How tech companies are stepping up to serve small businesses

Posted on May 3, 2021May 3, 2021 by Franchise Strategist

Small businesses pay an average of $450 in bank fees every year. To big banks, that’s nothing. But for small businesses, those fees could make the difference between hiring employees, paying bills and even continuing to operate.

How tech companies are stepping up to serve small businesses

With Permission from Brandpoint

(BPT) – Small businesses are woefully underserved by traditional financial institutions. In fact, a J.D. Power 2018 U.S. Small Business Banking Satisfaction Study found that nearly 63% of microentrepreneurs believe their bank does not appreciate their business — and only 32% think their bank even understands what they do.

Businesses with fewer than five employees make up a staggering 92% of U.S. businesses, yet smaller businesses (and especially service-based businesses) don’t get the same level of attention as bigger businesses when it comes to fintech. Big banks instead direct their investments toward large businesses, where there is potential for greater returns.

Evolving financial software for the modern entrepreneur

Most entrepreneurs went into business because they wanted to follow their dream — only to find administrative and managerial tasks, like bookkeeping, payroll and tax filing, getting in the way of that dream. Fintech software can assist small-business owners in this regard — particularly helpful as many small businesses continue to struggle during the global coronavirus pandemic.

Wave, for example, offers an all-in-one money management solution which helps entrepreneurs remove the pain points of running the financial side of their business and was developed specifically using language, workflows and features a small-business owner with no accounting or finance experience can easily understand.

Fintech solutions can also help small-business owners:

* Track income and expenses
* Understand their profitability
* Be prepared for tax time

Transitioning from an outdated way of small-business banking

Traditional banks are expensive, archaic and offer little more than a safer place to store money than under your mattress. The needs of small businesses are changing, but the response from traditional banks is not. This is especially true for service-based businesses, which make up the vast majority of microbusinesses.

Fintech companies are beginning to understand that small businesses need tailored solutions.

Microentrepreneurs now have banking options, like Wave Money, which does not require a minimum account balance, has no monthly fees and offers fast access to funds, which can help improve cash flow.

Sustaining small-business success after the pandemic

It’s not easy to start a business. From dealing with government policy to navigating bookkeeping, payroll and tax, many of the steps to becoming an entrepreneur are daunting.

Entrepreneurs need all the support they can get, especially since the pandemic has taken a toll on so many. As such, it’s even more important for entrepreneurs to look for solutions that deliver on their unique needs.

Tech companies continue to evolve their products and services to accommodate these challenges and opportunities for small businesses, and as many begin to bounce back from the effects of the pandemic, entrepreneurs should consider financial tech solutions that include:

* Powerful invoicing software that allows you to send out professional invoices, track payments, and automatically send friendly reminders to your customers who don’t pay on time.

* An integrated payments option, so customers can pay electronically with one click of a button. Wave has found that business owners who accept payments electronically get paid on average three times faster than those who don’t.

* A no-fee business bank account. Solutions like Wave Money, a no-fee small business bank account, not only speed up access to funds, but also automate bookkeeping and create records ready for tax time, so business owners can spend less time worrying about back-office tasks, and more time running their business.

Starting a business is never easy, but the right fintech software can help manage your business’ financial life in meaningful ways. That way you’re ready when tax time approaches — and you can continue focusing on growing the business you love.

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New World, New Business: 5 Ways Small Businesses Are Adapting To COVID

Posted on March 14, 2021March 14, 2021 by Franchise Strategist

New world, new business: 5 ways small businesses are adapting to COVID

BY Brandpoint with permission.

(BPT) – COVID-19 has irrevocably altered the way that we do business. Some small businesses have floundered, while others have completely reinvented themselves.

In a recent survey by SCORE, just 34% of U.S. small business owners now categorize their companies as profitable, compared to 55% in 2019. As a result, they’re working hard to adapt — reconfiguring their offerings to boost revenues and planning such new strategies.

“The unexpected has forced many to reevaluate plans, practices and procedures,” notes Andrea Forstadt on USChamber.com. “Yet one of the advantages of being a small business is the ability to more easily lean in to, embrace and adapt to change. For many, the short-term alternate plans or adjustments are fast becoming the realities of the foreseeable future.”

