Reasons Why Some People are Sceptical of Franchises

Published on: 05 November 2018 Last Updated on: 16 July 2024

You can see several successful franchises all over the country, and even around the world. Some of the biggest names have established themselves in various parts of the world because of their business model. Franchising is the best business opportunity that allows you to benefit from the good reputation that the brand already has.

Some people are quite sceptical about franchising though. They prefer to start their business from scratch. There is nothing wrong if you decide to build everything from zero. However, it is also essential to know the truth behind franchising, and why you don’t need to be too sceptical of the idea.

You might not succeed:

The good thing about franchises is that you are buying a name that people already know. You also receive assistance and training. You receive the equipment and supplies necessary to run the business. These things will give you a leg up as opposed to starting a business from scratch. Given the help that you receive, it is possible for you to achieve success. It does not guarantee anything though. You only have a leg up, but you still need to work hard. Franchises will give you the opportunity to get ahead, but if you don’t make the most of it, the problem is yours.

The brand might not be beneficial:

Another reason why you are at an advantage when you buy a franchise is that you have the name of a brand that people already recognise. You don’t need to work hard to promote the business. Franchising comes with built-in customers, and it is a good thing. However, some people are sceptical because of the possibility that the brand gets tainted. For instance, if one branch of a fast food restaurant has a food poisoning scandal, the other branches get affected.

You can minimise this by making sure that you don’t choose a company that doesn’t have a stable name in the industry. You need to review the options and find the perfect franchise. On the other hand, even if your chosen brand experiences this problem, it will eventually weather it out. Big names like Coca-Cola, KFC, or McDonald’s have weathered several storms, and managed to survive.

Some franchisors might not care about your success:

Although it is partly true, it only happens if you choose a franchisor who has a lousy record in franchising. If you already know the negative reputation of the said company in franchising, you can jump to other choices instead. Besides, you have tools at your disposal to screen the options. Having a franchisor who cares about your success is crucial in making sure you will succeed as a franchisee.

You can find new franchises UK companies offer which are top quality that will not make you sceptical about the idea of franchising at all. You will receive the help you deserve from the start, and you will continue receiving support along the way.

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Creative Pop-Up Event Ideas for Your Business

As a marketer, you probably spend a lot of time trying to nail down abstract concepts to promote your brand. However, have you ever sat down to think about pop-up events? In a word, they can create a buzz in your marketing efforts if executed properly. This article introduces you to creative pop-up event ideas. When implemented with pomp and color, the ideas enable your customers to get up-close and personal with your brand. What is a Pop-Up Event? Pop-up events are temporary events, conferences, parties, or experiences that span a host of creative outputs. Examples of such events are pop-up dining events, a subcategory of their own. Additionally, spontaneous cooking contests, supper clubs, and speakeasies are other examples that attract attendees in large numbers. Pop-up event planning is a big industry worth more than $10 billion in sales. In reality, a 2018 Harvard Business Review Analytic Services survey showed that 93% of business executives prioritize hosting events. Fortunately, the events aren't only for large organizations but also small businesses. With this in mind, it's also crucial that you carefully choose the location of your pop-up event for a lasting impression. Depending on what suits your business best, you could rent a commercial kitchen, private cafes, storefront, cabana, theatre, or mansion. However, ensure to obtain the necessary municipal requirements like permits and licenses. Executing Your Pop-Up Event Ideas Next, put these creative pop-up shop ideas into use to pull the event off successfully: 1. Hire On-Brand Decor Your customers know your brand’s design through your website. As such, it’d help if you keep the decor of your pop-up event similar to your site's. Check with your local event-decor rental companies for on-brand decor. It'll be a bonus point if the decorations are photogenic to make it easy for your guests to post them on social media. 2. Ensure Your Pop-Up Event is Goal-Specific One of the significant factors for any pop-up event is having a crystal clear goal. Consequently, you'll be in a better position to choose the venue, creative design, and have metrics for measuring the event's success. For instance, your goal could be to: Conduct market research Provide your customers with an experience they'll gladly pay for through a product launch. Attract new customers Increase brand or product awareness Promote collaboration with the local community However, you could delve even further into the intricate details of the overall goal. As an illustration, consider the Japanese company Dohtonbori, known for its Okonomiyaki dish. This is a pancake the company makes from organic vegetables. Unfortunately, most of its customers didn’t know this. In order to promote itself as a healthy fast food company, it opened a pop-up shop in a Tokyo neighborhood. It then positioned itself as a "Fast Food Aid" stop, with the staff dressed in pharmacist white. They would then accept fast food receipts and exchange them for pill vials comprising crucial nutrients missing from most fast foods. On the temporary retail space walls were huge clear tubes holding a year's supply of supplements. Overall, the aim was to show customers the number of nutrients they don't get from other fast foods, but they're present in Dohtonbori’s offerings. Later, the company posted the short film on YouTube, attracting over a million views within the first few days. While the company sold nothing in the pop-up shop, the message was loud, clear, memorable, and effective. Traffic at this company increased by 125%. 3. Use Digital Signage to Attract More Customers Whatever venue you choose for your pop-up event, consider incorporating digital signage as one of your pop-up event ideas. Markedly, digital signage marketing is a trend that effortlessly enhances your marketing efforts. A Mood Media survey showed that 68% of shoppers are highly likely to purchase a product marketed through digital signage. Another 44% of the respondents said digital signage ads would draw them towards the promoted product instead of the one they initially intended to buy. With this in mind, it’s no wonder that you should use digital signage in your pop-up party. Its benefits include: Setting the tone by using attractive signage content to enhance the ambiance of your pop-up stores Promoting and enhancing brand awareness by immersing your customers in your brand's values. You can uniquely use one screen to display hundreds of images or branding elements. Boosting location-specific sales and offers, allowing for more control and flexibility over the content you display. Creating an interactive and memorable experience through digital signage apps like social walls. For example, your pop-up store visitors can post on social media platforms like Instagram. Then, display their posts on your digital display screens to boost customer engagement. Final Thoughts Holding a successful pop-up party is a matter of putting creative pop-up event ideas into use. With some planning, proper logistics, and much preparation, you can hold an event that your customers will never forget. Besides, it could be the one that spreads word and interest about your brand, bringing in more customers. Additional Reading: Creative Marketing Strategies to Put Your Small Translation Business Lucrative Business Ideas to start Near Water Bodies Six Low-Investment Business Ideas You Can Start Today

