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Key Terms

franchisor - the company granting a license to operate a business under a franchise agreement.
notary public - a public official authorized to administer oaths, to attest to, and certify documents.
prototype - an original type or form used as a model on which later stages are based.
franchisee - the holder of the license to operate a franchise.
parent company - a company that owns or controls other subsidiary companies.
royalty fee - monies paid to the original owner of a property, based on a percentage of profit.

Questions

  • What is a franchise?
  • What type of support can you expect from a franchisor?
  • What percentage of total retail sales are related to franchises?
  • What would you consider to be the advantages of dealing with a franchisor like Pete?
  • What would you think would be the ramifications of dealing with a franchisor like Jiffy Jeff?
  • In forming a partnership, what issues must be resolved?
  • Where did Ana go for advice on forming a partnership?
  • What were Sheila's reasons for joining the partnership?
  • What is a buy-back agreement?
  • What characteristics of a successful businessperson did Sheila exhibit?

Activities

    Make a list of franchises in your area. State the reasons for which you feel that the franchise concept works or doesn't work.     Check the franchise directories in your public library and see if there are any franchises which match your current small business interests.



Questions and Answers on Small Business

    What are the three principles for business success?

  1. Offer a quality product or service that the market demands and charge a fair price.
  2. Appreciate your customer. Say thank you and always ask for more business.
  3. Copy success. Find people who are already successfully doing what you want to do and do what they are doing.

    What are the 10 most important words in selling?

    Again, from Jack Falvey of the Wall Street Journal: "Know your customers, know your product, ask all to buy."


    Isn't the SCORE program just as good as the system you teach?

    The SCORE program of the Small Business Administration matches new business owners with retired executives. SCORE has helped a lot of people but maybe you can do even better.

    Unfortunately, you may be a dress shop owner and be matched with a former peanut farmer. Obviously, if you are a dress shop owner and can find a retired dress shop owner to be your mentor, you'd be better off. The Winning With Small Business course teaches you how to find a mentor from your own industry and establish a solid relationship.



Books

Smart Strategies for Growing Your Business
by Terri Lonier (1999)

    Filled with take-control strategies, this easy-to-read guide features 50 mini-chapters that address your biggest business challenges. As a bonus, you get a valuable resource section with details on books, audio programs, software, Web sites, and other useful business tools. Filled with an insider's wisdom and straightforward advice, Smart Strategies is sure to become your indispensable "go-to" reference.

The Smart Woman's Guide to Starting a Business
by Vickie L. Montgomery (1998) (288 pages)

    Learn more about the basics for starting and growing a large or small business. Now you can follow your heart and live your own dream of becoming a successful entrepreneur. You will find resources that are devoted specifically to: home-based entrepreneurs; minority women business owners; Canadian women business owners; and franchise opportunities for women ­ many names, addresses, and resources devoted to women.

So You Want to Own the Store : Secrets to Running a Successful Retail Operation
by Mort Brown

    Co-written by a retailer with nearly 30 years of experience, this comprehensive handbook provides step-by-step help for the prospective shopkeeper or home-based retail business owner. Included are helpful hints from experienced store owners about every aspect of the business, from choosing a location to training personnel to displaying merchandise.

The Soho Desk Reference; A Practical A to Z Guide for the Entrepreneur Small Office/Home Office
by Peter H. Engel (1997) (560 pages)

    Blue Sky laws, escrow, Keogh plans, public domain, venture capital, maybe even the difference between bankruptcy chapters 7 and 11. Especially useful for hiring employees, dabbling in the stock market, or preparing for taxes, The SOHO Desk Reference is an A-Z for entrepreneurs with more than 500 lucid entries of small business practicalities and wisdom.

Start and Run a Profitable Business Using Your Computer
by Douglas A. Gray (1998) (200 pages)

    The recent technology explosion has created myriad business opportunities. Now, small businesses, whether home-based or operating from a downtown office, are able to compete head- on with big business. With basic computer skills and an entrepreneurial flare, you too can join the multibillion-dollar computer industry. This book discusses more than 100 computer- related businesses you can start from your own home--and how.


Buying & Selling Your Business

    Rather than starting from scratch those with the resources may wish to consider buying an existing business. Those starting a business may want to think about selling it at some point in the future. These sites have been selected to provide guidance for would be business buyers and sellers. There are buying guides, lists of businesses for sale, advice and articles to help you understand the process of purchasing a business.

  1. American Express Small Business Exchange guide to buying and selling a business.

  2. Business Broker's Network. Searchable database of businesses for sale. Listings can be searched free of charge but there is a fee to be listed.

  3. Business Resale Network Lists businesses for sale. There is a fee to be listed. Buyers can browse listings at no charge.

  4. Articles on selling your business and links to business broker sites.

  5. Searchable database of businesses for sale. Sellers can post listings free of charge.

  6. Users can search for Businesses for Sale, Buyers and Brokers via an easy-to-use, fully searchable, database. In addition, seller profiles are e- mailed to every matching buyer in their database.

  7. Certified Business Brokers step by step guide to buying a business.

Go to Lesson Sixteen

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