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Franchising vs. Licensing: What’s the Difference?

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Franchises and licenses are both business agreements in which certain brand aspects are shared in exchange for a fee. However, a franchising agreement pertains to a business’s entire brand and operations, while a licensing agreement only applies to registered trademarks. Franchises typically work best for service-based businesses, while licenses are more conducive to product-based businesses. A licensee has more control over how they run their business compared to a franchisee, whose business will be dictated by the franchise owner (franchisor). However, a franchisee will also receive significant guidance and training from the franchisor.

If you’re considering expanding your business, you may be exploring how to franchise your business. In your research you may have also come across licensing and be wondering what the difference is between the two and which will best serve your expansion goals.

While franchising and licensing have some similarities, they are two very different agreements that mean different things for both you and your brand. In this franchising vs. licensing comparison, we’ll explain the differences between the two, as well as the pros and cons of each. Let’s get started.

What is franchising?

A franchise is a business agreement between a franchisor and a franchisee. The franchisor is the owner of a business. The franchisor sells the rights to their brand—including products and services, intellectual property, and more—to a franchisee who will open up a separate branch under that brand’s name, which is essentially a duplicate of the original business.

As part of the franchise agreement, the franchisee will pay fees to the franchisor to open a franchise, use their brand, and for advice and business support. The franchisor loans their brand for a fee and provides training, as well as expertise, to the franchisee.

Franchising is a deeper, more complicated business relationship and agreement than licensing. A franchisor retains control over how their brand is used and how each franchise under their name is operated. There is a lot of interdependence between the franchisee and franchisor in a franchise relationship.

Franchising examples

One of the most famous examples of a franchise is McDonald’s. From a modest start, the McDonald’s franchise now has more than 36,000 restaurants around the world.

Other famous franchise businesses include:

  • Burger King

  • Marriott International

  • Baskin-Robbins

  • Ace Hardware Corporation

  • The UPS Store

Many chain restaurants and other well-known businesses operate as franchises. The key with franchises is that no matter which one you visit, it will always look and feel the same, offer the same products and services, and more.

What is licensing?

Licensing, on the other hand, is a limited, legal business relationship where a specific party is granted rights to use certain registered trademarks of a brand. The business relationship is between the licensor (the one who owns the trademarks) and licensee (the one who is granted rights to use them).

To use the registered trademarks of another brand, the licensee pays the licensor an agreed-upon royalty fee.

Licensing examples

Two of the most famous brands that operate licensing agreements are Disney and Calvin Klein.

Calvin Klein works with a number of manufacturers under licensing agreements. This means that the Calvin Klein company has licensed, or loaned, its brand and trademarks to certain manufacturers who then use the brand to sell their products. Calvin Klein products such as underwear, perfume, and jeans are all produced and branded under licensing agreements.

Using a recognizable brand name like Calvin Klein under a licensing agreement can help a lesser-known brand get their well-made product to the market and trusted by consumers faster than they would if they had to build their own brand from scratch.

Another example of a brand that uses licensing agreements is Disney. When you purchase items emblazoned with Disney characters, it’s most likely that the product wasn’t actually manufactured by Disney. More often, Disney signs licensing agreements with certain producers to use their characters and images, which is why you find Disney characters on everything from soap to sleeping bags to T-shirts and clothing.

In general, licensing agreements are most often used by brands that are highly recognizable and marketable. For a licensing agreement to be beneficial to both parties, the business branding must already be successful and known by a large portion of buyers.

How franchising vs. licensing differ

If you’re looking into franchise vs. license agreements, it’s probably because you’re looking into either building your business into a franchise business or loaning your brand to another company for use. Knowing the differences between these two business agreements is key before jumping into a legally binding agreement.

While some business owners may look at licensing as an easier alternative to franchising, this would be misguided. These two types of agreements are legally very different and are appropriate in different scenarios. Businesses that would make for good franchises would not necessarily make for good licensing agreements, and vice versa. Let’s take a closer look at how licensing and franchising differ.

1. Limitations

One of the major differences when it comes to franchising vs. licensing is the limitation placed on licensing agreements. A license is much more limited than a franchise.

A license agreement allows for the use of registered trademarks, nothing more. Franchise agreements, on the other hand, allow for the use of trademarks, additional intellectual property, products, services, operating manual, and much more.

