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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 January 21, 2020

      How to Increase Work Productivity: 9 Ground Rules

      How to Increase Work Productivity: 9 Ground Rules

      We all have those days when completing our assigned tasks seems beyond reach. With the temptation of social media, mobile games, and the internet in general—not to mention the constant bustle of people in the office—it’s easy to fall prey to disruptions and distractions at work.

      So, what can we do about it? How to be productive at work?

      While we don’t have a foolproof system that can completely eliminate disturbances and diversions, we do have 9 ground rules that can be applied to help give your productivity levels a boost.

      Keep reading to find out our tips on work productivity.

      What Does It Mean to Be Productive?

      How to be productive at work?” is the age-old question plaguing employees and employers alike around the world. Regardless of where you work and what you do, everyone is always looking for new ways to be more efficient and effective.

      But what does being productive actually entail?

      Completing more tasks on your list or working longer hours doesn’t necessarily mean you’re being more productive. It just means you’re more busy, and productivity shouldn’t be confused with busyness.

      Productivity means achieving effective results in as short amount of time as possible, leaving you with more time to enjoy freely.

      It involves working smarter, not harder. It means refining processes, speeding up workflows, and reducing the chances of interruptions.

      Productivity is best achieved when looking at your current way of working, identifying the bottlenecks, flaws, and hindrances, and then finding ways to improve.

      9 Ground Rules on How to Be Productive at Work

      1. Avoid Multitasking

      Multitasking can give the impression that more tasks can be accomplished as you’re doing multiple things at once. However, the opposite is true.

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      Research has shown that attempting to do several things at the same time takes a toll on productivity and that shifting between tasks can cost up to 40 percent of someone’s time.[1] That’s because your focus and concentration is constantly hindered due to having to switch between tasks.

      If you have a lot of tasks on your plate, determine your priorities and allocate enough time for each task. That way you can work on what’s urgent first and have enough time to complete the rest of your tasks.

      2. Turn off Notifications

      According to a Gallup poll, more than 50 percent of US smartphone owners admit to checking their phones a few times an hour.[2]

      Switching off your phone—or at least your notifications—during work hours is a good way to prevent you from checking your phone all the time.

      The same applies to your computer. If you have the privilege of accessing social media on your work desktop, switch off the notifications on there.

      Another good tip is to logout from your social media accounts. Therefore when you feel the urge to check it, you might be swayed because your page isn’t so easily accessible.

      3. Manage Interruptions

      There are certain disruptions in the office that are unavoidable such as your manager requesting a quick meeting or your colleague asking for assistance. In order to deal with this, your best approach is to know how to handle interruptions like a pro.

      Be proactive and inform the people around you of your need to focus. Turn your status on as “busy/unavailable” on your work chat app.

      If you’re on a deadline, let your colleagues know that you need to concentrate and would really appreciate not being interrupted for the moment, or even work from home if that’s a feasible option for you.

      By anticipating and having a plan in place to manage them, this will minimize your chances of being affected by interruptions.

      4. Eat the Frog

      Mark Twain once famously said that:

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      “if it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.”

      What this basically means is that you should get your biggest, most urgent task out of the way first.

      We all have that big, important task that we don’t want to do but know we have to do because it holds the biggest consequence if we don’t complete it.

      Eat the frog is a productivity technique that encourages you to do your most important, most undesirable task first. Completing this particular task before anything else will give you a huge sense of accomplishment. It will set the ball rolling for the rest of the day and motivate you to eagerly complete your other tasks.

      5. Cut Down on Meetings

      Meetings can use up a lot of time, which is time that can be used to do something useful.

      You have to wait for everyone to arrive, then after the pleasantries are out of the way, you can finally get stuck into it. And sometimes, it may take a whole hour to iron out one single issue.

      The alternative? Don’t arrange a meeting at all. You’ll be surprised at how many things can be resolved through an email or a quick phone call.

      But that doesn’t mean you should eliminate meetings altogether. There are certain circumstances where face-to-face discussions and negotiations are still necessary. Just make sure you weigh up the options prior.

