This week’s top stories include small business advice covering the following four topics:
- Make 2021 the Year of the Customer
- 3 Reasons to Quit Your Corporate Job and Become a Restaurant Franchisee
- The Best Loans for Franchises
- Key Marketing Mistakes Entrepreneurs And Small Business Owners Should Avoid
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
Make 2021 the Year of the Customer
By: Shannon Threlfall
This is a story about the importance of amazing customer service.
Sometimes, entrepreneurs can get too caught up in the day-to-day problems and trying to make money that they forget there are actual humans purchasing their products and services.
Recently, I bought a small gift for my daughter that ended up deteriorating within a few days of use. It wasn’t expensive, but it certainly should have lasted a lot longer than a few uses. Rather than going back to the store where I bought it to get a refund or replacement, I decided to go straight to the company whose brand name was on the item.
I sent a photo, proof of purchase and a short email explaining the issue and asked them directly for a resolution: either a replacement or refund.
It made sense to me to go straight to the source. As an entrepreneur, I would want to know if there was a problem with the quality of my products or if customers were unhappy and, therefore, if there were any problems within the supply chain that needed addressing.
However, this particular brand did not agree. Instead, they replied with a one-sentence email instructing me to take the product back to the store I bought it from. There was no apology about the quality of the product, no further questions, and no other options offered for a resolution.
3 Reasons to Quit Your Corporate Job and Become a Restaurant Franchisee
By: Dan Rowe
Covid-19 has been a stress-test for every facet of restaurant operations. Nearly four in 10 U.S. restaurants are currently closed, and many will close permanently as a result of the pandemic.
However, the industry’s setbacks over the past year should serve not as a warning, but as a guiding light. The restaurant franchises that have weathered the storm — those with the strongest customer bases, the best food and the most effective technology — are here to stay.
Related Post: If You Love to Cook, Don’t Open A Restaurant
The Best Loans for Franchises
By: Rapid Finance
Opening your own franchise is a smart decision if you’re an ambitious entrepreneur. Being the owner of a franchise offers the flexibility to be your own boss, yet with the security of owning an already established brand. Like with any business, though, the costs of starting up can be pretty high and you might need a loan for franchises. And with the world still feeling the effects of COVID-19, securing financing for a small business could prove difficult.
Aside from normal business startup costs, a franchisee also pays other fees, such as a franchise fee and royalty fees for the use of the franchise name. You need good business sense, a solid plan, ample cash flow and franchise financing.
Key Marketing Mistakes Entrepreneurs And Small Business Owners Should Avoid
By: Bernhard Schroeder
The term “mistakes” has a negative connotation to it. You made a decision or implemented something that didn’t go as planned, and now you have to deal with the repercussions. Marketing mistakes, even ones that seem massive in the moment, only end up being temporary setbacks. In fact, they usually end up being positive assets because they teach you valuable lessons about how to improve your business or marketing approach.
Unfortunately, not all mistakes are this innocuous. Some of those mistakes in the marketing realm can actually do long-term harm to your campaign. You just have to be careful not to make so large a mistake, it costs you your company. As you might learn, most of these mistakes are especially damaging because they aren’t obvious; it’s easy to fix a blog post with a spelling mistake or accuracy issue, but when you have a fundamental misunderstanding of best marketing practices, you could create irreparable harm to the brand and company.
If you’re an entrepreneur or small business owner, try and avoid these marketing mistakes which could really damage your brand and business.
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