Could now be the time to start up an Online Franchise Business?
Nick Strong, MD - Select Your Franchise
With online shopping on the rise and an ever-increasing amount of people looking to the Internet as their first port of call for buying goods and services, online business opportunities are part of a fast growing market. Even for individuals that don’t in fact buy online, the world wide web is becoming a popular destination for individuals to research their options ahead of making a buying decision.
If you take into account the non-geographical nature of online business along with the extensive range of products and services that lend themselves to being traded online, its apparent that internet franchises carry a promising future.
An online franchise business is potentially a very attractive start up option as many of them can be operated from a home office with no real need for commercial office or premises, which in turn keeps operating costs down. The flexibility that this provides, forms an additional part of the attraction in that a web store can be open all day, every day. This means your door is open 24/7 for guests and potential customers even if it is not humanly staffed, as opposed to a conventional business that requires constant staffing at any time that the store of business is open for trading.
A number of the online franchises presently available fall into categories such as:-
Local Community Directory Service Franchise business
These local business, website based franchises are an excellent resource for local communities to learn about businesses and services available in their area. The inspiration behind this kind of business is to sell the directory to local area businesses, offering them Internet-based promotional exposure to their local community.
Web Design and Marketing Franchises
These franchises are based around providing of web site design and marketing services typically to other businesses. The concept of this franchise opportunity is to make available a portfolio of website design & marketing options to probable buyers. In general, minimal technical skill is required by the franchisee as they basically resell services that are sourced and/or made available by the franchisor themselves.
Researching your Online Franchise Options
In common with any other business venture, its sensible to do your research prior to investing in an online franchise. Put aside time to look at your strengths and weaknesses and consider options which match you and the kind of activities you take pleasure in doing.
Finance will also be a big consideration so put aside time to explore funding options with your bank. Make sure you have a chance to visit the franchisor and to look at their setup. It’s also important to have an opportunity to talk to a variety of their franchisees to pick up their views in relation to how the franchise opportunity performs for them day-to-day.
Be sure you also take legal advice as there will be legal contracts involved in starting up a franchise business and its wise to be appropriately informed and aware of what you are signing up to. When you have completed your choice, commit yourself to following the franchise system and making the franchise system work for you.
Tags: franchise opportunities, franchises, internet franchise, nick strong, online franchise, web based franchise
New Year review tips for your franchise from HSBC
Cathryn Hayes - HSBC Head of Franchising
2012 is set to be another challenging year, with growth seen as a major concern for all of us.
The beginning of a New Year is a time when we think of changes that we hope will make our business leaner, more productive and more profitable. Here are our 2012 tips to consider for your franchise.
Maintain healthy cashflow
Effective cashflow management begins with minimising cost. Only buy what you need and bargain hard with suppliers. Aim to maximise your margins and sales. Ensure your invoices are sent out promptly and chase when due. Request deposits on order or cash on delivery for high-value sales and consider discounts for early payment. Get into the cashflow forecasting habit. It can help you identify potential cashflow crises in advance — and act to avoid them.
Read advice about cashflow management.
Stop doing things that don’t work
Sometimes in franchising, as in life, things don’t succeed — whether it’s a product that isn’t selling well, or a way of doing something that doesn’t have the desired effect. Sometimes it’s better to accept defeat and find a better way. It’s a New Year, so ‘out with the old and in with the new’. Doing things differently or stopping something can often materially affect profitability.
Find out how to increase profitability.
Strengthen your brand
Successful franchises are built on strong brands. Does yours need improving, or maybe even a total overhaul? And we’re not just talking about your logo, website, leaflets and stationery. ‘Brand’ means the entire customer experience, including how you answer the phone. Your brand is your personality; it’s what you stand for. How can you take it to new heights?
Learn how to create a strong brand.
Win new customers (and hang on to your old ones)
Inevitably you will lose customers, often through no fault of your own. So even if you just want to remain where you are now, you must win new franchisees, and that requires investing time, effort and usually money. But you also need to stay close to your existing customers and keep them happy if they are going to stay with you. Where possible, find ways to sell more to your existing customers.
Find out how to build customer loyalty.
Try something different
Trying something new can prove shrewd, perhaps by developing or introducing a new product or service, which could enable you to outflank your competitors. You might try to target a new market or diversify within an existing territory.
Get advice on new product development.
Harness the power of online social media
If you haven’t done so already, why not make 2012 the year your business finally embraces the marketing potential of Facebook, Twitter and LinkedIn? It takes time to build relationships and reputation, but such sites can deliver many more visitors to your website and drive sales. For more information on Internet Marketing Strategies contact Nick Strong at Select your Franchise
Learn how to make the most out of online social media.
Revisit your business plan
A well-produced, regularly updated business plan can keep you focused on your development strategy and key business goals. And while you’re at it, why not revamp your marketing plan?
Get advice about writing business plans.
Work more on your business — and less in it
Allowing yourself to get bogged down in the daily demands of running your business is a common mistake, but it can mean your business fails to develop — at least in the way you want it to. Try to make regular time when you can step back from the daily grind to focus on the bigger picture and help your franchisees to do the same thing.
Find out how other businesses plan to achieve growth.
Good luck!
Posting from the monthly HSBC Connections newsletter. For more information or to get on the mailing list for the newsletter please email franchiseunit@hsbc.com
Starting up a Domestic Services Franchise Business
Joel Caws - Technical Director, Select Your Franchise
A domestic services franchise can be a great business start up option, especially when you consider that the services provided are often based on necessities for pretty much any home owner.
With over 25 million homes in the UK, and 7 out of 10 being owner occupied, thats over 175 million potential customers in the UK for anyone in business providing domestic services. A fair sized market by any standards.
There are many different types of franchise business aimed at providing domestic services:-
Domestic Cleaning Franchise businesses
The need for cleaning never ends! And for those ‘cash rich, time poor’ families, having someone to do the job of keeping the house clean is an attractive option. But that’s not all – there are also franchises which cater for more specialised services such as carpet and upholstery cleaning – another job which many prefer to pay to have done.
Handyman Franchises
For those not all that enthusiastic about DIY, fixing that loose door hinge, that persistently leaking pipe, that broken fence, can all seem like too daunting a task. Finding a handyman is usually the first port of call for such people and so a franchise business in this area means you have a wide variety of different manual labour based jobs to take on.
Kitchen Based Services
Sprucing up your kitchen by replacing the doors has become very popular in recent years, since it alleviates the need for a total ktichen refit, but also gives it a new lease of life. Oven cleaning is another popular domestic services franchise business option to meet the needs of those who do not wish to undertake the job themselves.
Other Domestic Service options
There are many other different domestic service franchise businesses available from gas and electrical servicing, to chimney sweeping, to disaster restoration services.
Of course, whatever option you decide you will need to make your choices carefully. Do your research properly to ensure you know all you can about the franchise business you are considering. Meet with the franchisor and also make sure you have the opportunity to speak to some of their existing franchisees. They have walked the path you are taking and can offer you real feedback on how the franchise performs and what to expect.
There are plenty of options for advice when it comes to choosing a franchise opportunity such as online franchise directories for research, franchise associations, franchise consultants and other industry professionals.
Ultimately, you will be responsible for making your new business a success so be prepared to stick to the proven franchise system and to work hard at it.
Tags: domestic services franchises, franchise opportunities, franchises, franchises for sale, joel caws
