Northwest Georgia - University of Georgia's Small Business Development Center: December 2009

Friday, December 4, 2009

Something To Lighten Your Day

Running a business can be daunting but you should never lose your sense of humor. For a chuckle, you may recognize some of these things in your life.

10 Reasons Why Entrepreneurs Live Longer

By Jim Randel, December 3, 2009 10:09 AM , The Huffington Post

1. Stress: it may seem counterintuitive, but entrepreneurs - often living under significant time and financial pressures - are less stressed than those in big organizations who have little control over day-to-day activities.

2. Satisfaction: a recent survey of 1,000 workers showed that those with a direct connection between input and output, specifically owners of their own businesses, were decidedly happier in their work.

3. Control: the only jerk an entrepreneur has to answer to is staring back from the mirror.

For the other 7 reasons you will live longer, please read:
http://www.huffingtonpost.com/james-randel/10-reasons-why-entreprene_b_378454.html

Wednesday, December 2, 2009

Franchise Fiascos and How to Avoid Them

No doubt about it, franchises are seen as a far less risky business opportunity than the typical ad hoc start up - but just exactly does "far less risky" really mean? Not much, it turns out, as the articles below spell out in excruciating detail.

Top 15 Franchise Failures
by Katie Adams, Friday, October 30, 2009

"The recession has hit franchise owners particularly hard, with the Small Business Administration (SBA) reporting record loan default rates for 2008-2009... Sorting through the 2009 Franchise Coleman Report we were able to determine the franchises that had the highest SBA loan failure rates in 2008."

Read more:
http://antipaper.wordpress.com/2009/11/02/investopediayahoo-finance-top-15-franchise-failures/
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Five Reasons Why Franchises Fail - Franchise Failure Rates

Posted by GlobalBX Staff on 07/27/09

"For people who want to open a business they can call their own, the option of buying a franchise is clearly one of the best possible routes to take. Franchises offer instant brand recognition, a proven operating system developed over many years, and plenty of corporate support. But not everything is flowers and puppy dogs in the franchise world. There is always the prospect of a franchise failure, and the smart entrepreneur should always look at the down side when contemplating any sort business investment."

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How to Avoid Purchasing a Franchise that Might Fail

By Don Daszkowski, About.com

"Although data demonstrates that there is a better chance of success for new business owners if they begin as a franchisee rather than starting a new business from scratch, there are still some factors to take into consideration before deciding which franchise to invest in."

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Truth is, there is no easy way to go into business!

Welcome

When you contact your Northwest Georgia SBDC, we'll connect you with an experienced Business Advisor who can guide you through our services, identify your areas of need and determine exactly which of our resources would be most useful.

Our advisors, who have over 65 years of collective business management experience, are knowledgeable, professionals who have extensive consulting experience and access to comprehensive resources to address any specific business problem.

Typical consulting topics include finance, strategic planning, marketing, employment issues, managing business growth, procurement, e-commerce and more.

Our Business Advisors have served as executives in a wide variety of industries and you can be sure that you are receiving sound business advice.

If you have any questions or would like to make an appointment, please call 706-272-2700.

Are There Grants Available to Small Business Owners?

NO!!! The first thing that needs to be said about funding options is that there is practically no grant money out there for ordinary small businesses.

Somehow the fantasy persists that there is a ton of money available to for-profit businesses that doesn't need to be paid back. The reality is that almost all grant money is awarded only to registered non-profit organizations or to businesses doing innovative research that is "in the national interest".

Ninety-five percent of new businesses are financed with personal funds (savings, family, and friends). Those who are eligible for financing still must invest in their own equity (down payment) and provide collateral.

So, if you are serious about starting or growing a viable business, you must be resourceful enough to capitalize it without "fantasy" money.

Northwest Georgia - University of Georgia's Small Business Development Center