How to Decide if a Franchise is Right for You

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Many entrepreneurs wish to start a business based on an idea they have that they believe fills a gap in the market – or creates a new market. However, in many cases, you might wish to start a business but lack a viable opportunity in your location. This is where franchises come in. The basic idea is simple enough; you pay an established company for the right to use their business model and brand and run your own business under their umbrella. Some of the biggest commercial names run on this model, but how do you know if this would be a good fit for you?

Advantages

The main advantage of a franchise is that you don’t need to establish your business in a competitive marketplace. One of the main strategies of a new business will be to run effective marketing campaigns, which can be time-consuming, costly and a lot of work. With a franchise, you have that brand awareness in place already, and the marketing burden is largely taken off your shoulders. There is still a requirement for a degree in marketing, depending on the contract you sign, in which case you could look at social media marketing for franchises for example. The other key advantage is that the business model, including supply chain, IT systems, and personnel management is already in place, saving a huge amount of work compared to starting a business from scratch.

Disadvantages

The first thing that might spring to mind is the initial investment required for a franchise. This can be a sizeable sum for a major chain, and you will need to have a sound source of funding to be able to take on a franchise. However, before you dismiss the idea on these grounds, consider how much you would need to invest as an individual if you were starting from scratch. Factor in the costs of running marketing campaigns to the set-up costs and you may find that this puts the franchise cost into perspective.

One main issue is not so much the finance, because to start a business you will need investment anyway; rather it is your perception of the loss of autonomy. You will be bound by your contract to operate within the company regulations, normally with very little freedom to go your own way. Franchisors want their customers to be essentially unaware that the branch they are in is a franchise, so if you’re in an establishment in Delaware, it will be exactly the same as the one in Richmond, or Boulder. If you would find it hard to function with this lack of control, then franchising is probably not your best option. If, however, it is the challenge of being productive and profitable that is your passion, you could find franchising a perfect fit.

When considering the pros and cons of franchise opportunities, remember that with so many potential franchises to evaluate, there will be corresponding variations in the degree of control you have, so there could well be a business model out there that fits you. Read more on how a tree service franchise opportunity could be the business you are looking for.

3 Important Tips for How to Start a Manufacturing Business

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StrategyDriven Starting Your Business Article |start a manufacturing business|3 Important Tips for How to Start a Manufacturing BusinessWith the growth of online side hustles and Digital Age focused businesses, most people don’t consider all the benefits that a manufacturing startup offers. Even though an online business provides you with the flexibility to deal with digital products, there are some drawbacks.

For example, several online businesses require physical products to ship to their customers. This means the rise of today’s online businesses heralds the need for fair suppliers and manufacturers. This is your chance to start a manufacturing business.

Now the question is – how?

Before jumping in, there are a few things to consider. Keep reading to learn what these things are.

1. Create a Quality Business Plan

A new manufacturing company can be extremely lucrative. However, before the profits begin rolling in, you have to create a business plan.

The business plan you create is where you are going to outline the methods for your company moving forward. This is where you can figure out things like material sources, product projections, ethical standpoint, and the marketing strategies you will use.

This is also when you will outline how you will conduct business with other companies, along with how you will treat your clients and employees through your business processes.

Remember, the manufacturing industry is changing, and democratizing knowledge is a must to achieve success.

2. Consider Location

As you are planning to begin your manufacturing company, location is an important factor. Figure out where you are going to set up your manufacturing operations. You also need to decide where you are going to sell your products.

In the beginning, you may be able to operate from home. However, as your business grows, you will need specialized equipment and a bigger commercial space.

Thinking about where you are going to sell your products can be found out by researching various marketing channels.

3. Take Baby Steps

Opening your own manufacturing unit is something that takes a lot of money and time. You can’t afford to make mistakes.

It’s best to avoid risks during the initial stages by renting or leasing space and equipment rather than buying it upfront. Depend more on low-investment tools and manual labor for the initial months because your product is likely going to go under several last-minute changes during that time.

A smart mantra to follow when opening a manufacturing company is to start at a crawl.

Are You Ready to Start a Manufacturing Business?

If you want to start a manufacturing business, there are more than a few factors to consider. If you want the best chance of success, be sure to keep the tips and information here in mind.

In the long run, when you have the right strategies and tips, you will be much more likely to find success. If you are searching for additional information about business practices and more, be sure to check out some of our other blogs. We post regularly to keep you informed.

Key Areas To Focus On When Starting A Manufacturing Business

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StrategyDriven Starting Your Business Article | Key Areas To Focus On When Starting A Manufacturing BusinessThe manufacturing industry is one which is always in demand, so it is easy to see why so many entrepreneurs look to start a business here. Manufacturing can also be a complex industry to work in and highly competitive, so success is not as straightforward as it may seem, especially when you consider how hard it is to compete with the much larger manufacturers.

This is why it is so important to focus on the right areas when you first start out so that you can hit the ground running and find some success early on.

Market Research

Much like with any new business venture, the first stage will involve thorough research. This will help you to determine if it is a viable business idea, which sector you should operate in, who your competitors are and who your target customer is.

Business Plan

With this information, you can then create a detailed business plan which will act as a blueprint to your success and guide you through the early stages of the startup. In addition to this, a business plan will also be important for securing funding which will be crucial for getting the operation up and running to a high standard.

Premises & Location

Manufacturing operations often require a lot of space so you need to find suitable premises that will allow your team to work safely each day. In addition to being a large enough space, this should also be somewhere that is easy to access with plenty of parking so that staff and suppliers can easily reach the site each day.

