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Atricle Dump - Home Based Franchising
In this installment of medical billing and the DME software setup, we're going to briefly cover what is involved with the setup that is specifically designated for the people who do the actual billing of claims. This is a very complex process that involves a number of items that all have to work together.In order to bill an insurance carrier for a claim, there are a number of items that the biller needs access to. This includes the patient personal information, the item being billed, the carrier the bill is sent to and the method by which the bill will be sent. In order for this to happen, these things have to be setup in the system for the biller.The first order of business is that the biller needs t
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questi
The concept of advertising with media outside of the home gained a good degree of notoriety Sunday in The Los Angeles Times with a major article by staff writer Alana Semuels.The 1,000-word article, "Now showing very near you...", makes a strong case for digital signage networks and advertising as well as other out-of-home media. In the article, Semuels identifies digital video recorders as a major culprit in diluting the frequency with which traditional television commercials are viewed. As a result, advertisers are hungry for an effective substitute, and out-of-home ads appear to be the solution.Semuels elaborates on a major theme of several of my recent columns, namely every day more TV viewe
Do you desire Home Business Ownership but cringe at the thought of starting from scratch?
Possibly a Home based Franchise is your answer.
A Franchise is a business in which "... the franchisor, the owner and developer of the franchise system licenses [you] franchisees to use trademarks, service marks, logos, or advertising owned or developed by the franchisor." (International Franchising Association, Franchising basics).
With some franchise programs, the business operates using the Franchisor's brand name only.
Other programs are less restrictive and allow for the usage of both a trade name in addition to the franchisor's brand name.
Common to all franchise programs, the franchisee[ you] is responsible to pay the franchisor, advertising fees, initial fees, service fees, and or royalty fees.
You are responsible for payment whether your business is profitable or not.
Additionally, many franchisor's provide educational programs to franchisees before the inception of the business.
Often times, they've done demographic studies and other studies to ensure that you have greater odds of returning a profit.
Major Franchise Types
• Unit Franchising
Is the most simple type of franchise in which the Franchisor grants the franchisee the right to operate a single operation at a specified location or within a particular territory.
• Area Development Franchising
In accordance with a "development schedule", the franchisee agrees to establish a predetermined number of "unit franchises" within a particular territory.
• Subfranchising/Master franchizing
Is quite similar to Area Development Franchising with the major difference being that the franchisor grants the subfranchisor the option of opening the unit franchises herself or selling the the franchises to third parties. (Common with International franchising)
• Affiliate Franchising
This type of set up is typically used by an owner of an established business who decides to join/affiliate with a franchised chain.
This allows for the benefit of the franchises brand. This is common with many real estate.
• NonTraditional
This type of set up is customized between the franchisor and the franchisee.
Franchises are not the same as Dealerships and distributorships
A dealership or distributorship differs from a franchise in that there is no FEE involved. Dealers purchase products usually from the manufacturer at wholesale prices.
Note however, that a dealership can become a Franchise IF a FEE is paid to the franchisor AND the distributor is dependent upon the franchisor's pay structure.
Considerations when buying a franchise
• There's a benefit to purchasing a franchise that is well known
• Will the franchisor provide ongoing education and support?
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are provided Comprehensive Disclosure, a copy of the franchisor's Standard Franchise Agreement, Audited statements, a list of the names of all of the Franchisees, as well as a copy of all documents that require the franchisees' signing.
By law, each of the above must be provided at least 2 weeks prior to purchase date.
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franchise Association www.franchise.org
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questio
What is the primary difference between a venture capital business plan and a small business or other business plan? The answer is typically risk. Venture capital business plans have much more risk than other plans, and as a result, the potential rewards from success are much higher.When preparing a plan for venture capitalists, it is critical to try to mitigate the risks inherent in the venture. To mitigate the risks, the plan should stress areas in which the venture excels. This will give the investors validation that their chance of success is highest. To accomplish this, the plan must, among others, stress the qualifications of the management team, prove that the size of opportunity is formidable, show compe
Additionally, many franchisor's provide educational programs to franchisees before the inception of the business.
Often times, they've done demographic studies and other studies to ensure that you have greater odds of returning a profit.
Major Franchise Types
• Unit Franchising
Is the most simple type of franchise in which the Franchisor grants the franchisee the right to operate a single operation at a specified location or within a particular territory.
• Area Development Franchising
In accordance with a "development schedule", the franchisee agrees to establish a predetermined number of "unit franchises" within a particular territory.
• Subfranchising/Master franchizing
Is quite similar to Area Development Franchising with the major difference being that the franchisor grants the subfranchisor the option of opening the unit franchises herself or selling the the franchises to third parties. (Common with International franchising)
• Affiliate Franchising
This type of set up is typically used by an owner of an established business who decides to join/affiliate with a franchised chain.
This allows for the benefit of the franchises brand. This is common with many real estate.
• NonTraditional
This type of set up is customized between the franchisor and the franchisee.
Franchises are not the same as Dealerships and distributorships
A dealership or distributorship differs from a franchise in that there is no FEE involved. Dealers purchase products usually from the manufacturer at wholesale prices.
Note however, that a dealership can become a Franchise IF a FEE is paid to the franchisor AND the distributor is dependent upon the franchisor's pay structure.
