Do you think you have a killer idea for a business startup?  Before you invest in your idea, you might want to peruse the checklist below to see if your idea will pass muster with the marketplace:

You don’t need a great idea to start a new business.  Franchising can be a great way to channel your entrepreneurial spirit into a tried-and-true business model that can support you and your family for years to come.

To learn more about investing in a franchise, 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.

Last week at the National Association of Professional Women’s National Networking Conference, Martha Stewart was interviewed about her path to entrepreneurship.  She offered these 4 key steps for success as an entrepreneur:

Never stop learning.  Stewart says she plans to work until she’s “150”, and says “retirement” is not a word in her vocabulary.  Her career has had plenty of second acts, and she advises entrepreneurs of any age to keep learning, saying, “There’s always something else you can do.”

Find inspiration everywhere.  Stewart looks for inspiration everywhere she goes, from the flower arrangement on her set that inspired a new design for bedding to scouting craft shows for artists to feature in her magazine.  Look around you; ideas for new products or services are everywhere.

Work-life balance.  Stewart says that there is no line dividing her work and her life: “My life is my job, and my job is my life.”  While this has made her incredibly successful as a personal brand, it won’t necessarily work for everyone.  You need to define what work-life balance means to you.

Persevere.  Keeping a positive outlook has helped Stewart through some very trying times, including a five-month stint in prison for insider trading.  However, she says she has never hit bottom, just “bumps in the road.”  When times are tough, she seeks opportunities for inspiration in favorite activities like gardening.

To learn 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.

If you’ve thought about starting your own small business, then you’ve probably given at least some consideration to how you would manage all the tasks – especially if you’re the only employee.  

In fact, the SBA says that more than 79 percent of small business owners in the U.S. are sole proprietors.  The infographic below gives some great tips on how a smartphone and a few good apps – some are even free – can help a small business owner manage his or her business from a smartphone:

To learn more about starting your own small business, 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.

The data is conclusive, the results are in and the gig economy is growing at a remarkable pace. Large and small businesses alike are outsourcing roles and responsibilities that were once corporate staples to freelancers looking for a gig. This ranges from IT support, marketing, personal assistants and more. Meanwhile,  workers in droves sick of the corporate structure are branching out into self employment by picking up these very gigs. For some it is a side income, but for others they have been able to make an entire living picking up these freelance jobs. The risk of not being able to find enough work is certainly there and many of the corporate benefits such as healthcare, paid time off and more are missing. However, the call to be the captain of one’s own destiny is too compelling for some. If you find yourself in a similar boat looking to branch out beyond your own horizon, perhaps it’s time to consider an alternative gig. This is a self-employed venture that comes with much of the same structure and support one might expect from a corporate structure, but with all the benefits of being master of your own destiny. Considering a gig this year? Why not step into the structured world of franchising and chart your own path into a future without precedent.

The Best of Both Worlds

There is a certainly duality to franchising that will make your head spin if let it. As a franchisee you are indeed your own boss. That being you said you represent a brand who will have a say over many things you do from how you cut the onion to what you wear to work. As an entrepreneur, your success will ride on your shoulders and your shoulders alone. That being said, you have an entire brand that is heavily invested in your success. They will lay out the formula and you need but follow it with gusto.

Many freelancers who flee the corporate world are often met with a rude awakening as to just how much they relied on the structure offered by their organization. From the time they start work in the morning to mitigating the distractions in the workplace, jobs can serve a basic function to keep workers on task. However, when you step into the world of freelancing in the gig economy it becomes the wild west out there where anything goes. It is entirely incumbent upon the freelancer to self-police and discipline themselves for productivity.

What if it didn’t have to be the wild west? What if you had a location to attend, employees to manage and a certain customer driven level of productivity to meet each day? If you consider franchising your gig, then in many cases you get the best of both worlds. You get to be your own boss within the structure of an organization. You could fall asleep at noon in your pajamas as you browse for freelance jobs. Or perhaps you show up to work to lead and inspire your employees as you always did. Except this time, they truly are your employees. You can flee the corporate world without fleeing the structure and familiarity it provides.

Your Gig Can Literally Be Anything

Another challenge to freelancing in the gig economy is that your gig is in many cases limited by your individual skill set. If you are talented at writing then you become a freelance writer. If you write code for computer programs then you are now a coder. It’s not an entirely bad set up as our skills should often dictate our work. We wouldn’t recommend quitting your corporate job to become a freelance musician if you can’t carry a tune or keep a beat. However, franchising is not limited in this nature as with a little skill and industrious spirit your gig can be anything that has even been franchised.

Whether you fancy yourself a baker, cook, businessperson or salesperson there is a gig/franchise for you. Even better, you can pick multiple industries in which to dabble. If you love wine then consider a spirits and wine store. If you love to cook consider one of the countless franchises that offer food. Your primary role as the franchisee is to oversee the success of the business based on the already proven formulas of success. You can literally have never eaten a piece of fried chicken in your life and then open up a series of KFC restaurants if you like.

This flexibility also allows you to choose a franchise in demand in your current market. Whereas we are unsure what the demand for a freelance saxophone player in Memphis, TN might be there is tons of market data on franchises. Your gig doesn’t have to be a guess. With well thought out reasoned and market driven data, you can choose the gig that your local economy demands.

So What’s Holding You Back?

