business plan bullet points

Many of us are wanting to have their own business but there are aspiring entrepreneurs who are still in doubt whether taking a franchise business over a traditional business. Many are dreaming to have a successful business but only few of them have their success story to share. There are two options in starting a business, you can start having your own business name or you can choose having a franchise business. Let us try to differentiate the two to help you decide what suites you well.

In a franchising business there will be luxury getting support from the franchising company, you are sure that their name and reputation is already established, you already have your customers. Franchising companies already earned the trust from their customers, so it would not be hard for you to get their trust. You will also be supplied of everything your need starting from seminars for you (this will equip you in managing your business), training for your staffs, uniforms, stalls, business name and logo, food products down to the very small details like the utensils, tissue etc. You already have a back bone for your business, due to franchising companies being supported by big and dependable companies this will make sure your business will stay. Compared to a traditional business 80 percent of them close with in their first year and only 20 percent survive. Though a franchising business also have rules and regulations, it will be hard to use your own business strategies because they already formulated a strategy that is already tried and tested. Franchising companies are strict with their regulations, you need to sign an agreement in order for your to have the right to use their business name and logo. This will also show your partnership with them and you are also agreed to their terms and conditions.

Taking the risk of establishing your own business name will take lot of guts and confidence (and a little luck). Staring your business from scratch will not give you the convenience that a franchising business can give. Here you need formulate your own strategy that will really work, there will be a lot of trials and errors, it will take time for you to get your customer’s trust due to most of customers trust a brand or a trademark which is known or familiar to them. This will not give you assurance that your business will be successful, this will depend on your strategies in managing your business. Starting your own business brand would be risky but if you have the guts to go on with your battle go ahead and do it.

Whether you chose to have a franchising or starting your own business brand, it is all up to you. Check your capabilities of handling a business and you also have to consider your resources and capital. It is all up to you if starting your own business brand or getting a franchising business will be a success.

A worker shortage might be excellent news for the economy! Maybe, just maybe, firms will awake and see workers’ substantial contribution to their success. Some CEOs take unconscionable sums and destroy their firm’s value, unlike many frontline workers who create value. During the pandemic, CEOs took vast sums as they laid-off workers. Some firms sought bankruptcy protection, but hat didn’t stop their greedy CEOs from snatching hefty bonuses.

We have a worker shortage and firms are scrambling to hire whomever is willing. Some firms, like McDonalds have paid signing bonuses. Canada’s Loblaw and its competitors paid a bonus to frontline workers when the pandemic began. They stopped it after three months in unison with their competitors. When government confronted them about this collusion, they claimed it happened independently. Go figure! It’s like you caught your three-year-old with her hand in the cookie jar and she said, Mom, “Cookie Monster did it!”

Worker Shortage Inevitable With Shoddy Treatment

Loblaw’s behavior disturbs me. During the bonus period, profits soared. Per se, that’s no problem. I favor firms making profits. To be sure, I am against government taxing profits. But paying workers the bonus during the pandemic shouldn’t hinge on profits. It was just right. Meanwhile, my wife and I shopped at a Loblaw store and workers continued their excellent service despite Loblaw’s slight.

Leaders must realize frontline workers are the firm’s foundation and treat them well, not as cogs turning out CEOs bonuses! When employers treat workers like machines, they disengage. Gallup said, over several decades, they and other researchers found a strong link between employees’ workplace engagement and the company’s overall performance. Yet employers refuse to accept this. But there is good news: surveys show some firms break the mold and treat workers with respect: Cisco, Apple, Accenture, IBM, FedEx are a few.

Next Quarter’s Earnings Drives Businesses

Companies see next quarter as the prize, so they exploit workers and fudge next quarter’s numbers. I repeat: I am against government taxing business. However, I favor the Biden Build Back Better provision to tax share buybacks that the House passed, and it is before the Senate, even if it might have only a modest effect on share buybacks. Companies shouldn’t be spending billions buying back shares while exploiting workers.

Firms should present to shareholder meetings options to use buyback funds. Choices might include effects of paying bonuses to frontline workers with buyback funds. Shareholders should hear about potential strategic investments, too. Another option is stopping buy-backs for five years after layoffs. Executives, too, shouldn’t get bonuses within five years of layoffs. We must get rid of worker exploitation that enhances CEO bonuses.