Why Hire a Small Business Consultant? You Don’t Need to Do it All Yourself

Entrepreneurs often have a very bad habit. They try to do it all. In most cases, they not only fail to do so but they leave themselves run ragged. Hire a business consultant to help you, to mentor you, to take some of the load off your shoulders. The return on investment to your business and your own well-being could be huge.

What can a business consultant do for you? You (almost) name it! A consultant can help you figure out how to do things, can take some of those tasks you’re struggling with and help you get them done, and can help you figure out how to do more with fewer resources as well as maximise your time and advertising budget by doing things that will give you the most “bang for your buck” — as they say.

Need help with selling? Need help with advertising? Want to learn how to get more results from your website? Need to start a website from scratch? You can find consultants who do various things for you but you can also find someone who is specialised in helping small businesses in all of the above facets.

Today’s small business owner often feels like they have to do it all. Entrepreneurs don’t have to go solo and the most successful ones out there have figured out how to run their own business with great resourcefulness and delegation skills. In the beginning, they may wear the worker bee hat, the collection agent hat, the marketing guru, chief technology officer, and admin assistant hat. But if you read the book The Four Hour Workweek, you’ll see that one of the secrets to success and profitability can lie in outsourcing.

Many who desire being their own boss think they’ll have more work / life balance than before but they soon realise that working for yourself can be all-consuming. Whilst there is a tendency to try to do everything alone, especially if you’re trying very hard to manage costs carefully, those who finally do seek help can feel a huge relief lifted from their shoulders. A consultant can help you figure out what you need to do and what you can relinquish to others. As a mentor, they can also help you figure out how to maximise the time you put in each day so that you can get more results without putting in more hours.

When you hire a consultant, they have the knowledge and resources that can help you do more with less. Yes, there will be a financial investment required but a good consultant will not steer you wrong in terms of how to spend your money and will work within the confines of the budget you set. As time goes on, you will find the results fairly evident and this can help you with future budget allocation as you measure the ROI of the services the business consultant performed.

Tips For a Successful Franchise Business

Have you ever wanted to own your own business, but have reservations about taking such a significant financial risk? Finding the right franchise business will reduce that risk and help you reach your goals. Owning a franchise business means you have the right to use a company name and sell the company’s products, while the parent company (or the Franchisor) sets the standards and makes marketing, advertising and internal decisions.

The franchisor already has a proven track record of success, and therefore already has plans in place to help you, the franchisee, get your franchise off the ground. The franchisor can offer their established and respected name, proven products or services, and training to help you and your employees succeed. The franchisor has knowledge of what mistakes are routinely made by someone who is starting their first business, and has taken action to eliminate those mistakes to ensure anyone who is opening up one of their franchises will have the guidance and support of the franchising corporation.

The first thing you should do when considering a franchise opportunity is think of a franchise that sells a product that interests you. Having passion and knowledge about a product or service you are selling will give you a great foundation for your business. Your knowledge and skill can be taught to employees and come through in your interaction with customers. A franchise consultant can help you focus your goals and assist you in finding the right franchise business for you. Franchise consultants can calculate which franchisor has the best business model for you based on your unique personal profile. Your goals, skills and interests will be matched with a franchise model that best exemplifies your expectations.

Research the franchises you are considering. Find out their financial strengths and weaknesses, as well as their locations in the region. Visit a franchise and, if possible, talk to the owner. Ask him or her their opinion of the franchise, the franchisor and what he or she likes best about the company.

Consider your financial investment. What is the initial startup cost of the franchise and how to you plan to finance the investment? Will you have to take out a loan or do you have the capital on hand? Opening a franchise business is a significant financial investment, so make sure you have enough money left over to support your family and pay employees during the times when business is slow.

Before you sign any contracts or enter into any agreements with the franchisor, meet with a franchise attorney. The franchise attorney specializes in legal business matters that pertain specifically to franchise businesses. The franchise attorney can advise you on certain aspects of the contract and explain to you parts of the contract that are unclear. The franchise attorney can also negotiate with the franchisor’s attorney to make sure your best interests are being met.

The most important thing to remember as you search for your new franchise business is to do your research. Enlist the help of a franchise consultant who will ensure your goals are being met. Owning a franchise is one of the most important decisions you’ll ever make, and finding the right one for you will give you a greater chance of success.

Starting a Business – New or Existing?

There are a lot of people who hope to be their own boss and own their own business; however, starting a business can be very straining and difficult. You will want to make sure that you have the time, the effort, the money, and the motivation to take off with the business.

However, have you ever thought about purchasing an existing business? You may find that there is a business up for sale that is priced just right. You will be able to buy some success by purchasing a existing business.

Remember first off that the owner is selling the business for a reason. If you work at the establishment, such as in the situation mentioned before, you probably know why the business is being sold.

Keep in mind that if you have a close relationship with the owners they may leave some important details out of the deal because they do not want to scare you off. Ask. It could be as simple as the owners wishing to retire. In this case, buying the business could be an excellent investment.

You may want to consider what the profit of the business is.

If you consider purchasing a business that failed for someone else, it is important to analyze why. There may just not be any demand or the location by just not bring in the customers. Maybe the owners made bad business decisions. In some cases, the business has a bad reputation.

These are all things to consider when buying a business instead of starting your own. You will want to think about how you can change the business to avoid the failures. In some cases, this simply cannot be done. For example, if your community is largely made of families or retirees, there is not much of a demand for a nightclub in the neighborhood, and this may be why the previous business failed.

You may be able to take the business and make some positive changes and prevent the business from failing. If the previous owner of your clothing store invested the company money, largely in high priced merchandise, perhaps you want to consider readjusting the business to sell affordable clothing instead.

You will always want to consider changing the name, unless you feel that the business would lose it’s traditional success in the community. When you change the name you will able to personalize the business and make it seem like a different business that should be given the chance.

You will also want to think about the advantages of the business and how you can help the weaknesses and advantages become stronger.

So when it comes to choosing between starting your own business and taking over an existing business, you will want to ask yourself what is best for you and which way you would actually have a change to make something of the business.