A commonly recited stat states that consumers base 1% of purchases on sound or smell, 6% on texture and 93% on visual appearance. The accuracy of the figures can be debated but it’s obvious that graphics, color and design have an impact on purchase decisions. A retail product on the shelf and a website design strategy both share the same goal of using visual cues to push consumers down the purchase funnel. Take a look at this infographic provided by Bigstock to understand how long influential graphics have been occurring and the details involved.

Being a small business owner isn’t for everyone – but is it for you?

In recent research conducted by Constant Content, they discovered some pretty interesting information about what small business owners are made of.

Small business owners are natural-born self-starters

Small business owners, they found, are natural-born self-starters who are mostly comfortable with being connected to their business the majority of the time.

They understand that vacations may not happen, and that much of their business’s revenue will stay tied up in the business.

Entrepreneurs are optimistic despite major challenges

On top of this, small business owners tend to have an unwavering optimism to help guide them through tough times. In fact, 65% surveyed expected for their business to be thriving within five years.

In terms of skills, small business owners are Jack-of-all-trades types, who must wear many hats to keep their businesses running smoothly. This was one of the things many pointed to as being a major challenge in owning a small business.

What keeps them interested? The perks of the job

But the perks? Being able to work in one’s passion, freedom, and flexibility.

See the following infographic from Constant Contact for more details:

Almost anyone can try to acquire financing and apply to own a franchise.

But for the most successful franchise owners, especially those with a U.S. Military background, finding the most success comes down to planning and executing on a level beyond what the average person is willing to do.

And that’s where veterans can thrive.

Drawing on their military-honed skills – and pairing them with newfound franchise success principles – they’re able to thrive, helping to ensure long-term success.

Here are the Top 5 Success Secrets for Veteran Franchise Owners:

1. Dedication and relentless commitment. Veterans are naturally committed, and pouring that commitment into their franchise is what will help make it prosper. That means staying committed, even when things are going a little off course; it’s your job to work tirelessly to get things back on track.

2. Set focused, attainable goals that make you work. Set goals for your franchise that make you wonder if you can achieve them. Whatever you do in goal setting, make sure they’re focused and in line with your overall business strategy and plans.

3. Solve problems that create efficiency. Most business owners put band-aid fixes on problems, which then return again. As a successful veteran franchise owner, however, you’ll not only solve problems, but you’ll implement efficiency improvements as a result to help minimize their impact on your business in the future.

4. Provide supportive, visionary leadership. The best franchise owners know that being right means being right, right now; in other words, they’re always looking for areas to improve. As a veteran, you can draw on your superior team leadership skills and help empower your teams to perform at optimal levels, all while planning new ways to improve your business.

5. Hiring, developing, and keeping the best talent. As an extension of your leadership skills, the best franchise owners hire, develop, and retain the top talent. This is necessary to ensure all systems and processes are fully optimized, which creates long-term profitability. Veterans possess superb teamwork and leadership skills – combine them together, in just the right way, and they’re on the road to surrounding themselves with the best people for the job.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

When the cash starts flowing, the last thing you want is to lose track.

For veterans starting out as new franchise owners, cash control is paramount – getting it just right is how you optimize profitability and growth.

For starters, cash flow management is a simple philosophy: delaying your cash outputs as long as possible, while maximizing input by ensuring you’re paid as quickly as possible.

This usually involves when you pay your suppliers and employees, and the times you collect payment from your customers and clients.

Here are 5 Cash Flow Management Strategies for Vets:

1. Prepare and Measure. Prepare cash flow projections ahead of time, to ensure you always maximize the amount you have on hand. This could involve yearly and quarterly views, or, if you’re just starting out, even monthly and weekly projections. Understand that these are just predictions, though – so be sure to have enough (or even more) cash on hand just in case, and measure your projections to compare various information.

2. Be Meticulous. A huge part of making accurate projections is not only know when money will be spent, but on what types of thing. In order to track this effectively, have a line item projection for major things such as overhead costs, significant cash outputs, inventory, sales, and salaries.

3. Optimize Payment Time. Unless you’re receiving upfront or instant payment from customers, it’s crucial to speed up the time it takes to get paid. Depending on the type of franchise you’re operating, you can improve upon this by making clients pay deposits, provide incentives for fast payment, or track accounts receivable and follow up quickly on tardy accounts.

4. Stretch Your Own Outputs. If a supplier’s invoice doesn’t need to be paid for 30 days, pay it in 30 days. To help do this, use an electronic cash transfer and pay on the last possible day – this way, you’re stretching your cash while also fully complying with all payment deadlines.

5. Act Quickly Upon Shortfalls. No matter how successful you are, there may come a time when cash flow is low. Whatever the case, the most important thing is to act quickly and efficiently to effectively manage it. Because of this, if you need to take a loan from the bank, let them know as early as possible – months in advance, if you can. If the banks won’t help, work with your suppliers to extend their payment dates, and to ask your best customers to pay a little faster.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

What is it that makes veterans so successful as franchise owners?

Each year, thousands of vets make the transition from the military to entrepreneurship as franchise owners – all because of the success of others before them.

But what is it that makes them excel in franchising?

Here are 4 Reasons Veterans Thrive as Successful Franchisees:

1. Dedication, taking responsibility, and executing. In order to succeed in the military, veterans had to make the kind of sacrifices most people can’t or aren’t willing to make. During those experiences, their dedication ensured they took responsibility for their actions while executing their missions accordingly.

2. Superb ability to follow systems and processes. Veterans thrive in franchising’s systems and processes because they, in many ways, mirror the military. Because of this, vets have an outstanding ability to follow systems and optimize all processes to best ensure long-term success and profitability.

3. Real-life experience paired with strong education. Many veterans have a unique combination of having worked in real-life combat situations with a strong education. Department of Defense statistics in 2015 revealed that about 90 per cent of enlisting military men and women have high school diplomas and a bachelor’s degree.

4. Outstanding leadership and problem solving abilities. Vets have uncanny leadership and problem solving abilities gained from the military, which make them invaluable assets to any franchise. When problems arise, veterans are ability to think on their feet and find the best solutions to problems under pressure – while leading their teams effectively.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.