Here are five trends that have impacted small business this year.

Freelancing has surged. As people rely on contract work to replace lost jobs, the number of freelancers in the U.S. is growing steadily. NPR reports that two million more Americans began freelancing between September of 2019 and September of 2020, boosting the freelance portion of the U.S. workforce to 26%. Studies also show that women lost jobs at a faster rate than men during the past year; and are more likely to pursue full-time freelance careers due to autonomy and flexible schedules.

Cashless commerce is growing. To reduce person-to-person contact, businesses of all kinds are discouraging or completely eliminating cash payment options in favor of card or digital payments. “Ongoing shifts toward e-commerce, digital payments (including contactless), instant payments and cash displacement have all been significantly boosted in the past six months,” confirms an October McKinsey report. In one example, the raw volume of invoices sent on Invoice2go, which saw more than $24 billion in invoicing volume in 2019, has risen from 58 million to 78 million invoices sent per month — a boost of about 30%. As consumers seek efficiency and convenience, Invoice2go also has seen a 50% boost in digital payments via its payment platform — a crucial assist to help small businesses stay competitive.

Demand is up for digital tools. As small businesses lean more on online business functions and/or e-commerce during social isolation, they’re calling for leading-edge tools that can help them navigate the logistics. Women-owned businesses are often primary customers for financial management tools — studies show they’re 43% more likely than male business owners to be concerned that limited access to funds could hurt their businesses. Around 43% of U.S. small businesses plan to expand their businesses through digital and related technology as a response to COVID-19, according to the Verizon Business Survey. In fact, 30% of these businesses have already added ways to deliver products and services digitally. To meet this demand, Invoice2go has recently added “Reviews” and “Profiles” features — prompting a star-based review after each transaction and enabling creation of an auto-generated website to help small businesses get discovered and build credibility. This is especially crucial for solopreneurs (37% of the platform’s users), who can’t always devote valuable time for customer follow-up and encourage the word-of-mouth that generates future business.

Businesses are diversifying. Many small businesses have devised new offerings as previous income streams dwindled. For example, hotels are now offering day-rate rooms for people who need to work remotely, distilleries are producing hand sanitizer in addition to spirits and restaurants are offering better, easier take-out options. “Difficult times often lead to changes in the way the world operates,” says Wade Thomas in Forbes. His advice to business owners is, “Develop products and services that not only solve today’s challenges, but will also thrive in the new, post-difficult-times world.”

Virtual experiences are expanding. Companies have transformed in-person events into digital experiences. From virtual happy hours, to podcast product releases, to YouTube customers videos, everything is going online. “The real opportunity is to somehow provide the experience and connectivity of former live events to a virtual one that actually can sustain itself over time, even after the end of the pandemic,” explains Bernhard Schroeder in Forbes.

Need a suite of effective digital tools that will help you run your small business smoothly and efficiently? Invoice2go offers user-friendly products that can streamline your day-to-day workflow so you can focus on your business. Functions include estimates, expenses, invoices, payments, appointments, ratings and reviews. It’s going above and beyond for passionate small business owners and freelancers looking to improve and streamline processes in the new year. Learn more at Invoice2go.com.

TWO REASONS YOU WILL NOT BE GRANTED A FRANCHISE LICENSE

Posted on March 10, 2021March 10, 2021 by Franchise Strategist

TWO REASONS YOU WILL NOT BE GRANTED A FRANCHISE LICENSE

By TOM SCARDA, CFE
🔑Education 🔑 insight 🔑 inspiration – I help people escape the corporate rat race and control their own destiny through business ownership. 516-322-1435

Thinking that talking to a franchise company is like a timeshare presentation.

If you invest in a franchise, you are buying a business, but they are not selling one. Speaking with the franchisor and performing due diligence is like dating. If you hope to be sold something, you’ll be disappointed, or you’ll waste some time, and your right franchise will break up with you because of your awkward or bad behavior.

