As the Director of Franchising here at Shear Madness Haircuts for Kids, one of the first questions I usually get asked is, “How much money can I make?” My response is always muted because the FTC doesn't allow us to answer that question. However, for those of you reading this who are new to franchising, you can find the answer to that question in the Disclosure Documents in Item 19 that you receive from a prospective franchise. Also, some franchises may choose to disclose those numbers but have the right not to, so that really depends on the franchise you are looking at. But at the end of the day, my typical response is to answer a question with a question, which is, “How hard are you willing to work?”
Read MoreNew businesses are formed every day. And businesses close their doors every day as well! The chances of starting a blockbuster business on your own are small. This is why the whole idea of buying a franchise business is a popular one! Those businesses should have a track record of being successful, and should have systems in place that you can replicate.
Read MoreCreating an exciting email newsletter can be an affordable and easy way to communicate with your customers on a regular basis. And if done right, it's also a great way to build trust, generate excitement, and potentially encourage customers to frequently utilize the services your business provides. However, if an email newsletter isn't done properly, it might end up being an annoyance to your customer. So what do you do? Before you begin creating that Newsletter make sure you have included the following 4 "Musts" in your process!
Read MoreMany people that contact me are “romantically” attracted to our concept. They love the idea of a cute, fun and brightly colored place to take kids for a great haircut. Or I hear, “I love children, so I was really attracted to this." Now I am not saying that having an interest in our franchise concept because of your interest in working with kids is a bad thing. As a matter of fact, I would highly recommend that you invest your money, time and efforts into something that you feel passionate about. But our franchise, like most, is still a business, and will require a certain set of business skills to increase the probability of success. Whether you invest in a yogurt, burger, or salon business, it’s still going to come down to possessing certain business skills to succeed. Here is our list of the top 3 skills needed to own and run a business:
1. Communication Skills
Your ability to communicate with others and “get the message across” about what your business is about to both employees and customers is critical. Everything in life begins with communication, and the ability that someone has to communicate is a big plus. Because time management and organizational skills can’t be taught in an operating manual, someone's ability to effectively execute a business plan becomes crucial. If a potential franchisee is unable to do this, then they may not be able to handle all the moving parts of running a business. Also, it's important to be flexible and adaptable. Rigidity has never worked in business! Now, of course I'm not saying to up and dump a system in favor of your own ideas. You have to follow the system. What I am talking about is the ability to handle a crisis when it arises, to shift gears and go a different direction on a moment’s notice, and to know when to be tough or to know when compassion is needed. Time management and organizational skills allows you to set a goal and reach it.
2. Understanding the Need for Marketing
Read MoreHow can you be more effective in creating great marketing content that communicates to your audience what it is that you do as a franchise or small-business owner? In addition to newsletters, creating successful sales emails (or e-blasts) can be an important part of generating brand awareness and letting your community know about a special sale or event, or even serving as a reminder to come by and check out what it is you do. Your customer only has so much time in a day, so you'll want to be sure to write a compelling, effective e-blast that captures attention and persuades to either click the link to your store or come by for a visit in person. Below are five tips for writing that effective email.
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