Franchises account for over 700,000 establishments and rake in over $600 billion annually in the U.S. How can you join in on this exciting and growing industry?

Franchises are a great way to get your feet wet with a business. They’re also a good way to invest extra money on the side.

Not sure which franchise is the right one for you to start? Here are five must-know tips on making the right decision and choosing the best new franchise!

1. Do Your Homework

Sure, fast food restaurants make up the majority of successful franchises. But which ones have growth potential?

Don’t just stick to what’s easy. Check out all of your options and find out which franchise businesses seem to be expanding and in demand.

2. Make a Budget

The amount of cash you have on hand determines what kind of franchise you can buy. You might not recoup your investment right away, so take stock of your finances before you go all in.

Things like market saturation can also have an impact on your ability to turn a profit. Keep in mind things like fees, start-up costs, loan availability, and whether or not you’ll be able to make a living for up to a year and budget accordingly.

3. Keep an Open Mind

There might be a franchise out there that you’ve never thought of but would be a great fit for you. Search outside of your comfort zone when looking for the best franchises to buy.

There are interesting and inventive new ventures that enter the franchise market all of the time. You might discover the joys of running a cryotherapy franchise or owning several cosmetics and toiletries vending machines.

4. Build Your Network

When taking on something new, don’t try to forge ahead without a road map. Talk to others that have been there, done that, and know all of the pitfalls you’re sure to face.

Start building a network of other franchisees. You’ll have someone to lean on if the road gets rough and can scope out new opportunities in the field.

5. Have an Exit Strategy

Is your franchise a short-term investment? What will you do if you find out being a franchisee isn’t for you?

There may be restrictions on selling your franchise or the company you choose might demand a longer commitment than you’re looking for. Whether you want to build up a small franchise to flip in the future or you’re unsure about the whole thing, it’s good to have an exit strategy.

Find the Best New Franchise for You

Finding a new franchise is exciting and fun, but can also be a bit stressful, too. These five tips will help you avoid the mistakes others have made and find a great franchise fit.

Remember to do your homework, keep an open mind, and be honest with yourself about how much you really want to invest. If it’s not for you, it’s important to know how to exit, too.

We know this guide to finding the best new franchise will help you on your journey to becoming a successful franchisee! Check out our other business articles to keep your company running smoothly.

Trying to find out about the best market research strategies? Are you wondering how to do market research right?

If you’re trying to build a successful organization or business of any kind, then it’s crucial that you understand the value of market research. Performing market research can go a long way in helping you grow your business and meet the needs of your industry better than ever before.

Below we’ll tell you about the top strategies you should consider using when performing market research.

1. Focus Groups

One of the most popular and most useful types of market research strategies out there are focus groups. Focus groups can be invaluable for an organization and can lead to a lot of interesting breakthroughs if done right.

With a focus group, you’ll gather a group of people together and then ask them questions as needed about specific products, services, or industry topics. Focus groups are great because you can get feedback from several types of people at once and can get authentic opinions.

While focus groups have advantages and disadvantages, they are typically a great way to conduct market research and get insights from your target customers.

2. One-on-One Interviews

While focus groups are one way to get authentic feedback about your business or your industry at large, interviews can also be incredibly effective. With interviews, however, you’ll be focusing on one person at a time and getting their opinions and answers to questions that you ask them.

The drawback to interviews, however, is that they may not be as productive as focus groups. Performing interviews one at a time can be a slower process than getting answers from many different people at once.

On the plus side, there will be less chance that one person’s opinion will affect the group or skew the opinions you get, as this often happens in focus group settings.

3. Customer Feedback and Surveys

While focus groups and interviews are some of the most popular ways to get feedback from customers, there are other methods as well.

One method you can use to do this includes using social media accounts to ask your customers about their opinions and to conduct surveys. You can also do the same using your email list or other methods of correspondence as well.

Conducting surveys through social media, email, or through your website can all be helpful for getting honest customer opinions and learning a lot more about the market.

4. Industry Data and Analysis

While using the opinions of customers and real people can be helpful for conducting market research, it rarely provides the full picture. It’s also incredibly helpful to dig through objective marketing research and reports that have been performed as well.