Top franchise systems view the vetting procedure as a mutual dating exercise. Both parties judge each other before formalizing a long-term relationship. The dating rules are pretty much as they’ve always been:

Care to learn about each other while respecting each other’s boundaries and timelines.
Ask many questions and observe behaviors to learn each other’s values and identify potential opportunities and deal breakers.
At any time, you or the franchisor can decide that another date isn’t the best idea. If one of you says “No”, there are no hard feelings. After all, it takes both to make the relationship great.
As in dating, the courtship could end with a final “No”, or if at the altar one of you says, “I still want to think about it.” If you still have to think about it while one of you is at the altar, then it means something’s wildly amiss.
However, as in dating, the courtship could also result in a wonderful partnership that creates for you a comfortable, prosperous, and peaceful future.
Lastly, one doesn’t marry while planning for divorce.
Consensual validation or third party opinions

Family, friends, lawyers, accountants, financial planners, a friend in the industry, someone you respect because they built a business. Why would a friend and/or someone you know who hasn’t performed any due diligence tell you that the business you’re considering is a good idea? Deep inside, they know there are too many variables to predict whether you’ll be successful or not. For the most part, people will share all the negatives about a business or an industry, and in the back of their minds, they feel that they gave you “safe, solid advice.” Besides, if you change nothing and instead do what you’ve always done, no one loses… right?

When I was vetting my smoothie business, my dad said, “who is going to buy frozen drinks in the winter in New York? The funny thing is, consistently, we sold more in the winter than we did in the summer. That is because in the winter we had less competition in an indoor venue. We had to compete with ice cream, lemonade, beer, and other summer treats during the warm months.

You are doing the research. I suggest forming friendly relationships with the people you talk with at the franchise company. If you buy, they will be the ones helping you be successful. A great franchise company will never try to sell you a franchise. That is against the philosophy of the best franchisors.
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About Tom Scarda:Tom is now a nationally recognized small business and Certified Franchise Expert (CFE), motivator and dynamic speaker. Tom has authored three books: Franchise Savvy, The Road to Franchise Freedom and The Magic of Choosing Uncertainty: How to Manage Change, Embrace Fear and Live a Fulfilled Life.

30 years ago, searching for his inner drive, Tom left college and submerged himself in the motorcycle underworld in lower Manhattan. This made his mother worry. It was the first time Tom chose uncertainty over the status quo.

After four years of life in the outlaw motorcycle subculture in NYC, Tom got a haircut, took a shower and landed a respectable job in the New York Subway system. After more than 13 years in the subway Tom became frustrated with the bureaucracy and politics. So he quit his job and left his pension behind to pursue his dreams of business ownership. This also made his mother worry.

In 2000, he purchased a smoothie franchise, which he built into three units and sold five years later for a considerable profit. He was the #1 franchisee of the year in Maui Wowi Smoothies in 2002. He purchased a second franchise in 2006 called Super Suppers and failed miserably in that franchise concept. The lessons he learned from failure is what makes him such an expert. Tom has owned and operated both franchised and non-franchised businesses and has years of knowledge and wisdom to share with you.

If you own a business, you’ve only got days left to apply for a Paycheck Protection loan

Posted on March 5, 2021March 5, 2021 by Franchise Strategist

If you own a business, you’ve only got days left to apply for a Paycheck Protection loan

(BPT) – by Jennifer Roberts, CEO, Chase Business Banking and Sean ‘Diddy’ Combs, Founder, Our Fair Share, entrepreneur and media mogul

In just four months last year, more than 5 million U.S. businesses received a Paycheck Protection Program (PPP) loan. That helped them pay their workers, their mortgage or rent, and their utility bills. Unfortunately, many small businesses owned by minorities, women and veterans didn’t get PPP loans last year. We want to make sure you know how to apply for the funding your business really needs.

But you need to act quickly. PPP ends March 31, but many lenders may stop accepting applications sooner so they have time to process. That means you need to get started on an application quickly for PPP funds to help with your payroll costs and other bills, to get your fair share. The Small Business Administration (SBA) and participating lenders are working hard to make these loans available to more businesses in low- and moderate-income communities. And to smaller businesses, like barbershops, restaurants, nail salons, clothing brands, bars, bodegas and independent contractors.

Here are eight facts you should know about PPP that may encourage you to apply:

1) Congress funded it with $284 billion for 2021. That’s enough for millions of more loans.

