Guiding you to become the top entrepreneur !

A franchise is basically a business that has already been set up which is expanded through selling off the rights to use the business brand name and structure out to different people and areas. A franchise agreement will involve the franchisor, who will sell a franchise license to an investor known as the franchisee.

The franchisee will be required to adhere to strict rules regarding how they can set up and run the franchise they have purchased, using the established business methods and branding, so this is not an independent business venture and the franchisor will provide ongoing support and guidance on issues such as marketing, products, services, accounting, recruitment and training.
Before signing a franchise agreement it is very important that the potential investor enlists the support and advice of an experience business attorney, in order to ensure that all of the details of the terms of the business relationship, the fees, royalties, restrictions, length of agreement etc, are listed clearly and are reasonable.

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Even if you run a successful business there are always going to be times when you come up against difficult customers, who are dissatisfied about the product or the service they have received, so it is important you know how to deal with these issues so that they don’t escalate and turn into a more serious problem:
·    Never get drawn into an argument – some customers will feel very aggrieved and when they speak to you they can be aggressive and sometimes even insulting.  Do not let this get to you or take it personally and remember to keep calm yourself, and force the other person to calm down by remaining professional and sticking to the point.
·    Listen – sometimes the customer will just want someone to listen to their complaints, and will feel much more receptive to a solution if they can air all of their grievances first, so be prepared to let the customer have their say, and don’t let yourself be distracted until it is dealt with, even if you have others things you need to be getting on with.

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Before you even think about naming your business and setting up your financing, you need to think realistically about what business you want to run, and whether you can actually make any profits in this field. This will involve some careful research into the market, and you will be looking at areas such as:
• Demand – is there a need for your product or service, and can this need be sustained into the future? For example people will always need trades such as plumbers, cleaners, mechanics etc. so these can be viable businesses with a high demand all year round and into the future.
• Competition – you will also need to look at how many other similar businesses there are in the area, and whether you can compete with them in terms of pricing and supply. In general larger businesses will be able to offer more competitive prices to customers and will also have more staff and resources to enable them to cover a wider area.

If you are running your own business then it is important that you put in place a good support structure of professionals who will be able to help you with the running and financing of your business, and who will also be on hand if anything goes wrong:
• Business Attorney – if you are running a small to medium size business you will not need an attorney on a retainer, but you should be in contact with a good business attorney who can help you with any legal issues that come up. Attorneys will be able to help you understand any complicated contracts or leases, and can also advise you on issues such as liability.
• Business Accountant – it is very important that you keep accurate records of your business finances, not just for tax purposes but also so that you can effectively record all of your profits and losses to help you move your business forward into the future. Accounting and tax is a complex issue so it is best to have a professional business accountant on hand who can help you run the financial side of your business efficiently.

Being an entrepreneur is all about being your own boss, and in order to have success in this field you do need to be the sort of person who can work alone and make difficult decisions without any back up or support. Here are just a few tops tips for budding entrepreneurs:
• Sometimes you will need put in a lot of hours without getting paid, especially if your business is just getting off the ground so you should have some personal money put aside for your living costs during these times.
• Be flexible in your attitude, and if one idea is just not working then be prepared to cut your losses and move on when the time is right.
• Price jobs very carefully, and take into account all the possible overheads from materials through to staffing, as this can help you to avoid making any losses on contracts.
• Build up your business with supportive staff, and reward loyalty and good work in order to keep the best people by your side into the future.