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business
small business management

Questions and Answers of Small Business Management

What is the main difference between a franchisee and an independent business owner?
What are the disadvantages of franchising?
What are the steps to buying a franchise?
What is the difference between refranchising and conversion franchising?
Robyn Vescovi, a former financial executive who recently became a Tasti D-Lite franchisee, offers the following advice to first-time franchisees: Do your homework. Research the brand (both the long-
Interview a local franchise owner in your area. Find out what type of franchise they own.
How did the owner first come to know about this franchise?
Did the franchisee reap all the benefits discussed in this chapter?
Is the franchisee happy with the investment? Is there any further plan to invest in another outlet?
What would the franchisee do differently now?
Use the Internet to locate several franchises that interest you. Contact the franchisors and ask for their FDDs and write a report comparing their treatment of the 23 topics the documents cover.
What are the major differences in the terms of each franchise’s contract?
Are some terms more favorable than others?
If you were about to invest in a particular franchise, which terms would you want to change?
Are you qualified to operate a franchise successfully? Do you have adequate drive, skills, experience, education, patience, and financial capacity? Are you prepared to work hard?
Are you willing to sacrifice some autonomy in operating a business to own a franchise?
Can you tolerate the financial risk? Would business failure wipe you out financially?
Can you juggle multiple tasks simultaneously and prioritize various projects so that you can accomplish those that are most important?
Are you genuinely interested in the product or service you will be selling? Do you enjoy this kind of business? Do you like to sell?
Do you enjoy working with and managing people? Are you a “team player”?
Will the business generate enough profit to suit you?
Has the franchisor investigated your background thoroughly enough to decide whether you are qualified to operate the franchise?
What can this franchisor do for you that you cannot do for yourself?
Is the potential market for the product or service adequate to support your franchise? Will the prices you charge be in line with the market?
Is the market’s population growing, remaining static, or shrinking? Is the demand for your product or service growing, remaining static, or shrinking?
Is the product or service safe and reputable?
Is the product or service a passing “fad,” or is it a durable business idea?
What will the competition, direct or indirect, be in your sales territory? Do any other franchisees operate in this general area?
Is the franchise international, national, regional, or local in scope? Does it require full- or part-time involvement?
How many years has the franchisor been in operation? Does it have a sound reputation for honest dealings with franchisees?
How many franchise outlets now exist? How many will there be a year from now? How many outlets are company owned?
How many franchises have failed? Why?
How many franchisees have left the system within the past year? What were their reasons for leaving?
What service and assistance will the franchisor provide? What kind of training program does the franchisor offer? How long does it last? What topics does it cover? Does the franchisor offer ongoing
Will the franchise perform a location analysis to help you find a suitable site? If so, is there an extra charge for doing so?
Will the franchisor offer you exclusive distribution rights for the length of the agreement, or may it sell to other franchises in this area?
What facilities and equipment are required for the franchise? Who pays for construction? Is there a lease agreement?
What is the total cost of the franchise? What are the initial capital requirements? Will the franchisor provide financial assistance? Of what nature? What is the interest rate? Is the franchisor
How much is the franchise fee? Exactly what does it cover? Are there any ongoing royalties? What additional fees are there?
Does the franchisor provide an estimate of expenses and income? Are they reasonable for your particular area? Are they sufficiently documented?
How risky is the franchise opportunity? Is the return on the investment consistent with the risks?
Does the franchisor offer a written contract that covers all the details of the agreement? Have your attorney and your accountant studied its terms and approved it? Do you understand the implications
What is the length of the franchise agreement? Under what circumstances can it be terminated? If you terminate the contract, what are the costs to you? What are the terms and costs of renewal?
Are you allowed to sell your franchise to a third party? Does the franchisor reserve the right to approve the buyer?
Is there a national advertising program? How is it financed? What media are used? What help is provided for local advertising?
Once you open for business, exactly what support will the franchisor offer you?
How does the franchise handle complaints from and disputes with franchisees? How well has the system worked?
Are you pleased with your investment in this franchise?
Has the franchisor lived up to its promises?