There are many companies and online providers of statistics and research that can be useful for learning more about your industry and getting some great insights. While many of these will cost you money, the return will often be well worth it due to the knowledge that you’ll gain.

If you want to build your business and get a lot of great insights, you may want to learn more about buying research now.

5. Analyzing Competitor Strategies

There are few options that are as good as learning about the market as from taking a closer look at your top competitors. Be sure that you use competitive analysis as part of your market research strategy.

Examining the tactics and strategies of your competitors can be very insightful and can help you get a better idea of how you should be building your business as well. Either by evaluating your competitor’s product offerings or by taking a close look at their marketing materials and branding strategies, you’ll be able to learn quite a bit about them, your customers, and your own business.

6. Observation

Another way that you can do some great market research is to simply use observation to examine the behavior of real people in real settings. Doing this can allow you to get some great information about customer shopping habits and about how they use products.

For example, you may want to observe the behavior of customers in a store or retail setting. Doing so can allow you to learn a lot about your customers and how they choose products, react to discounts, and shop for items.

Observational market research can be time-consuming and difficult, but it can lead to some great discoveries.

7. Field Experiments and Trials

Tied in with observational market research, one great way to perform market research is to create field trials and experiments.

With this type of market research, you’ll test out new ideas and variables against a real-world backdrop. You’ll use actual field data to test a customer’s reaction to products, branding strategies, and other elements in a real situation.

Creating field experiments can be done in a variety of ways but will often yield great results if done right. These tests can be hard to replicate perfectly since they will take place in a real-world environment, but can still be very insightful for a business.

Building Your Business With These Market Research Strategies

If you want to build your business and ensure that it is as effective as possible, you need to make use of these market research strategies. By taking your research goals seriously, you’ll be able to build a thriving business that becomes all that it was meant to be.

Looking for more business tips and strategies? Explore our blog now to discover more interesting ideas and advice.

With hundreds of thousands of new businesses starting up each year, you have to figure out a way to stand out. One of those ways is through branding your business.

What is branding and how does branding help you gain more business?

You might not understand why branding is important right now, but we’re here to help you learn more about how to create your brand to increase business success.

Continue reading this article to learn some top tips for branding success.

Brand Identity

Maybe you’ve heard of brand identity and thought it sounded like a strange term. It’s not really that complicated. It simply states what your company is and what you can do to help people.

You know you’ve found your brand identity when it’s easy for you to sum up what you do and how you help people. It should only be a sentence, and it should be easy for people to understand right off the bat.

Why Your Company Needs Branding

Branding might seem like an elusive creature that you’ve been trying to catch, but once you understand it and it’s importance, it won’t take you long to capture it.

Branding is important, and your company needs branding because it attracts customers and potential investors. When you focus on branding your company, you’re telling a story that people can get behind.

You’re not just a company anymore. Your business is a living and breathing personality that people can get excited about.

Authenticity Is Key

The worst thing you can do when you’re setting up your branding is to try to manufacture something you think people want to see. People can smell fake a mile away.

Customers would rather do business with someone they don’t like than to do business with someone that is faking it.

You’ve likely heard the phrase about faking it until you make it. That isn’t the best way to do things when you’re building a brand. If you say you stand for one thing and it turns out to be false people are going to be turned off.

You might not be sure what is authentic for your business. When you’re trying to figure it out, ask yourself things like where you want to take your company in the next five or ten years, what your values are, and what sets your company apart from the many other businesses that do what you do?

Your Brand Tells People What You Promise to Provide

When you clearly define your brand, it’s like you’re creating a public contract with your customers. You’re promising them that this is who you are, and they’re telling you that they like it and they want to do business with you.

Your brand can also help keep you on track as you’re making decisions. When it comes down to whether you should take path A or B, you can easily look at it and tell which one is the right way for you, depending on which one aligns with your brand.

Helps You Hone Your Focus

When you’re constantly looking at your brand, it will help you hone in and focus on the things that are most important to your company. Instead of running off and chasing unattainable goals, you’ll be able to focus on the things that matter most because you’ll never lose sight of it.

It’s not just you that is going to benefit from the branding. Your business partners, investors, and employees will also benefit from branding and how it can help you focus on what matters to your mission.