Considerations when buying a franchise
• There's a benefit to purchasing a franchise that is well known
• Will the franchisor provide ongoing education and support?
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are provided Comprehensive Disclosure, a copy of the franchisor's Standard Franchise Agreement, Audited statements, a list of the names of all of the Franchisees, as well as a copy of all documents that require the franchisees' signing.
By law, each of the above must be provided at least 2 weeks prior to purchase date.
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franchise Association www.franchise.org
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questi
When targeting your online advertising, keep in mind that there are hundreds of millions of web users and at least some of them are probably looking for a product just like yours. This gives you a huge potential for profit if your product is good, your advertising is seen by them and if it lets them know how good your product is and why it would be a good thing for them to buy.But if you are not targeted enough in your audience, then it is quite likely that you will either waste a lot of money, a lot of effort, or both. Many people, when they start advertising online, try to keep their advertising as wide as possible, placing ads just about anywhere. The reason behind this is usually that they think that the mo
• Affiliate Franchising
This type of set up is typically used by an owner of an established business who decides to join/affiliate with a franchised chain.
This allows for the benefit of the franchises brand. This is common with many real estate.
• NonTraditional
This type of set up is customized between the franchisor and the franchisee.
Franchises are not the same as Dealerships and distributorships
A dealership or distributorship differs from a franchise in that there is no FEE involved. Dealers purchase products usually from the manufacturer at wholesale prices.
Note however, that a dealership can become a Franchise IF a FEE is paid to the franchisor AND the distributor is dependent upon the franchisor's pay structure.
Considerations when buying a franchise
• There's a benefit to purchasing a franchise that is well known
• Will the franchisor provide ongoing education and support?
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are provided Comprehensive Disclosure, a copy of the franchisor's Standard Franchise Agreement, Audited statements, a list of the names of all of the Franchisees, as well as a copy of all documents that require the franchisees' signing.
By law, each of the above must be provided at least 2 weeks prior to purchase date.
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franchise Association www.franchise.org
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questi
Some people become an entrepreneur by accident. Others do the research, but either way, they follow money. If your wish is to do entrepreneurial activities for a living then you should research it. The main reason is getting up to speed rapidly so you can start earning the fast, easy, money that entrepreneurs actually earn.According to the dictionary, an entrepreneur is "A person who organizes, operates, and assumes the risk for a business venture" But to read this correctly you must understand that risk and profits are interchangeable. They are the same thing. A successful entrepreneur simply does this.....They manufacture familiar circumstances from existing found realities and deploy creative effort t
• Will the franchisor provide ongoing education and support?
• Were demographic studies performed?
• How many of the franchises have closed operation? Why?
• Have you STUDIED the franchiser's Comprehensive Disclosure Statement? It's required by Law that prospective Franchisee's are provided Comprehensive Disclosure, a copy of the franchisor's Standard Franchise Agreement, Audited statements, a list of the names of all of the Franchisees, as well as a copy of all documents that require the franchisees' signing.
By law, each of the above must be provided at least 2 weeks prior to purchase date.
• I've heard the saying, "if you buy a McDonald's, be prepared to eat burger's for breakfast lunch and dinner." In other words, your business requires commitment.
Additional Sources of information
•Success Magazine
•International Franchise Association www.franchise.org
•Franchise Sales Press *Get this magazine since it is known for its focus on franchise opportunities. Further, they perform regular interviews with both franchisees as well as with franchisors.
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questi
Winning a deal or completing a project always feels good. As with most people. we are off to find the next deal. If you take some time to celebrate the win by analyzing each and every step, then the next deal or project will go much more smoothly.It is the analysis of what went right and what can be improved that will teach you how to streamline your processes. If you are used to winning all of the time then there is a chance you are not learning how to make the system work better for you. When the time comes and you do not get the win, you will be at a disadvantage because you have not taken the time to figure out the best way to do it right.Let me give you an example. I have a friend, we will call him
•SBA Small Business Association
•Brokerage firms and analysts Since stock information on A public company is useful.
•Franchise Lawyer
•Federal Trade Commission Public Reference Branch
•UFOC "Uniform Franchise Offering circular -- the material that is provided by law, by the franchisor to the qualified franchisee. This is likely the most telling of all information gathered.
•Attorney General's Office
•BBB located in the city of the Franchisor's headquarters.
•Your Banker should have access to the Dunn and Bradstreet Report on the particular Franchisor.
•Contact the franchisor's franchisee's listed in UFOC. *** Prepare a list of relevant questions prior to calling.
Purchasing a franchise usually equates to a reduction in investment risks since the" system" and Franchise name is established, training and ongoing support is provided, market research has been conducted... Conversely…
franchise ownership can be costly. Consequently, it is critical that you investigate the franchise thoroughly prior to purchasing.
There is a continual rise in the number of franchises. Obviously, there's a HUGE market for this method of business ownership. When approached methodically and practically, Franchise ownership can be Very lucrative and much simpler than beginning a business from the ground up.
Be wise and ensure that you conduct sufficient research prior to committment.
If you’ll need financial backing, then you will need to create a business plan. There’s a handy Business Plan workbook available at our site.
Bridging the Gap between Opportunity and Success, OwnABizToday.com
Copyright 2005 Shawn Price
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