Customer Referrals – A Proven Profit-Booster

business referralsMany companies have been using referral programmes as part of their marketing strategies for several decades. The simple principle behind referrals makes them easy to implement as a marketing tool: valued customers who are satisfied with your company’s products and services refer friends and family members and earn a reward for each referred person who becomes a customer. Continue reading

Will You Make a Good Franchise Owner?

franchise-entrepeneurFollowing our previous blog on how to assess a franchise opportunity, we now move to another important question: should you buy a franchise at all? As an investor you will need to put in a lot more hard work owning a franchise than would be required by any other asset, but the returns could also be excellent. If you are considering buying a franchise, answer the questions below and decide whether this is a good investment for you.

Are you a hands-on person?

Unlike a policy that you can essentially buy and forget about, or a property that requires occasional maintenance and monthly rent collection that can be handled by an agent, a franchise is a business that needs to be managed. If you enjoy managing people and processes, and aren’t afraid of hard work you may be well suited to owning a franchise. Continue reading

Assessing a Franchise Opportunity

franchise-opportunityFranchises have become a popular choice for investors who have a reasonably large sum of money on hand, and would like to take a hands-on role in wealth creation. Buying a franchise has several advantages: you are investing in an established brand that customers may be familiar with, and you are given access to a supply chain that covers all the basic materials you will need to run your business.

However, for every benefit there is a possible disadvantage and the ability to judge the risk of a franchise will stand you in good stead when making an investment decision. Continue reading