Questions to Ask When Choosing Senior Care Franchise Opportunities Markham

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StrategyDriven Entrepreneurship Article|Senior Care Franchise|Questions to Ask When Choosing Senior Care Franchise Opportunities MarkhamWhen choosing from the many senior care franchise opportunities in Markham, you need to be sure if you are doing the right thing. One way to do this is by getting answers to several key questions. While there are many questions worth asking, there are a few that are considered the deal-breaker questions. The response you get to these questions will determine to a large extent if the franchise system is worth investing your hard-earned money. Also, it gives you insight into whether or not the franchise system has a proven track record.

Is having prior experience a prerequisite to owning a senior care franchise?

Each franchise has its own basic requirements that must be fulfilled, but in the case of senior care franchise opportunities Markham, franchisees need not have prior experience in this field before becoming a part of the network. However, some skills can’t be overlooked including customer relationship skills, people, and management skills as well as organizational skills. The most important thing about senior care franchise is your passion to serve. Also, you must be willing and ready to follow the franchisor’s models with a proven track record of successes.

You don’t have to start building the business from scratch, unlike an entrepreneur. Senior care franchise opportunities Markham offers you a great chance to become a successful business owner within the shortest time possible.

What is the performance level of your chosen franchisors?

The reputation of your franchise owners is paramount to your success, especially in the first couple of years. It is important to check how many hours per week are allocated to franchisees within your network. The number of work hours generated weekly determines how long it will take to break even. The answer to these questions will tell you the operational expenses required to keep the business in tip-top shape and how well the business can scale over time. Choose a franchisor with a proven record of providing a more customized approach to scaling your business.

What’s the strength of the support provided by franchisors?

As you’d know, all franchise systems claim to have the best support and training for their franchisees but in reality, most in the industry are false claims. So how do you know which franchisor offers just the right support and training you seek? One way is to get feedback from franchisees in the network. Are they satisfied with the business model and what is their success rate? If a franchisor states that they survey owners, check to see if they conduct the survey on their own and not outsource to a third-party agent. There might be a good number of franchisors that conduct thorough surveys but only a few provide the much-needed support and training needed to pull through in the business world.

Choosing the right senior care franchise company is a vital step to success.

Building Residual Income By Franchising Your Business

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StrategyDriven Entrepreneurship ArticleThe vision for every entrepreneur is to eventually figure out how to scale to the point where the day to day business isn’t reliant on the owner every minute of every day.  For many, this objective never comes to fruition as the business is structured in a way where the business owner is consumed and literally devoured by the entity.  The business owner becomes an employee in reality and the business never grows beyond what that business owner is able to accomplish with their own two hands.  The E-Myth, by Michael Gerber, says it best, to build a business, one must figure out how to get themselves OUT of the business before they can start to work ON the business.  Franchising is a the ultimate definition of scale where a business owner removes themselves completely from operational responsibilities in order to become a coach to others who wish to enter the world of entrepreneurship.  The reason why franchising lends itself to scalable, high-residual income is the same reason that Larry Ellison has a net worth of $49.6 billion and a boat that is larger than some countries.  Once you are able to create the formula for what you do and replicate that formula through scaled growth, you have achieved the ability to generate income for your intellectual property.

Franchising is a unique vehicle in that it allows businesses that traditionally are not scalable, such as restaurants, retail and service businesses to become scaled through franchisee’s investment and willingness to manage the local business.  When you franchise a business, you create a vehicle that supports residual income through long term relationships with independent franchise ownership and contiguous brand equity.  Franchisees pay a fee to you as the franchisor for the rights to your intellectual property and brand recognition in addition to making the investment in opening the new franchise location of your business model.  Where the residual income is derived from franchising is that a franchisee typically commits to a 10-20 year relationship where they are agreeing to pay a percentage of their revenues on a weekly or monthly basis.  In addition, many Franchises also require franchisees to purchase products and business items from the franchisor as well which may be sold at a profit to the franchise network.  This is where residual income is generated and at the time where a franchise system becomes self-sufficient is when the business owner can step out of day to day operations entirely and focus on building the business and moving the company forward.  Visionary entrepreneurs who leveraged franchising to expand such as John Hewitt in the tax preparation business or Ray Kroc in the hamburger business were most likely not the best tax preparers or burger flippers, they were great at finding scale and achieving residual income for their ideas.

To franchise a business one must be in a position where they have the right formula in place, systems, processes and procedures to be able to teach a third party how to do what you do.  In many cases, I’ve found that business owners don’t realize that franchising is a viable expansion model and that they could achieve this residual income sooner than expected.  My advice is always to let the market drive this decision of whether to franchise your business, if people are asking for what you do in their market and how to invest in your business, the franchise expansion model needs to be on the table.

