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The Differences Between a Franchise and a Home Business Opportunity

If you have ever looked at going into business for yourself, whether it be a complete new start up, franchise or home business, you will know that it is imperative to conduct your own detailed research & due diligence. You need to understand the business model, the costs involved to get the business up & running, as well as the timeframe to start turning over a profit.

Today I wanted to touch on the differences between a traditional franchise business & a home based business. Both business models provide a vehicle to create massive wealth, as well as proven a business model and systems, but they also have a few distinct differences. These are discussed in more detail below:

Start up & Running Costs:

A traditional franchise opportunity will cost anywhere from $50,000+ just to hit the ground running. This will include the business model, as well as the rights to sell the goods or service. You will need to enter into a contract with the franchisor.

A home based business on the other hand, is becoming the preferred choice of business for a lot of people. A home business is typically a lot less expensive to get up & running. You can expect to pay less than $5,000, which will include the business model as well as the rights to sell the product / service. This cost will also typically include your own stock purchase, if this is applicable to the individual business model.

Both business ventures will require you to fund the marketing & advertising expenses, as well as ongoing running expenses. For a franchise, this would include staff, rent, phones, internet, office supplies and furniture etc. A home business will typically only have phone and internet expenses.

Ongoing Support & Training:

A franchise will typically have an ongoing contracted commitment to provide support and ongoing training. This training will usually be undertaken with a qualified & dedicated training team. Topics covered will range from marketing, staff training, technology & administration.

With a home business opportunity, you will most likely be appointed a personal business mentor, as well as ongoing training via live conference calls. This training is informal & is the responsibility of the individual business owner to undertake. While it isn’t as structured as a franchise, it can be very convenient for the business owner, as they don’t need to leave their home for training.

Business Branding:

One of the main requirements of any successful franchisor is that all franchises operate under the same branding. This is essential to maintain consistency in branding across all individual franchises. A consumer can purchase from any of the franchises and expect the same level of service across the board.

A home business will more often than not be branded by the individual business owner. This allows flexibility to the business owner. There will be guidelines and recommendations laid down by the company on how to brand and market your business effectively, but ultimately this will come down to the individual business owner.

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Technological Changes and Business Success

Who does not appreciate the benefit technology in business? Well, I guess none. Gone are the days when business success was entirely limited to some minor grandiose reasoning of top-level business managers without the help of technology has we can see today. Just cut into the current business world and see how technology is making redoubtable inroad into business success. It actually defines the difference between business failure and success.

It’s now 10 years down the line since I started my first business ever. I am proud to be the owner of a business that since then has grown into a huge employer and economy contributor in my dear country. I have to give my sincere gratitude to the influence of technology towards my success in business. Just like me, many businesses people out there have boldly described technology as the main driving force in most business around the world. Even the smallest business in town can testify the benefits of technology in business. It has made any business activity very simple, faster and cost-effective.

From small business planning to implementation of massive projects by multinational companies, technology by all means takes the centre stage. Just to start with; which business in the world today does not require computer aid either directly or indirectly? I guess not even a single one. The availability of computer applications such as resource planning and scheduling software enable many business organizations to critically and carefully identify and allocate resource more efficient than ever before. With resource management computer applications, an organization with several departments and branches all over the world is able to coordinate all its resource with just the click of the mouse. Thanks to the existence of internet connection which is also another explanation of what exactly technology is.

Keeping records of all assets and human resources may not be possible without the in cooperation of technology in the business. For instance, a company which has over 2000 employees has to deduce a means of acquiring effective human resource management software that can be used to smoothly and easily handle all these data. Remember resources are limited and if not used wisely a business can also incur huge losses instead of making profits which is always its primary objectives. On the other hand, selecting the right resource for the appropriate project may prove quite difficult especially if there are so many resources to choose from. However, with resource scheduling software, a product of technology, every resource be it human or just asset can be easily identified and assigned to the right project within the required time frame.

