, you are only allowed to have a certain number of children per square foot of space your building has, so you need to know this right off the bat. You will need to locate a site that is large enough to house the number of children that you plan to care for. Many have been successful with purchasing actual homes, and making any needed renovations. You may also have some luck with your local churches or city organizations, either with locating a space, or possibly leasing space from them. It is crucial that you pay attention to all of the zooming rules in your area, so you don’t rent a place, then find out you are not allowed to run a business out of it. It does take quite a bit of overhead to open up your own center, a lot of which goes into getting the location you need.

You will need to try and locate funds to get everything you need. Develop a business plan, and set it before your local Chamber of Commerce, local churches, and businesses. If you have a sound plan, and they feel that the community needs your center, they may help you with funding your endeavor. You may also look into getting a business grant from the government, as this would save you from having to make large payments before your business ever gets off the ground. You can find additional resources online or at your local library that should be able to help you with locating funding, other than taking out a bank loan. If all else fails, then try to get a business loan, but there are better resources available to you, you just have to know where to find them at. If you have an empty store in your area, this may be the ideal place for your daycare center. You may have to do some work to the inside to make it meet your needs, but you should be able to rent it at a reasonable price, especially if it has been vacant for a while. This would also give you the advantage of having a good location, as it would probably in a highly trafficked area of your town, which would be convenient for your clients.

Once you have pretty much gotten everything down as far as laws and your location taken care of, you will need to advertise your new center. One of the best ways to do this, especially if you are on a busy street, is to have a nice sign up that states your business name and that you are accepting children. You will also want to let people know the hours your center will be open, and what days of the week, and most importantly, have a contact number shown. If you can’t get all of this information on your sign, at least have your business name, hours, and phone number, then potential customers can call you for more information. You may also want to drop off fliers at your local pediatrician’s offices, schools (get permission first), or maybe run an ad over your local radio station or newspaper. If you don’t let people know what you are offering, and get the word out, how can you expect to have clients?

Another major decision to make is choosing what hours your day center will be open. If you really want to make an impact, I would recommend being open outside of the normal business hours, maybe opening at 5 or 6 am, and staying open until around 7pm. This would help you get clients that many other daycares are unable to cater to, giving you more customers. Keep in mind, that you will most likely need to provide meals, so if you are open the above hours, you will probably be serving three meals a day. You will want to make sure you remember that when you determine what the cost per child will be. Remember that you also will need to provide at least two healthy snacks a day. Let your parents know what you will be offering, so they will know what they are paying for.

Children tend to do best when they have set routines, so you will need to make a basic daily plan, and give your teachers and parents a copy. It is important that you plan the day according to the age range of the children. Include in a rest or nap time, or two for the younger ones. You will also want to have some learning activities, arts and crafts, outside time, free play time, and story time. If you will be accepting children that are working on toilet training, you will need to set aside specific time slots in the day to be potty time as well.

When you know how many children you will have, and what their ages will be, check your local rules and federal laws to find out how many teachers you need. Depending on the children’s ages, you need one teacher for every so many kids. When hiring your teachers, look for moms or young adults that have taken some early childhood education courses. You want to try to get certified teachers, if possible, to ensure that you not only have a caring center, but one that offers learning opportunities as well. If you can fit it in your budget, it is also a good idea to have some kitchen staff, maintenance people, and possibly even a nurse or CNA on staff in case of emergencies.

All parents will need to fill out medical forms for their children, letting you know their history and of any known conditions or allergies. You will need a release to seek treatment form, the child’s insurance information, contact numbers for the parents in case of emergencies, and contact info for the child’s doctor. It is important to be prepared in advance, in case any emergency situation did arise.

Your center will need to have a designated outside play area, equipped with safe, sturdy toys for the children to play with. This are should be fenced in with locked gates to protect the children. You will want to have swings, sandboxes, slides, any kind of outside equipment you wish, as long as it is safe, and age appropriate.

Stock the individual rooms with toys, books, games, televisions, educational movies, maybe a computer or two for the older children, anything that you wish to have on hand for the teachers and children to use. You will need to have an eating area in each room, and a place for naptime, diaper changes, etc.

Click here to learn how to franchise your business

When dealing with parents and financial issues, you will be better off asking them to pay the month or week in advance. By having them pay ahead, you aren’t dependent on them for the funds to buy needed supplies, or pay teachers, and don’t have to worry about losing children due to non-payment. A lot of daycare centers have to close because they financially cannot make ends meet, usually due to parents not being able to pay them when payment is due. Let parents know that you need them to pay in advance so that you have sure funds to use to care for their children with.

You may want to run the center yourself for the first little bit, to keep costs down, and to ensure that everything is running as you want it to. Eventually, when profits rise, and everything is going well, you may want to hire a manager to oversee the day to day running of the center for you. They would be responsible for hiring teachers, taking care of new customers, purchasing supplies, planning lesson plans, meals, etc. You basically would sign the checks, and still make all of the major decisions, but would free to pursue other endeavors if you wish.