2) It’s for first-time borrowers. The SBA has already approved more than 704,000 loans for borrowers who didn’t get one last year. The SBA also has approved loans for second-time borrowers.

3) A PPP loan may be forgiven. Up to 100% of your loan could be forgiven if you qualify and meet the SBA’s requirements. That means you wouldn’t have to pay back the forgiven amount.

4) Businesses with few employees get special attention. Through March 9, the SBA is accepting applications only from businesses with fewer than 20 employees.

5) Most loans are relatively small. The average loan to first-time PPP borrowers this year is $22,000, the SBA says.

6) Smaller businesses are getting approved. 90% of Chase’s approved PPP loans in 2021 are to businesses with fewer than 20 employees.

7) Help is available to understand PPP. chase.com/ppp has a webinar, checklists and FAQs to walk you through the application process. You can also check out sba.gov/ppp.

8) It’s easy to find participating lenders. The SBA’s website — sba.gov/funding-programs/loans/lender-match — has a “Lender Match” link to help you connect to a lender near you.

The 2021 PPP is scheduled to expire March 31, but to get your application to the SBA by then, you need to act now. If you believe you are eligible, we urge you to find a lender, prepare your information and apply.

Get started now. Don’t miss out!

To learn more, or to access helpful tools and resources, please visit chase.com/ppp or ourfairshare.com.

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FRANCHISE YOUR BUSINESS – COLLECT ROYALTIES – CREATE LEGACY

TOP 15 DIFFERENCES BETWEEN A FRANCHISE AND GOING OUT ON YOUR OWN

Posted on January 27, 2021February 10, 2021 by Franchise Strategist

As you are new to the world of franchising, you might find it difficult to narrow down the franchise options. This is where a franchise consultant can help you.

TOP 15 DIFFERENCES BETWEEN A FRANCHISE AND GOING OUT ON YOUR OWN
By Tom Scarda, Certified Franchise Executive – Founder The Franchise Academy

To start a business, you have two options – a) Franchising or b) Starting a new business on your own.
Franchising refers to becoming a part of an established company by getting a license to use their company name, business model, marketing tools, etc., from the franchisor.

On the other hand, if you start a new business, you have to develop a product or service, business plans, marketing strategies, etc., by yourself.

There is a myth that franchising is more expensive than starting from scratch because of all the fees. However, in the long run, it may prove to be less expensive, especially if you fail.

Are you wondering – which one is the best? Are franchise consultants correct in saying – Franchising is better than starting a new business?

Read along; our list of top 15 differences between franchising and traditional business will answer all these and much more.
Sr. No Details Franchising Traditional Business
1 Business Idea In franchising, you leverage an already existing idea, no need to recreate the wheel. In a traditional business, you have to start from scratch and develop an idea by trial and error.

2 Workflow and processes Tried and tested workflows and operations are already established. You have to create all the processes and workflows on your own.

3 Support You will be given total assistance from the company/franchisor. There will be no external help in a traditional business until your business becomes successful.

4 Marketing In franchising, you will get better reach as the franchisor will provide you with effective marketing designs and collateral. You will know exactly who your customer is and where they live. You have to design several marketing campaigns and apply the most effective campaign. This will drain your bank account.

5 Required time With franchising, you can launch your business operations immediately in some cases. Initially, you will require at least 12 – 24 months or more to set up a business. You have to try and experiment with ideas and marketing campaigns while managing finances, logistics, and more.

6 Risk There is less risk in franchising because the business model is successfully running in multiple locations and you’re just plugging in. Traditional businesses come with higher risks as you are experimenting with new ideas that may or may not work upon launch.

7 Upgrades and development The company will provide you regular updates to scale your franchise. Moreover, the company will recommend new upgrades and innovations that have passed their R&D phase. You have to update your technology and workflows to suit the ever-changing consumer demand. No other company will push updates for your business.

8 Business plans, marketing guidance, training, etc. You will be guided by the company experts in all aspects of the business from marketing to recruitment, everything A to Z. In a traditional business model, you have to chalk out plans, discover new marketing campaigns while also training yourself. In simple words, you have to do everything by yourself.