2. Control

Another difference between franchising vs. licensing is the amount of control that can be exerted by the seller over the buyer.

In a franchise agreement, the franchisor can lay out specific guidelines for how the franchisee markets the business, uses brand trademarks, where the business is located, and how the business is operated. In other words, the franchisor can exert a significant amount of control over the franchisee’s business and how it operates—because it is essentially an extension of their own business.

In comparison, a licensor has very little control over the business of a licensee. The licensor can make stipulations in how protected marks are used by the licensee, but they can’t control any other aspects of the licensee’s business.

3. Type of business

The type of business that grants a franchise is generally different than a business that operates with a license.

Most often, businesses that grant or purchase licenses deal with products. Licenses are great for adding a well-known brand or image to a product, such as clothing or other consumer goods.

On the other hand, franchises are generally service-based businesses. Most businesses that form a franchise operation are chain restaurants, hotels, cleaning services, auto repair shops, software repair companies, etc.

4. Legal regulations

In general, a franchise agreement is a much more stringent and complicated agreement. There are many moving parts within a franchise agreement, where a licensing agreement is a simple loan of certain protected marks or images.

In both instances, general contract law is followed for both licenses and franchises. In addition, there are specific federal regulations for franchises at the federal level and some additional requirements set down by certain states.

When starting a franchise, there are a lot more legal hurdles and regulatory requirements that must be followed than with a license agreement.

Pros and cons of franchising vs. licensing

Understanding the differences between franchises and licenses is only the first step in figuring out which is the right business model for you. It’s also beneficial to understand the benefits and drawbacks of both licenses and franchises.

Franchising pros

One of the pros of becoming a franchisee is all the benefits of being a self-employed business owner without the risks of starting a new business. Franchises come with the bonus that they’re already a proven business model with a pre-established customer base. Purchasing a franchise is often much less risky than starting a business from scratch, and while there can be significant fees involved, they may amount to a smaller investment than if you were to build your own company from scratch.

Franchising also has the benefit of a shared relationship. The franchisor gets to scale their business rapidly while minimizing some of the work, which is instead done by franchisees. Additionally, the franchisee works with the franchisor to manage the business and learn business skills that they may not know already.

In comparison to licensing, one of the big pros of franchising is the depth of the relationship between franchisee and franchisor. The franchise agreement may be complicated, but it also provides a wide-range of opportunities.

Franchising cons

One of the drawbacks for a franchisee is the loss of control. While it’s your business, most of the major business decisions will be made, or at least must be approved by, the franchisor. While this support can be beneficial while learning the ropes of the business, it can also feel like being micromanaged to experienced business owners. However, this control is a pro for the franchisor, as they can still dictate how their brand is used.

In comparison to a license, a franchise will seem much more expensive and complicated. Initial franchise fees can cost between $10,000 and $50,000—then there are the ongoing fees to keep in mind. This might seem exorbitant, but it’s important to remember that you’re getting access to an entire business. In comparison, a licensing agreement only gives you access to use specific trademarks in certain ways. So, a license will be cheaper and less complicated, but it also gives you access to a lot less.

Because of this cost discrepancy, business owners will sometimes opt for licensing agreements instead of franchising agreements; however, as we mentioned, these are not interchangeable and often do not work for the same types of businesses. Not to mention, you’re also putting yourself at legal risk by forming a licensing agreement for business operations that actually fall under the franchising category. If initial fees are prohibiting you from starting a franchise, you may want to check out these low-cost franchise options, or you can also seek out franchise financing to help you fund these expenses.

Licensing pros

One of the pros for licensing is the freedom for the licensee. In general, a license agreement happens between two established businesses. The licensee is purchasing the right to use protected marks that are already recognizable and appreciated by a built-in fan base. This makes licensing a secure investment and a great way to boost your business.

In comparison to franchises, another positive aspect of a license is the simplicity of the agreement. Because the license agreement covers the use of only one (or a few) protected marks, the agreement will be fairly simple and straightforward.

Licensing cons

The major con of licensing over franchising is the limitations. A license only gives access to use certain protected marks, nothing more. While this makes the agreement limited, that might be all your business needs. It’s also important when entering a licensing agreement to ensure you’ve taken these steps to protect your intellectual property.

Another con of licenses is that many people don’t understand their true purpose. There’s a lot of confusion over when to create a licensing agreement and when the licensing agreement is broaching the legal boundary of a franchise. Be sure to check with a knowledgeable lawyer before signing either a licensing or franchising agreement.

