Is a Business Franchise for You?

by VENDIREX on 07/05/2015 - 03:04 pm |

Tag: Business Loans

As with any company that you establish yourself, a business franchise is going to require hard work and dedication in order to be successful. Just because you are buying into an existing brand, doesn’t mean that you aren’t in for a tough road for the first several months. If the type of business isn’t something you have experience with, it should at least be one of great interest to you. Staying motivated is essential for your stamina, and to be able to pass on inspiration to your employees.
 
Bookkeeping
 
You may assume that because the franchise already has several years under its belt that the bookkeeping is going to be a snap. Not so fast. No matter how organized and streamlined the record keeping appears to be, you should plan to either hire an accountant or at least a freelance bookkeeper to assist you, until you have fully absorbed all the mechanics of daily and monthly paperwork.
 
One of the biggest reasons a business fails in the first couple of years is inattention to records and cash flow, so learning the ropes and staying on top of your books is not something to put on the ‘back burner.’
 
Cash Flow
 
Expect to reinvest any profits back into your franchise for the first year or so, to create a path for its future success. Don’t plan on living off what is left over after expenses each month (cash flow); that will only dissolve your capital, and if there’s anything a new business needs it is money in the bank. If you are not otherwise financially well endowed, you may need to hold another job for the first couple of years; i.e. don’t quit your ‘day job.’
 
Following Directions
 
If you’re someone who likes to do everything your own way, a franchise might be a challenge as you are going to be following another company’s pro forma. For most, there are strict rules to make certain franchisees do not deviate from the recipes, products, and rules they have laid out for their brand.
 
On the other hand, consider why you are interested in their franchise, and remember they have already worked out all the kinks and problems. What you can contribute is your enthusiasm, great customer service and your knowledge of the local neighborhoods to choose a superior location; these factors will all allow you to put your entrepreneurial stamp on making this franchise achieve faster success.
 
Before You Invest
 
If you are buying an SME (small to medium enterprise) franchise, be sure to dig deep into the marketing regulations you will be held to. If you have a business or IT background or a knack for advertising, you’re going to have ideas about how the franchise can optimize its customer base. Again, if you don’t want to have to sit on your hands when it comes to specific areas of the business, be sure to read the small print.
 
Franchises can be amazing ventures full of promise, if you c ...

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Benefits of Equipment Leasing

by VENDIREX on 06/09/2015 - 03:03 pm |

Tag: Equipment Leasing

Purchases of equipment can not only involve substantial expenditures, they can also put limits on how up-to-date your company is able to remain. In today’s world, technology is ever changing; while you are busy purchasing a one machine - whether it’s a business grade printer or the latest Macintosh computer - a new one is being manufactured or conceptualized for a demanding public.
 
One of the best ways to keep your office equipment and machinery at the cutting edge of technological advances is to lease them. Rather than outright purchases of high end units, which are obsolete by the time you have been fully able to depreciate their cost, a lease allows you to continue to upgrade every few years to the latest and greatest model.
 
Sure, you do lose what may be regarded as an asset on your books. Then again, by the time that asset is fully depreciated, its value is nil and its effective life span may be fully depleted as well. Now you have an antiquated product which is out of warranty, and beginning to require more maintenance. After all, most machinery is built to last just so long. Meanwhile, your lease payments are fully deductible (in most cases) as an office or supply expense.
 
Types of Equipment Leases
 


Finance aka Capital Leases - These contracts are meant for the company wanting to actually retain the item after the lease expires. Generally there is a minimal buyout at the end of $1.00. Keep in mind though, these payment terms will usually last just about as long as the anticipated life of the machinery. And, importantly, this type of lease is not fully tax deductible as it is more of an installment financing arrangement than an agreement of use.


 


True aka Operating Leases - This type of agreement is usually shorter, with less expensive payments. Why? Because the vendor can resell the used product after your lease has run its course. You may have the option to buy the item at ‘fair market value,’ though generally the true advantage of a true lease is to allow you to move on to new, updated equipment. All the while, you get the benefit of a full tax deduction of this ‘operating expense.’