9 Investment required As the business model is well-established, you get a clear picture of your initial and recurring expenses before you buy the franchise. Here, everything is based on trial and error; thus, you never get a clear estimate of your business expenses. As a result, you spend a much higher amount in setting up a new business.

10 Expert advice, feedback, and testimonials You will receive feedback, testimonials, and expert advice in a franchising model as there already exists a community of franchises. Getting expert opinions is a distant dream in a traditional business model. YouTube videos, blogs, and books will not help much as they are not directly related to your new business idea.
If you wish to get one-on-one advice from an expert, you have to pay out extra bucks.

11 Brand Identity Your franchisor has an established brand with recognized processes, trademarks, Intellectual property, and Google awareness. As a franchisee, you will enjoy all the benefits of an established brand. Starting a new business will take a few years to establish yourself as a brand with trademarks, confirmed processes, and IP and get on Google’s first page search.

12 Chances of success In franchising, you have proven business processes, marketing tools, and well-researched business upgrades. Also, if you face any challenges, you have a community of franchises to take help from.
All of these factors increase the chances of success by manifolds. You will face unforeseen challenges at every step of your business. Reinventing the business wheel with no external support makes it difficult to grow a business. Now you know why do 9 out of 10 startup businesses fail in the first couple of years.

13 Return on investment As you have a clear idea of expenses and a tried-and-tested business model in your hands, the return on investment for a franchisee is much higher. In a startup business, you will hardly make profits in the initial years. Also, if your business does well, you will have to re-invest a sum of your profits to further grow your business. As a result, your ROI remains negligible in the first few years of your business (and who knows whether the business will last long).

14 Customer base As a franchisee, you will benefit from the loyal customer base of the company. You don’t need to develop trust among customers; instead, you need to stand up to their loyalty to the company while developing trust among new customers. In a new business, you have to establish a customer base from scratch.

15 Easy access to finance Banks are more likely to approve loans as you are associated with a reputable franchise brand. New businesses come with high risks. As a result, banks will hesitate to bet on a startup business.

Which is better for you?

The Bottom Line – How to Choose a Franchise?

Now understand that franchising has several benefits over starting a new business, you must be wondering – How to choose a franchise?

To filter a franchise option, you should –
1. Research – Enquire about the policies, credibility of the franchise, work culture, terms and conditions, etc.
2. Weigh your pocket – Research the expenses and choose a franchise that suits your budget.
3. Read the FDD – Before finalizing a franchise, you must carefully read the Financial Disclosure Document (FDD).

As you are new to the world of franchising, you might find it difficult to narrow down the franchise options. This is where a franchise consultant can help you.

A reputed franchise consultant, one who has owned and operated franchises and has a CFE at the end of his or her name, will handhold you through the entire franchising process, from finding a franchise to setting up a franchise and beyond. Or the result is that you find out that franchising is not the right fit for you. If that is the case, at least you made that decision to not move forward based on facts and not myths and misnomers.

If you wish to avoid any missteps when starting your franchising journey, you can chat with me . It’s always free of charge! Book a time today: www.GetWithTom.com

ABOUT THE AUTHOR:
Tom is a Certified Franchise Expert. He was the #1 franchisee of the year in one franchise concept and failed in another. The lessons learned from failure is what makes him an expert. Tom is the author of several books including the #1 Bestseller, Franchise Savvy: 6 Strategies that Pros Use to Pick Top Performing Franchises. He has helped more than 1500 people figure out if franchising is for them since 2005.

#FranchiseOpportunities #controlyourdestiny #changeyourlifetoday

Restaurant Marketing for the Upcoming 2021 Recovery

Posted on November 21, 2020December 9, 2020 by Franchise Strategist

Restaurant owners are infamous for being callous with their marketing decisions, this is partly because the research process in the restaurant industry itself can be quite tricky. Gathering insightful data within a small or slightly larger community will be tricky as it is. This is precisely where digital surveys, restaurant management software, etc play a huge role.