Every community could benefit from a well-run daycare center, and with a little patience, and effort you could be the one to give it to them. Just make sure that you follow all of your local, state, and federal laws regarding childcare centers, and that the safety of your children is your number one concern. Everything else will pretty much fall into place over time.

Author Bio
Susan Anderson enjoys writing articles for families and consumers which are informative and adds value to their lives.

For more information on how to create a great monthly income by opening your own daycare center, visit www.nipty.com/daycare

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Franchise And Independent Businesses Need These 4 Key Resources

Posted on October 19, 2019January 14, 2020 by Franchise Strategist

4 key resources small businesses need to succeed

(BPT) – SPONSORED

From small home offices to co-working spaces to hotels and airplanes — as a small business owner, you’ve likely learned that being flexible with your work environment is critical to establishing and growing your business. No matter the spaces you travel to and run your business from, there are a few important resources to have in place to ensure that your operations are productive, efficient and a step ahead of your customer’s needs.

Office-quality equipment at consumer prices

As a small business owner, time and cost savings are precious. Make sure you know what tools your business needs to function smoothly, and choose the most efficient, cost-effective equipment to meet those needs. Whether it’s a good phone system, up-to-date computers or a shredder to safely dispose of sensitive documents, your business is only as good as the equipment you rely on. For example, a great product to invest in is a high-quality, reliable cartridge-free printer, like the Epson^® EcoTank^® Monochrome Supertank printer. Print more and worry less with a printer that comes with an easy-to-fill supersized ink tank that holds enough ink to print up to 6,000 pages and has a fast first page out time. Available in-store at Office Depot and OfficeMax, the Epson EcoTank wireless SuperTank printers also allow you to use voice-activated printing via Amazon Alexa, Google Assistant and Siri, giving you the convenience to focus on what’s most important for your business.

Professional IT support

Build a tech support team that keeps your business running no matter where you are. You likely don’t have the time to run your business and be your own IT support help desk. With help from a 24/7 remote tech support team from Workonomy™ at Office Depot, you can have access anytime and anywhere to a dedicated experienced tech support team by chat or phone. There’s never a good time for computer problems, but with a reliable 24/7 tech support team that helps with everything from data recovery to virus scans, you can have confidence that your tech will be running smoothly and optimize your business for efficiency.

A method and a space for resetting

Just because you can bring the office with you wherever you go doesn’t mean you should. Make time to leave it all behind. Create a toolbox of activities that help you reset, relax and rejuvenate your thoughts so you can bring fresh ideas to your business. From a brisk walk or a podcast episode to a phone call with a friend, choose one or two activities that you can quickly call upon each day to reset your mind and passion.

A workplace that’s as flexible as you are

Whether you are traveling, meeting a new client, need some help with your laptop or just want a small space to call your own, a great resource to have on hand is a co-working space. Office Depot’s Workonomy™ Hub co-working service provides support and assistance to home-based and small businesses in select locations. From private offices and conference rooms to daily drop-in, there’s a space and a plan that fits your work style. You can also take advantage of services including tech support, storage, packing and shipping, and more. Check out the available services and locations near you at officedepot.com.

Being a business owner requires you to wear a lot of hats and sometimes work in unique and on-the-go places. Your environment doesn’t have to impact the output of your business. With the right equipment and tech support, outlet to relax, and a flexible co-working space, you can set your business up to run efficiently and give yourself more time to do what you’re most passionate about. Sponsored by Office Depot.

Advice for Franchisor CMOs When Dealing With Digital Marketing Vendors

Posted on October 8, 2019January 14, 2020 by Franchise Strategist

This post is to simply inform and alert any franchise CMO who inherits one of these troubling vendor relationships. If you don’t own control of your online assets, you’re going to have unfriendly challenges ahead of you. We’re currently on boarding several clients that are experiencing these challenges. Here are a few results that we’re seeing with brands that are transitioning from this arrangement.

Digital Marketing Advice for Franchisor CMOs

By Andrew Beckman
Chairman, Founder Local Marketing Expert

The franchising community is complicated. With thousands of franchisees operating under thousands of corporate brands, breakdowns in communication are inevitable. As partners of these brands and franchisees, the franchise marketing community should be working to build trust and stability throughout the franchising network, not actively adding to the confusion.

Unfortunately, many franchise marketing vendors are misleading the franchising community. As some vendors put franchise websites on custom content management systems, they’re neglecting to tell these brands the consequences of this arrangement. Mainly, that franchise brands are unknowingly relinquishing ownership of their site and other web assets.

This arrangement might not seem like a big deal at the outset of an engagement. But when these brands decide to change course, it’s the brands that are left with the complicated transition — a transition that threatens long-term damage to not only their online presence, but the brand itself.

