Tough Times – Is It Smart to Buy a Franchise Now?

This blog post was prepared by Gerald P. Moriarty.  He will teaching a workshop on November 9th at our downtown SCORE location.  ……………….

While some economists say there are some signs of the economy starting to improve, almost all agree that we may be heading for a jobless return to an improved economy.  I counsel many middle and senior managers from large corporations, and they are universal in their views that the job market is extremely tough. Sixteen and eighteen month searches are common.  Then they learn from colleagues that the tenure of jobs they have is hovering around the three year mark!

Two years ago, Fortune magazine published a very sobering article titled Permanent Vacation.  It described the growing practice of large corporations to thin out the ranks of their 50 year old plus executives and managers.  Then, say, a 52 year old executive faces a tough job market, and even if he is fortunate  enough to get a new position, there is a good chance he will be looking again at age 55 or 56.  The pickings are even slimmer, and if he is not lucky, then he is on “permanent vacation.”

Business ownership is one way to gain control of a business career.  Franchise business ownership may be a safer and more profitable way to gain that control, provide a nice revenue stream, and even build equity over time. Franchises are strictly regulated by both federal and state laws. The regulators require each franchisor to register critical information about the franchise with them, and then give that same information to the candidate in a book called the Franchise Disclosure Document (FDD).   Included in the FDD is the number of openings, closings, and transfers of the franchise units, by state, and for the last three years.  Also included is the most recent contact information for any ex-franchisee who has left in the last year.  So, due diligence will reveal how “safe” the business is. If the candidate targets “recession resistant” franchises, he may spot a franchise that is both safe and profitable.  Some “recession resistant” franchises include hail salons, property restoration companies, health clubs, business coaching, business expense reduction companies, appliance repair, auto service, temporary help agencies, tutoring companies and many more.

To Register for the workshop: https://s08.123signup.com/servlet/SignUp?PG=1522055182300&Info=&P=1522055191158067000

Segment your marketng and sales efforts to be successful

Sharon Aby says there is no such thing as a universal market.  Sharon discusses a client situation where that client wanted expand from the consumer marketplace to the commercial market.

She highlights that your sales and marketing process for one market is different than another market.

Picking a name for your business

Picking a name for your new small business is a challenge for many people starting out.   Here is a short video from an interview with Brian Fons of Corporate Creations.  Brian discusses items such as trademarks and copyrights.   He provides insights into certain naming conventions that will help you best position your business name.

Getting good sales leads at a trade show

For small business, exhibiting at a a trade show can be a major expense.  Give aways are often seen as a great way to get leads.   Here’s a short video about using a fish bowl to gather prospects.  Matt Heinze from GES Exposition Services suggests that you think  quality and maybe not quantity .

What is an internet domain?

This is part of a series of video on our YouTube Channel.  http://www.youtube.com/user/ScoreChicagoVideo . These videos are excerpts from a live call in TV show.  In this excerpt Jacob Cynamon discusses the internet.  He provides some insights on getting started.

Many ways to get Answers from SCORE Chicago

First, you can work with a SCORE Counselor. With over 100 counselors in the chapter, you have access to experts in many skill areas and numerous industries.  We can also arrange Spanish speaking or women counselors.

SCORE counselors are successful executives and business owners who can help you on a wide variety of business issues like financing, marketing or importing. They have volunteered their wisdom and experience to help you at no cost.

They can work with you as you write and refine your business plan.  Once you begin a relationship with a counselor, they can become your Mentor, working with you over time to build your business from idea to startup to growth.

To make an appointment for counseling.  https://www.securedata-trans5.com/ap/score/index.php?page=10

Next, you can attend our workshops.  We offer executives with a wealth of expertise and experience in many industry segments. Many workshop presenters are SCORE counselors who have achieved success in their field and now, as volunteers, want to help you do the same.   Additionally, we have workshops taught by industry experts, instructors who are also executives, active in their business today.

One workshop attendee stated “As I near completion of my MBA program, the skills that SCORE workshops provide me with, are every bit as relevant and beneficial as my classroom studies.”