Stand Out

When you create your premium brand, you’ll be able to stand out from the crowd. As you find out how to create your premium brand, you’ll start realizing just how important it is to your company’s success.

Whether you’re selling your products in stores, online or you’re making B2B sales which is very different than B2C, you need to stand out from the other people in your space.

With so much noise around, you need to understand what’s most important, and part of that is conveying your brand to the potential customers that matter most to you.

Emotions Are Powerful

Branding is powerful because branding is about working with people’s emotions. When you can get people to feel an emotion, it’s much easier for you to get them to purchase from you.

Depending on what your product or service is, the emotion might be very different. You don’t have to get people to feel happy when they see your ads. If your company is there to help people that have cancer, your brand might make people feel hopeful.

No matter what you’re selling, getting emotion involved is important. If you don’t get emotion involved, then your business is dead in the water.

Branding your business makes it so much easier for you to bring the emotion into the equation. Without a brand, you have to build the emotion every time you talk to someone one-on-one. If you have a brand, you’re building on that emotion with every interaction.

What Is Branding? Now You Know

What is branding? Now you know the answer you can get started on boosting your business. Knowing how to brand your business properly means you’ll be able to get much-needed attention and more sales.

Do you want to learn more about branding, marketing, and other important topics? Continue through our blog articles to find more great reads.

Some doctors don’t think of themselves as business owners, and that’s fine.

They might think it’s too risky to start a medical practice when they’re quite happy working as a hospital employee. However, there are some physicians who think otherwise. Even if they’re aware of the challenges, they still want to go ahead and launch their practice.

Does that sound like you? If yes, then reading this guide would be a good starting point. Read on to learn about what you need to prepare for when launching your own practice.

How to Start a Medical Practice: 4 Things to Remember

In some ways, a medical practice is like any other business. You need money to put it up, choose a legal business structure, and obtain licenses to operate it. Unlike other businesses, however, you have to undergo “credentialing,” which allows you to accept health insurance from patients.

Here’s a closer look at those 4 requirements.

1. Money

There are different ways to finance your practice. You can get loans, use some of your savings, look for investors, etc.

Just remember that aside from renting office space, there are also equipment and other expenses like medical records software to consider. Your startup costs will also include fees for an accountant and a business attorney. In most cases, it’s also recommended that you hire a consultant before opening a medical business.

Of course, these will all add up, which is why it’s advisable to work with a consultant who can help you plan accordingly.

2. Legal Business Structure

This is where hiring a business attorney helps a lot. He or she can advise you on which legal structure (e.g. S-corp, LLC, C-corp, or general partnership) suits your medical practice best.

This is because each legal structure or entity comes with certain tax benefits, which your attorney will discuss with you in detail. Your lawyer will also help you prepare the documents needed for the structure you’ve chosen.

3. Licenses

When you start your own medical practice, it has to follow the regulations set by your state and the federal government. These include being licensed by your state’s medical board, obtaining a national provider identifier number, and so on.

There are also extra rules to take note of depending on the type of medicine you practice. For example, you have to have the right certification before you can offer laboratory services.

Do your homework before offering such services so you remain in compliance with all legal regulations.

4. Credentialing

Before getting credentialed, insurers will want to make sure you have the proper licenses and that you have malpractice insurance. Now, this process doesn’t only involve Medicare and Medicaid. It also applies to private insurance providers.

For private insurers, you don’t have to contract with all of them. You can choose those whose terms are reasonable (and hopefully favorable) to your practice.

Other Things to Consider When Starting Your Own Practice

Aside from financing, credentialing, etc., you also have to think about staffing and marketing.

There are tons of online resources to help you hire the best people for your practice. For the latter, you can check out these tips for online healthcare marketing.

Ready to Start Your Own Practice?

Now that you know the basics of how to start a medical practice, don’t stop here.

The more you know about the requirements for launching your medical business, the better. For more business tips and advice, feel free to check out our other articles.

Although it is always better to use your own money for running your business or manage your expenses. Yet invariably you need to arrange extra amount to meet extra expenses due to expansion of business or venturing into a new business etc. Generally, people take extra amount as a loan from bank or some other financial institution putting you under debt.

