Categories
Business

How to Start a Franchise with No Money: 3 Need-to-Know Tips

If you’re looking for a fresh start, opening your own franchise can be a great option. After all, unlike starting a business wholly from scratch, a franchise already has name-recognition, a built-in brand, and broad appeal. From restaurants to shipping centers, there are plenty of industries to explore if you’re interested in opening your own franchise. However, some people may choose not to consider this path, because of the amount of money in their bank account. Here are three tips to start a franchise if you don’t have any money.
Find funding from several sources
Rather than looking for funding from one, core source, it may be worth exploring several different funding options to see if you can combine funding rather than put all of your eggs in one basket. This may mean asking friends or family members for small personal loans or applying for a small business loan yourself. Other things you could do to get some extra money include looking into a home equity line of credit (HELOC) or pulling some money from your 401k or retirement fund. One way to use your 401k savings is to learn more about the process of rolling over your existing account into a business startup.
It’s also worth talking about your financial situation with the franchise you’re interested in working with, because you may be able to lease some of their equipment rather than purchase everything outright. Some franchises also offer incentivized programs for minority groups that help you receive a reduced cost on your franchise fee. Looking into any or all of these financing options can be a major boon for your business, since many times funders look for other funders to help decide whether or not to give you money for a project.
Consider a partnership
Another way you may be able to start a franchise with little to no money is to look for a business partner to go in on the project with you. This might be a friend or family member, or it could be someone you’ve met in your schooling. It’s never recommended to go into a business partnership with someone you don’t know very well, as business relationships can often become fraught. Sharing responsibilities with another individual also means sharing profits, and so it is crucial to have a positive relationship with your business partner. How exactly you draw up a partner agreement will vary from situation to situation (and from partner to partner), so it’s a good idea to retain a franchise or business lawyer to help guide you through the process.
Choose an inexpensive franchise with high profit margins
When seeking out franchise opportunities, be sure to consider a franchise that won’t break the bank or is impossible to get enough funding for. Typical franchise fees cost anywhere between $20,000 to $60,000, but that fee doesn’t always include necessary training or equipment to run the business itself. Make sure you carefully read over the franchise agreement and fully understand what sorts of costs are associated with launching your franchise. From there, you can make an informed decision and choose a franchise that is well-priced overall and not just on its face. This can be a major factor in how your profit margins shape up, since if you have monthly loan payments and credit card bills, you will be eating into the money you make just to keep your business operating. Having a lower debt-to-income ratio from the onset can mean your franchise is more sustainable in the long run.
If you want to become a franchisee, you may think poor financials will keep you out of the game. However, there are actually plenty of ways to pursue your dreams and achieve your goals, as long as you follow the tips above. By finding external funding sources, considering partnerships, and making a prudent financial choice when it comes to picking your franchise, it will be possible to own your own franchise.

Categories
General

Are you a flexible worker? Ways to kick off the loneliness at workplace

No communication, a quite workplace & no enthusiasm – does this scenario make your employees a flexible worker? No Never! Instead, they feel loneliness. So, what makes a flexible working environment? Well, the flexible working arrangements are those which allow employees to shift the timings, locations, compressed job, or sharing, among others. This practice has been found to reflect positive effects on employee commitment, modern working life environment, job satisfaction, and reduce work-family conflicts.
Accordingly, the social relationships at work refer to the social glue of any workplace, which makes the key for both psychological and physical wellbeing of employees and the success of the organization. As a result, many can be able to build and maintain relationships between the employees, and you’ll definitely balance like and work as well. Whether you are a flexible worker or not, social connections at work are important. And, it can be a factor to send away your loneliness too. Here are the tips to improve your social relationships at work. Here is the way to go!
Don’t over-do work remotely
According to Nespresso Professional, 84% of employees believe that social connections at work boost work quality. Imagine that you’re working all-time & every day; make meetings virtual, and there’s no coffee machine to gather around and socialize with coworkers. It’s actually a depressing scenario, and there can be physical and psychological effects of loneliness. So, plan ahead and balance the amount of time you spend in and out of the office can significantly make you socialize among others.
Accordingly, small talk with colleagues has a social function for maintaining social glue in the organization. For this, keep them engaging by playing games, share their views among others, and many more is there to boost their depression.
If it isn’t possible to conduct the mind-booster game, arrange a small outing, or have a meeting with colleagues for a coffee at home or somewhere you feel convenient. Overall, it’s all about balance!
Spend time to meet your colleagues
Of course, you may speak to or email your colleagues all the time, but face-to-face communication is important too. For this, arrange a meeting and get to know your colleagues can help. Additionally, the use of technology such as video conferencing and communication platform like Slack, Office Chat, and many more will save the inconvenience of having to speak in person. Even though technologies reshape us, we always need to get into the habit of broaching the actual conversation.
Sometimes, the technology has also increased the risk of miscommunication, which slows the growth of relationships among employees, harms them, and leading to the loneliness for some. Also, social isolation can also persist even when working in the same physical location. Keep in mind that, if the flexible arrangements and communication technology makes us ubiquitous, loneliness keeps on increasing. To tolerate all those circumstances, plan a social event and keep your employees engaged always.
Make an effort to chat
Having informal conversations among the employers and employees has a strong connection on building relationships in the office. For this only, many of the instant messenger software has been built with too many in-built features which make employees close to each other. Yes, by next time while chatting to a colleague just on work; ask them something else out of the box personally such as late night’s drive, TV shows they watch, the football or cricket match scenario or weekend plans and many more.
If the above scenario doesn’t happen in your workplace, then definitely loneliness may disturb your sense of feeling. Yes, loneliness is essentially the gap between your social interaction and the expectation you created for that social interaction. So, instead of formal communication, create a sense of conversations about a non-work topic that makes people feel more supported.
Ultimately, loneliness cannot be avoided while you undergo work from home. Nevertheless, there is definitely a way to cope up this. To balance the time span you spent working at home and in the office, choose the best instant messenger for office use and have fun regularly with your colleagues.
Follow all those tactics to send away the loneliness and seclusion as well as it’s the first step towards improving the social relations at work.