 
 

Fire Alarm Systems - The First Step f...

by VENDIREX on 06/09/2015 - 03:01 pm |

Tag: Maintenance Management

Making certain your company meets your community’s fire alarm systems requirements starts with getting in touch with your local jurisdiction’s authority; most likely the fire marshal. They will visit your offices and let you know what you need to comply, and also indicate whether or not you will be required to install a sprinkler system.
 
Your building must meet several codes, such as the ADA ‘disability act’ ensuring those individuals can easily access warning devices, OSHA regulations on employees being free from known hazards or harm, as well as the national fire alarm signaling code (NFPA-72) which is the standard for installation of commercial fire alarm systems.
 
Inspection Considerations
 
Exit Strategies - All exit doors, and attached stairwells, must be lighted and equipped with a manual pull station for emergency use.
 
System Size - Fire alarms cover only a certain amount of area; if your offices are expansive or on multiple floors, of course more devices will be needed. Size can affect the type of overall system that is best for your company.
 
Building Makeup - The fire marshal might dictate certain guidelines, depending upon the materials that make up your buildings surfaces (steel, stone, brick), and how many levels are within your office, as well as the floor on which you are located.
 
Occupancy and Proximity - Buildings which may house large numbers of employees, or frequently hold events with larger groups, may require additional alarm devices. Your employees should be positioned as close as you can have them to a pull station.
 
Industry Materials - When you handle any kind of flammable containers on your premises, you’ll need extra precautionary safeguards, in addition to specific training for your employees.
 
Suppression Equipment - Your employees should be trained to use on-site fire extinguishers. A couple buckets of sand would also be a good idea to have on hand.
 
Fire Drills - If you are located in a building with a lobby concierge or on-site manager, chances are they handle the regular scheduling of fire drills. Make certain everyone is aware of potential locked stairwells; once you make your way into a stairwell, can you only exit on specific floors - being trapped in a stairwell can be as dangerous as any other life threatening event. Also, having 1-2 CPR certified staff is a good preventative measure which could also save a life in an emergency.
Once your inspection is completed, you will be ready to reach out to a vendor who will survey your site, draw up blueprints and have them signed off by your local authority. Now you are ready to go forward with installation.
 

Buying a Residential Surveillance System

by VENDIREX on 06/09/2015 - 02:59 pm |

Tag: Video Surveillance System

These days, we tend to take our security for granted. If we live in a pleasant neighborhood, with well-maintained lawns and nice cars, it may very well appear your home is safe enough. Well safe is relative; even guard gated neighborhood have break-ins, assaults and kidnappings. The truth is, the community isn’t going to provide the best protection from an intruder wanting to burglarize or terrorize your home or family. It’s up to you.
 
If you really want to breathe easier, then make sure you have taken personal steps to ensure your own residence is as secure as possible. You may have alarms in place, but the icing on the cake is a video surveillance system. Here are just a few of the advantages you’ll derive from having one installed in your home:
 


It deters prospective burglars. Unless you are a specific target, a slim to none chance, the thieves are going to go for the path of least resistance. They want quick and easy, and they certainly don’t want to be on camera.


Monitor child caretakers or pets. Cameras are useful for many situations, including keeping an eye on what’s happening while you are away from home. This includes watching to make sure your middle school and teenage kids are home on time and things aren’t getting out of hand.


Provide evidence against potential false claims of injuries suffered on your premises by domestic employees, visitors or neighbors.


Identify those who visit or enter your home; while you are away, or before you go to the door to allow them access. If you can see there’s a potential problem while they are on your doorstep, it will stop you from opening the door and opening yourself to a possible assault. You can then readily call 911 for assistance or set off the emergency switch on your alarm system.

Money well spent on video surveillance will probably also earn you discounts on your home insurance and lower your liability rates; whether you own or rent your residence.