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You are here: Home > Business > Franchising > Improving Your Odds for Financial Success-Why Franchising Makes Good Business Sense |
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Casual Articles - Improving Your Odds for Financial Success-Why Franchising Makes Good Business Sense
Top Ten Reasons You Might Just Be an Entrepreneur n consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and beIf you are like most individuals, you probably are not happy with your current career or JOB (Just Over Broke), and occasionally think about working for yourself. The 80-20 rule just might apply to everything, including careers and jobs? Being self-employed, however, does not necessarily mean owning a business with the burden of employees, inventory, capital expenditures, and the other trappings of the 20th century “brick and mortar” business model.Many are finding success in the trend of working as independent contra $5 into $50,000? Yeah - Right! At this moment, thousands of aspiring entrepreneurs are wrestling with one big question -- "Should I start my own business from scratch or buy a franchise from an established company?" To tackle this issue, it might be good to start with some cold, hard facts. Statistics published by the US Department of Commerce indicate that the risk of business failure is dramatically high among do-it-yourself business owners. While 80% to 90% of start-up businesses fail in the first few years, only 10% of franchise businesses fail. A 90% success rate for franchised businesses might seem impressive, but the success rate can climb even higher in niche franchise categories, such as specialty foods and drinks.Doesn't it make you laugh when so many people, from all walks of life, expect to be able to get a computer, get on the internet and "retire 7 weeks from now" with more money than they dreamt possible! I've used the internet for several years now with my businesses. I get a ton of spam every day, offering me the chance to either turn $5 into $50,000 in six weeks ‘guaranteed' or boost my sex life with a magic pill that will add an extra couple of inches where it counts! (Actually, I may take them up on that one.)I use The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and bev Tips for Brightening Up a Bland Workspace ue, it might be good to start with some cold, hard facts. Statistics published by the US Department of Commerce indicate that the risk of business failure is dramatically high among do-it-yourself business owners. While 80% to 90% of start-up businesses fail in the first few years, only 10% of franchise businesses fail. A 90% success rate for franchised businesses might seem impressive, but the success rate can climb even higher in niche franchise categories, such as specialty foods and drinks.Whether you're in a spacious corner office or a cramped cubicle, sometimes a workspace can seem bland and uninspiring. From a neutral palette to cookie-cutter furniture, many offices -- particularly those not open to the public or to clients -- are designed for function over form.The good news is that there are easy ways to brighten any office space. With a few simple touches, you can create a better environment in which to spend your 9 to 5.- Color can play an important role in mood and productivity. Bland The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and be Entrepreneurs Don't Have Average Credit Scores s owners. While 80% to 90% of start-up businesses fail in the first few years, only 10% of franchise businesses fail. A 90% success rate for franchised businesses might seem impressive, but the success rate can climb even higher in niche franchise categories, such as specialty foods and drinks.Fair Isaac, the company that develops the formula to determine credit scores looks at the average statistics of consumers and factors that into your score, called a (FICO). According to Fair Isaac the average consumer will have:· One inquiry on their personal credit report in a given year · 54% of credit holders carry a balance of less then $5,000 on all debts other then a mortgage · Have access to $12,190 on all credit cards combined“Now are entrepreneurs, like you, the typical consumer?” I asked on The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and be Where Does It All Start? rate can climb even higher in niche franchise categories, such as specialty foods and drinks.People will say that service starts with training. Actually, service starts with HIRING. HIRING the right people is the first step in spectacular service. You need to hire people who:1. Have a pleasant attitude. Attitude is key in customer care. No one can serve properly with a bad attitude.2. Have a service mindset. You need to find people who want to serve. Who have experience serving. Who needs someone who stares out the window and waits for their shift to be over? That's not making you money!3. Are w The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and be Email Etiquette in the Workplace: The Email Creed n consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and beverage ventures in their first year, and you can see why we chose a pub-style concept for our current franchise system. The customer base in pubs is more loyal because of the home-like atmosphere, and the higher beverage-to-food sales mix strengthens the bottom line in this type of concept. This is another way to further leverage the power of franchising to improve your odds of success.I will give email communication the respect and value it deserves as a quick, acceptable and reliable form of internet communication.I will reply to an email within 24 hours or sooner, even if the reply consists of a few words (i.e. Great, Thanks, Sorry, Yes, No, Call me, etc.).I will use spell check and I will reread my emails prior to hitting the send button; because I understand that my email communications are a reflection on me.I will refrain from using abbreviations and email slang in my work relat These numbers have not gone unrecognized. Savvy business owners have taken notice of the franchise industry's impressive track record. As of 2001, there were more than 750,000 franchise businesses in the United States, providing nearly 10 million jobs to the US economy and generating $229 billion in annual payroll. Since the late 60’s franchising has ballooned to produce goods and services worth just under $625 billi
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