Franchise Focus Business News…

Franchise Direct are excited to announce that they will be participating at The Franchise Show in London’s ExCel arena on 6th & 7th February 2009.

Franchise Direct’s Sales Manager Brian Rogan said “Franchise Direct is looking forward to introducing potential franchisees, searching for good franchise opportunities, to Franchise Direct which is the UK’s premier interactive online franchising portal”. Franchise Direct representatives will be on hand at Stand 531 to introduce Franchise Direct’s website’s current features which include the best franchise opportunities available today, advice on securing financing and legal issues and an interactive forum which allows the user to view franchise videos from franchisors and existing franchisees as well as advice sessions from Franchise Direct CEO Sean McGarry. Franchise Direct offer a huge variety of franchise opportunities across a variety of different industries including the food franchise and home based franchise opportunities which are proving to be very popular.

This is the first time that The Franchise Show has been held in the UK and marks an increase in interest within the UK in franchise opportunities, which have a higher success rate than independent small businesses – especially during a recession. A BFA/NatWest Bank Survey stated that “Franchising is a safer method of starting your own business [...] 90% of franchisees are profitable”.

The Franchise Show say that “franchising, covering over 75 industries, is a tried and trusted way of working for yourself, but not by yourself”. The Franchise Show will feature hundred of exhibitors from a variety of sectors in the franchise industry ranging from well established franchises to new and upcoming franchises, as well as advisors on financing a franchise opportunity and legal issues involved in franchise agreements. The Franchise Show also offers dozens of seminars designed for franchisees, individuals interested in investing in a franchise opportunity and franchisors. Also, Rachel Elnaug, former Dragon’s Den Panellist will be among keynote speakers at The Franchise Show speaking on a variety of topics involved in franchising. There is something for everyone and it is all you need to know about franchising under one roof.

What is a Master Franchise?
Typically a master franchise allows you to take on a territory of a franchise in order to develop that franchise. Within the master franchise, you may sub franchise to other individuals or run/maintain the portfolio of franchises yourself.

What are the advantages of taking on a Master Franchise?
As the master franchisee, you have a monopoly of a particular area. You are not competing with any other franchisees within the franchise and you have control of the prominence and coverage of the franchise within the master franchise territory.

Essentially, a master franchise is taken on by an individual who was to become a manager of multiple franchises more than a franchisee, because the individual becomes the sales manager of the franchise for that area. Their job is to develop the coverage and effective maintenance of the franchises within their territory.

Who should investment in a Master Franchise Business Opportunity?
Master Franchising is not for everyone. First of all, an investment in a master franchise business opportunity costs considerably more than your average franchise investment. Also, the individual who wants to run their own business and be involved in the day to day running of a business is probably not going to find what they’re looking for by taking on a master franchise. Master franchisees are, in effect, area managers for the franchise; they also must sell the franchise to prospective franchisees. Therefore different skill sets are involved such as sales skills as opposed to micro management skills. This should be taken into account before taking on a master franchise. Master Franchise opportunities are generally suited to individuals who already have experience in the chosen industry and strong business acumen.

To see what master franchise business opportunities are available to you today, click the link provided.

Online Networking – the best way to meet fellow entrepreneurs

Online networking may have started off as a social phenomenon amongst teenagers, however with the obvious benefits of such a trend – social networking has now become extremely popular amongst small business owners and entrepreneurs. It can be a great way of exploring a franchise opportunity further.

Facebook is now playing host to a variety of individuals and groups all looking to meet and exchange ideas about entrepreneurship and franchising. This is a great opportunity to interact with individuals; who are either thinking about investing in a franchise, in the middle of investing, just starting out or well developed franchisees. It is all carried out in an informal setting and it is fast becoming the best way to meet people of similar interests. Franchise Direct now has its own Facebook page which you can join and meet budding entrepreneurs and franchisees. The page is called “Become a Successful Entrepreneur through Franchising” and if you are interested in joining you should follow this link. It is a great way of getting in touch with people who are also interested in the franchise industry.

Usually, blogs are short and snappy news bites or short editorials which are easy to read and are less formal that a feature length article.  Blogs are also a great way to read regular and up to date news on the franchise and entrepreneurial industry. To maximise the benefits of blogs, sign up to Rss (Really Simple Syndication) feeds to be notified of regular updates to blogs and web pages. Franchise Focus now features a Rss service so that you can be notified of a new post, or receive the new post in an email.

