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Is Franchising Right For Me?

Is Franchising Right For Me?

If you have been considering opening your own business but are concerned with risking your money with an unknown or unproven product or service, you may do well to consider franchising. Franchises are often the best way to go, especially for new entrepreneurs who are looking to be their own boss, but at the same time reduce their risk of losing their hard-earned money.

Unlike opening your own startup business from scratch, with a franchise you can get support from the parent company as well as fellow franchisees. You’ll find this can be a valuable resource, helping you with questions and guiding you toward your eventual success in the business world.

Whether or not you are successful in franchising depends a great deal on what type of business you are planning to start. Though, in most cases, you will find that, regardless of the type of business, franchising is the much safer and easier route to go.

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Which role will you play?

You will also want to decide what kind of role you want to play in the business. Do you want to be an absentee owner, who hires management staff that deals with the day-to-day running of the business, or do you want to be more like an owner/operator who is directly involved in running your own business?

About the investment…

    Another important question you will definitely want to consider is how much you plan on investing in your franchise. Franchises can cost anywhere from less than $10,000 to over $1 million.

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    For instance, opening a restaurant franchise will cost a bit more than opening a franchise selling merchandise from home, as you will have to deal with overhead costs such as equipment and food inventory with a restaurant. This BusinessNewsDaily article should give you a good idea of the different types of franchises out there as well as the startup costs.

    Make some research first.

    Once you’ve decided on the kind of business you want to get into and the initial investment you are willing to put up, you will want to carefully research the different franchise opportunities available. Some of the things you will want to consider include: how good of a support system they have, how good is the corporate staff, and how vested are they in seeing their franchisees succeed in their goals. This is an important life decision you are making, and the more time you take in researching your prospective franchisors, the more likely you will succeed in your franchise venture.

    One big part of researching potential franchisors is reading their financial disclosure document (FDD) carefully and thoroughly. You should pay close attention to past or current litigations (Items 1-4), financial performance and historical grown (Items 19 and 21), and current and past franchisees (Item 20). The last of these items is particularly useful for your research, as you can contact not only current franchisees to see how well the program is working for them, but also talk to franchisees who chose to get out of the franchise. It is a good idea to talk to as many franchisees as possible to get an overview of just how well the particular franchise works.

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    What does your franchise need to succeed?

      You may be wondering what type of people actually run successful franchises. Are franchises only for people who are business savvy with a master’s degree in business? Can the common man open a franchise and expect to succeed?

      You will be glad to know that there are many successful franchisees from all walks of life, from business gurus to the “common man on the street.” There have also been many famous celebrities who have recognized the value of franchises, such as those found in this Famous Franchisee Quiz! So, you will be in good company if you do decide to get into franchising.

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      This article only touches on a few of the aspects of franchising, but hopefully, it does answer your question on whether or not this is the right type of venture for you. Just keep in mind, whether you are franchising or deciding to start your business from the ground up, the number one reason for your success will always be YOU. Any business venture, regardless of what type of business it is, requires dedication and hard work, research and commitment. If you are willing to dedicate yourself to your business and put in the work, you have a good chance of becoming successful.

      Featured photo credit: businessfranchiseaustralia.com via businessfranchiseaustralia.com.au

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      Erick Clifford

      Journalist

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      Last Updated on March 31, 2020

      How to Use Visual Learning to Work More Effectively

      How to Use Visual Learning to Work More Effectively

      Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

      But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

      The Importance of Knowing Your Learning Style

      Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

      But it all starts when you’re able to first identify the best way you learn.

      As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

      Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

      There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

      The four most popular types of learning styles are:

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      • Visual learning style (what this article talks about).
      • Aural or auditory learning style (learning by listening to information presented).
      • Verbal or linguistic learning style (learning that involves speech and writing).
      • Tactile learning style (learning by touching and doing)

      But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

      How to Know If You’re a Visual Learner?

      When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

      I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

      Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

      However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

      Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

      While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

      Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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      By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

      How to Use Visual Learning for Success

      Here’re 4 ways to use visual learning to boost your career or business:

      1. Bring back the to-do list. Then add shapes and colors to boost productivity.

      We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

      While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

      I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

      2. Add graphs, charts and symbols to your reports.

      Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

      Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

      As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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      And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

      3. Effectively brainstorm with mind-mapping.

      Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

      With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

      Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

      It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

      Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

      Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

      4. Add video streaming to meetings.

      What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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      When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

      For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

      Is Visual Learning Better Than Other Learning Styles?

      No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

      You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

      The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

      More About Learning Styles

      Featured photo credit: Unsplash via unsplash.com

      Reference

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