Is franchising or licensing right for your business?

When deciding what’s right for your business and evaluating franchising vs. licensing, you have to consider the needs and goals of your business.

If you’ll be the franchisor or licensor, it’s important to consider whether your brand is strong enough, widely recognized, and turning significant profits to the extent that it would do well either as multiple branches or emblazoned on products other than the ones you currently sell. If this is true and you run a service-based company, then franchising may be the right move. If it’s true and your company is product-based, licensing may be best. Either way, you’ll want to consult a trademark lawyer to protect your brand property, and then a business attorney to discuss the specifics of expanding your brand.

From the perspective of the franchisee or licensee, you need to think about where your business is within it’s journey. If you have a successful product-based business and are ready to grow, a license agreement with a recognizable brand could be an easy way to spur some quick growth. If you’re looking to start a business but prefer the lower level of risk an established brand offers, and are also looking for a hands-on mentor to guide you, a franchise is your best bet.

The final word

At first glance, licensing may seem like an abridged version of franchising—granting rights to only trademarks, instead of an entire business’s operations—however, the two are very separate agreements that should be used under different circumstances and for different types of businesses.

Both franchising and licensing are legitimate ways to grow your business, but you will first need to weigh several factors, take a look at where you are in your business journey, and decide what your goals are before deciding if franchising or licensing is the right choice for you.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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How to Grow Your Small Business Startup: 4 Essential Steps

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Around 90% of startups fail. And while some of those failures can be attributed to bad luck, many others were the result of poor decisions at the early stages of building the company. 

But while that statistic may seem discouraging, it can also provide motivation to those entrepreneurs who are willing to follow the best practices of launching a startup and push through the various challenges that will inevitably come up during the process.

With the help of a few simple (but fundamental) strategies, you can separate yourself from the majority of other startups and give yourself a real shot of making a product that will break through and make a difference.

To help you get started, let’s look at four crucial aspects of launching a startup that you should consider.

Start with the “Why?”

The number one thing you should do when launching a new company is to ask yourself a simple question:

Why is this solution necessary? 

There are millions of startups globally, and the majority of them would fail to provide a viable answer. Some just want to break into a hot market because they think that will increase their chances of success. Others believe they have a unique idea without knowing whether there’s any demand for it. 

But in most cases, ideas that might seem reasonable at first glance crumble when their purpose is questioned even a little.

So, if you want to avoid pouring your heart and soul into a project only to find out that it was a waste of time, it’s a good idea to spend a fair amount of time thinking about the core purpose of your product and the effort it will take to launch it.

Most of the successful startups you might have heard in recent years started with a very clear idea of the purpose behind the company. It can be a feature that no other product in the market can offer. Or, it might be a unique process for solving a problem that will change the industry forever.

Most of the time, there’s at least a clear answer to why the startup needs to exist in the first place. If you strip away the gimmicks and the additional features, you should still be left with the core idea of what you can offer that no one else can.

Take Care of Your Employees

No matter how you decide to finance your startup, you won’t be able to go forward alone for long. And that means that at some point, you will need to figure out how you’ll take on employees and ensure that they are happy and protected.

Then, there are various state and federal regulations that determine how much paperwork you’ll need to file out, what protections you’ll need to offer, and countless other details that someone outside of the HR world has probably never dealt with.

Because of that, startups can benefit from using HR outsourcing services that can take over the entire process. The team at SnackNation recommends using services like Bambee or Workday, which provide comprehensive solutions for companies of all sizes.

These companies can offer HR consulting, benefits administration, performance management, payroll, bookkeeping, and various other services that can be a hassle to manage on your own when you’re just starting a new company and have a lot on your plate already.

Plus, it ensures that you implement the best HR practices of today and that your employees are taken care of. And that will make attracting the top talent you need for growth that much easier.

Use a Proven Website Platform

Launching a startup is impossible without a strong web presence. And that inevitably starts and ends with your website. But if you don’t have experience with building and designing websites, the entire process can be a bit overwhelming.

The good news is that with a platform like WordPress, you can have a website set up in a matter of days if you want something simple. But at the same time, the platform offers robust customization capabilities and it can get a bit confusing when picking the right ones. That’s why it’s a good idea to curate your own WordPress toolbox that includes a wide variety of powerful themes, plugins, add-ons and WordPress resources that you know would always work for your website. 