Information about workshops are available at: http://www.scorechicago.org/sub_category_list.asp?category=10&title=Business+Workshops

You can visit us in the Media.  If you live in the City of Chicago, you can watch us in the Winter and the Summer on the Hotline Show of CANTV 21.  This show features guests covering many topics of interest to small business.  Recent programs have addressed the Obama Stimulus Plan, Trade Show Marketing, and Business Plans.  The show has aired live interviews with entrepreneurs in retail, software and construction.   To check out the CANTV Schedule, please visit the Hotline website. http://www.cantv.org/hotlineschedule.htm

For those of you not in Chicago, you can watch these shows on BLIP.TV. Each CANTV show is posted as an episode in this web environment.  You can access this show at:: http://scorechicagocantv21.blip.tv/

Individual answers and insights are available from our YouTube Channel,  SCOREChicagoVideo and our Blog postings at LearnedatSCORE.

The YouTube http://www.youtube.com/user/ScoreChicagoVideo channel contains, for the most part, edited segments of the CANTV21 series.  Rather than watching the entire 25 minute show, searchers can find individual answers to business questions.  Recent posting answer such questions as “What Behaviors make a good salesperson?”  or “How to get stimulus funding for your business”.  Video content touch such topics as picking a banker, getting loans, writing business plans, even, tips about international business.  Obtain 1 to 3 minute insights from entrepreneurs who have been there.

The Blog, LearnedatSCORE http://learnedatscore.wordpress.com/ contains insight and comments about small business.  There is a mixture of content.  Postings about SBA programs are available.  Updates from counselors and clients provide information about marketing, sales, accounting, business plans and internet  issues.

You can stay in touch with SCORE Chicago through our website. www.scorechicago.org.  Also, we are on Twitter www.twitter.com/scorechicago.  Many people keep informed by joining our email list.  http://www.scorechicago.org/sub_category_list.asp?category=46&title=Newsletter+Sign+Up

Innovate and Thrive: A New Way to Lead Your Business

The U.S. Small Business Administration (SBA) and Dun & Bradstreet (D&B) will present a 30-minute, interactive webinar on how small businesses can succeed through innovation Oct. 14, 2009 at 1:00 p.m. (ET).  This unique opportunity is free and open to all small businesses.

During the webinar, small business owners and business experts will discuss how to innovate in a live interactive session utilizing videos, online polling and a Q&A session.  Several small businesses included in the webinar demonstrate how using innovative ideas have helped them to thrive.  They are:

• The Thunder Show of Springfield, N.J., – See how a young wine retailer is using YouTube and other social networks to reach 20-somethings
• Bike Arc of Palo Alto, Calif. – Learn how a bicycle owner created a new product line by rethinking how and where to park your bike
• To-Go-Ware of Berkeley, Calif – See how one woman’s start-up encourages people to reduce their “forkprint” by buying reusable containers and utensils

SBA Administrator Karen G. Mills is featured in the webinar along with savvy business experts, including Stephen Key, an inventor and founder of inventRight.com, and Steve King, founder of Emergent Research and author of a major study on small business.  Discussion will focus on:

• How to recognize innovation when it occurs in your business;
• The habits of highly successful business owners;
• New tools to help you stimulate innovation; and
• How to improve your competitive position in the coming decade.

“Small businesses are the key driver of our nation’s economy and innovation that will create jobs and strengthen our competitiveness in the global market,” Mills said.  “This type of best practice sharing and discussion is another part of SBA’s commitment to making sure small businesses have the tools they need to succeed.”

Small businesses can register for the webinar by going to D&B’s Small Business Portal at

https://dnb.webex.com/dnb/onstage/g.php?t=a&d=713748772.

City of Chicago deserves recognition for First Annual TechExpo

Despite the Olympic disappointment of last Friday, the city deserves kudos for Thursday’s TechExpo at the UIC Forum .

The official line on the Tech Expo was…

The Chicago TechExpo introduces and connects small business owners to technology solutions to grow and evolve their businesses. The one–day conference and exposition provides relevant, training and education, to allow business owners to learn how technology can improve operations, minimize time spent on administrative tasks, market their business and increase sales by using a very powerful tool: technology.

The training and education provided at the conference will empower business owners to ask questions and gain a better understanding of what technology to implement and when the best time to do so.

In today’s highly competitive environment businesses thrive by having the right technology at the right time.

The theme for this first annual conference is Positioning your business for the future. Now more than ever it is critical for businesses to position themselves for growth and technology is a powerful tool.