The forms of debts can be your personal debts, corporate or government debts. Usually, personal debts are categorized as Secured debt, Unsecured Debt, Revolving Debt as well as Mortgages.

Debts may be stressful but are almost integral part of running businesses. As such there is no harm in taking loan till you keep on paying your re-payment installments on time. Failure in clearing your debt as committed by you can put you in trouble. This narrative driven blog explores the creditors option for debt collection.

For the collection of debt, the creditors have options like:

• Using creditor’s internal collector

This is precisely done by deputing an employee from creditor’s office staff who directly deals with the debtors. They do not involve anyone else i.e. a middleman for the collection

• Collection through debt recovery agency

When lender finds it difficult to collect the debt, a third party is hired by the lender i.e. debt recovery agency which is assigned to collect recovering the debt. In lieu of debt recovery, lender pays commission to the agency as fees or some decided percentage of collection.

All through the process the ownership of debt remains with the creditor. In many cases, the debt is sold to the debt collection agency after writing off the debt by original creditors and finishing their involvement.

• By appointing a law firm

In many unmanageable old and delinquent dent accounts, the creditors are constrained to seek legal support in recovering their debts and accordingly appoint a law firm for collection of debt.

Sending a communication through a law firm has been found to be better and more successful as it leaves a greater impression on mind of debtor and results in the increased possibility of recovery of debt.

However, debt collectors are permitted to contact or communicate with debtors through all available means such as phone, letters, and email or text message but without violating the norms laid by Fair Debt Collection Practices Act (FDCPA).

Which one to choose; Debt Collection agency or Collection Law Firm?

By and large, both debt collection agency and debt collection law firms are hired to pursue the recovery of delayed or unpaid debts. Both are regulated by the Fair Debt Collection Practices Act (FDCPA) and are required to perform within framework of rules set in under the act.

However, their processes and manners employed for the collection of debt may differ for collecting or recovering debts.

When it comes to choosing between Debt Collection agency and Collection Law Firm, you must ponder over few important factors that include:

• Size of Debt

Usually, the specially trained agents of debt collection agencies can collect even smaller balances and pursue larger sums as well. Whereas, debt collection law firms employ specifically qualified law specialists for pursuing the collection of mostly old and unmanageable debt accounts involving larger sum.

• Charges for collection

Debt collection agencies usually charge fees in the form of commission based on the response to their recovery. The Debt collection law firms often charge a set fee usually based on the size of the debt. The fees charged for collection of debt is also influenced by the age of the debt account and the debt balance.

• Speed for clearing the debt

Debt collection agency may continue making efforts for collection of debt accounts for months or even years. Their efforts for recovery of debts often yield low and unsatisfactory results.

On the other hand, debt collection law firms can quickly sue the debtors for the unpaid debt which often results in faster collection of debt than a debt collection agency.

• Complexity of debt

For more complex cases where debt collector or debt collection agency that has purchased the debt from the original creditor and other personal loans are not easy to recover are usually turned toward debt collection law firms. These debt collection law firms can be more effective in collecting the debt from delinquent borrowers.

Why prefer Debt Collection Law Firms for debt collection?

Both, debt collection agency and debt collection law firms are governed by Fair Debt Collection Practices Act (FDCPA) and accordingly, both are legal entities.

Yet often people have shown preference for debt collection law firms as they are:

• Better equipped with legal knowledge
• Able to resolve dispute while maintain good relations with debtors
• Better option of suing the client
• Capable of Navigating you through lawsuit process
• Taken more seriously by debt defaulters
• In position to improve your cash flow

Above all, Debt collection law firms are trained attorneys who can beat debtors at their own game and without issuing threats or using harsh language they can force errant debtor to pay the balance to clear the debt.

When you consider all of the challenges that come with running a start-up, it can be quite easy to feel a bit helpless when trying to deal with all of the problems as a start-up owner. Instead of feeling like you can set a course and set sail, it can often feel like you are at the mercy of the fickle business landscape. After all, not only do you have to deal with the everyday problems that come with business management, you also have to deal with the threat of obscurity.

Fortunately, even in the most competitive industry, there are ways to avoid many of the beginner’s pitfalls that come with start-up management. Here are just a few ways you can set your company up for success and future-proof your start-up!

