Entrepreneurs Articles & News
Designing a Comprehensive Franchise Company Computer System
One of the most important management tools a franchised company needs is a great computer system. The system must integrate with all the franchised outlets and also be able to interface with the Corporate HQ computer system. There are many companies which have already set up specialty IT systems for franchisors, but much of an off the shelf system will need modification. Be sure when talking with software vendors that you make sure that you get what you want and do not simply fall for the ...
Mobile Car Washing Long Term Opportunities in the Market
The long-term outlook for the Mobile Car Washing industry is positive. It is ripe for savvy company to develop regionally or nationally to dominate the market. Currently in the mobile car wash industry there is no well-known companies as is the case with other service businesses such as Domino's Pizza, Midas Muffler, Thrifty Rent-A-Car, and Jiffy Lube. These companies will be able to develop revenues and market share sufficient to sustain franchisees as local leaders in their fields. ...
Territory Limitations Policies for Franchised Companies
All franchised companies must have Territory Limitations to maintain the peace within their systems. Often the unspoken ethics of territory limitations are blurred with mobile, home based or online franchise companies. Territory limitations in fixed site franchises are fairly cut and dry. There is your store, no other stores will be placed in the surrounding area delineated on this map within your franchise agreement. Generally things run pretty smoothly in this case. However as co-branding ...
The 7 Major Reasons Businesses Fail and How to Overcome Them
This year, over 800,000 of the approximately 2,000,000 start up businesses will fail! Nearly 1,000,000 of those remaining will fail within 3 years. Why do so many businesses fail? Many studies show that approximately 98% of all failures occur because of the owners. The other 2% are a result of acts of God. Here are the key reasons and actions owners can take to avoid and overcome business failure: Reason #1: The owner is not mentally prepared or motivated to run a ...
My Nemisis
Living in the twilight zone has its advantages. In the early days of starting my business, I found the limitations of living in a rural area to be restrictive. However, later I realized that those limitations were not an obstacle that could stop me; they were only a challenge that would strengthen me. Since my business would be smaller, I would have the advantage of fewer employees and less strife in the processes of doing business.
Documenting Partnerships in Your Business Plan
Forging partnerships to improve market penetration has become commonplace, particularly for “new economy” businesses. And, most companies proudly mention their many partnerships in their business plans.
When Your Business Feels Like an Arranged Marriage
Q. I was laid off six months ago. Jobs in my field are scarce so I moved to a new town to start a home business. People have paid me for everything from website maintenance to pet sitting.
Two Types of Business Plan Executive Summaries
Companies seeking capital often ask how long the Executive Summary of their business plan should be. The answer depends upon the use of the summary, mainly determining if 1) it precedes the full business plan, or 2) it will be used as a stand-alone document.
Entrepreneurial Business Plan The Down And Dirty Way
Does the idea of running your own business sound exciting? Do you have a business up and running and want to take it to the next level?
Pre Money vs. Post Money Valuation
When a company decides that it must raise capital, a key question that must be answered is how much the company is worth. For example, if the business needs $500,000 to get started and/or grow, how much of the equity in that company should $500,000 command? Once this question is answered, the company will go out and try to find investors. When doing so, a key question often arises as to whether the valuation is “pre-money” or “post-money.”
The Term Sheet's Role in Raising Venture Capital
Entrepreneurs and companies who are seeking venture capital often negotiate with one or more venture capital firms on a number of important issues. These issues include the amount of capital to be raised, the investment terms, etc. The document which summarizes these terms is known as a "term sheet."
How A Woman Became A Successful Bill Collector In A man's Industry And How You Can Too!
I have worked in the credit industry for over 17 years now. When I first started out, I only knew a very few women in the industry. That number has grown over the years, but not by much. Being a bill collector has always been categorized as a “man’s industry”.
... in Pursuing the American Dream
This morning I woke up at 4:30 in the morning, as usual, poured myself a cup of coffee, as usual, and thought about what my son said to me yesterday evening. You see, he's 2 1/2 years old and talking quite well, for his age. When I came home from working all day I was greeted with the always joyous "daddy's home, daddy's home" but today, this greeting was followed by "daddy no you go to work!". It's amazing what a 2 year old can know and understand.
How To Start a New Business
While it is tempting to just leap into a new business because of it’s exciting possibilities, a few key planning points will vastly increase your chances of success. These steps aren’t difficult, but they’re easy to skip. Many businesses ultimately depend on a slim profit margin, so planning can really help the process. Too many restaurant patrons, for instance, assume that running a restaurant seems fun because of the many restaurants they have visited, but restaurants have an especially ...
Needs Versus Wants For Entrepreneurs
How often do the words "I need" come out of your mouth, as it relates to your business? When you run your own company, it's easy to think that the only way to succeed is to be moving forward with your expenses -- the newest technology, a broader circle of professionals providing you services, involvement in more and more costly marketing efforts, etc. And it's particularly difficult to resist the urge when you know you can generally take a tax DEDUCTION for any business expenses. But ...
