Daily Data 📈
We all know that the statistics are against small businesses making it past their first year. While 20% of independent businesses close after two years, you might be interested to learn that 92% of franchisees report that they're still going strong after two years.
Sure, franchising might not seem like the typical approach for an entrepreneur, but rest assured there are plenty of benefits. Someone else has already done the hard work of building a model that works, a brand that's recognizable, and earning discounted rates with vendors. It's essentially a "turnkey" business!
That doesn't mean there aren't risks involved. If you're not interested in the numbers side of business, franchising may not be for you. Allwork recommends you pay close attention to the franchise's disclosure document, in particular Item 19. In other words, this process requires as much due diligence as any other investment!
Sources: Neighborly, Allwork
7 Money Management Strategies to Ward Off Inflation
.gif?width=300&name=giphy%20(10).gif)
Worried about inflation? You’re not alone. In February, inflation rose the highest percentage we’ve seen in forty years. With that in mind, how can you – an investor, entrepreneur, or small business owner – protect your wealth? When inflation threatens your nest egg, here’s what you need to do...
The Take
A solid business plan is only half of the equation. How will you market yourself? How will people take notice of you? Will they know who you are and what you do from their very first interaction? It all comes down to branding!
Click the picture above to download the Take of the week!
The Word
Check out our recommended reading for the week:
- The 10 most innovative companies in branding in 2022 (Fast Company)
- You know by now that we agree: "Imitation is the sincerest form of flattery." It's also the fastest way to grow your business.
- Why should you care? Even as a lay reader, this is an interesting read. As an entrepreneur, you'll find this fascinating.
- How to Choose the Right Ecosystem Partners for Your Business (Harvard Business Review)
- Don't trip over the language here. "Ecosystem" just refers to other companies or associations your business works closely with in its operations. Think about all the little moving pieces that come together to form you.
- Why should you care? You can't go it alone. Take advice from folks who know the trends.
- One third of businesses lost customers due to missent emails in the last year (IT Pro Portal)
- You read that right.
- Why should you care? Seriously? You don't mind losing customers over something like THAT?