The city gets an A for effort.  There was a set of sponsors and exhibitors ranging from Microsoft, Harris Bank and Best Buy, through such companies as SurePayroll and Openhill, to small IT consulting and web development companies.

Attendees got a great exposure to a wide rage of IT related solutions.  While this is a start, we need to go forward..  Chicago of the 20^th Century was a wonderful invention driven city.  While service is important, next year, it would be great to see a bit more on invention.

4 Tips for Dealing with Tech Support

1. Make sure that you write down your ticket number and document who you talked to
2. Understand that they may know about their product, but not how their product works with other products
3. Recognize that it will take much longer than you expect
4. If at first you don’t succeed, you will likely have to try again

See my experience below.

Last week, I had three tech support experiences.  I worked with AT&T, my small web company, and Apple.  I was not really sure what to expect.  With AT&T, since it is basically the combination of SW Bell and Bell South,   was skeptical.  My small web site company, I had dealt with in the past.  They are normally pretty responsive.  Apple, I had heard was very good.

First, I had AT&T.  I was trying to get a high speed modem installed.  I pulled out the CD, and within about 10 minutes, it was clear that self install, was not going to be without help.   I called the number and got India.  Rarely a good thing.  However, my tech support guy Sam (wonder what his real name is) was very good.  He walked me through setting up the modem and then setting up the router.  When the call was dropped, he actually called back.   Wow, I was impressed.  It took an hour and half, but it worked.

Then, I called my local website person.  Now this is a company that I am paying $27 per month for web hosting.  I do it because their support is normally first rate.  I wanted to really understand the choices and options between Pop email and iMap.   I had gone to the adin area and seen the options.  However, with an iPhone, I didn’t know which one would serve me best.  After some reasonable discussion, neither did the tech support person.   I had stretched her beyond her level of knowledge.  I came to the conclusion that just because they offer it, it does not mean they understand it.

Lastly, I came upon Apple support.  I had downloaded a user manual for the iPhone and had found it hard to find anything.  I had a question that seemed simple to me. “ How to put videos on to the iPhone.”  The Apple experience was pretty strange.  First, the tech support person explained to me that the iTunes icon on my iPhone, had nothing to do with iTunes on my computer.    If I wanted to put videos on my iPhone, I had to use the iPod feature.  Then, I was asking how to put things into iTunes on my PC.  I was getting an error message.  When the tech support person researched the error, it seemed like all he did was go into Google and try to find and answer..  After a while, I think he gave up and just disconnected me.

Then, I had to go back through Apple support, get escalated to a product specialist, and had to spend at least an hour with her.  While she was available, we worked really hard to discover that iTunes took certain formats, and if you can’t get to those formats, then it won’t work.  The tech support person suggested some ideas, but had no solutions.

In conclusion, to my surprise,  AT&T ranked best, then my local website company, then Apple.  That being said, they all tried, but my recommendation, to anyone when using tech support is… use the rule of 3.  Everything will take 3 times longer, and be 3 times more complex.

P.S.  I am surprised for as long as the iPhone has been around, for the most part tech support, even Apple is pretty ignorant.

P.P.S.  I had another run with AT&T since the network when down 3 days later.  The support was very good, but it was too bad it happened.  This time I went from Nevada to Texas to Chicago.

How our workshops helped a client

One of our clients who is a participant in our certificate program submitted the following note on our website.   Our questions in bold.

Share your experiences with our counseling or workshops. We’d like to post them on our site:

Hello, I attended the get financing workshop. Unfortunately I was in a rush to catch my train to the western suburbs and was unable to fill out the feedback form. Mr. Wood was there to greet us and handed booklets and info and was very inviting.  Irv Williamson kicked off the meeting and was very knowledgeable and down to earth with great lay mans terms advice I could understand.  Mr. Bob Esquival followed and just floored me with the vast amount of knowledge and inner workings of government type loans and what is needed to succeed. Capping off the Workshop was special guest Michael Knazur from Banco Popular.  Michael was very informative and explained the financial formulas needed to help banks help you with startup loans and what bankers really look for in a business plan.

If you have a question or comment just for us, add it here.

The workshop was exactly what I was looking for. Honest real world advice and more info I had no knowledge of that will help me in my future endeavors.