If you currently find yourself stuck in corporate America it would be wise to take a look around and take stock. Are vital positions somehow disappearing and yet, the task is completed as usual. Perhaps what once took an entire team to complete now only requires one employee who spends a lot of time on the phone. The gig economy is growing and it is showing no sign of slowing down. It’s an economy in demand by both the employer looking to streamline cost and the employee seeking more individual freedom. Where demand and demand meet, you be certain this is a trend that will continue.

For most, the only thing holding them back is the insecurity of it all. How can you take out a mortgage when you don’t even have freelance jobs lined up for next month? What happens if you get sick and can’t work for a few weeks? Corporate America offers these types of reassurances, but so can franchising. Next month, America will still want to eat pizza so your established Domino’s franchise is a reliable source of income. Moreover, America will still want to eat their pizza if you are in bed with the flu. Just as long as you were not the one who prepared or delivered it.

Franchising offers the flexibility and freedom associated with the gig economy along with the structure and support of the established franchise. It really can be the best of both worlds. So if the gig economy appeals to you, but you are a little timid

If your franchise needs to attract walk-in customers, you must select its location with great care. A choice made in haste or without taking every possible factor into consideration can lead to lower than anticipated sales and even business failure.

Every new franchise that performs well owes a large part of its success to its location. Your proposed site must be easy to access. If you expect customers to come by car, you must ensure that there is adequate parking. You must also ascertain that the site attracts the sort of customer that you are targeting.

It is very easy to go wrong with site selection. A neighborhood that sees a lot of traffic may not necessarily be good for your business. Similarly, paying a high rent does not mean that your sales volumes will be high.

What are the precautions that you can take when selecting a location? Although there is no way to be absolutely sure that a particular site is the most appropriate for your business, there are some steps that you can take to avoid making the wrong choice.

1. Study the area

Some franchises need to be situated at a place that sees heavy pedestrian traffic. This is especially true for restaurants and retail stores. If your business falls into this category, you would have to spend a substantial amount on rent. Opting for a lower-priced location that is in an area that attracts fewer people will result in lower business volumes.

But if your business involves a different type of activity, say, selling auto parts to trade customers, it would make more sense to select a site where the rent is less.

If you like a particular location, spend some time at the site and in the immediate vicinity. This will give you the opportunity to observe the level of traffic at different times. You should also make it a point to see how your competition is faring in the area.

If the territory already has a large number of businesses offering similar products, you may find it difficult to attract customers. On the other hand, this could prove to be an advantage as well. All that you would have to do would be to lure customers away from the competition. 

2. Speak to other franchisees

You can gather some very useful information by speaking to other franchisees selling the same product. Try and talk to those who have established their businesses in the recent past. Ask them how they went about the process of selecting a location. The intelligence that they provide can be invaluable.

It will be useful to ask other franchisees about the positive aspects of their location and its drawbacks. You can use what you learn from them to avoid making the mistakes they committed.

Of course, it is important to approach those franchises that are located at some distance from your territory. They should not be your competitors. If they are, they may not be willing to talk openly to you.

3. Don’t exceed your budget

Arriving at the amount that you are willing to pay as rent for your franchise location can be tricky. An expensive location will attract more customers and generate greater volumes of business. This will allow you to bear a higher rent.

On the other hand, a site in an area that attracts fewer people will probably get you a lower number of customers, but it will be cheaper.

Choosing between the two can be difficult. While it may be safer to opt for the site with the lower rent, this is not necessarily the correct choice. In fact, the general rule that you should follow is to select a location with greater potential. The additional sales that you generate will justify the extra expenditure on rent.

But don’t go overboard and lease a place that will stretch your budget. Remember that you are making a long-term commitment. If the location is inappropriate, shifting to a new place will be both expensive and cumbersome.

4. Patience pays

Your franchisor will be in a hurry for you to start operations as soon as possible. The real estate agent who is handling the property that you are interested in will also be keen to finalize the transaction.

Don’t give in to the pressure that is put on you. After all, it is your money on the line. Selecting a property is possibly the most important decision regarding your franchise. Take out the time to check if the location that you have selected will remain as attractive several years into the future. Is there any new development proposed for the area? Verify this with local, regional, or state authorities.

If a new road comes up and blocks access to your site, your business may suffer. Similarly, a new mall in the vicinity may draw crowds away from your location.

5. Understand the legal implications

The lease agreement for the property that you finalize is a crucial document. It is important that you have professional help that you can rely on. Your attorney should be an expert on real estate as well as franchising.

Study the agreement yourself and seek an explanation for the clauses that you don’t understand. Many of the points listed in the agreement will have a financial implication. You must spend time on this subject. If you don’t, you may get an unpleasant surprise months or years later.

Ascertain the costs that you will be responsible for. There will be utility bills and property taxes to be paid. There will also be other expenses like insurance, maintenance, and repairs. It is essential that you know which expenses you have to bear and how much it will cost you on a monthly basis.

Use your negotiation skills

Make sure that you see several properties. Don’t let the realtor or the landlord know your preference. If the landlord realizes that you have made a decision, you will find it difficult to negotiate the rent downwards. You should shortlist at least three or four properties. This will strengthen your bargaining position and allow you to drive the rent down.

The success of your franchise depends to a great extent on the degree of care with which you select a location. You must ensure that you give this issue the attention that it deserves.