* It’s your logo. They’re your words. But they aren’t your pages. Your site pages are being hosted and managed by a third-party business.

* When transitioning off the vendor-owned pages, if you don’t own your content (images, videos, etc.), you will be starting from scratch.

* Some vendors are including proprietary tracking code within your site structure. If not identified properly, this can cause significant issues during site transition.

* If you’re using a subdomain hosted on a separate IP address, you will not get the same SEO benefit, and will need to spend time pointing links to new subdirectory location pages.

* Lack of custom Content Management System (CMS) build out.

* Limitations with Conversion Rate Optimization (CRO) strategies.

Whether these imbalanced vendor-client relationships stem from a genuine misunderstanding or an unethical approach, it’s imperative that all franchise brands are aware of the potential pitfalls of the arrangement. I’d love to continue the discussion.

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ABOUT THE AUTHOR – Andrew Beckman
As Chairman of Location3, Andrew Beckman oversees strategic direction and business development initiatives in conjunction with the agency’s Executive Board. Andrew founded Location3 Media in 1999 as a direct response digital partner with a portfolio of services that included PPC management, SEO, local search marketing, display marketing, social media marketing, content strategy, website design & development, web analytics management and more. Since 1999, Location3 has evolved into a full service digital marketing agency that delivers enterprise-level strategy with local market activation.

Prior to founding Location3, Andrew was an international sales manager for DoubleClick, Inc. where he was charged with opening new sales offices, as well as training teams on U.S. search marketing strategies for the original AltaVista Search Engine. Andrew is an expert in local search marketing strategy and is a frequent presenter at industry conferences including SES, SMX, StreetFight Summit, ClickZ Live, PubCon, BIA Kelsey and more. Follow him on Twitter.
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ABOUT LOCATION3
Location3 is a digital marketing agency that delivers enterprise-level strategy with local market activation.
As the premier digital marketing partner for franchise brands and multi-location businesses, we operate under the belief that Everything Is Local. That means using our digital expertise and proprietary technology to connect businesses with the customers who are searching for their solutions.

Fulfill Your Dream of Business Ownership – Here are 5 Tips For A Business Loan

Posted on October 8, 2019May 26, 2020 by Franchise Strategist

The U.S. Census Bureau’s 2012 Survey of Small Business Owners found that 2.52 million businesses in the United States (or 9.1%) are majority-owned by veterans. There are many resources available for veterans interested in starting or growing their business, including those from the U.S. Small Business Administration.

Dreaming of starting a new business? Remember these 5 things

(BPT) – If you’re dreaming about starting a business, or if you’re already a business owner looking to grow your business, chances are that you’ll need a loan at some point to help your vision become reality. And if you’re a veteran or active-duty servicemember, you already possess the skills and vital experience needed to make your business a success.

“From resourcefulness and determination to the ability to take smart risks, military experience teaches skills that translate well for business ownership,” said Tony Pica, vice president of business services at Navy Federal Credit Union.

What are lenders looking for? Here are five considerations to keep in mind before securing a loan for your business:

1. Do your market research and prepare a solid business plan.

Doing research on the industry and preparing a solid business plan is an important step to take when seeking financing for your company. If you can demonstrate to lenders that you’ve done your due diligence — created a detailed business plan, have a trusted team, know the demand for your product or service, and developed a sales strategy to show the viability of your business — you’ll be much more likely to convince them to take a chance on you and your company.

2. Review your overall financial profile.

“Your complete financial health demonstrates your creditworthiness to lenders, so it’s best to review your credit history before applying for a business loan,” Pica said. “You’ll also want to know the amount of money you need to borrow and what exactly it will be used for.”

Presenting your complete background, such as your education and experience, including whether you’ve worked at or managed a similar business in the past, can also make a big difference.

3. Be willing to invest some of your personal money.

Depending on the lending request, you might need to provide a cash injection or collateral. This may include your home, a vehicle, marketable securities or tangible inventory. The lender wants to make sure that you’re willing to put your own skin in the game. In many cases, a certain amount of capital may be required by law.

4. Expanding an existing business? Demonstrate evidence of continued success.

Lenders will want to see evidence of your past and projected cash flow as a result of expanding your existing company. If the loan is for a new business, you’ll need to show lenders your ability to repay it by providing a detailed explanation that includes projected expenses and income, based on solid research.

5. Partner with your trusted financial institution.

Once you’ve done your market research and developed a concrete business plan, talk to your trusted bank or credit union about the business lending products and services available to you.

For example, Navy Federal Credit Union Business Services provides more than just loans for equipment, vehicles and commercial real estate for its members. It provides a whole suite of options, such as business checking and savings accounts and business credit cards, as well as assistance with bill pay, payroll processing, insurance policies and retirement coverage for employees.

Financing your budding business can be a smooth process with these considerations in mind.

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