In regards to the gradual advent of technology superhighway, business people have gained remarkable access to technological advancement viable for the success of their organizations. Changes in modern-day business have become so adamant that not even a single business is ready to do without it. Today, businesses use computerized point of sales to sell their products more easily and efficiently. In addition technological effect in business can be felt anywhere in the world. Marketing has just become another and cost-effective business activity. With several social networks all over the internet, sellers can meet numerous number of potential buyers without physically getting in touch with them. Through this, businesses are able to make more profit curtsey of technology.

In summary, the continuous advancement and development of scientific business innovations now favours both small and large businesses. However, these businesses should ultimately put into consideration both their future needs as well as immediate ones so that they can be able to plan effectively for their success. Any business that effectively in cooperate technology in its day today running is bound to succeed.

Tips On Making Your Online Business Successful!

Running a home based business isn’t an easy task. You become responsible for a lot of things that your boss would normally be responsible for if you worked a regular job. But this article will give you some tips and tricks to running your own home business enterprise and being successful at it.

Use an online service or software to design a matching set of postcards, fliers and brochures to send out to customers and prospects. Look online for printer suppliers that offer an interface that allows you to add text to one of their existing designs, or upload your own. Choose a design as your “brand,” the look and feel you want people to identify with your business.

When starting your work from home business, make sure that you have enough money on hand to cover your expenses. It almost always takes a decent amount of time before home businesses become successful, so it is crucial that you have enough cash on hand to enable you to withstand some hardships and difficult financial times. Starting a home based business without enough money saved could lead to bankruptcy.

Keep a record of your business related mileage. You can use this information to receive a tax break. They credit you per mile that you drive, which adds up to a nice sum at the end of the year. Create a spreadsheet to help you with this process and keep a copy in your car to remind you to write down your information at the end of a trip.

Keep a receipt of every business related expense that you incur. This information is valuable when it is time to do your taxes. Create a folder to file the receipts so that you do not lose them. Periodically put the information into a spreadsheet so that it is not overwhelming to look through at the end of the year.

To run a home business successfully, you should strive to choose an industry where you have some background and expertise. Your industry knowledge and experience will help you in making contacts, evaluating your competition and gaining credibility among your customers. Starting a work from home business in an industry where you are less familiar will make many of the key tasks of starting a business much more difficult.

You should do everything in your power to separate your personal and professional budgets. Although it may seem like it is all coming from the same source, it will help to avoid problems in the future, as well as, help you to see exactly how much you are spending per month on your business.

All young businesses take quite a bit of time to really get up and running. Because of this you should ensure that you have a secondary source of income until the online business is able to sustain itself as well as your household. This can come from a spouse, savings, or a part-time job.

To be able to start and maintain a successful home based business, you must be completely honest with yourself. Each of us has areas of strengths and weaknesses. To be a success, you must be honest with yourself when it comes to your own strong points and weak points. Find help for your weaknesses. By doing this, you will be able to focus more energy on your strengths. A recent study suggests that building strengths rather than fixing weaknesses is the road to success.

Home Business Idea

Research your home business enterprise idea. You might think your business idea is unique but unless you research you will not know how saturated the market is with your business idea. Finding that special angle in your business to give you the edge over the completion comes from researching your ideas.

Write a business plan. Figure out whether your online business idea is workable. Even if you don’t plan to apply for a loan from the SBA (Small Business Administration) or a bank, you still need a business plan. Determine whether there is actually a market for your product before putting a lot of money into it.

Online Business Opportunity

Find out everything you can about any home business enterprise opportunities you are considering pursing. If a home based business opportunity sounds too good to be true, it probably is. You do not want to wind up having wasted time and money on a program that is actually a rip off or scam.

Running a online business may be challenging, but that doesn’t mean it’s impossible. Many people successfully work from their homes every day. Now that you’ve finished this article, you should have a good idea of where to start to make your own home business enterprise successful. There is plenty more information out there though, so if you’re not confident, keep looking!