What Are the Important Parts of a Free Business Credit Report?

Did you know that small businesses make up 99% of employer firms in the U.S.? Small businesses are an important part of the economy. Everyone knows it's important to have a good personal credit rating. But, did you know that it's also important for your business to have good credit? If you own a small business, read on to learn how you can get a free business credit report and why it's important. Why is Good Credit Important? If you've ever applied for a home or auto loan, you know that good personal credit is important. If you don't have credit, it's difficult to get a loan. No credit doesn't always mean you have bad credit. It means you haven't established a credit record. If you've handled credit poorly, then you have bad credit, and you might not get be able to get a loan. Lenders check your credit score to ensure your ability to pay back your loan. It's critical to build and maintain a good business credit rating. How to Build Credit : Not everyone carries a credit card, but it helps to have one if you want to build your credit score. Too often, college-age kids get one or more credit cards and find themselves in debt and are unable to pay it back. It's important not to overuse a credit card. Credit cards charge high interest on the money they loan. It's okay to buy things with a credit card, but make sure you pay the entire loan off monthly as much as possible. If you don't pay the entire loan monthly, the interest you pay adds a significant amount of money to the cost of your purchase. Unfortunately, if you don't use a credit card, it's harder to build credit. In addition to paying your entire credit card balance on a regular basis, be sure and pay all your other bills on time as well. Late charges aren't the only problem you'll have if you pay your bills late. Late fees also hit your credit report and lower your score. There are other ways to help build your credit as well. Getting a Free Business Credit Report : It's important to know how to check your free business credit report and to understand what it contains. According to the law, it's possible to get your personal credit report for free on an annual basis. The law doesn't say a business credit report has to be free on an annual basis. But, it's possible to get a free business credit report. Here are a few ways: CreditSignal : Dun & Bradstreet offers a free business credit report at CreditSignal.com. This is a great place to get your business credit report because it also has a learning center. It's an easy service to use, and it comes with a mobile app that'll alert you to changes in your Dun & Bradstreet credit score. The service gives you fundamental information about your score. To get the full service, you'll need to get the paid subscription. Try Nav : Nav.com is another service where you can find your personal and business credit scores for free. While CreditSignal only tells you about your Dun & Bradstreet score, Nav offers information regarding your Dun & Bradstreet and Experian score. Free Trial Demos : You can also get a free business credit score if you want to sign up for a free trial from companies such as Credit.net, CreditSafe.com or Scorely.com. Remember that once the free trial is over, you'll be charged for a subscription. What Does It All Mean? Now that you have your free business credit report, what does it all mean? When checking your personal FICO score, look for a number between 300 and 850. The higher the score, the better your credit rating. Don't panic when you check your business credit score and the number is under 100! Unlike the FICO, business scores range from zero to 100. Business credit reports are confusing because they're not all calculated the same way. The Big Three : There are three major companies where you can check your business credit. These are Dun & Bradstreet, Experian, and Equifax. Dun & Bradstreet calculates your credit score based on information from partner companies or payment info reported to directly to them. They use a Paydex score that ranges from zero to 100. You'll need to file through the Dun & Bradstreet website to obtain a DUNS number before you can get your score. Your report will show you creditworthiness, payment history and trends, and public filings. Experian offers a business credit score between zero and 100, as well as a financial stability risk rating. You'll also see a credit summary and payment trend summary. The payment trends are thorough, including monthly and quarterly trends. If your company has any judgments are liens filed against it, these will also show on the Experian summary. Equifax also uses the zero to 100 score. But, you'll also see a business credit risk score that ranges from 101 to 992. This score determines the likelihood that your company will fall behind on payments. With all three of the large credit bureaus, the credit summary is easy to read and self-explanatory. It's important to pay close attention to everything in the report so that you can correct any incorrect items that could hurt your credit. Obtaining a Loan : One of the most important reasons to maintain good business credit is so you can obtain a small business loan. Whenever you open a line of credit, such as a credit card, there's a hard hit to your credit report. This means that applying for any sort of loan is actually bad for your credit score! This is one more reason to make sure you maintain good credit, in case you're in need of a loan to purchase necessary company equipment. It's sometimes possible to obtain a small business loan without a hard hit to your credit. Read more now to learn about one of these loans. Learn More About Business and Finance : Business can be complicated, but don't let the details scare you. Work on building and maintaining good credit to help with your personal and business finances. Looking for more great articles on business and finance? Take a look at our many resources here. Read Also : 5 Smart Ways To Boost Your Credit Score Are Debt Consolidation Loans Recommended For Credit Card Consolidation Credit Card Fraud The Holiday Season: Things To Consider For Next Year