MARKETING YOUR RESTAURANT THROUGH 2020-’21
Business Articles | November 19, 2020
BY KEVIN JOSEPH

Although it may seem rather glamorous at first glance, starting a restaurant is no easy feat. In fact, the restaurant & food business, in general, is one that is extremely time-consuming, high overheads, razor-thin margins & a manager’s nightmare.

But, it is also one that is central to our society and the eating-out culture in every country is the cornerstone of its culinary heritage. This is precisely why, especially during the light of the lockdowns, restaurants, in particular, are facing a very uncertain & grim future which, if left unchecked, can turn into a disaster for the industry.

There are a few things that we as consumers can do in order to help the restaurant industry and the entire hospitality industry in general, but more than anything else, this post is aimed at a few marketing strategies that restaurants can easily adopt.

1. Understanding Their Audience

But more than anything that a machine can do, understanding what the consumers themselves experience while at the restaurant is something priceless in itself. For this, employees & busboys must be trained to ask the right questions and keep an eye out for understanding the consumer experience.

This practice is so conspicuous in its absence that several suppliers & marketing companies for restaurants have taken birth for a study that would probably best be done by the restaurant owner himself. For Instance: folks over at FurnitureRoots, a Jodhpur based manufacturer of restaurant furniture, on several occasions has recommended styling themes depending on the clientele. For a clientele that largely comprises of the youth, industrial style furniture happens to be the best option.

You may visit FurnitureRoots at Plot No 58/2, Jodhpur-Pali Highway, Sangariya, Basni Baghelao, Jodhpur, Rajasthan. 342013

Rustic style furniture is another great option for restaurants that see customers visit with their families.

2. Adapt With The Changing Times

Most non-western countries have more or less been out of the eating out trend in the past. However, many countries have seen a drastic change in this trend. Countries like India are at the forefront of these shifts in trends.

Several cafes in India have seen a rise in environmentally friendly themes. Cognizant of this fact, Prithvi Cafe in Bombay began manifesting an eco-friendly establishment replete with cups and saucers made with disposable leaves, 4 different cans for recycling different types of materials & of course, greenery all around the place.

Naturally, Prithvi Cafe did understand its market’s shifting needs and adapted to it accordingly.

3. Spatial Strategies

These happen to be the strategies that are short term in nature (hoping the pandemic won’t be around for long).

Spatial strategies during these times are to ensure that the image of the restaurant reflects trustworthiness and safety. Although this does involve a bit of mental, time & a minor cost investment, it will forever instill a sense of trust among the local & regular customers.

Spatial strategies are the ones that aim to maximize the seating area while ensuring the social distancing norms for restaurants are maintained and are intact as well. This can also include moving to temporary outdoor seating as has been advocated by several governments across the world to curb the spread of the virus.

4. Go Digital

I bet most of you must be tired of hearing this every now and then but the fact remains that the digital landscape is no longer some sort of a novel initiative that one must undertake. It has become the staple of a business and several businesses are almost exclusively reliant on their digital strategies.

For restaurants, however, this does not mean simply enlisting themselves on food aggregating platforms. Several restaurants suffer from a lack of long term thinking, they fail to realize that the aggregating platforms own the customers and not the restaurants themselves.

Making an app or a website nowadays has become a complete breeze & it is also a sound business practice. Small wonder that Dominos, Burger KindHealth Fitness Articles, Mcdonalds have all invested heavily on their own platform to ensure loyal customers don’t have to purchase from them via a third party.

This is no less true for any other restaurant.

We hope all businesses in hospitality a speedy recovery after this dreaded misfortune of a virus.

Stay Safe!

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

Kevin is the Marketing & Content Lead at FurnitureRoots.com, a hospitality furniture manufacturer, supplier & wholesaler

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Franchise Your Business Here: www.franchisegrowthsolutions.com

Acai Express – Is an Acai Bowl Franchise ideal for you?

Posted on July 11, 2020July 21, 2020 by Franchise Strategist

It would help if you had in mind that, when entering the franchise world, you will spend long hours and you have to put in hard work.

Is an Acai Bowl Franchise ideal for you?
By Veronica Lopez Siverio

Going into the franchise world can be tricky. That’s why you should ask yourself a series of questions before deciding if this system fits you.