On the topic of outsourcing aspects of your company

It might seem like a strange idea to consider outsourcing aspects as a start-up, but there are few situations that match a start-up company in terms of overall usefulness when it comes to utilising third-party services. As a matter of fact, there is no better time to outsource than when you are too busy with the most pressing matters to deal with every issue on your own.

For example, a company in the IT industry will likely be unable to develop its own in-house team as a start-up due to the substantial amount necessary to get the job done. On the other hand, third-party services are available to get the job done at reasonable prices.

Dealing with marketing matters

In a similar vein to outsourcing services, you can take advantage of the marketing situation by hiring a digital marketing agency to help increase brand recognition and exposure. That said, it is not the only way to take advantage of marketing as a start-up. While it is true that traditional methods can be challenging and expensive, there are many alternatives. The best is making use of a social media account to help keep people up to date with company events and news. It can also act as a support hub where you can respond to the feedback of supporters – the best place to start a marketing campaign.

A flexible mindset can help a variety of start-ups in multiple industries

It would be a good idea to find a niche that caters to your strengths, but it can often be challenging to find in a competitive industry. It is the reason why being flexible with your goals is a great mindset to have, as it can help you make big decisions that could very well shape the future of your company. On a simple level, a start-up restaurant might have a quality menu, but if there are no healthier alternatives, families with members that have food allergies will likely not choose your establishment. It can be amazing what being open-minded with your services can do for a company.

The tips above will help you edge out the rest of the competition as you strive to prepare your company for the future. With enough preparation, you can set your business up for success before you begin!

As a result of the recent COVID-19 pandemic, many business owners around the world are worried about the future of their businesses. If you’re interested in learning about some inspiring businesses which have overcome monumental challenges such as the recent pandemic, simply continue reading.

Brands That Survived and Thrived After a Crisis: How to Come up With a Business Survival Plan

Cadbury:

Cadbury lost the majority of their workforce as a result of WW1. As Cadbury’s workforce was male dominated and the vast majority of able bodied men were recruited to join the military, Cadbury’s chocolate manufacturing business faced a huge challenge. However, Cadbury survived the economic depression which was brought on by WW1 by hiring women to work at Cadburys for the first time.

Apple:

While Apple is a household name today, in the early 2000s Apple was struggling to bring in a profit. After enjoying continued success in the 80s and 90s. However Apple managed to turn their situation around by focusing on developing innovative new products that would appeal to consumers. In 2001 Apple released its first generation iPod, which turned around Apple’s finances.

So if you’re trying to find ways to help your business bounce back after the COVID-19 lockdown, it’s a great idea to develop and launch brand new innovative products. Which will attract new customers to your brand.

Boohoo:

Boohoo which is an online clothing brand, managed to increase their sales during the recent pandemic by changing their marketing strategy. While Boohoo’s marketing campaigns typically draw attention to Boohoo’s party wear, Boohoo decided to market lounge wear such as fashionable sweatpants and hoodies, instead. As Boohoo knew that their customers would be spending a lot more time lounging around their homes.If you want your business to thrive through difficult times, make sure that your business is able to adapt to market trends and needs. Just like Boohoo.

Boohoo was also able to flourish during tough times as they exist primarily online and have low production costs. So if you want to ensure that your business will thrive even through pandemics, it’s a great idea to offer your goods and services online.

Proctor & Gamble:

P&G or Proctor & Gamble are another example of a business which survived harrowing, uncertain financial times. During the great depression, which was caused by the infamous Wall Street crash of 1929, Proctor & Gamble, which was a soap company at the time, refused to lay off their employees. The company continued to manufacture its products knowing that individuals would still buy soap, even in a recession. Proctor & Gamble simply changed their marketing campaign, in order to attract new customers to their brand.

P&G are a great example, that it’s not a good idea to start laying off your staff and cutting down on your production runs, in the event of a challenging event. Such as pandemic or a recession as if you want your business to survive, you have to think long term. Not short term.

So if you’re worried about the future of your business, especially in the first few months that follow the Coronavirus pandemic, it’s well worth learning from some of the successes of the brands which are listed above.