Social Entrepreneurship – Entrepreneurship Strategies And Many More!

We are living in a world where becoming an entrepreneur is pretty common, and launching your own venture is perhaps more ordinary than we usually assume it to be! So naturally, when concepts of entrepreneurship, investment portfolios, and bootstrapped startups are ruling the business world, it acts as a catalyst for relatively more intrinsic concepts to come up. One such concept is that of social entrepreneurship, something we all must have heard somewhere - from Ted Talks to office meetings, you must have come across this term. Yes, you know what entrepreneurship means or, for that matter, what socials mean. But when the two terms are put together, what does it imply? Keep reading to find out more. What Is Social Entrepreneurship? Let’s Find Out! So what is social entrepreneurship, and who’s a social entrepreneur? Social entrepreneurs are people who pursue novel applications which has the potential for solving problems that are community-based. These individuals are people who want to take the risk and put in the effort for creating the right changes in society through positive initiatives. Social entrepreneurship is based on the idea of finding the road to connecting with the purpose of your life, helping other people find their purpose in life, and ultimately making the right difference in this world. In addition, these entrepreneurs implement several ethical purposes like conscious consumerism, social responsibility in corporates, and impact harvesting. Key Understanding: Social entrepreneurs aim to start businesses for a greater good and not to earn profits. Social entrepreneurs invest in ventures that are often environmental-friendly or philanthropic or even deal with underprivileged communities. Social entrepreneurship is a trend that’s constantly growing, accompanied by SRI (Socially Responsible Investing) and ESG (Environmental Social & Governance Investing). Understanding Social Entrepreneurs: The social entrepreneurship definition points out how social entrepreneurs are not inspired by the whole profit-earning motive of running a business. In fact, these individuals are different from ordinary entrepreneurs who are motivated by profit-earning abilities and have no mandatory intention of leaving a positive impact on the society around them. Notable economist Adam Smith, in his well-known book, The Wealth of Nations, commented, in this context, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.” What Smith wanted to point out was that when people go after their best interests, there is an automatic inclination toward making decisions that usually benefit others. For instance, a florist wants to earn a livelihood for supporting her family. In order to accomplish the same, the florist will produce products that help thousands of people. Read More: How To Become An Entrepreneur? Social Entrepreneurs And Their Goals: Social entrepreneurship seeks to address imbalances such as determining all root causes of major social issues, the social stigmas associated with being part of any community, and the like. The primary goal of social entrepreneurs is to not earn profits. Rather, these entrepreneurs aim towards implementing vast improvements in the society around them. Naturally, social entrepreneurs must be financially savvy for succeeding in their causes. This is where both the ESG and SRI forms of investing make an appearance to save the day. Strategies And Entrepreneurial Ventures: How To Become A Successful Social Entrepreneur? In case you wanted us to define social entrepreneurship, then we are guessing you have understood that part. But what’s the point of finding out the definition if you want to become a social entrepreneur. Moreover, it’s only natural if you are still here, it means that you are curious about the strategies relevant to social entrepreneurship. So without wasting any further time, let’s check out a few effective strategies relevant to social entrepreneurship. Think About The Future Instead Of Being Stuck In The Past The past can be tempting. You can spend days dwelling in the past, reminiscing about social entrepreneurship ideas that made so much sense back. Instead, prioritize