In the end, you want to find fast hosting, install robust security features, and provide a seamless User Experience (UX) to all of your site’s visitors.

Designing a site from scratch can be appealing. But WordPress can give you enough versatility to get any features you need while remaining user-friendly enough to keep costs down and provide you with a simple way to get started.

Maintain Focus

As a startup owner, you will probably never run out of avenues you could pursue. Whether it’s the new shiny marketing tool or a promising networking opportunity, there will be times when you’ll want to do everything at once because that’s what could give the company the best chance of success.

But in reality, maintaining focus and clarity in terms of priorities might be the most practical choice for your startup in the long term.

By only focusing on a few things at a time, you will allow yourself to really give them time, tweaking your approach until you find what’s working. Moving on to something else is easy, but then you might miss out on incredible opportunities because you were too quick to dismiss something without giving it a real shot.

So, whether it’s a marketing approach or adding features to your product, always weigh the potential benefit against the resources it would require and against how it would impact what you’re doing right now.

Sure, at some point, you will need to cut your losses with projects that didn’t pan out. But it’s a good idea to stick with them for a bit longer than you might want to, especially if you know that it’s a sound strategy that could deliver big if you would just find the right approach. 

Final Words

Launching a successful startup is a dream that drives millions of entrepreneurs worldwide. But only those that follow sound business principles and are disciplined in their decision-making can expect to see success.

The strategies listed above may not be flashy, but they represent essential parts of running and scaling a startup. And sometimes, taking care of the less flashy details like HR management can set you up for exceptional results in the future.

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Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami

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The pandemic forced more than three-quarters of small businesses across the U.S. to temporarily close up shop in the spring of 2020, and thousands have since shut down for good.

But the COVID-19 pandemic also led to a record number of people trying to start their own businesses: 4.5 million filed new business applications in 2020, according to an analysis of U.S. Census Bureau data by the Economic Innovation Group.

That’s the highest number ever and a 24% increase from 2019.

 

And the momentum isn’t slowing. The Census Bureau says 492,000 new business applications were received in January 2021, a 43% jump over the previous month. Many more informal businesses are believed to have been created, often as side hustles, but never registered.

Few cities saw more aspiring entrepreneurs than Miami. Although new business creation was not distributed evenly across racial and socio-economic lines, green shoots of entrepreneurship popped up across the metro area, helping to bring a dose of resilience to the local economy.

[At the same time, untold numbers of existing small businesses — restaurants, neighborhood shops, salons — decided to establish a digital presence, allowing them to find new customers and take orders from beyond their immediate area.

In all, the number of digitally connected microbusinesses in Miami-Dade County rose 6.7% from 2019 to 2020, according to data from GoDaddy’s Venture Forward project, which studies the economic impact of these small online businesses. The Miami metro area, which includes the neighboring cities of Fort Lauderdale and Pompano Beach, has more microbusinesses per 100 people than any other large metro area in the country.

These everyday entrepreneurs make a big impact on their communities, with each new one leading to the creation of two additional jobs, Venture Forward data shows. Additionally, each new microbusiness per 100 people can reduce the unemployment rate by .05 percentage points.

And between 2016 and 2019, every microbusiness per 100 people that’s active online was associated with a $485 increase in a community’s household median income.

Here are the stories of two inspiring women entrepreneurs who took the initiative when the pandemic upended their lives.

Natasha Nails: Rethinking the press-on

It took a painful case of contact dermatitis, a type of allergy, following a visit to a nail salon for Natasha Williams to come up with an online business idea for the future of press-on nails.

The Miami native, who lives in Little Havana, has had her nails done since her teens.

But after her allergic reaction in March 2020, she was forced to switch to press-on nails that used hypoallergenic adhesive pads.

Unhappy with the appearance of what was available — they felt cheap and plasticky — Williams started buying clear nails and hand painting them with her favorite colors and designs.

Around the same time, the pandemic shut down the local economy. A well-known tap dance performer and teacher around Miami, Williams suddenly had a lot of time as lessons and gigs dried up.

By July, buoyed by the admiring comments she got from friends and strangers on the street, she realized there was a market for her creations, so she quickly built an online store and Natasha Nails opened for business.