We made a list to guide you:

1. Am I willing to work with other people’s established systems?
Franchises have become popular in the business world, according to multiple marketing firms. One of the perks of owning a franchise like Acai Express is that they already have a successful and proven system. If you are someone that wants to create your strategy or policy, franchising might not be right for you.

2. “Why am I doing this?”
It would be best if you chose a business that you are passionate about and that you can see yourself involved in a long time. Do you consume acai? Are you in agreement with the processing and components of the merchandise? If the answer is “yes,” then this is the right franchise for you.

It would help if you had in mind that, when entering the franchise world, you will spend long hours and you have to put in hard work. Therefore, if you are not passionate about the business you choose, you will feel overwhelmed.

3. Do you understand the financial and legal implications of purchasing a franchise?
Every country has different laws and regulations for franchises; consequently, you must educate yourself on them. Also, having a franchise lawyer explain to you every detail of both state and federal laws is adequate, ensuring that you informed yourself before making a purchase.

Every franchise cost varies; that’s why you should acquire a financial advisor.

4. Do you have enough money?
The initial investment to start a franchise can go from thousands to millions of dollars. Although franchises like Acai Express offer a reduced risk when investing, it’s essential to keep in mind that you might need to have the extra money in case anything happens.

Questions you should ask the acai bowl franchise owners:

1. Will the franchisor Acai Express help me find a location?
You should already have an idea of where you want to locate your franchise. One of the factors that probably made you want to enter the business is the thought of how well the store would do in a specific area. At Acai Express we can help you find the best area for your trailer or store.

2. How financially stable is the franchise?
You can ask the company to show you revenue results and examples of how your business could grow year-to-year. Additionally, this is the way for you to know if the company is willing to show you a financial proof of their success.

3. How did the Acai Express franchise start?
You must know the story of how this company came to be. Typically, this way, you can see how much compromise the owner has with the product and what made him franchise it.

4. What makes me a good fit for your franchise?
This question lets you know if the franchise did their homework on you to see if you would make a good fit on their system. It’s crucial that the company you choose its selective with whom they pick to be a part of their team. You can ask them why they selected you and question them for specific traits, not general.

5. How long does it take for the franchise to be up and running once we sign?
Usually, one of the perks of going to business with a franchise like Acai Express is that you will set quickly; usually, it takes between four months to a year to open the sore.

Although the way to success may be faster than other companies, building your clientele can take more than a year, so you have to be patient and work hard.

Acai Bowl Franchise:

If you have thought about going into a franchise, asking yourself these questions can help you decide and be prepared.

As we already stated, the franchise business, like Acai Express, can be a fast road to success If you are passionate about acai fruit, organic products, or fresh meals, Acai Express might be the right fit for you.

LEARN MORE HERE:https://acaiexpressfranchise.com/

How Are You Handling Your Covid Financial Anxiety?

Posted on May 24, 2020May 26, 2020 by Franchise Strategist

It is not worth the mental energy and distress to put pressure on yourself for what is out of your hands. Unproductive thoughts will put you on a never-ending cycle of “I have to figure it out, I have to figure it out.” That kind of spiraling activity just runs down your batteries.

Combating financial anxiety during a pandemic

Courtesy of BRANDPOINT
Photo by Aarón Blanco Tejedor on Unsplash

(BPT) – In the face of a global pandemic, financial anxiety is an everyday reality. Concerns surrounding personal finances, businesses shutting down and market volatility have us navigating new waters, experiencing more acutely than ever before how our financial lives are intertwined with our mental health. Amanda Clayman, financial therapist and Prudential’s financial wellness advocate, works with people to better understand the emotional connection we have with money.

According to Clayman, financial stress, while it may be inevitable in these times, does not have to control our lives. Even in the midst of this crisis, we can practice good financial and mental health and grow in our ability to maintain calm.

How to ease your mind and overcome financial distress

Clayman offers the below tips on how to ease your mind and overcome your financial distress during the days of COVID-19.