      If it’s just information sharing, you’re probably better off sending an email; but if brainstorming or in-depth discussion is required, then an in-person meeting would be best.

      6. Utilize Tools

      Having the right tools to work with is crucial as you’re only really as good as the resources you have at your disposal. Not only will you be able to complete tasks as efficiently as possible, but they can streamline processes. Said processes are essential to a business as they manage tasks, keep employees connected, and hold important data.

      If you’re the manager or business owner, ensure your team has the right tools in place.

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      And if you’re an employee and think the tools you currently have to work with aren’t quite up to par, let your manager know. A good team leader understands the significance of having the right tools and how it can impact employee productivity.

      Some examples of tools that could be used:

      Communication
      • Slack for team chat and collaboration.
      • Samepage for video conference software.
      • Zendesk for customer service engagement.
      Task Management
      • Zenkit for task and project collaboration.
      • Wunderlist for listing your to-do’s.
      • Wekan for an open source option.
      Database Management
      Time Tracking
      • Clockify for a free tracker.
      • TMetric for workspace integrations.
      • TimeCamp for attendance and productivity monitoring.

      You can also take a look at these Top 10 Productivity Tools to Help You Achieve 10x More in Less Time.

      7. Declutter and Organize

      Having a disorganized and cluttered workspace can limit your ability to focus. According to researchers, physical clutter can negatively impact your ability to concentrate and take in information.[3] Which is why keeping your work environment well ordered and clutter-free is important.

      Ensure you have your own system of organization so you know what to do when the paperwork starts to pile up.

      Being organized will also ensure that you know where to find the appropriate stationery, tools, or documents when you need it. A US study reveals that the average worker can waste up to one week a year looking for misplaced items.[4]

      Here’s a useful guide to help you declutter and organize: How to Declutter Your Life and Reduce Stress (The Ultimate Guide)

      8. Take Breaks

      Taking regular breaks is essential for maintaining productivity at work. Working in front of a computer can lead to a sedentary lifestyle which can place you at a higher risk of heart disease, diabetes, and obesity. Even a 30 second microbreak can increase your productivity levels up to 30 percent.

      As well as your physical health, breaks are also crucial for your mental and emotional wellbeing. That’s because your brain is like a muscle, the more it works without a break, the easier it is for it to get worn out.

      Ensuring you actually take your breaks can prevent you from suffering from decision fatigue. It can also help boost creativity.

      Take a look at this article and learn why you should start scheduling time for breaks: The Importance of Scheduling Downtime

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      9. Drink Water

      Although we know we should, it’s easy to forget to drink enough water during the working day.

      Many of us turn to tea or coffee for the caffeine hit to keep us going. However, like taking breaks, drinking water is essential for maintaining productivity levels at work. It’s simple and effective.

      Not drinking enough water can lead to dehydration and also headaches, tiredness, and weight gain.

      A good tip to avoid dehydration is to keep a water bottle at your desk as it can serve as a reminder to constantly drink water.

      If you find the taste of water a little bland, add some fruit such as cucumber or lemon to give it a better taste.

      You can also get more ideas on how to drink more water here: How to Drink More Water (and Why You Should)

      The Bottom Line

      The preceding 9 ground rules on work productivity aren’t the be-all, end-all. You and the company you work for may have other tips on how productivity is best increased and maintained.

      After all, it’s something that can be perceived differently depending on the exact job and work environment.

      In saying that, however, the 9 ground rules serve as a good foundation for anyone finding themselves succumbing to disruption and distraction, and are looking for ways to overcome them.

      A good tip to keep in mind is that change doesn’t happen overnight. Start small and be consistent. If you slip up, just dust yourself off and try again.

      Developing habits happens gradually, so as long as you keep up with it, you’ll soon start to notice the changes you’ve been making and eventually enjoy the fruits of your labor.

      More About Boosting Productivity

      Featured photo credit: Cathryn Lavery via unsplash.com

      Reference

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