High Quality Equipment

High-quality equipment is essential for any manufacturing business so that you can create products of the highest standard. For those working with liquids, this is likely to include float switches designed by a specialist, so that you are able to increase productivity and allow staff to work to a high level each day.

Staff

Following on from this, you also need to make sure that you take the time with recruitment as it will be impossible to succeed without a skilled and hardworking workforce. A good way to keep costs down is to outsource certain areas of the business, but for the key parts of the operation you need to find the right people for the job and keep them happy in their role.

Marketing

It is important to start marketing your manufacturing company early so that as many people are aware of your business as possible from day one. As previously mentioned, it can be hard to compete in this industry, which is why marketing is so important and also why you should use the services of an experienced agency to raise awareness about your new business.

Focus on these areas when starting a manufacturing company and it should pave the way for future success, as well as help you to hit the ground running in what can be a challenging industry to succeed in.

 

Top Things To Think About When Starting A Business

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StrategyDriven Starting Your Business Article |Starting a Business|Top Things To Think About When Starting A BusinessStarting a business can be exciting and daunting at the same time. However, if you get it right it can lead you to success and a completely different way of life. It can be difficult to know where to start and what you should be prioritising, especially when you are expected to wear many hats and complete several tasks all at once.

Let’s have a look at some of the things you need to think about when starting a business:

How To Fund

One of the first things you’re probably going to want to think about is the funding for your business. You need to take into consideration what you’re start-up costs will be. When thinking about this you need to think about things like:

  • The equipment you need
  • The marketing you will require
  • If you’re going to need to employee
  • Are you going to outsource any areas of the business?
  • Do you need working space or are you working from home
  • What do you expect your running costs to be each year?
  • And more.

Once you’ve collated an idea of all the costs that you may come across, specifically in your first year and then your next 4 years, you can start to think about how you’re going to fund your new business. Do you already have the start-up costs saved? Or do you need to look at startup business loan options? If you do look at business loans, make sure you include the repayments in your running costs until it is paid back.

Your Name

This is one of the most important areas that you need to think about, it’s the way that your customers and clients are going to identify you. Are you planning on using your name or are you thinking about using something unique? Once you know your name, it’s advisable to check that this trading name is available on places like companies house. If you move away from being a sole trader, you don’t want to trade as one name and be forced to change it because someone is already using it later down the line.

Your Marketing

This is something that you will need to think about as a priority. It’s the way that you are going to be able to get your services and products out there and spoken about. Think about who your products and services are aimed at and do some research about how these people like to see their products. A lot of people now make use of social media platforms like Instagram, Facebook and Twitter as viable ways to market their business. If marketing isn’t your strong point, it might be worth either employing a marketing expert or using outsourcing. If you outsource you have access to skilled freelancers or marketing services that are experts in the field. Many new businesses use this as an option because it saves a lot of time and often money.

These three areas are three important areas to consider when starting a business. Of course, there are others to factor in. Do you have any important areas that you could share in the comments below?

Ensure Your Clinical Practice Wants For Nothing

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StrategyDriven Starting Your Business Article | Entrepreneurship | Ensure Your Clinical Practice Wants For Nothing

Every business has a responsibility to its client and staff, but this is perhaps the most true when considering the daily operation of a clinical practice. The work conducted here, no matter the healthcare specialism being administered, is of the utmost importance, and completely sensitive in nature. Of course, we’re not here to lecture healthcare providers as to the ethics of their practice, nor to recommend any basic advice that could be misconstrued as patronizing. We’re certain that clinicians are more than qualified to make vital decisions themselves.

But when it comes to outfitting their practice, and ensuring a greater level of daily effectiveness, it can be worthwhile to rely on several timeless business pointers, those that require an understanding of the mechanics of business to fully put in place. When you are able to approximate this in the best sense, you may find that your practice is as well oiled as can be, but perhaps with a more hygienic metaphorical material.

With this in mind, please consider how your clinical practice can want for nothing:

Excellent Healthcare IT Outfitting

While any excellent clinician is of course well versed in his/her practice and can commit to intensely important work, it’s important for them to utilize a healthcare IT consulting firm to equip them with the right digital infrastructure. This can not only help them keep their clients/patients confidential information well protected, but also outfit their practice with the essential and nuanced elements needed for tracking said treatment approaches. This means taking the time to invest in the best structural network, keeping your work focused and organized at all times.

Clinical Hygiene Practices

Essential hygiene is, of course, essential in any practice. This means hiring the best specialist cleaning services to ensure that your office and practice room is spotless each and every time you arrive at work, that this work is carefully inspected, that your sterilized tools are prepared, and that hand gel dispensers and worthwhile soaps/tissues are found around the waiting room and restroom areas can be essential. When you can ensure that your practice is a veritable haven of hygiene, you can ensure that the best standards are being kept, and that only positive care is experienced within your building.

Essential Receptionist Staff & Suites

Receptionist staff are extremely valuable, helping your business manage visitors and correspondence alike. It’s important that you’re careful when hiring them, and be sure to vet them, as this is a sensitive role that requires a high degree of integrity and excellence in management. A receptionist is a great boon to any excellent practice, and so it’s important that you hire as well as you can and work closely with them to ensure the goals of the practice are well pursued, and that your patients or clients are met and spoken to with the utmost of respect as you develop your approach.

With this advice, we hope your clinical practice can want for nothing.