updated - June 22, 2021 Tuesday EDT
In simple terms, a franchise is whereby an entrepreneur (a franchisee) purchases a business unit from a franchisor and enters into a contractual relationship, and agrees to follow an already established operating procedure.
Starting a business is by no means an easy task. It involves a lot of hard work, mountains of paperwork, a tiny little bit of luck and yet none of this actually guarantees success. This is one of the main reasons why most entrepreneurs end up siding with a franchise, instead of starting their own business from scratch.
If the whole Brexit drama and the leaving Europe fiasco has gotten you down, then maybe you've begun to look elsewhere to locate your business startup? One possibility to capture the fastest growing economy in the world (and the still the biggest), is to start a business in China.
The coronavirus pandemic has hit small businesses very hard, as they were forced to close their doors to clients or limit their business activity to delivery-only. In an attempt to help companies to recover and prevent them from having to lay off workers, the U.S. Government launched the Paycheck Protection Program (PPP).
The coronavirus pandemic has been going on for almost half a year now. While most of us are hopeful that it will resolve itself one way or another over the next few months, it is looking increasingly likely that we are going to be dealing with its effects for years rather than months. Unless there is significant progress made in the race for a Covid-19 vaccine, we can’t expect any sense of normalcy to return soon and much of our lives will continue to be disrupted for some time yet. The global manufacturing industry has been hit hard by the Covid-19 pandemic, and this has had knock-on effects for businesses across a multitude of different sectors. Governments around the world have had to take dramatic measures to limit the spread of the coronavirus, and this includes closing down workplaces that are non-essential and/or cannot operate safely in the current circumstances. Human history is full of examples of temporary short-term measures taken in the wake of major crises that ultimately become fundamental shifts in societies and economies.
Within the space of months, the world has been crippled by the sudden surge of COVID-19, leaving countries to find proactive ways to handle the economic impact. In Australia, this has meant the rapid introduction of economic stimulus policies, such as the JobKeeper scheme.
Many retailers lack effective retail strategies to increase their sales and achieve targets. Almost half of the retail businesses fail according to U.S Small Business Administration because of the lack of retail planning.
Taxes are due every April 15, usually, but 2020 has thrown us all a big fast curveball. With the outbreak and uncertainty surrounding the Coronavirus, the White House has decided to push the due date back 90 days.
Conrad Hilton, founder of Hilton Hotels, is attributed with the following quote: “Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit.” Whether you’re just starting out or you’ve been running a franchise for awhile, you’re probably aware of the obstacles you face when growing your franchise. Your daily life becomes an exercise in endurance and learning from your mistakes. The good news is that, regardless of the specific type of business you run, there are four key strategies to help you succeed. Live by these guidelines, and you’ll notice the difference.
TOP 10 FRANCHISES OF 2021