Is Franchising a Good Idea for a Newbie Entrepreneur?

Franchising is where today’s smart money is being invested. How great it is to get the benefits of running a business without having to take care of marketing, branding, business modeling, having to choose a location for your business, etc.  Franchise owners do everything for you in exchange for a royalty and a small initial investment. However, it is imperative to find out which franchises are worth investing your money in?

Pros of buying a franchise

1. You can start a business today

You can literally start a business today without having to invest a lot of money. There are home healthcare companies who let you become a partner by paying a nominal fee. You can sell their products from the comfort of your home.

2. Training and set-up are provided by the franchise owner

training

Franchising is a good idea if you buy a franchise like Mc Donald’s or Subway–which are popular worldwide. As a newbie entrepreneur, you are not risking any money by buying a franchise that has a proven track record of success. Moreover, they also provide training and set-up for your shop or outlet.

3. You can jump into unexplored territories without any hassles

Another reason why franchising is a good idea is: you don’t need to have a culinary degree from a reputed college to own a franchise like Mc Donalds or Burger King. Once you buy a franchise, they provide all the recipes and machinery required to produce the end products.

Cons of buying a franchise

1. You have less flexibility

Even though you are your own boss and the CEO of your own organization, you still have to follow the rules and protocols provided by the franchise owner. You cannot fiddle with the products or services. This makes you less in control of the administrative side of the business. So, franchising is a good idea only if you agree with the terms and conditions of the franchise owning company.

2. Not enough learning

As a newbie in business, you better start something of your own and learn from your mistakes. Owning a franchise is very similar to being an upper-level management person who is responsible to lead a team and make a certain amount of money per month. You will also have to send sales reports to the franchise owner which, in a way, makes you their employee. Hence, your mind won’t grow as you don’t have to do any creative thinking in this role.

3. You are not the true owner of your company

After buying a franchise, you may feel like a boss for a few days but are you really the true owner of your company? You were not involved in the business model or idea creation. You are basically a partner to the franchise owning company.

Conclusion

The is no one answer to whether franchising is a good idea or not. It depends on which franchise you select and if the right location is available or not. You may buy a franchise for Subway but the people in that area hate sandwiches then you are not going to make enough money.

8 Professional Ways to Make Friends at Work

Making friends in school or college is a lot different than doing the same in the workplace. The same techniques and methods don’t work in the workplace. The environment and culture are a lot different in an organization than it is in a school or a college. It is true that socializing at a work is easy for extroverts and outgoing people. But by following some basic rules of social dynamics an introvert can be as social as an extrovert.

Here are 8 professional was to socialize and make friends at work.

1) Just introduce yourself

The best way to make friends at work is by simply introducing yourself. Walk up to a person and tell them your name and department in which you are working. Most people will follow your lead and share name as well. However, this might seem too bold for some people. Especially the ones who are introverted or don’t like attention. But I don’t think there is any risk in introducing yourself.

2) Have an open body language

Most people prefer to judge others by their external appearance and body language. So, if you are sitting in a corner with eyes on your computer, people are going to think you are an introvert and will leave you alone. Signaling is very important to make friends at work.

3) Be authentic

Do not try to be someone you’re not. Compromising your authenticity at the sake of impressing others never works. In fact, by being pretentious you will lose the trust and respect of your co-workers. Just be yourself and ask open-ended questions to make others talk more.

4) Share lunch

You might be uncomfortable sharing your lunch with others. But you don’t have to do it every day. Occasionally inviting others to try out your lunch will allow you to get close to people. Sharing food on the same table signifies unity and coherence between the members.

5) Invite your colleagues for a coffee

Coffee

Having coffee together is a great way to let others know more about you. Invite some of the colleagues for a coffee during the afternoon snack break. Cultivating a professional relationship with your co-workers will require a bit of time and effort from your side. But the results will be amazing.

6) Offer help whenever needed

Being positive and excited to learn about what your new company does is the best way to cut short your learning curve. Your colleagues want to get you on board with them and showing a willingness to learn will help them do so. Always be the first to help other people at work.

7) Connect via social media

It’s very easy to mingle and gel in with the co-workers in a startup or a small company. The teams are small and the environment is always warm and friendly. But if you are working in a large organization, you will have to use social media sites such as LinkedIn and Facebook to get in touch with everyone.

8) Find things you have in common

Common interest

This is the most important tip on how to make friends at work. Do not waste your time building rapport with people who have nothing in common with you. You might want to be polite and professional with them bit getting close will always invite trouble. Hang out with co-workers with whom you share common hobbies and interests.

Conclusion

Not having friends at work can make you feel very isolated and lonely. Also being alone is not going to help you grow as an employee. No matter what your job is. Even people who work in non-social jobs like engineering and architecture need to be able to communicate their ideas clearly. Being friends with co-workers can help them do so.