For more information on how to franchise your business, visit Franchise Marketing Systems: www.fmsfranchise.com/

About the Author

Christopher James ConnerChristopher Conner, President of Franchise Marketing Systems has been in the franchise industry since 2002 working with several hundred different franchise systems in management, franchise sales and franchise development work. His experience ranges across all fields of franchise expertise with a focus in franchise marketing and franchise sales but includes work in franchise strategic planning, franchise research and franchise operations consulting.  To read Christopher’s complete biography, click here.

Top Tasks For Entrepreneurs To Outsource

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StrategyDriven Entrepreneurship Article |Outsource|Top Tasks For Entrepreneurs To OutsourceIf you’re an entrepreneur or the owner of a small business, then you already know how very valuable your time is. One simple way to deal with not having enough time is to outsource some of your everyday tasks so you can concentrate on the mort important parts of running your business. Do what do you best, and outsource the rest.

A common question that small business owners ask themselves is what kind of tasks they ought to be outsourcing? It can be tough to trust someone else in the early days of your business, but these tasks are some of the best ones to outsource.

Bookkeeping And Tax Returns

Business owners small a lot of time performing basic bookkeeping tasks and lodging tax returns. You could spend your time looking for articles to help you, like ‘14 Foolproof Bookkeeping Tips’ or you could outsource. One of the best jobs to outsource is bookkeeping, as it’s so time-consuming. You can save hours a week if you use an outsourced bookkeeping service, and feel confident that all your finances are being looked after by a skilled, trained professional.

Social Media

Social media is a useful resource for businesses. It’s a useful way to engage with your customers, offer customer support, and promote your products. Unfortunately, running a good social media campaign is time-consuming.

This is why a lot of businesses outsource social media management. It’s easy to find a skilled social media professional who can run your campaign and make it a success. They understand the best platforms to use and the best ways to engage with users.

Website Content Creation

There are lots of good reasons to outsource your content creation for your website. Your site needs to be full of high-quality content that is useful to your readers and helps to sell your services or products. Your content should also be structured in a way that works well for search engine optimization and tells sales prospects that your company is reliable and professional.

Writing content that manages this is not a simple task. You can pass the task onto a virtual content manager who has the knowledge needed to write content that is effective and exciting and leads to sales.

Another reason to outsource content creations is that it is a task that takes a lot of time for most entrepreneurs. Unless you’re skilled with content, it’s better to assign content creation tasks to a professional. You can also outsource data entry work, to ensure that your website is kept up-to-date, accurate, and full of useful content.

Business Research

If you want to outsource some of your everyday tasks effectively, look for the repetitive business tasks that take up your time, but could be performed remotely. Business research definitely meets that criteria.

You could hire a virtual research assistant who will study the internet to find the information that you need. You can save a lot of time and get back to working on growing your business.

How to Turn Your Hobby into a Business

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StrategyDriven Entrepreneurship Article |Turn Your Hobby into a Business|How to Turn Your Hobby into a BusinessTurning something you truly love and enjoy into a flourishing business that generates a constant flow of revenue can be an exciting and fulfilling experience. Perhaps you’re currently unemployed, you’re looking for a side hustle to increase your earnings, or you just want to leave your job and become the CEO of your life by building a thriving empire that generates Millions like the famous Dan Peña did. The good news is that you can turn something you do for fun into a thriving and sustainable business. But that will require thoughtful planning, commitment, skillful management, and a business mindset. Here are 6 practical tips to help you get started.

1. Set a Clear Goal

Choosing to build a business out of your hobby isn’t a goal. You’re looking forward to working on something you truly treasure, but do you want anything else from that business? Are you planning to run it part-time or full-time? Do you want to create an extra source of revenue? Or do you just want to challenge yourself?
Answer these questions and set expectations for your business. Clearly outlining your goals can help you remain committed to turning your hobby into a profitable business empire.

2. Do Thorough Research and Pick your niche

When you’re building a business out of something that you’re truly passionate about, it’s easy to get carried away and skip the research part. It happens all the time with entrepreneurs who are in love with a business idea. Don’t fall into that trap. Instead, do thorough market research to ensure your business idea isn’t making sense to you alone.

Market research involves you collecting as much information as possible regarding your target customers, asking the right questions, analyzing potential competitors, and discovering your target market. It also involves knowing how to monetize your products and/or services. Corona forced the would to go online and you could ride that wave and create a business line Dan Peña but with live events and video streaming on zoom leveraging new platforms like stream.club.

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3. Examine Your Priorities and Look at the Big Picture

How will you integrate your business into your everyday life? Being able to perceive the big picture will help you spot and tap into new opportunities. Here are the questions you need to ask yourself:
Would turning something you do for fun into a revenue generator be exciting, fun, and fulfilling?
Would the business generate revenue that can sustain your current lifestyle?

Would this business be a key to your financial freedom?

What other benefits will you gain from this venture apart from the cash flow? Perhaps you want to create awareness and build an identity for your online business. If that’s the case, many online business coaches out there will help you reach a global audience and position yourself as an authority in your specific niche.
Does it have the potential for capital growth?