Building a website is crucial for every entrepreneur and digital brand. But the thing is, building a desktop-forward website isn’t enough in today’s digital landscape. The priority now is on mobile-forward websites, and unfortunately, many businesses are not up-to-speed on this necessity. And the numbers show how true this is: websites which are not well optimized for mobile can lose up to half of their traffic. When designing a mobile responsive website, there are certain tips and tricks you can keep in mind, to help maximize your success. Amped Local is an internet marketing agency based in San Diego, California, which helps entrepreneurs and businesses grow their ventures using SEO techniques. The experts behind Amped Local are sharing five mobile responsive design practices you need to know in 2020.

1. Think with your hands

When you’re designing a mobile responsive website, you want to think with your hands. What this means is that most of your users will be using their thumbs in order to use your website, so you want it to be designed in a way that is thumb-friendly. This may mean eliminating some things you have in the desktop version, in order to make it more user-friendly.

Related Article: 21 of the Best Examples of Mobile Website Design

2. Less is more

When designing for mobile, less is more, meaning minimal design features will take you further. In general, there’s less space to work with, and you don’t want to cram so much into the space. When content shifts from desktop to mobile, it needs to reorganize effectively on its own. The less you have on the page, the better this will look.

3. Make your key functions easy to find

What is the purpose of your website, what is the call-to-action? Whatever it is, these features and functions on your website should be easy to find. This may mean placing a button in an obvious spot, and having these links be some of the first things your customers see. Making your actions easy to find will mean more customers will be able to use your services with ease.

4. Use responsive images

Images for desktops need to be much greater resolution than images for mobile. To optimize your user experience and loading times, you can use two different versions of the image, one for your mobile sites, and one for your desktop sites. Some website content management systems do this for you automatically, but it depends on what your service is.

5. Start with mobile-first

It’s much easier to scale a website up, than it is to scale it down. What this means is that you should be designing your website with mobile in mind, instead of designing it for a desktop experience. Then, you can add on features and make designs more complex slowly and see how this impacts your mobile experience.

More about Amped Local

Amped Local helps businesses grow their revenue using digital marketing techniques such as SEO, FacebookAds, and website mobile optimization. Amped Local was founded by Douglas James, a digital marketing expert and serial entrepreneur.

Marketing your business is an essential part of the big picture for operations in every industry. Business requires that you draw the attention of your targeted consumer population, and the methods of gathering such interest will directly affect your effectiveness as an organization.

Working in the industrial sector of business doesn’t commonly draw the mind to marketing, so it’s a good idea to reach out for more information. If you’re looking to upgrade your marketing investments, make sure you are placing your efforts in the right areas.

Take a moment to read through a brief look at some business marketing tips for industrial suppliers, and consider where your business can improve today.

Create a well-crafted business website

You can begin molding a digital presence for your industrial business operation by crafting a website that has all the proper bells and whistles weaved into its design. If you already have a business website, run some checks.

Make sure your business website has a homepage that is sure to grab the attention of passing users. Create pages on your website that explain what your business has to offer. For example, this page by PumpWorks features pump packages clients can choose to research for future purchases.

Log into social media channels

Social media is a great outlet for business, and many industries have already caught on to the popularity of its pages. Make sure your business gets a piece of the pie, and invest in building your own pages on social media.

Choose a couple social media platforms that are more likely to be utilized by people who can benefit from your operation, so you have a greater chance of connecting with your target consumer.

Target your digital efforts towards mobile

Mobile access to the internet is the primary form of access in 2020. If you want to make an impact online, you’ll have to make sure mobile users can access and manipulate your pages. Focus on mobile optimization, so you can provide services to a larger base of consumers online.

Learn to properly target your content

Your digital content doesn’t do your business much good if it doesn’t draw the right sets of eyes. You have to learn to properly target consumers, so someone looking for a new pair of shoes doesn’t happen upon your site offering sales on industrial machine parts.

Create blog entries to forward your cause

Blog posts can be very helpful for boosting your operation’s visibility online, but you can’t just post any old blog. Steer your blog posts towards information that is relevant to your industry.

Post blog entries that expand upon general relevant concepts, and you can even post company updates for followers to stay in the know.