Top 5 Franchises

Tim Hortons	Tim Hortons Total investment required: Up to US$50,000 Investment Range: $46,100 - $498,300 Industry: Coffee Franchise
Century 21	CENTURY 21  Total investment required: Up to US$100,000 Investment Range: $12,000 - $523,000 Industry: Home Services Franchise
Subway	SUBWAY Total investment required: Up to US$100,000 Investment Range: $86,000 - $250,000 Industry: Food Franchise / Food: Fast food Franchise
Home Instead	Home Instead Senior Care Total investment required: Up to US$30,000 Investment Range: $35,100 - $47,500 Industry: Health Care Franchise / Senior Care Franchise
Quiznos	Quiznos Sub  Total investment required: Up to US$250,000 Investment Range: $190,000 - $260,000 Industry: Food Franchise / Food: Fast food Franchise

Why a business plan?

Why a business plan?

Success in today’s complex economy requires a solid foundation of knowledge from which sound business decisions can be made. For most people considering or involved in creating a new business venture, this foundation is built from a formal business plan. Even if you believe your business does not require a formal plan, most business experts highly recommend that you conduct at least some preliminary research prior to committing yourself legally or financially to your business enterprise.  The strategic value of a business plan is derived from the information you collect and the knowledge you acquire during this process. That is, the exercise of preparing a business plan is critical in helping you gain an understanding of how your business venture will operate in the marketplace. Financial lenders and other potential investors and advisors will use your business plan as a tool to assess their level of support for your enterprise. As such, it is important to ensure your plan is as complete, reliable and timely as possible.  Although it may seem an intimidating or even an impossible task at first, a plan that does not capture the most relevant and appropriate data for your venture will only serve to undermine your efforts. This is not to say, however, that there will always be the kind of information available that your business plan requires, just that an effective business plan will make the best use of what is available at the time your plan is prepared. At present, there are a number of organizations, both government sponsored and private, operating in BC, who are prepared to assist you in the creation of your business.

What kind of information to look for?

Your business plan is designed for two purposes:

first, to demonstrate the feasibility of your business venture, and second, to serve as a strategic planning tool for your current and future business development. It ultimately must answer the following question: is there or will there be sufficient demand for the product or service you will supply?

Your research must demonstrate support for your belief there is a share for you in the marketplace.  It is important for you to gain an understanding of the general economic conditions that will affect your chosen business. This will require an examination of the industry your product or service falls into, and the market you will access.  All business within the general economy is described within at least one industry sector.  Once you have determined your sector you can undertake sector analysis. This will provide information ranging from the performance of this sector within the overall economy, as well as information on the kinds of products/services that are extracted, manufactured, imported/exported, etc. You can also research current industry conditions, including overall market analysis, forecasts and growth trends. This kind of information will give you a broad understanding of how your business may fit into the economy in general over time. It can also give you a sense of how developed or populated the business market might be that you are preparing to enter.  Once you have gained a general understanding it is time to focus more specifically on your market. This will include both business and clients. The business market you need to research includes business competitors and suppliers. You will need to know who your competitors are, their location, and their current market share. This will require information on their customer size, number of employees, the products they produce, their profitability, etc. You will need to know who your suppliers are, their location, how long they have been established, their distribution and other operating methods. An understanding of the business market will allow you to gain some perspective on how your business may or should develop, and how to manipulate the existing market to your best advantage.

The most critical information you will require concerns the potential clients of your business.  You will need to know who they are, where they are located, what they buy, and why they might utilize your products/services. To find who they are requires demographic (population counts, age/sex breakdown, languages, etc.) and socio-economic information (employment levels, income, occupation, education). You will want to know where these prospective clients live, work, and play, and what they buy now or have bought in the past. Finally, you need to research consumer characteristics such as spending habits, and other consumer profile data to help you understand why they might want your product.  With this information you will be able to develop a more precise picture of the target market you need to attract to support your business. Note that the clients for some businesses are not final consumers but other businesses.

Where to find information?

There are many federal and provincial programs available to help you establish commercial ventures at home or abroad. Some agencies, such as Business Development Canada, and the Canada-BC Business Service Centre, will offer active help in researching and preparing your business plan. Many agencies offer extensive information through their internet web sites (Industry Canada, Human Resources Development Canada) or by producing publications and maintaining libraries of information that can be accessed through inter-library loans (Canadian Tourism Commission, etc.). BC STATS maintains a reference library in Victoria as well as providing data through telephone, e-mail and web services. A table below lists some of the agencies and organizations that may contain the information you require to research your business.  You cannot reasonably expect to find your business plan written somewhere, just waiting to be unearthed. Some parts of the economy are well documented and tracked. To find these you will have to familiarize yourself with the jargon and coding schemes of statisticians and economists. However, many ideas fall outside the normal codification of the economy (or are lumped in with so many others that the information is without value for your specific need). In either case, through thoroughness or necessity, you should reach for other sources from which you can infer information.