Want to Master Accountancy? Here’s Everything You Need to Know

forensic accounting

All certified public accountants take and pass the CPA exam when starting their careers. When preparing for the examination, the individuals cultivate a specific collection of skills needed in their preferred industry. Professional accountants that master the skills to excel in their career and take the next step in the field where top-earning positions are available to them. Here’s everything you need to know if you want to master accountancy.

Learn Management or Leadership Skills

Management and leadership skills are invaluable to certified public accountants. The skills set them apart from others and open doors for management at a firm. Time management is a great part of leading a team, and it helps accountants present timely services to their clients. The ability to lead teams and management workers enables the accountant to capitalize on a lucrative career in any area.

Employers look for accountants who have the skills and want to grow with their agencies. The individuals understand everything that is expected of them and complete all projects in a timely manner. The firms won’t face slowdowns in productivity that turn clients away from their business due to accountants that need consistent supervision.

Stay Up-to-Date About Current Tax Laws and Regulations

New tax laws and regulations emerge almost yearly, and all accountants are required to stay abreast of any changes that affect their clients and how tax returns are filed. Continuing education courses help established accountants avoid common issues that lead to tax audits for their clients. Those who are just starting out in their career participate in cpa prep course to learn the best techniques for learning tax laws and staying educated in the future.

Master Public Speaking Skills

Public speaking is a critical skill that all CPAs need when starting and advancing in their careers. The ability to remain calm and collected around large groups of strangers give the accountant a competitive edge over their competition. The skills help them command the attention of a room and succeed if they become a manager or choose to start their own accounting firm in the future.

Master All Software Used in Accounting

Accountants used a multitude of different accounting software for performing their services. It is paramount for the CPA to become proficient in the software and continue to improve their software skills. The technological requirements for working with different companies and organizations change and all CPAs must take the initiative to cultivate these necessary skills.

Gain Superior Communication and Customer Service Skills

Superior communication and customer service skills are a vital part of an accountant’s career. The workers must convey concepts and information to their clients clearly and help the customers understand their financial options. By providing superior customer service skills, the CPA generates trust among their clients and builds their clientele more effectively. CPAs that address customer concerns and demands properly continue to see real earning opportunities and maximize their profits.

Certified public accountants take their first steps into the workforce by taking and passing the CPA examination. The test is required for anyone who wants to secure a license in their chosen region. Preparation for the test helps the students gain the skills that are necessary for succeeding in the field. When preparing, it is urgent that the new CPA master all skills and establish themselves in the industry. These skills give the accountants a brilliant start in their career and open necessary doors to fulfilling their full potential as a professional.

5 Powerful Local Marketing Ideas to Embrace in 2019

Do you own a retail store or any other small scale business? Want to get the localities interested in your products/services?

Marketing techniques implemented by large corporates won’t work for you. You need to tap into the psyche of the locals by learning about their culture and ways of life. This is key in building a niche-based business-like health juice bars, convenient stores, drug stores, tattoo parlor, etc from the ground up.

Local marketing

There are many local marketing ideas that can help double your profits without investing a lot in advertisements. Your local crowd wants products and services catered to their needs. So, as a local business owner, you have a great opportunity to tap into this niche market.

Here are 5 powerful local marketing ideas to embrace in 2019

1) Participate in trade shows

trade shows

A trade show or a trade fair is an event organized by a governing body to bring all the companies in a specific industry together under a single roof. Usually, companies set up their own booth and showcase their latest products or ideas for visitors. You can do something similar in your region and get to meet your competitors and potential prospects. Every industry has its own way of organizing these events. Nonetheless, attending trade shows is a great local marketing idea.

2) Use social media

Publishing an ad on TV or National newspaper like the New York Times can be very expensive for a small or medium sized business. Major corporations are already paying millions of dollars to advertising firms to get their product in front of their potential customers. In such a scenario, social media sites like Facebook and Twitter are great alternatives to target your local customers. Moreover, to publish an ad in these social media sites will only cost you a few hundred bucks.

3) Create videos on YouTube

youtube videos

Youtube is another great local marketing idea that is underutilized by business owners. The easiest way to use YouTube as a marketing tool is by creating vlogs or podcasts related to your industry. This way you can come off as an authority and recommend your own products.

4) Network with other businesses

Never miss out on an opportunity to network with other business owners. Always invite them for lunch or a coffee and see how you could help them grow their business. By helping others achieve their goals, you naturally attract the right customers and business partners for your own business.

5) Publish in local newspapers and magazines

local magazine

There is still a major chunk of people who prefer reading an actual newspaper than the digital version of it. CEO of Google Sundar Pichai is one of those people who loves to start his day by reading a newspaper along with his tea. Moreover, local newspapers and magazines don’t charge much and will understand you and your prospects better. So, publishing an article or an infographic in it can be a great local marketing idea.