What was your greatest disappointment after getting into this business?
How effective was the training you received in helping you run the franchise?
What are your biggest challenges and problems?
What is your franchise’s cash flow like?
How much money are you making on your investment?
What do you like most about being a franchisee? Least?
Is there a franchisee advisory council that represents franchisees?
Knowing what you know now, would you buy this franchise again?
Describe the principles of building a bootstrap marketing plan and explain the benefits of preparing one.
Explain how small businesses can pinpoint their target markets.
Discuss the role of market research in building a bootstrap marketing plan and outline the market research process.
Describe how a small business can build a competitive edge in the marketplace by using bootstrap marketing strategies.
What is the main strategy behind Learning Pool’s successful growth?
What lessons can competitors learn from Learning Pool about customer focus and retention?
What are the growth opportunities and challenges faced by Learning Pool in the future?
Choose your own experience of e-learning and identify the steps the provider should take to improve its customer satisfaction.
Is your business located near your customers? Does it provide easy access?
Are your business hours suitable to your customers? Should you be open evenings and weekends to serve them better?
Would customers appreciate pickup and delivery service? To enhance customer convenience, more than 30 percent of restaurants, especially those that focus on takeout and delivery, give customers the
Are your employees trained to handle business transactions quickly, efficiently, and politely? Waiting while rude, poorly trained employees fumble through routine transactions destroys customer
Do your employees treat customers with courtesy?
Does your company provide a sufficient number of checkout stations so that shoppers do not have to stand in long lines to pay for their purchases? Does your company make it easy for customers to make
Are you using technology to enhance customers’ shopping experience? At Sam’s Club stores, customers can use a smart phone app, Scan & Go, to scan items as they shop. The app then allows for them
Does your company offer “extras” that make customers’ lives easier? With a phone call to Hoyt Hanvey Jewelers, a small gift store in Clinton, South Carolina, customers in need of a special gift
Can you “bundle” some of your existing products or services to make it easier for customers to use them? Whether it involves gardening tools or a spa treatment, assembling products and services
Can you adapt existing products to make them more convenient for customers?
Does your company handle telephone calls quickly, efficiently, and with a real person? Long waits on hold, transfers from one office to another, and too many rings before answering signal to
Successful market research consists of four steps. Describe these steps.
Identify the 14 principles that can help business owners create powerful, effective bootstrap marketing strategies.
Business organizations need to identify their target markets. How do small businesses pinpoint their target markets?
Why do entrepreneurs need to conduct market research?
Describe how a small business owner could use finding a niche and filling it for a competitive advantage.
Why do we need to create an identity for our customers through branding?
How can an entrepreneur stimulate publicity for his company?
One important aspect of connecting with customers is defining the company’s unique selling proposition (USP). Define USP.
Today, world-class companies treat quality as a strategic objective, and this is an integral part of a companies’ strategy and culture. This is commonly known as total quality management. Define
A friend of yours is planning to create a blog for his company to boost his business. Advise him on how to implement a successful blogging strategy
Describe a negative service experience you have had with a company and your likeliness of doing business with that company again in the future.
Many studies confirm that advanced technology has dramatically changed the way business is done. Today’s customers now expect to be served the latest product and service, so speed has become a
Interview the owner of a local restaurant about its marketing strategy.
From how large a geographic region does the restaurant owned by the person you interviewed draw its clientele?
What is the target market of the restaurant?
What is the demographic profile of the restaurant’s target customers?
Does the restaurant have a competitive edge?
Visit the Web site for the Small Business Administration’s (SBA’s) page on marketing. Interview a local business owner, using the resources at the SBA Web site as a guide.
Based on your interview, what sources for developing a competitive edge did you find?
Based on your interview, what weaknesses do you see, and how do you recommend overcoming them?
Interview the owner of a local restaurant about its marketing strategy.
From how large a geographic region does the restaurant owned by the person you interviewed draw its clientele?
What is the target market of the restaurant?
What is the demographic profile of the restaurant’s target customers?

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