At first, it was as much a hobby as a career plan. But soon she started asking questions and understanding the opportunity was real.

Why did women tend to apply press-on nails and leave them on and then throw them out? Given how easy they are to remove and reapply, particularly the adhesive-pad type, wouldn’t it be more fun and affordable to have collections of nails so they could match outfits or daily moods, the way they choose which shoes to wear or purse to carry?

“I want people to be able to mix and match, like ‘let’s see what I have in my closet to wear today,’” she says.

If she can popularize this approach, women may one day not feel obliged to suffer the daily inconveniences of wearing long nails.

“Just try typing all day with these things on,” she laughs, showing off long, olive nails. “You really can’t do much. And anyone who tells you differently is lying!”

While her new business doesn’t make enough money for her to quit her teaching, she spends about the same number of hours on both.

That includes 30 minutes each morning tending to her growing Instagram account — where she has amassed more than 5,000 followers who account for most of the orders on her website — and a few hours in the evening painting nails, including custom orders, and packaging up boxes for customers who opt for her monthly subscriptions.

Many challenges remain ­— particularly how to scale production beyond her ability to hand-paint nails while maintaining the artistic quality. But Williams is definitely a long-term thinker who hopes that, some day, her creations will be featured at major retailers.

“I don’t see obstacles as problems, but as challenges,” she says of the process of building a company. “You just have to follow the steps.”

Read more about Natasha’s story here.

Starting an online charcuterie-to-go

Like so many healthcare workers around the world, Maryam Kheirabi faced new demands when the pandemic hit. An oncology pharmacist with a Miami-area hospital, she suddenly had more hours, more stress and more fears of the unknown.

To deal with the growing pressure, Kheirabi decided she needed a new activity, something that would take her mind off her stressful job and give her a newfound source of fulfillment.

That’s when Fig & Brie, a charcuterie-to-go business, was born.

 

“I’m happiest when I’m extremely busy, and I wanted to create something beautiful for people to share,” she says. “In a way, I think the business got me through the worst days of the pandemic. It gives me hope, and hopefully it gives other people hope, as well.”

The idea came to her soon after the pandemic began, when she saw groups of friends eating from plastic containers full of snacks at a park across the street from her home for socially distanced get-togethers.

“How cool would it be to have a charcuterie box to go,” she remembers thinking. It would give people the option to pre-order a food board that could be delivered just when it was needed.

A native of Queens, N.Y., who moved to Miami with her speech pathologist husband in 2016, Kheirabi grew up being responsible for creating food platters for family gatherings.

“We Persians are very big on hospitality, and I never lost my love for creating beautiful, delicious things,” she says.

Once the first spike in COVID-19 cases began to ease in August, she started doing research, which included the creation of a variety of charcuterie platters for colleagues at the hospital.

A cousin in New Jersey agreed to help her secure a domain name and choose website-building tools.

“The rest was left up to me, but it was mostly dealing with aesthetics, which I love, anyway,” she says.

In early November, Fig & Brie officially launched, with a range of offerings, from a $20 “solo” platter to an $85 “soiree” box.

The seed capital was $2,000 that her husband, Francisco, urged her to take from their savings, with the understanding that they wouldn’t spend any more if the business wasn’t profitable after a month. She ended up spending $1,900 of it in that time, but by early December the business was making money.

Kheirabi’s digital marketing strategy initially was solely based on Instagram, in part because she wanted to grow slowly at first. But sales jumped more quickly than expected over the holidays, as friends and fans spread the word. One local real estate broker ordered platters as gifts to her clients.

It wasn’t easy, but she and her husband managed to keep up with demand while maintaining their jobs in healthcare. It helps that most orders come on Thursdays or Fridays, for delivery on Saturday.

Francisco does everything from taking photos to taste-testing to driving their only car around the city making deliveries. When he once asked what he would be paid for all his work, she quipped, “Sorry, but we pay in cheese.”

Her near-term goal is to have enough demand to hire a driver or two, and then to find a way to ship around the U.S. (That will require some innovation, to either find a way to keep fruits and veggies crunchy and fresh, or to come up with boards that meet her standards without those foods.)

Ultimately, she’d like to open a storefront in Miami and share her business model so women in other places could follow suit.

“I wouldn’t be doing this if it was only for the money,” she says. “That’s just icing on the cake.” The primary reward, other than enriching customers’ lives, is to empower women, including herself.

