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Business basics

Latest Business basics articles

Welcome to Business Basics. This page is your go-to guide for understanding fundamental business concepts. Perfect for beginners, you'll find easy-to-understand explanations and practical tips.

BFA

Successful Franchise

Updated on 18/11/2024

4 Tips for Building a Business Plan for a Successful Dog Training Franchise

Kids industries

Successful Franchise

Updated on 23/10/2024

4 Tips for Building a Business Plan for a Successful Childcare Franchise

Updated on 19/06/2023

Navigating The Pillars of Corporate Social Responsibility (CSR) in the Franchising Business

Updated on 04/05/2022

Thirteen Reasons Why Franchising Could Be Right for You

Updated on 04/05/2022

The Big Question: Franchising or Starting an Independent Business?

Updated on 04/05/2022

Five Ways That Franchisees Can Get Over the Fear of Failure

Fear can have an incredibly negative effect on . It can prevent you from making the right decisions, stop you from taking calculated risks, and have profound effects on your attitude and mindset. In business, a small amount of fear is healthy. However, too much fear is likely to hold you back.

Updated on 04/05/2022

Franchisors: How to Deal with Franchise Failure

Failure is painful for anyone to deal with but for , the failure of their business is more than just losing their investment; it's the loss of their livelihood too.Many franchisees may have chosen to invest in a franchise rather than starting an independent business as they saw it as a ‘safe bet'.

Updated on 04/05/2022

How to steer clear of bad franchises

When you’re first , it can be difficult to establish whether they're an excellent investment opportunity or not. Important information is not always readily available, different people may give you conflicting advice, and there may not seem to be substantial differences between businesses.

Updated on 04/05/2022

Top 5 Reasons Franchises Fail

Originally posted on 04/11/2017. Updated on 17/05/2019.There is an abundance of benefits to choosing the franchise route when starting your own business. You will be working under an established brand with an existing customer base, and proven business and operating model.

Updated on 04/05/2022

Product or service business: Which one’s best?

As in the wider business world, franchises can be divided into two different groupings. There are those that sell products, and those that sell services. While these two different types of franchise share a number of similarities, they can be quite different.

Updated on 04/05/2022

Employee to business owner: A complete guide

If you’re an employee dreaming of reaching the heady heights of franchise ownership, you’ll be happy to hear that your goal has been realised many times before. It’s not rare for employees to become , and they often make particularly good managers.

Award

Updated on 04/05/2022

Avoiding franchise failure

Franchising is a great way to expand an already successful venture. With putting up the necessary capital and taking full operational control of their units using your business model, it’s a relatively low-risk growth strategy. You’ll also give your investors a great business opportunity.

Award

Updated on 04/05/2022

When not to franchise

A can be an attractive way for budding entrepreneurs to become business owners. And it’s easy to understand the appeal. A franchise company has a proven business model that can save you time, energy and money compared to starting your own business from scratch.

Award

Updated on 04/05/2022

Operating a franchise: What happens?

Considering running your own franchise? When you choose the franchise you want to invest in, you’ll have to decide whether or not to go for one that’s fairly hands-on.

Updated on 04/05/2022

Start-up vs franchise - Which is best for you?

Maybe you’ve dreamed of being our own boss for many years, but you’ve finally decided it’s time to take the next step. One important and difficult decision is deciding whether to start a franchise or take the start-up route.

Franchisor and Franchisee Relationship

Updated on 04/05/2022

Franchise relationship management: 5 key ways to manage it

In successful franchises, the and must develop robust relationships. A franchise relationship management system is important for the growth of a franchise brand, and ensures that franchisees get the most out of the franchise.

Updated on 04/05/2022

Evaluating a franchise opportunity

The success of any franchise relies on having enthusiastic and driven franchisees on board. To guarantee that franchisees do their best to operate a profitable business, franchisors should ensure that a comprehensive and engaging franchise support system is in place.

Updated on 04/05/2022

Franchise vs. Independent Business: 5 Things to Think About Before Investing

Deciding whether you’ve got your heart set on running your own business or running a franchise can be tough. So, we’ve created a run-down of some of the biggest differences between the two business models. It should help you make an informed decision and choose the right path for you.

Updated on 04/05/2022

Franchising 101: 6 Top Contributors of Franchise Failure

Every businessperson wants to avoid failure. Here, we outline some of the main reasons franchises fail and how you can take steps to make sure your venture is successful.

Updated on 04/05/2022

The Economics of Running Your Own Business

Running your own business can be tough, especially when it comes to managing your finances. So, we’ve pulled together all the information you’ll need to learn more about how to make a business profitable and take home a good salary.

Updated on 04/05/2022

The 7 Building Blocks of Franchising

Today, we take you back to basics and outline the building blocks of franchising. If you’re considering investing in a franchise, you can use this article to understand and navigate the franchising ecosystem end to end.The franchising industry is booming in the UK.

Updated on 04/05/2022

Easy Hacks to Solve These 4 Common Business Pain Points

If you’re constantly blighted by the same business pain points, it can divert your attention from growing your franchise. In this article, we’re going to share some simple solutions for business problems that will make running a successful business so much easier.

Successful Franchise

Updated on 04/05/2022

4 Elements of a Successful Franchise

There isn’t one recipe for a successful franchise, but many of the world’s biggest and most successful franchises have lots of things in common. In this article, we’re going to take you through four of the key traits of a successful franchise.

Updated on 04/05/2022

Franchising 101: How to Build a Budget For Your Franchise (Part 2): The Steps You Need to Take

In this Franchising 101 article, we take a look at why tracking your expenses and building a budget is so important and how to build a budget that leads to long-term success.It’s widely considered in the business world that before you can make money you need to know how you are going to spend it.

Updated on 04/05/2022

Franchising 101: How to Build a Budget For Your Franchise (Part 1)

Learning how to build a budget for your franchise is one of the most important things for any new franchisee to get to grips with. A good business budget is one of the cornerstones of managing your finances.

Updated on 04/05/2022

Franchising 101: Managing Redundancy Like a Pro

No business owner wants to make staff redundant, but if worst comes to worst, you need to know how to handle the process efficiently, professionally and compassionately. We’ve listed the 12 steps you need to take when managing redundancy.

Updated on 04/05/2022

Is There Really Such a Thing as a Joint Venture Franchise?

Whether you’re new to the franchising world or a seasoned professional you might be interested if there is really such thing as a joint venture franchise. Let’s find out.

Updated on 04/05/2022

18 Business Performance Metrics You Must Grow to Love

Every business owner should take the time to analyse their organisation’s performance metrics. Even if you’re working under a franchise brand, you should still be continually monitoring progress. Here’s how to measure success.

Updated on 04/05/2022

Franchisor Tips: How to Ensure Your Franchise Is Cyber Secure

No business is immune to security breaches. Large firms are attractive to cyber criminals for their huge volumes of data, while smaller companies are easy targets, due to limitations in their IT systems.

BFA

Business Leaders

Updated on 04/05/2022

National Entrepreneurship Month: 7 Business Basics to Master

Interested in running your own business? November is National Entrepreneurship Month, so we’re exploring the seven business basics everyone should master before they become their own boss.There’s no shame in feeling overwhelmed by the thought of starting a business.