Business Resources

Articles | Q&A | Blog Posts

Category Archives: Buying a Franchise

Business Planning in a Down Economy

By | Business By The Book, Buying a Business, Buying a Franchise, Growing a Business, Growth Strategy, Increasing Profitability, Investing in Small Businesses, Planning, Starting Up, Valuing a Small Business, Writing a Business Plan | No Comments
shutterstock_194003438

Q: Should the economic forecast be an important factor in determining the type of business to start or acquire? A: Most businesses that are acquired or started are done so with a long time horizon in mind. Add to that the fact of the typical continuous cycles of any economy: (downturn, bottom out, upturn, and peak). Given that long-term view and the necessary expectation of economic cycles that almost defy the ability to forecast the timing of those trends, it’s more important to pick an industry/market in which you have loads of experience and create a superior offering with a…

Read More
start-a-biz-part-5

Starting Your Business – Part 5

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Planning | No Comments

In the initial post of this series, I suggested a step-by-step process for launching a business. This post will be a continuation of Step 4 – Launch, where we explore the benefits and challenges of various methods of achieving a startup launch. (See Part 2, Part 3, and Part 4 for other posts on the process). Launching the Best Opportunity As mentioned in our previous installment, this is the phase in which you are prepared to launch the best opportunity that was fully vetted in the earlier steps of Define, Generate, and Evaluate. In the last article, we discussed the four core requirements for a launch and in this…

Read More
start-a-biz-part-3

Starting Your Business – Part 3

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Planning, Self Evaluation, Starting a Family Business, Starting a Part Time Business | No Comments

In my initial post in this series I suggested a step-by-step process for launching a business. This article will focus on Step 3 – Evaluate, where you evaluate the opportunities you’ve identified. (See Part 2 of this series if you missed my explanation of Step 2 – Generate). Evaluating Opportunities – In this phase, the ideas generated in Step 2 are evaluated using the criteria established in Step 1. By using this methodical process of starting a business – and with God’s guidance – you will hopefully develop a high-quality business idea that can be pursued with confidence and enthusiasm. In this phase you want to eliminate bad…

Read More
should-I-buy-franchise

Should I Buy Into This Franchise?

By | Business By The Book, Buying a Business, Buying a Franchise, Organization & Strategy, Self Evaluation, Starting Up | No Comments

  Q: I am a Christian and college graduate with eighteen years of financial services experience. I am considering a franchise opportunity in senior care, but the franchisor (a friend) has yet to document the entire business opportunity and is offering me a discounted beta rate to be his first franchisee. Can your service help me assess this investment? Also, is it a mistake to venture into an industry I have no experience in? My wife is a new Registered Nurse, but with no experience either. A: First of all, franchises are typically a good way to go for an inexperienced entrepreneur…

Read More
advice-from-angel-investor

Good Startup Advice from a Christian Angel Investor

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Investing in Small Businesses, Organization & Strategy, Ownership & Purpose, Self Evaluation, Starting a Family Business | No Comments

One Christian angel investor I know told me his initial due diligence on a potential investment always starts with four questions along these lines: Will your business idea honor God? Will your business idea further Kingdom purposes in terms of the Great Commission and the Great Commandment? Have you sought wise counsel from Christian brothers and sisters that have expertise in the area or industry that your idea is focused on? Will your business idea leverage your unique experiences and giftings? We agree that these four questions are an excellent place to start in terms of your own due diligence…

Read More
how-to-evaluate-franchise

How to Evaluate a Franchise Opportunity

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Organization & Strategy, Ownership & Purpose, Self Evaluation | No Comments

Q: If one has a good work ethic, but does not have an entrepreneurial personality, is owning a franchise a reasonable strategy? If so, how does one evaluate franchising? A: Franchises are a viable option. Think of it as a business in a box that tells you what to do, how to do it, limits your territory, and charges you 5% of your Revenue in royalties with no guarantee of success. (That’s 5% of your top line Revenue or Sales, not 5% of your bottom line or Net Income – this is a very important distinction). A franchisor usually means a major…

Read More