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by Kizzy

Thought about Franchises?

December 12, 2011 in Business Ideas, Featured, Headline


Do you want to work for yourself, using a tried and tested business formula, with the support and back up of a head office? Not everyone has an original idea for a business, and there can be many advantages to buying into an idea that someone else has developed. If you have a few thousand pounds to get your business going, a franchise may be the option for you. Here are some pointers on franchises as business ideas for mums:

Getting started
There are hundreds of franchise opportunities. Buy a franchise magazine, type franchise into any search engine, or go along to a franchise exhibition and you will be amazed at the range of options open to you. To narrow down your choices, start by working out what you want and need:
• What are your skills? What sort of business could you be passionate about?
• What hours will work best for you?
• Do you want to run the business by yourself, with a partner, or with staff?
• Do you want a franchise you can run from home?
• Are there any competing businesses locally?
• How long do you see yourself running a franchise for? You could be signing up for 5 or 10 years.

Finance
Franchises usually cost from a few thousand pounds up to tens of thousands. Remember that, alongside the franchise purchase fee, you may also need to have an initial budget to cover rent and other start up costs. It may be a few months before you start seeing a steady income. As well as your start up investment, you will probably need to pay a monthly fee. This goes to the head office for with training and support. The business owners may also arrange national advertising and promotion to benefit all franchisees. You may be able to get a bank loan towards your start up costs, but most banks ask that you supply around half of the funding.

Advice
Before signing up to any franchise, get some advice. Talk to other franchise owners in neighbouring areas and see what they find good and bad about the business. Most importantly, get advice from a solicitor before signing any contracts, and talk to an accountant about the best financial set up for your business.

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by Kizzy

Look into direct selling

December 5, 2011 in About ACEInspire, Featured, Headline


Have you wondered whether Avon, Usborne books, or one of the hundreds of other direct selling opportunities might be the way for you to make a few extra quid each month? Read more about this and other business ideas for mums:

 

Getting started

There are plenty of different companies offering you the chance to join up and sell their products. Start up fees range from £20 to £200, depending on the kit you need to get started. You may be asked to pay for catalogues, order forms and samples. Some companies let you take the cost of your start up kit off your first sales, or may have offers where you get more kit for less money. The samples in your kit are vital as they are what you will use to entice people to buy.

 

How to choose

Pick a product you like and that you think is genuinely good: this will make your job much easier. Check if people want to buy it. Ask everyone you can how often they stock up on make up, jewellery or kitchen products, whatever you want to sell, how much they might spend, and if they would buy from you. Check that there aren’t lots of reps competing for the same sales. Consider a product that people need to replace, like greetings cards or cleaning products.

 

Manager support

Once you have an idea of the sort of product and companies you might like to sell for, give them a call and ask to meet the local manager. Make sure you can work with her, and that she has the time to offer you the support you need to get started. If you make a great start, and then run out of people to sell to, ask her what advice she might offer. Your manager should be your greatest ally, so check out how she can help you.

 

Making sales

To be a successful rep you need to look beyond family and friends, and make the most of opportunities to sell at groups and get people to hold parties for you. One tip is to make sure that you come away from each party or event with a booking for at least one more. Make the most of special offers to encourage people to buy.

 

Recruiting

Beyond sales, many reps make most of their money from recruiting team members. You then earn a few per cent of the earnings of your recruits, and offer them support in return. If you recruit a number of people this can soon add up, especially if they then recruit a team of their own.

 

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by Kizzy

Assessing your business idea

November 16, 2011 in About ACEInspire, Featured, Headline


Once you have decided to start a business, you need to assess which type of business will work best for you. A business idea that seems great on paper is fine … but you can’t tell if you have a really strong proposition until you have done some research.  Make sure you run through this quick checklist and then explore any issues it raises in more depth:

  1. What’s your niche? Is your idea for a business unique and different to others in your area? You can do better if you pick something different.
  2. 2.       Is there a market for the business? Do some research with people in your target audience about what their needs are, what they will pay etc.
  3. 3.       Can you make it pay? Cost your idea up in as much detail as you can – and remember to cost in your time. 
  4. Do you have passion for your business idea? Starting a business can be hard. If you pick an idea that you are passionate about you’ll be able to keep going through the hard times.
  5. What is your business model? Will you focus on selling products, will you be recruiting others and managing a team, are you exchanging time for money? Pick a business model that is based on your strengths.
  6. Seize Opportunities! After all this planning and research, remember to keep your eyes open for opportunities as some of the strongest businesses have started just because someone saw an opportunity and went for it.

Want to learn more about choosing a business idea? Visit ‘Help! I need a Business Idea’ in the Mumpreneur Shop.