4. Come up with a Business Model

Developing a business model is an important part of building a successful revenue generator. It’s easy to identify a problem, get an idea, and embark on product or brand development right away. But if you don’t have a clear way to monetize your product and/or service, you’ll never turn your hobby into a long-term, sustainable business.

You must strive to know the amount of money that will go into developing your product or service, the appropriate pricing, and the amount your target consumer is willing to pay. You’ll also need to know how you’ll sell your product or service. You may opt for a one-time purchase or adopt a subscription model. Other options for selling your product include leasing, crowdsourcing, franchising, and ad-revenue. Next, choose a platform that suits your target customers, products/services, and pricing strategies. As an example: if you’re a podcast enthusiast, Supercast is the go-to platform for monetizing your podcast.

5. Develop a Business Strategy

You might be great at your hobby, but without a well thought out strategy, you’ll never turn it into a profitable business. Having a good strategy in place will help set your new business for success.

What do you want your business to achieve in the long-term? Your answer to this question must be captured in your business strategy. Other things worth incorporating in your strategy include your offerings, your long-term and short-term goals, your business values, your value propositions, your financial projections, and your marketing strategies.

6. Implement Your Strategy

Now that you have a business strategy, the next step is to put it into action. To implement your strategies, you must accompany each of the strategies laid down with specific action plans and the relevant steps to help you reach the intended destination on time.

You must come up with the right action plans and be ready to act in order to implement your business strategy successfully. And if the strategy isn’t bringing the desired results, be prepared to adjust it, or adopt a whole new strategy altogether. Be sure to take advantage of the latest technology to make your business strategy implementation a bit easy. For instance, if you’re building an online fitness business, incorporating Sutra software into your site will help you stay on top of your schedule, sell courses, and earn money from your fitness videos. What’s more, you can use sites like reach.live to host live fitness events. In fact, Sutrafit like McKenzie started teaching yoga on Reach.live during a crisis.

Conclusion

Turning something you do for fun into a profitable business is a fantastic way to make your life more exciting and satisfying. But you must follow the above steps to successfully turn your hobby into a reliable revenue generator.

Business Sectors to Invest in That Offer Higher Chances of Success

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StrategyDriven Entrepreneurship Article |Business Sectors|Business Sectors to Invest in That Offer Higher Chances of SuccessWith about 20% of new companies failing every year, investing in the right business sector is challenging. That is why every budding entrepreneur or potential business owner needs to identify which industries offer them a higher chance of success, and that’s the information which this article provides. However, it’s essential to note that the sectors mentioned are part of the fastest growing and not necessarily the largest business sectors. So, are you planning on venturing into a new business? Are you looking for the right industry to launch your business with higher chances of success? Then consider these sectors before you begin.

1.Hospitality industry

The hospitality industry includes restaurants, hotels, and leisure facilities and offers a wide range of opportunities for aspiring entrepreneurs. It is a sector that keeps evolving to meet the new and changing demands of its consumers – a situation that also offers new business opportunities. As the potential consumers’ spending power continues to grow, it creates more avenues for as many future investors interested in this sector. Start-ups with innovative ideas can find many businesses in this sector ready to enter a partnership with them. You’ll have a higher chance of success investing in this sector if you first have a better understanding of what the hospital industry is.

2. Technology industry

The technology industry has become one of the main driving forces in almost every business sector- so it is with little wonder it makes it onto this list. Technology is at the heart of nearly everything we do. For example, a simple-looking electric cylinder can be used in different motors to power or run machines in various sectors. The growth of many online platforms has promoted the ease of doing business across physical boundaries. However, there is still a lot of room for improvement and even better innovations, as humanity keeps searching for ways to make life easier.

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3. Healthcare industry

The healthcare industry is growing at a fast pace and has led to several breakdowns in the sector. Despite that, the breakdowns in this sector also present entrepreneurs and aspiring business innovators an opportunity to fill the gaps with innovative tech solutions. This means that a person does not need to have a background or training in health to impact this industry. The healthcare sector uses different kinds of software and hardware technologies that need constant changes and upgrading. This situation offers vast opportunities for software developers and programmers prepared to think outside the box and create new ideas for the healthcare sector.

4. Construction industry

From construction technology to extensive infrastructure and residential housing, the construction industry has grown steadily over the past decade. For most people outside the industry, the construction sector comprises giant bulldozers and building equipment, which require a lot of financial investment. But the industry also has more than enough space for different kinds of technology and innovations that will make construction more manageable and less time-consuming. Furthermore, as populations continue to grow worldwide, there is always the need for residential and other housing needs.

Apart from the sectors mentioned, entrepreneurs can make a beneficial impact in any industry. If you have an innovative idea, do not be afraid to act on it- it would be a winning one.