“We’re living in a time when women are standing up and taking charge of themselves,” she says. She even welcomes the competition from other female-owned online charcuteries in the city. “There’s enough demand to go around,” she says. “Women shouldn’t compete with each other. We should lift each other up.”

Related: Research shows that women have what it takes to make great CEOs

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New to Entrepreneurship: Here Are 6 Tips You Can Bank On

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Entrepreneurship is not a career, it is a life choice. Many people have mind-blowing business ideas. It’s almost enticing to jump right into starting up your new business. But as fun, as that sounds, the reality of running a successful business is a lot more complicated than that.

Most times opening up a business is usually a learn-as-you-go experience, but it doesn’t have to be this way. Here are essential tips that when implemented well can be the smartest decision you will ever make for your business.

Brand Your Business

What does the term branding mean to you? Most people perceive branding as the logo, colors, and visual component that you associate your business with, but it’s a little more than that. Branding is the entire identity of the business. It is what makes your business stand out in crowds.

In a fast-growing business world, it is important to create a strong brand for your business. This way it outshines your competitors, gets people’s attention, and makes it more recognizable. Branding gives you a chance to get some control over how people perceive your business. 

Build a Team

Manpower is a vital part of any successful company. It is significant for ensuring that operations are running smoothly and efficiently. Coming up with a good workforce is the secret ingredient for achieving a good relationship between your company and your customers. They are the face of the company and give an essence of the human touch to your business.

It can not go unmentioned that with improved technology manpower is rapidly being replaced with machines. That said, creating and maintaining a reasonable amount of manpower for your business can be a life-saver hack. Coming up with a team of educated and well-trained individuals will improve productivity, provide innovations, and maintain the relevance of your business in the market, something technology can’t provide.

Buy Raw Materials in Bulk

Depending on what your company’s end product is, consider purchasing the raw materials required at wholesale. Stockpiling the raw materials when they are at their lowest prices is a money-saving hack. Buying raw materials at a low enough wholesale price reduces the cost of production and in the long run, maximizes profits from your retail sales.

Consider finding a reliable wholesale distributor, this makes purchasing more efficient and you are assured of the quality of materials you will be getting. Ensure they supply within your geographical region, have prices you can afford and are trustworthy.

Advertise Your Business.

Promoting your business is a key aspect if you want to outshine your competitors and make your product or service known to your potential customers. Businesses have different ways of promoting their brands; they range from handing out flyers to postcards to brochures to advertisements in newspapers to online marketing.

Using social media platforms to promote your product or service is a no-brainer. It is the best way to get your name out there fast enough, while also providing solutions to about ninety percent of the population online searching for similar products. Some businesses opt to invest in a large indoor LED screen because of its efficiency in displaying stunning images. These types of screens are eye-catching, outstanding, and popular for their diversity in use, hence playing a major role in advertising brands.

As a business owner, take time to research which medium of advertisement will best suit your enterprise and proceed to invest in it.

Invest in Packaging

While most new business owners overlook the need to properly package their product you must seize the chance and stand out. packaging is the first touch that customers will have with your brand.

It is therefore important to create enticing packaging for your consumers that will draw attention to your brand. It is imperative to incorporate eye-catching shapes, colors, quotes, and packaging material that is unique to your brand. This will make the unpacking experience for your customers exciting and unique hence creating loyalty and enhancing customer retention. Keep in mind that with evolving people and markets, your packaging must evolve to keep up. 

Be Sure to Keep Records

For any business, accountability is key. Efficient record keeping will help to keep everything in order and help to analyze your company’s financial status, provide insight into what your real profit is, answer tax problems, or keep track of deductible expenses.

Precise record-keeping of finances and expenses throughout a business’s lifespan makes it easier for you to adjust your business plan accordingly to help solicit new business partners or investors. 

Even after a business picks up, managers are tempted to focus more on production and profits and overlook record-keeping, so don’t fall into this trap. 

Choosing whether to keep the record in soft copy or hard copy is totally dependent on the business owner’s preference.

Conclusion.

Let’s be honest, starting a new enterprise can be a little bit hectic because it requires a lot of planning, sacrifice, and money. That said if you have your business idea don’t wait for the right moment because it will never come. Take the leap and trust your instincts. All you need to do is apply the six tips explained above and you are good to go. Good luck setting up your new enterprise.

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