Category Archives: Tools and Information

5 Franchise Problems To Avoid | The Startup Magazine

The US Small Business Administration notes that fast-food franchises make up the most popular business type for new entrepreneurs. Franchises are an easy way to trade on the popularity of an established name. From medspa franchise opportunities to retail businesses, there’s no shortage of supply. However, getting into a franchise relies on understanding what the company expects back from you. There are significant hurdles for new entrepreneurs when negotiating contracts and establishing rules between them and the franchisor. Here, we examine a handful of franchise problems that entrepreneurs should try their best to avoid.

A Terrible Sales Process

Many new franchisees are eager to get people in the door, regardless of how successful those people are likely to be. When you’re selling a franchise, whether it’s fast food or retail, the operator needs to understand how to make it work. While established franchises have massive training programs, these smaller, newer franchises don’t. They’re a lot cheaper to buy into as a result, and the low cost attracts a short of new entrepreneurs. The downside is that these new business owners end up biting off more than they can chew. Restaurant Business Online underlines this problem in their case study of Quiznos’ collapse.

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It’s the Strangest Thanksgiving Ever for Businesses Trying to Put Turkey on Your Table | Inc.com

This year is different. The Chatham Berry Farm sold out of turkeys on November 13, almost two weeks before Thanksgiving, and the phone continues to ring off the hook with orders the farm can’t fulfill. “The staff here now, we’re kind of calloused over from the steady, revolving door of customers coming through,” says Alexia Baker, a greenhouse manager and longtime jack-of-all-trades staffer.”

The Berry Farm isn’t alone in its newfound turkey fame. As Covid-19 infection rates spike across the country, more Americans are eschewing traditional family gatherings and staying home on Thanksgiving. But they’re still cooking, and their need for provisions–albeit on a smaller scale–has escalated, sending the businesses that cater to the holiday scrambling to adjust to rapidly changing levels of food supply and consumer demand. How they’ve adjusted is instructive for any entrepreneur, especially those eyeing upcoming e-commerce bonanzas like Black Friday, Cyber Monday, and the rest of the holiday shopping season.

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Google Is Testing End-to-End Encryption in Android Messages | WIRED

GOOGLE HAS BEGUN rolling out end-to-end encryption for Rich Communication Service, the text-messaging standard the industry giant is pushing as an alternative to SMS.

Abbreviated as RCS, Rich Communication Service provides a, well, richer user experience than the ancient SMS standard. Typing indicators, presence information, location sharing, longer messages, and better media support are key selling points. They lead to things like better-quality photos and videos, chat over Wi-Fi, knowing when a message is read, sharing reactions, and better capabilities for group chats. As Ars reviews editor Ron Amadeo noted last year, RCS interest from carriers has been tepid, so Google has been rolling it out with limited support.

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3 Ways You Can Level the Playing Field Against Big Business | Entrepreneur

Too many small businesses are stuck at the bottom of the economic mountain, watching in frustration as larger competitors hog the top, snagging resources and reaping the benefits.

Bigger companies can afford to use quantity discounts to undercut prices. Banks are happy to accept small-business deposits but don’t build strong relationships with credit and loans for their smaller customers.

Even programs marketed for small businesses, such as vendor finance programs and dynamic discounting programs, often benefit the large company that takes the discount. Even government help seems to favor the well-connected. Just see what happened with the Small Business Administration’s Paycheck Protection Program.

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8 Essential Tools to Manage A Remote Workforce | Getentrepreneurial.com

Remote work is becoming the new normal for many businesses all over the world. Many managers are now faced with the struggle to manage remote teams for the first time. Managing remote teams is not the same as managing teams in a traditional office setting. The lack of face-to-face interaction may cause communication issues. The need to facilitate collaboration with team members across multiple time zones can get messy. Fortunately, there are tools and resources that help managers stay on top of their telecommuting employees and maximize their production.

To help determine the best tools for your business, we have categorized them by 8 functions.

Video Conferencing

Video conferencing allows remote employees to visually interact with each other. Face to face interaction is important to build a stronger connection between coworkers and allows attendees to communicate via visual cues. When communication is restricted to only verbal or written, a portion of the message could be lost because people communicate with visual cues. Managers have the opportunity to see discomfort or hesitation in their team and can address the issue immediately.

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Syncpen 2nd Generation | CoolBusinessIdeas.com

We don’t want to say that the transition to nearly 100% digital functioning has caused us to forget how to literally dot the i’s and cross the t’s, but we have to admit, our handwriting has gotten a bit…sloppy. And although we’re used to typing on keyboards and screens of all sizes, there’s something special about pulling out the pen and paper. That’s why, when they rolled out the SyncPen 2nd Generation Smart Pen and Notebook set, users everywhere were happy to jot down their thoughts the old-school way knowing they could be easily converted into the digital format we have all grown accustomed to.

This pen and pad do it all: Together, they convert handwritten notes, doodles, and sketches into editable digital files, allow capturing 360° angles of notes, enable paperless writing, identify 66 languages, and synchronously record audio with a note. You simply write in the notebook as you would with any notebook. When you’re ready to save or share your notes, you can send them out as a PDF, Word, or JPEG file.

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Government Grants for Small Businesses | businessnewsdaily.com

A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.

Just because a grant is free money, doesn’t mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.

Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics; for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.

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7 Ways To Get Back Up After A Major Failure | Life Hack

Every one of us knows how devastating failure can be—seeing your business go belly up, missing the pass mark that would have gotten you that coveted scholarship, getting fired from your job, not making the cut into the team after training all year, and so on.

Experiencing a major failure comes with a lot of pain. Failure crushes you, messes up your self-esteem, and leaves you demoralized and feeling like you are not worth anything.

What’s even worse is the fact that moving forward after a major failure is not any easier. However, if you want to go on and have a fulfilling life, you cannot let failure hold you back. The important thing is that you move on from failure and learn how to get back up.

Question is, how do you do it?

Here are 7 ways you can get back up after a major failure.

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Who Is Buying In New York City, And Who Is Leaving? | Forbes

Despite the dire reports about the New York City real estate market, transactions are taking place and, in some cases, there are bidding wars — and not just in the suburbs.

Here’s a look at two sets of buyers and what they encountered during their experience in a housing market affected by the pandemic.

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Overcome Cold-Calling Jitters | AllBusiness.com

I can remember this moment as if it were yesterday, yet it was over 30 years ago. I sat in my car, parked in front of a prospect where I was planning to make a cold call. But instead of opening the car door and walking to the lobby, I sat there immobilized by my fear of cold calling.

Was I in danger? Of course not! But I was too scared to move. And that’s what sales call reluctance, also known as sales call jitters, can do to you.

If you are just starting out in your new career in sales, or if you’ve been selling for a while but still suffer from cold-calling jitters now and then, here’s how you can overcome sales call reluctance and get the sale.

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