The dawn of the internet has brought along new and innovative ways of communication. While face to face meetings with franchisors and franchisees are important, the social networking sites are also a great way of interacting with like-minded individuals.

Start Up & Run Your Own Business
By Jonathan Reuvid

Published date: November 2008

Paperback
Edition: 7th Edition
Publisher: Kogan Page Ltd

From writing invoices to exit strategies, the 7th Edition of this book provides the reader with advice on starting and running a business in a renewed economic climate. This is a book that will quickly become a bible for any entrepreneur. “Start Up & Run Your Own Business” takes the reader through the initial brainstorming of business ideas right through to the point when a well established business owner decides it is time to call it a day.

Jonathan Reuvid has written the bulk of the content available, but has brought in experts for specific trickier fields to increase the quality of advice and information in the different sections.

Part one deals with assessing your business ideas and creating a business plan. It gives a good introduction to the business start up environment, with interesting facts about survival rates; statistics of those who start their own business; as well as important factors to consider before you decide on your business plan. These are validated by case studies from individuals who have set up their own business from scratch in a variety of different industries. Throughout the book there are checklists at the end of each section which offer coherent summaries of the information provided.

Part two progresses to deal with the difficult topic of business funding. This section is written in conjunction with Kevin R Smith who is an independent financial consultant. This section outlines in great detail the wide variety of funding options available to an individual starting up their own business.

Part three addresses the issues and problems facing management when the business is up and running. It gives tips for effective and strategic marketing; advice on effective financial management for when the business is set up; guidance on the use of administrative systems; navigating your way through complicated tax laws; as well as managing employees.

Finally part four deals with issues within a more developed business. Reuvid takes the reader through the more complicated aspects of the export business, and larger problems that face a mature business such as finance, personnel and process. Closing the book with the final topic of any business which is ownership, which features an interesting case study on how things can go horribly wrong.

“Start Up & Run Your Own Business” is a book that can be used throughout a business’ lifetime and will be referred to again and again. It’s a wonderful addition to any budding entrepreneur’s book shelf.

If you would like to purchase “Start Up & Run Your Own Business” by Jonathan Reuvid please visit Kogan Page’s website by following this link.

Jonathan Reuvid graduated in PPE from Oxford University and is an experienced international business development manager, having worked in many of the EU member countries in senior line and staff management positions.

Alongside management consultancy he has pursued a parallel career in publishing as a writer and editor of international business books.

He is Managing Director of the Management Consultancy Business School which, in collaboration with the University of Surrey, offers the first European Master of Science degree in Management Consultancy.

If you’ve been bitten by the entrepreneurial bug in 2009 and plan on ringing in the New Year with a new business of your own, here are some bits of advice for starting your new venture during a downturn in the economy:

• Gain good perspective. Although people are afraid of taking risks during a downturn, that doesn’t mean there aren’t opportunities for success! Don’t be afraid of starting a new business just because of the bad economy; after all, a good business with great service and a quality service and/or product can prosper no matter what.
• Think creatively about funding. Raising capital for a start-up has always been challenging, so the current credit environment isn’t all that unfamiliar to those entrepreneurs that have already gone through the process of getting funding. Think outside the box and instead of traditional bank loans, consider tapping into savings, getting family and friends to invest in the business or using a credit card to get your business off the ground.
• Take advantage of the downturn. With the ailing economy also come some benefits, such as lower prices for purchasing office space or storefronts and reduced leasing prices. You can also find great deals on just about anything, including new office furniture, technology and other supplies.
• Hire exceptional employees. Since big companies are laying off many of their talented employees, now is the best time to hire them for your own business. These people will be willing to take a pay cut and work hard to build a business from the ground up, especially if it involves work they’re interested in doing.
• Soak up all the attention from the press. Since a lot of entrepreneurs will be holding out for a better economic situation, starting a business now will draw more attention than it might otherwise.
• Lock in low advertising rates. With fewer and fewer companies spending money on advertising during the downturn, you can take advantage of these lower advertising rates. And, since there are fewer advertisers to compete with, you may get even better exposure than you thought!

The state of the economy doesn’t have to dictate when you start your business, so do it on your own timing — and remember, there are actual advantages to starting your business now!