Conclusion

These local marketing ideas are tried and tested by millions of businesses worldwide. There is no risk in investing a few dollars in a Facebook or Google ad campaign. It will drastically increase your yearly turn over and make you a favorite amongst your local community.

Seven Steps for Selling a Small Business [The Complete Steps]

Selling your company can become a very difficult task. It requires proper planning and application of strategies before selling your company. Your main objective is to gain the maximum profit by selling the company. Profit increased depends on several factors such as the reason for the sale of your company, the structure of the business, the timing of the sale of the business, etc.

steps for selling small business

Here are the seven steps one should follow before selling their business to gain the maximum profit. They are:

1. Reasons for selling your business.

You should not take any rush decision of selling your company. Before selling a business, one should clearly know the advantages and disadvantages of selling the company. You should have a proper reason for selling your business. Some of the common reasons for selling a company are retirement, partnership disputes, illness or death of the partners, change in the business value, movement into a new industry, etc. Selling a business because it is not profitable is not a proper reason, as this will make it difficult to attract buyers.

2. Right time of selling the company.

To sell your business, you need to start preparing and planning as early as possible. It is advised that you should start making at least a year or two before selling your business. This will help you to develop your business structure, improve your financial records and increase your client base, which will result in the attraction of buyers. You have to wait for the right time to sell your business as the market fluctuates continuously.

3. Valuation of your company.

Before selling your business, you need to know the value or worth of your business so that you can get the maximum profit. Calculating the valuation of a company is a complicated task, so you need to hire a business appraiser. Besides physical assets, the cost depends on several factors. The document of valuation will impress the buyers and will add credibility to your asking price.

4. Choosing the broker.

Finding the right buyer can be tedious as well as a time-consuming task to do. Hiring a broker will improve your chances of getting a reasonable price. However, he will charge a high commission for the sale of your company. On the other hand, if you sell your business on your own, it will save you money. For small businesses with lesser assets, it is always preferable to sell your business without the help of a broker because in that case, you will gain more.

5. Prepare the documents.

Before selling your company, you need to prepare the documents that are required to market your company. You need financial statements and the tax returns for the last three years. You should hire an accountant to make sure that all your documents are in the correct order.

6. You need to find a buyer.

Once your company is ready for sale, and all your documents are in order, the next step to find a buyer. This is a time-consuming process, and you need to be patient. You should advertise your company efficiently so that it attracts potential buyers. Keep in touch with potential buyers continuously. Along with that, you must run your company efficiently so that it attracts more and more buyers.

7. Managing the profits.

You should start planning what to do with the profit that you will earn. You should also have knowledge about the tax obligations associated with your earnings. It is better to hire a financial advisor who will assist you to invest your earnings wisely.

Essential Tips for Starting a Business When You Do Not Know Where to Begin

Starting a business

After working for some time, you realised that you needed to start a business if you want to be financially stable. You cannot continue relying on your regular salary to keep you afloat. It is understandable for you to have that strong emotion considering the number of people who have managed to be better off financially after starting a business.

Having money to fund your business does not guarantee that you will succeed. You also need to have the best ideas in the first place. The problem is when you do not know where to begin. You have no new business idea. You also do not know what is necessary to start a company. These tips will help you get started. 

Start with something you are passionate about 

Before you look elsewhere, you need to start with yourself. Determine what interests you and what makes you feel excited. Perhaps, you can run a company based on your passion. If you love to go around the world, you might want to run a travel agency. If you are a foodie, you can have a restaurant. It is easy for you to think of creative concepts in an industry that you are already familiar with, and you love.

Research the needs of the market

Do you want to start with local markets? Do you wish to run an online business that has a broad reach? The important thing is that you start the company only when you understand what the market needs. From the identified group, you can determine the issues faced. Your business could be something that solves a problem or at least provides a better solution than what currently exists. Later, you need to highlight how your company solves these problems with the use of excellent marketing strategies like the use of a pop up banner stand and posters.

Create goals

It helps if you have a timeline. You need to set small and realistic goals to help you achieve bigger milestones. If you already have a big goal in mind, you need to break it up into smaller goals so that you will not feel frustrated if you are yet to reach it. You know that the things you are working on will contribute to the achievement of such goals.

Share your ideas

Once you already have ideas about what business you wish to pursue, the next step is to share them with someone you trust. You can talk about your rough plan and what you intend to happen if given a chance to start a business. Ask for comments and feedback. Be open to criticism but do not let anything prevent you from pursuing your plans. Make sure though that you do not share anything with someone you do not trust completely. The person could copy your idea, modify it and do it right away.

No one expects you to succeed right away when you start a business. You are the only one hindering yourself from achieving your goals because of unrealistic expectations. Keep working hard at thinking of a creative idea and work hard to reach success as an entrepreneur.