Purchase a sample Business Plan 

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Unique designs for your business that best represent your profession and to put your fingerprint on the web Flexibility to include powerful business functions like online shopping, Client Management, Employee Intranet, Online Catalogs and much more…

 

• Sign-up for a leading-edge website that will increase profits, reduce costs, improve operational efficiencies and provide ongoing ROI (Return on Investment)
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• Be found by major search engines with an SEO-ready website 
• Easy to interpret website traffic and analysis reports that help you track your online business ROI, 24/7
• Make it simple for your customers to do business with you

 

Loyal Customers

In highly competitive markets, there is a big difference between satisfied customers and completely satisfied - or loyal - customers. The former, if they have a choice, can easily switch to another supplier, while loyal customer would stay longer with your company and recommend its services to others. Thus you should rather be concerned than pleased if, according to your surveys, majority of your customers fall into the satisfied category. Turning them into loyal customers through building customer relationship and delivering superior value should be your prime task.

Retaining Your Customer

In today’s competitive business world and challenging economy, retaining your customer base is critical to your success. If you don’t give your customers some good reasons to stay, your competitors will give them a reason to leave. Customer retention and satisfaction drive profits. It’s far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single transaction customers. Most surveys across industries show that keeping one existing customer is five to seven times more profitable than attracting one new one.

Send Us Your Business Problem!

Send us your business problem and we will find out reasonable ways to resolve it

As a business owner you might be facing challenges related to marketing, financials, office administration, business expansion, or just about anything. Please email us the biggest support challenge your company is facing and our experts will evaluate and suggest economical ways to solve it. If you have a unique challenge we will not only address it but will also feature it in our newsletter. (No charges for suggestions!)

Click Here to send in your Business Challenge

Establishing an Effective E‑Business

 

Establishing an Effective E‑Business

 

The purpose of this newsletter is to introduce you to a new era of business which you might be familiar with already. As a business owner you might be facing challenges related to marketing, financials, office administration, business expansion, or just about anything. In our company we intend to give you solutions that can help you overcome recent challenges from Marketing, Financials and general Administration of your business. I have kept in mind a quote from Cisco Systems that “One day, a business that is not on internet will not be in business.” (2001 Annual Report)

Is Your Company Properly Positioned for the 21st Century?

Is Your Company Properly Positioned for the 21st Century?

With the world turning high tech, every business is focusing on the internet in order to attract new customers and promote their products and services around the globe.

What Do I Need To Franchise My Business?

What Do I Need To Franchise My Business?

The formula for determining wheter you are ready to franchise is a simple one. Your product must have a proven track record for success, high marketability and excellent profitability before you choose to franchise your product or service. Personally, the franchise will take all your skills and efforts, as well as consume a significant amount of your time. This is the price you must pay for your operation to be successful.

Costs For The Franchisor

There are a number of fees involved when you begin to franchise your business. Professional fees for lawyers and accountants will use a large portion of your set-up funds.  You will need to spend money on marketing and training, not only at the outset, but as part of an ongoing support to the franchise Management and staff.  You may also need to consider the cost of the site for the franchise and the expense of developing  the location so that it meets the standards of your business.  Be prepared to spend a minimum of $100′000 in order to get your first franchise up and running.

In contrast, however, you will receive a number of fees from your franchisee. The franchise fees, the royalties, the store opening fees and the territory fee will all bring you revenue in order to help cover your costs.

You will make a profit from annual frrs and management fees as well as from your sales of equipment and supplies to the outlets. You should be aware, though, that even with all the money you will collect  as the franchise opens, it is still difficult to make an immediate profit. Patience is important!

Cost To The Franchisee

The costs for the franchisee are numerous. Costs will include:

• The initial franchise fee
• Training costs for the franchisee and for staff
• Costs of start-up and promotion
• Royalty and service fees that will be paid the the Franchisor
• Product/Service Pricing fees
• Contribution to group advertising (Paid weekly or monthly)
• Local Advertising
• Equipment
• Accounting Costs

Why Shoul I Choose A Franchise Instead of Starting My Own Business?

Why Shoul I Choose A Franchise Instead of Starting My Own Business?

Franchises are generally considered a better risk than businesses in the start-up stage. Far fewer franchises fail than new small businesses. The lower number of failures are the result of creating carbon copies of a business that has already proven itself as successful. Let us investigae the details of these facts and compare the advantages and disadvantages of owning a franchise.