the future - become future-oriented in setting your goals. If you are not forward-thinking with your vision, then how will you evolve as an entrepreneur. Secondly, the world we live in is constantly evolving, and if you don’t keep up, how will you make a difference that matters? Be curious and attentive. Observe everything that goes around. Social and creative entrepreneurs are intuitive about future trends and needs. Commit To Making A Difference: The world we live in is always suffering from exploitation and inequality in terms of the availability of opportunities and resources. If you are not committed to making a difference, then are you even doing anything? The whole purpose of social entrepreneurs is to make a difference. These entrepreneurs are always creative in their approach and staunch dedication to creating a positive impact with their work. You May Like To Read This: Small Business Entrepreneurship – Small Business, Strategies And Many More! Did you know that the movement of social entrepreneurship has evolved to include methods and tools for creating an impact and making a difference. If you are interested, then you must check it out. Pursue Opportunities Not Products Or People Peter Drucker is an Austrian-American economist, often known as ‘the father of modern management’ who had pointed out in the past how the catalyst for innovative developments has nothing to do with finding new people or products. Rather, it lies in need to transform the environment. You can either choose to pursue opportunities that matter or run after employees who will bring you profits or, even worse, new products. All the difference lies in your ability to make the right choice. Social entrepreneurship companies around the world followed what Mahatma Gandhi said ages ago, ‘Be the change you want to see in the world.’ You will be able to see and even opt for the opportunities precisely at the right place, only if you want to do so. Frequently Asked Questions (FAQs): 1. What Are The Strategies Of Social Enterprises? The strategies of social enterprises are as follows.1. Focus on the future2. Try to make a difference3. Purse opportunities 2. What Are The 4 Types Of Social Entrepreneurs? The four types of social entrepreneurs are as follows.1. Community Entrepreneur2. Non-Profit Entrepreneur3. Transformational Entrepreneur4. Global Entrepreneur 3. What Are The 5 Strategies Of Entrepreneurs? The 5 strategies of entrepreneurs are as follows.1. Set initial goals2. Create a vision3. Network around4. Keep learning5. Don’t quit 4. What Are The 5 Characteristics Of Social Entrepreneurship? The five characteristics of social entrepreneurship are as follows.1. Deep empathy2. Innovation3. Systemic planning4. Sustainable approach5. Changemakers Logging Out… The world is now filled with social entrepreneurship examples, and if it interests you, then what are you doing, lurking behind blogs, when you can start your venture! Time’s ticking - why wait when you can invest time, money, and efforts in making a difference for a change? Don’t forget to let us know your thoughts on social entrepreneurship in the comments below. Read More: Top 9 Reasons Your Sales Training Isn’t WorkingHow Many Types Of Entrepreneurs Are There In 2022?10 Must Have Marketing Tools To Add In Small Business Growth Strategies!

Reasons Why Some People are Sceptical of Franchises

You might not succeed:

The brand might not be beneficial:

Some franchisors might not care about your success:

You Need to Ditch Your Full-Time Accounting Staff for an Accounting Firm

Green Business Opportunities for Eco-Entrepreneurs

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Creative Pop-Up Event Ideas for Your Business

What Are the Important Parts of a Free Business Credit Report?

Social Entrepreneurship – Entrepreneurship Strategies And Many More!

Reasons Why Some People are Sceptical of Franchises

You might not succeed:

The brand might not be beneficial:

Some franchisors might not care about your success:

Share this Article

You Need to Ditch Your Full-Time Accounting Staff for an Accounting Firm

Green Business Opportunities for Eco-Entrepreneurs

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related