Franchise Focus Business News…

Franchise Bio: Joel Libava

It turns out that the King did not die, but is very much alive and well in the form of Joel Libava – the Franchise King.

Joel keeps a regular blog on the franchise world, as well as helping franchise companies grow by finding potential franchisees with innovative online and social media marketing techniques, and through direct consultations with prospective franchise owners. Based in the US, Joel helps people all over the US find fantastic franchise opportunities with his superior personal franchise matchmaking methods.

Joel describes himself as “a brutally honest, but not always politically correct, entrepreneur-who’s hyper-focused on the world of franchising.”

With a diverse background as a radio and TV announcer, Las Vegas Maitre’D, food and beverage manager, Joel has also worked in automobile franchising in a management capacity, and a sales trainer.

You will frequently find Joel giving presentations on the topic of franchising, and he is the “Franchise Expert in Residence,” and columnist for the award winning Small Business Trends website. Joel is also The Community Promotions Director for Small Business Trends. Joel also writes over at the OPEN FORUM by American Express blog, joining other small business experts like Guy Kawasaki, Chris Brogan, and Anita Campbell.

In addition to all of this, Joel also regularly contributes as an expert source to The Wall Street Journal, Fox Business News.com, Entrepreneur Magazine, MSNBC.com, Bottom Line Personal, Crain’s, The Plain Dealer, and numerous other US national and local publications and websites. He is also interviewed regularly on Jim Blasingame’s Small Business Advocate radio program, as well as on Barbara Weltman’s Build Your Business radio show.

Pheuw! And if that wasn’t enough, Joel was recently approached by Business.Gov to contribute articles about the business model of franchising. This website is the official business link to the US Government, and Joel says he is very excited to be a part of it!

Check out Joel’s Franchise King blog (http://www.thefranchisekingblog.com/) to read about all the goings on in the franchise industry, as well as some insightful observations on the nature of franchising and the environment in which franchisees operate their businesses.

Everyone knows that while you may have the qualifications in every kind of business management, your success really depends on your drive and ability to manage your business through a recession. This is why I was interested to read this article by Gerard Burke who is the programme director at Cranfield School of Management, Bedford.

In this article, Burke outlines the characteristics which SME owners will draw on to successful guide their business through the choppy economic seas! While a considerable amount of SMEs are finding themselves struggling to keep their heads above water, SME owners are drawing on key skills to optimise their business practices.

Here are Burke’s top 6 business characteristics:

Being in Control: Owners should take control of their destiny. Take ownership of your business and grasp opportunities which may come your way.

Confidence: While there is most certainly an economic downturn, there are still customers with money to spend so all is not lost! Communicate a confidence in your business and this will start to rub off on your staff and show your customers that you believe in your business.

Be Distinctive: Make sure your product has a strong unique selling point, which there is a demand for within your target territory. Communicate this effectively to your customers to show how you differ from every other business.

Strength: Remember the goals of your business and what it promises its customers. Don’t start trying to add on extra services without ensuring that you are carrying out your current services to the highest standards. Question any costs and follow up on debtors to make sure you keep your books balanced. Running a tight ship will ensure that your business is operating to the best of its ability and has the best chance of surviving the recession.

Wisdom: Make sure that you don’t lose your drive to grow your business. While sales may be falling, you should not outline all investments, as some may allow you to grow and expand your business. Make sure you research all opportunities which come your way, and invest wisely.

Being Prepared: Keep an eye on your competitors and developments within your target market. As some of your competitors may drop, this could create a good opportunity to you to acquire new customers and even key staff. Recruitment has become highly competitive and you should be able to fill any vacancies with high quality staff.

Gerard Burke is involved in the Business Development Program at Cranfield. SME owners can attend free briefing events to find out about the services which this program offers; visit the program’s website to find out more. Alternatively, visit Franchise Direct’s franchise expos and events calendar to find out about business and franchise seminars coming up near you!

Small Business Trends recently published a document on creative tips for small business owners. This website publish a lot of work online with helpful tips and thoughts for small business owners, and this latest publication is also helpful for all those who find themselves at the helm of a small business. The tips are contributed from individuals running their own business which prove to be quite insightful and are split up between money saving tips and business growth tips. In times such as these, sharing information and tips between small businesses is the way to go!

At the recent IFA convention in San Diego, Dina Dwyer Owens of The Dwyer Group spoke about how her company believed that they had a responsibility as a larger organisation to give advice and help to smaller companies and that this recession would inevitably improve and strengthen businesses. Click here to watch Franchise Direct’s Lillie Burroughs interview delegates the IFA annual convention in San Diego. Listen to the delegates speak about how they intend on ensuring the survival of their businesses during the economic downturn.

In a recent edition of Irish Entrepreneur magazine, Kevin Kelly named what he saw at the top attributes of a successful Entrepreneur. Kelly is an Internationally Acclaimed Motivational Speaker and authority on entrepreneurship. Read on to find out how you can be a top entrepreneur in the coming year.

Clarity – it is integral for an entrepreneur to know exactly what is going on in his/her company. Key aspects to know about your business include the business sector the company belongs to, the aspects of the product/service the company is selling which makes it different to competitors, the vision and aims for the company, the values and corporate responsibilities of the company. Being certain of what you want for your company and how your company should be performing means that you will make the right and appropriate decisions and be able to effectively lead your company to success.

Adopter/Adapter – Franchise Focus recently wrote that social networking is the way forward and Kelly writes that “Community is King” in the world on entrepreneurship. He writes that a successful entrepreneur will adopt and adapt to new technology and changes. To see how Franchise Direct has reacted to new changes in online activity – visit our Facebook Group “Become a Entrepreneur Through Franchising” and LinkedIn Group “Franchise Roundtable”. Become a member and meet fellow entrepreneurs from around the world.

Creative – Kelly claims that the key to success is the exceptional deliverance of an ordinary service. This involves creativity and innovation. As an entrepreneur, you need to be constantly thinking outside the box and brainstorming ideas to improve your company.

Authentic – Recruiting talented people means that your company can evolve with changes within the industry and constantly be able to offer a new and better service. Trusting in your talented staff is important in the overall performance and innovation of your company.

Action – Kelly advises Carpe Diem! The company that is constantly moving and changing is the one that will survive. Staying stuck in a rut is just going to let your company drown this year. Especially during these tough economic times, rising to the moment and acting on issues or problems will be the feature that will divide the entrepreneurs who fail and the ones who succeed.

Incorporating these characteristics into your business practice will mean that your company will perform better and as we approve a tough year ahead for the economy, it will mean that your company will be among the survivors.

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!