Allow yourself to feel a sense of loss: These big market changes may throw a wrench in the vision you had for retirement or your 401K. This is a scary realization, and a sad one. It is natural to have an emotional response, so let those feelings come and acknowledge them as they do. By not bottling up those sensations you are better able to say goodbye to your former plans and move forward. Additionally, looking your feelings in the face and comparing them to the reality of the situation provides valuable perspective that is key in the healing process.
Embrace uncertainty as part of the plan: Concentrate on the here and now, and don’t think too far ahead. It is common to try to manage anxiety by making a plan, but that’s going to be challenging when the future feels so uncertain. Try telling yourself, “I’m going to make the best plan I can based on what I know now. Then I’m going to trust that I will figure out problems as they arise and ask for help when I need it.”
Let go of what you can’t control: It is not worth the mental energy and distress to put pressure on yourself for what is out of your hands. Unproductive thoughts will put you on a never-ending cycle of “I have to figure it out, I have to figure it out.” That kind of spiraling activity just runs down your batteries.
Be intentional, not impulsive: Anxiety floods your mind with fearful thoughts of worst-case scenarios, tricking you into believing immediate action is necessary to fix the problem. It may feel like you are making progress initially, but these are not emotionally grounded decisions and can lead to costly mistakes. What you need is space for perspective, to differentiate between internal feelings and external reality. Try stepping away from the computer or going for a walk before making big moves. Remind yourself that you are safe right here, right now.
Don’t be a hero: You don’t have to bear this weight alone. You may feel as if providing financial security is all up to you, especially if you’re a caretaker or your kids moved home to ride out the pandemic. But this is not an individual problem, it’s a collective one we can face together. So reach out — take care of each other and ask to be taken care of in return. In addition to sharing your feelings with family and friends, be in touch with creditors, landlords and service providers about your concerns. They may be able to offer a payment holiday, partial payment or interest-only payment.

Explore new types of self-care

One of the most important lessons in combating any anxiety is to remember that you will not feel this way forever. In the meantime, let’s use these moments to explore new forms of emotional and financial self-care. With thoughtful reflection, we can foster a relationship with money that promotes mental health in even the most challenging circumstances.

MATTO FRANCHISE
A Revolution is Brewing
LEARN MORE HERE:
https://www.mattofranchise.com/

Beyond the Covid 19 Shutdown, Returning Workers will be Judging “Workplace Culture”

Posted on April 12, 2020May 26, 2020 by Franchise Strategist

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MATTO FRANCHISE
A Revolution is Brewing
LEARN MORE HERE:
https://www.mattofranchise.com/

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Workplace talent drives success. It is not products, not marketing, not demand that ultimately make a company competitive. Don’t fall victim to fear and culture failures during these times. It will inhibit the future health and growth of your company.

Beyond The Covid19 Shutdown, Returning Workers will be Judging “Workplace Culture”

By Gary Occhiogrosso
Photo by Austin Distel on Unsplash

As companies continue to evaluate their business in these challenging times, one of the areas many small business operators, and CEO’s of large companies, are investigating is workplace culture. As we ramp back up, many companies will be seeking employees. Many workers will be very focused on how companies treated their employees, vendors, and customers during the pandemic shutdown. Returning employees will also want to know that they, their work, and their ideas, make a difference. Make no mistake; the job market will be so robust that workers have the opportunity to pick and choose for whom they will work. Companies should take this time to revisit, and if necessary, reinvent their workplace culture if they intend to compete for the most qualified employees. Workplace talent drives success. It is not products, not marketing, not demand that ultimately make a company competitive. Don’t fall victim to fear and culture failures during these times. It will inhibit the future health and growth of your company.

Please review this article in the Harvard Business Review. It clearly and expertly advances the concept of workplace culture and how to improve your approach and practices to best advance your company in the upcoming turnaround.

Excerpt:

Today’s workforce wants to know that they’re making a difference within their companies. While work cultures are unique to every organization, the foundation of what enables a culture to thrive is the extent to which employees are empowered to be engaged, feel valued, and be heard. This is where leadership comes in.

Read the entire article here at Harvard Business Review: https://hbr.org/2020/04/build-a-culture-that-aligns-with-peoples-values?utm_campaign=hbr&utm_source=linkedin&utm_medium=social
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Franchise Money Maker — Click here to Franchise your company, expand your brand, collect your royalties!

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!