Financing Your Business
Anyone who is serious about making some money is already very well aware of the fact that it takes some type of investment to make this happen. I've read a lot of copy that suggests one can build a business for free, if they are willing to spend an extra amount of time to compensate for their lack of financial backing.
The Ideal Length of Your Business Plan
How long should a business plan be? A business plan needs to be whatever length is required to excite the investor, prove that management truly understands the market, and detail the execution strategy. From surveys of investor needs, Growthink has found that 15 to 25 pages of text is the optimum length in which to accomplish this. Any more and the time-constrained investor will be forced to skim certain sections of the plan, even if they are generally interested, which could lead them to ...
Profile of Women Leaders
Leadership is based on two words, "pressure and support"and that the leadership is the power to influence people to move in a direction that you believe in your heart is a good direction for most people" (Fennell, 1999, p. 267). Adams and Yoder noted that "evidence from contemporary studies on sex-roles and leadership indicates that men and women, with similar education, career aspirations and training, have basically identical scores on measures of psychological masculinity and ...
Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor. In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. I don’t care if its real estate investing, a sales company or a service business. But you must own it yourself or with a partner. Why, because the tax laws are tilted in favor of people who are in business for themselves. Let’s take a closer look. If you are not in business for yourself, you are earning your money as a W-2 ...
Determine Your Niche & Be Successful
What’s a niche? Dictionary.com provides a great, twofold definition: “A situation or activity specially suited to a person’s interests, abilities, or nature.” “A special area of demand for a product or service.” It’s safe to say you will be most successful and fulfilled in business if you provide a product or service that others want or need, in an area that is “right up your alley.” There are thousands of business opportunities but ...
Let Uncle Sam Pay for Your Fun!
"Deducting Meals and Entertainment" O.K. You’ve been working really hard on these lessons. Now its time for some fun. Are you with me? Imagine if you could spend time with friends, eating, drinking and seeing shows and your company could foot the bill? Wouldn’t that be GREAT! Fasten your seat belt, we’re going on a (tax-deductible) journey… Our first stop is meals. There are several great ways to deduct your meals. The first is to turn your social outings into business meetings. ...
Incredible Tax Help Secret: Avoiding the Entreprenuer's Curse
Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. In fact, some of you are marketing machines.
Which IRS Tax Forms Should I Use?
IRS Tax forms can be confusing. Am I a 1099 or a W-2. Do I need an 8832 or a W-7. What the difference between an “S” corp and schedule “C” income? Our program is designed to teach you to build lasting wealth. In order to do so, we’ve got to start with a fundamental principle. Stop focusing on IRS Tax forms and start focusing on generating income. I don’t mean to be rude, but some people are so hung up on which form to use, they never really get out of the ...
There's More to Building Wealth than Clipping Coupons
We talked recently about the wealth formula: Spend less than you earn and save the difference. Initially, you may have to cut back to “find” the money to save. Start there if you must.
Double Your Income Now With Tax Saving Tips on Deductions
Adding Your First Additional Stream of Income Most new wealth builders currently have a full-time job. After realizing that means “Just ----Over Broke” they commit to quitting their job and starting their own business. The concept is good, but let’s turn it around some. One of the philosophies of the wealthy is to reduce risk. In this scenario, that means keeping your job until your business has been firmly established. That’s because the biggest stress point for new ...
Get the Corporate Kick and Save Loads of Money
Why a Corporation Helps Save You Taxes The Tax Rates (Notice anything unusual?): The following tables provide a list of the tax rates for individuals and corporations: Personal: $0-$24,650 15% $24,651-$59,750 28% $59, 750-$124,650 31% $124,651-$271,050 36% $271,050+ 39.6% Corporate: 0-$50,000 15% $50,001-$75,000 25% $75,001-100,000 34% $100,001-$335,000 39% $335-000-$10M 34% If you examine them closely, you will see at least one glaring ...
Girls (and Guys) Just Want to Have Fun by Using Tax Saving Tips
In his best selling book, "Rich Dad, Poor Dad, Robert Kiyosaki warns people against the dangers of buying what he calls "doodads" - you know, junk, spur of the moment items.
Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips.
Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things.
Let Washington Pay for Your Corvette, Porsche, or Air Plane
Deducting Your Auto Expenses Auto deductions are a very complex topic. So, to clarify, we are not going to attempt to cover all of the intricacies of the subject. Instead, we will cover some of the most-used provisions and provide you with a better understanding of some of the associated issues. In keeping with one of our primary strategies, what we are interested in doing with our automobiles is to convert as much of their use as possible to legitimate business purposes. ...
What Qualities Do Franchisors Need?
When I got into business I wanted to build a company, which helped people and provide a product and service that people loved and were willing to pay for; one I would not have to sell or convince anyone of. Something that people truly wanted to extend and enhance their pursuit of happiness. I found the perfect service that everyone wanted and where sales were not really needed at all. In addition I found a way to allow my team to reap the rewards of delivery of that service to the masses.