The Franchise King Blog

CNBC Discusses Franchising, Small Business Lending, And 2% Franchise Growth...

The folks at CNBC know how important the franchise industry is to the US economy. here, in an interview with the IFA's Matt Shay, a good discussion ensues. Also, a new franchisee of the UPS Store makes his case on why he chose now to go into business for himself.

The lack of cooperation by our nations banks was recently discussed in this FOX Business News article, too. Check out what a banker told me. You won't believe it. 

Houston, do we have a problem?

Some Banks Are NOT Open For Business; Why Won't They Start Loaning Money To Small Businesses?

        What's The Deal?

Maybe it's because of the debacle at Bank Of America.

Maybe it's because of the mortgage crisis last year.

Maybe some of the banks that are too big to fail are in bigger trouble than we think. Maybe Robert Reich is right. His article.

I received a call today from a commercial loan representative at a major local bank here in Cleveland.

Thinking About Starting A Business?

                                                                                                    

According to Caron Beesley, a fellow writer over at Business.Gov, Starting your own business may be one of the biggest risks you will take in your life - and the statistics confirm it. According to the Small Business Administration (SBA), two-thirds of new businesses survive for a minimum of two years, with only 44 percent surviving at least four years. Still interested in starting one? :)

Caron also says that being a successful business owner requires at least four fundamental qualities:

• Diligence - Aside from being one of the seven holy virtues, diligence in business drives methodical work methods and an active rather than a passive approach.
• Determination - A determination to succeed, no matter what conflicting advice you receive or doubts that you may have, must be there.
• Hard work - This is the DNA of the successful business owner. You get from your business what you put into it.
• Adaptability - As a business owner you must be able to shift with the market, learn from your mistakes, and change your business plans accordingly.

Caron is right on the money. Here's the entire article over at Business.Gov

You know, Business.Gov is a totally revamped US Government website. Here is a post about what is new there. Bookmark it!

One of the most important part of owning a small business is how market your products or services. There are always new ways to do so.

Sometimes as powerful as this.

Franchise Business Plans; They Don't Have To Be All That {Complicated}

                                                                                                                                 

But, they do have to be good. I was always taught that one should put themselves in their banker's shoes.

{Actually, I'd like to amend that; I think one should put themselves in their banker's vault. It's nice and warm in there, I'll bet}

The $1,000,000,000 Question;

Would you loan you money based on the business plan you just submitted?

Your Backup Plan Should Not Include Buying A Franchise

 

Finally! I have found someone who has a similar philosophy when it comes to franchise ownership.

It's not for everybody. According to fellow franchise professional John Hayes, it should not be a downsized worker's "Plan B." I totally agree. If you only want to invest in a franchise of your own because you can't find a job, you may be setting yourself up for a nightmare. Read his article, than stop back here.

It is critical to only invest in a franchise of your own if you are doing it for the right reasons.

Like these

You may have "heard" that it is safer to invest in a franchise than to start your own business from scratch. Are you sure you believe that statistic? Better read this.

Franchise 101

You Can Not Only SURVIVE, You Can THRIVE During our Economic Crisis! Check out Soundview's new business book summary collection!