The Pros and Cons of Franchising Your Business

The definition of a franchise (taken from the federal definition of a franchise -- 16 Code of Federal Regulation 436 et seq.) and paraphrased here is: (a) “franchisor’s” (owner of the trademark) grant to franchisee (person or entity granted the right to use the trademark) of the right to use franchisor’s trademark; (b) for a fee; (c) and franchisor exerts a “significant degree of control over the franchisee’s method of operation,” or “provides significant assistance in the franchisee’s method of operation.”

This model applies to owner/entities that want to start a whole new business and grow a larger equity building business asset. A franchisor can expand and collect fees from others that want to purchase, own and operate a franchised business system that’s offered by the owner/entity and operate under their trademark(s), business systems, training and ongoing support.

7 Things I Wish I Knew When I Began as an Entrepreneur

There’s risk in everything, but don’t listen to the rumors. Entrepreneurship shouldn’t be a trip to the casino. You don’t have to quit your job to get started. You don’t have to drop out of college to get in the game. You don’t have to invest your entire life savings into a new venture. Success or failure as an entrepreneur shouldn’t be treated like a gamble.

Entrepreneurship should be the opposite. It should involve testing and validating ideas. It should involve trusting, but verifying, assumptions. It should be about maximizing upside and minimizing downside. It might not make for a sizzling news story, but why bet it all if you don’t have to? Sure, it’s great knowing you beat the odds, but how will you feel if you don’t?

What follows are several other bits of wisdom I’ve acquired over my six-year career as an ecommerce entrepreneur. I share dozens of other tips in my newest guide, but wanted to share these seven with you, as they’re some of the most important.

6 Tips for Navigating Online Lending Options

Small-business owners can have a particularly difficult time getting capital from a bank if they’ve been in business fewer than two years, if their credit score is less than 640 or if they need less than $250,000. Fortunately, there are alternatives to the traditional bank-installment loan. Online lending has been a source of innovation and promise for small businesses that are looking to invest and grow. According to statistics from Harvard Business School, although the total volume of small-business bank loans decreased by 3.1 percent in 2014, small-business online lending increased twofold.

But how can small-business owners save time and get the most value out of the online lending process? Following are six key tips and insights for applying for a small-business loan online:
1. Ensure your finances are in order.