Tag Archives: entrepreneurs

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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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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Staying Above Water as a Startup | The Startup Magazine

Learn From Those Who Came Before You

Let’s talk about some lessons and strategies that brought hardship and success for businesses we’ve known over the years. Sears, for example, was very successful in the first decades of its establishment. In 1893, Sears was a retail store that set the standard in its industry. The use of the country’s growing railway system at the time gave Sears the leverage needed to one of the best. When cars were becoming more accessible to the American people, Sears had more stores built near major cross streets to be there for its customers.

Be Proactive

Today we are aware that Sears didn’t make the cut, but at the start of its journey, this company was forward-thinking and proactive about being accessible to its consumers. Over time, the leadership of Sears lost sight of its need to be ahead of the game and make decisions that keep them relevant in the industry.

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They Were Rejected On Shark Tank And Today Are Making Millions | Forbes

The investors from TV’s Shark Tank aren’t going to want to see this. Here are ten ventures turned down on the show, that have become great successes.

Cellhelmet

Cellhelmet provides protective cases for your most precious possession – your cell phone. Since being turned down on Shark Tank, Cellhelmet has gone on to create a whole suite of mobile device accessories including charging solutions, power banks and screen protectors. Their products can now be found in 3,000 stores, and they have offices in both the US and China.

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5 Ways to Make Your Content Marketing Strategy Work for Your Small Business | Small Business Trends

Content marketing is widely successful for generating new leads and attracting new customers to your business. A full 70% of companies say they invest in content marketing strategy, and  60% say that content marketing is very or extremely important to their overall business strategy.

How to Make Content Marketing Work for Your Small Business

But successful content marketing requires more than simply starting a blog and posting on social media. You need an effective strategy that connects up all your content marketing efforts, and that’s far more challenging. Many marketers still aren’t handling it efficiently, with one study reporting that only 23% of marketers agreed that they are succeeding at managing content across the organization.

If you’re part of the remaining 77%, don’t panic. We have some essential tips for boosting your content marketing strategy.

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CEO Secrets: Older women strike out in lockdown | BBC News

As part of our CEO Secrets series, which invites entrepreneurs to share their advice, we are focusing on businesses that have launched during lockdown. Each week we will look at a different type of person. This week we speak to female entrepreneurs aged over 50.

“If you feel it, just do it,” is the advice of Feyi Raimi-Abraham.

“Don’t stop and wait to have all the ducks in a row for your business idea, because it will never happen.”

The south Londoner has started her first commercial venture at the age of 52.

It is called The Black Dementia Company and it stems from personal experience.

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What is Risk Management and How do You Implement it? | The Startup Magazine

One of the most important parts of your strategy as an entrepreneur trader is your risk management. Entrepreneurs know all about risk. But many novice traders will initially focus on the impetus to enter a trade but will fail to focus on when to exit a trade. Similar to knowing when to sell your startup. Before you initiate any risk, you should go through several steps to determine the risk you will assume, and the potential reward that is associated with that risk. Your risk management should cover your long-term investment approach, each trading strategy as well as each trade you decide to execute on online trading.

Different Levels of Risk Management

Risk management is the process of determining how much capital you are willing to risk. The process starts with the amount of capital you are willing to invest in any asset. This could be on a house, for your college savings, your retirement, or for your discretionary trading. This part of risk management is referred to as asset allocation.

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6 Ways to Come Back From the Pandemic With a Stronger Team | Inc.com

The future of work arrived out of nowhere, on the back of a once-in-a-century pandemic. Team dynamics got challenged as members dealt with illness, trauma, and crisis. We’ve all been forced to rapidly and radically adapt to new working norms. The Ferrazzi Greenlight Research Institute has spent more than 15 years studying high-performing teams, but I’ve never seen entrepreneurs rise to the occasion as they have this year. When the crisis subsides, the temptation will be to turn back that progress and retreat into old behaviors. But entrepreneurs need to shift from overload to shared load, and to practices that can transform team performance to find unexpected growth–and lower unsuspected risk. Let’s not go back to work; let’s go forward.

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The Ultimate 3-Step Formula for Business Success | Entrepreneur

Thinking of starting a business? Theoretically, it isn’t all that difficult. The real trick is in making your business a successful one.

According to the Bureau of Labor Statistics, nearly 50 percent of businesses don’t make it to the five-year mark. Additionally, an estimated 90 percent of new startups fail. But why is that? The internet is chock full of checklists that promise to pave the way to success, but are they any good? Sure they are, but only to an extent.

While these checklists do an excellent job detailing what novice entrepreneurs need to know, they don’t necessarily provide any real guidance on what actually makes businesses successful. They don’t dive into the psychological hacks and meaningful acts that win hearts and make a lasting impact. They are simply task lists, which we all know are ultimately dry.

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Check Out These Podcasts to Keep Up With the Latest Business and Industry Trends | AllBusiness.com

Many entrepreneurs make a point of following the emerging trends within their industries. If you’re looking for something beyond traditional trade publications, there are a number of rich sources of information and discussions available, including industry-specific podcasts.

To help you learn about some of these resources, we asked a panel of Young Entrepreneur Council members the following question:

Q. What is one podcast or other resource you recommend entrepreneurs follow for industry insights? Why is this resource so valuable?

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