Opening a new franchise location comes with far more expenses than you might think. It’s arguably much more expensive than, say, opening an independently-owned restaurant or adding a second location to a retail store. Owners of new franchise locations must deal with a number of absurdly high fees that owners of more common business models will never see. These fees are mandatory, regardless of how the owner of the new location wants to run his or her business.
It’s nearly impossible to increase revenue without strengthening your connection with your current customers. They are the key to learning what you are doing right, what you could be doing better, and how your industry is changing. A loyal customer should be viewed as a remote salesman for your company as well as a pathway to waves of new customers, the majority of whom were obtained through a single, customer-related source.
Forget every article you’ve read about what you need to know or do in order to be approved for small business loans. Those articles only apply to certain borrowers or lenders, meaning they contain advice that is basically useless for many business owners in need of funding. The truth is, every step you take before applying for a small business loan depends on the lender you consult. If you choose the right lender for you (and we’ll get to that in just a bit), the preparation process is much less tedious than it would have been had you taken another route.
Do you have bad credit? That should be a wake-up call. In many ways, bad credit is a life lesson: things don’t always go your way. And credit problems are certainly a fact of life for many small businesses. Bad credit will not help you get small business loans. But analyzing why you have financial problems will help you in the future.
Every small business can make a big impression by participating in social media. Not only is social networking a lot of fun, but it’s been shown to improve the marketing effectiveness of the companies that engage with customers in this medium. According to Smart Insights, 76% of Americans use social media on a daily basis, accessing their favorite brands and companies up to 15 hours each week. With nearly every company having at least one social media account, it’s a great opportunity for companies to develop loyal fans.
America is a great nation and it’s expected to remain so because we have a free economy. This means anyone can turn their ideas into a business with enough hard work and financial support. Personal savings, backing from friends and family, and small business loans top the list of ways that small businesses make their start.