Posted by Elizabeth Retton

In these uncertain times, most people are not terribly keen on the idea of starting a business, although many consider working for oneself to be the pinnacle of a professional career.  But with banks getting stingy with the loans, the economy sunk in recession, and more people than ever applying for grants (both government and private), you may not think you have a shot at starting your own enterprise.  However, if you have some experience in a particular industry, you might want to look into purchasing a franchise.  You’ll have to find a company that will compliment your knowledge and expertise (that is also in your price range), but with an already established brand identity and consumer base attached, it could just provide you with a feasible way to get started on your path to being your own boss.  Here are a few tips to help you on the road to choosing and purchasing a franchise.

For starters, you need to consider the many companies that now franchise.  Your first thought may be fast food restaurants like McDonald’s or Taco Bell, but while these are widespread and well-known, they are also extremely expensive (you stand to make a lot of money, but you have to spend a lot to get started).  Plus, not everyone is interested or experienced in the field of food service.  What you really need to consider is the type of work you’ve done so far and how it might translate into a franchise ownership.  Once you pinpoint the industry you’re interested in you can start seeking companies that offer franchises.

From there you need to think about the viability of such a business in your area.  Do their products or services interest you?  Just because you have dealt in a certain field doesn’t mean a particular company will appeal to you.  Will you have to commute or move to maximize profits, and if so, are you willing to travel for work?  Does the company have a good corporate image that you can stand behind?  In other words, do their ideals mesh with yours?  What kinds of restrictions do they impose on franchisees?  Do they have a good reputation in the business community?  And of course, you need to consider how much they’re charging for the privilege of owning and operating one of their branches, as well as what types of fees you’ll be on the hook for.

Looking into franchise opportunities is not going to be easy; there’s a lot of research to be done if you want to find the right fit.  But once you have decided on a company, all that remains is to purchase the franchise, and for this you’re going to want to hire a lawyer.  The company probably has a standard contract in place for all franchise owners, but you’ll almost certainly want to negotiate some of the finer points.  After all, you want to make sure that the terms are favorable or at least fair.  And while you will almost certainly have to operate within certain guidelines and standards set forth by the franchisor, you still want to have some control over how your business is run.  Since you are probably not prepared to argue the finer points of franchise law, it behooves you to shell out the cash for a lawyer that can make sure you don’t get into something you’re not prepared for.

Posted by Money Tips Staff

The prospect of making money online can be both exhilarating and terrifying.  While it’s true that the opportunities are practically unlimited for the person willing to seek work online, there are also plenty of scams out there to target unwary individuals that are desperate enough for some income to believe just about anything.  However, you can learn to avoid the con artists and find many legitimate ways to make money online, especially if you know what to look for.  Here are just a few avenues you may want to explore.

1. Writing. If you can craft a basic essay then you can probably get some work writing for blogs, especially generic ones like About.com.  But if you have a bonafide talent for turning a phrase, you excel at linguistics (spelling, grammar, vocab, etc.), and you have a good research background, you can do a lot more.  You may be able to get freelance work writing for news outlets, targeted blogs (by community or area of interest), and corporations, or you might even be able to secure a staff position somewhere.  And you can do it all from the comfort of your own home office.
2. Monetizing a blog. Of course, if you have a knack for writing and something to say, you may want to think about starting your own blog.  It will take time to monetize, but you can start it as a hobby on the side and work your way up.  You’ll want to begin by increasing your web presence through SEO (search engine optimization).  The more traffic you can bring in (and keep coming back) the better chance you have of securing advertising dollars.  From there you’ll want to shoot for affiliates; you post their products on your site and when viewers click through and make purchases, you get a percentage of the sale.
3. Other freelance work. Whether you’re good at graphic design, data entry, or other electronic activities, you may find that there are companies willing to pay you for your services on a freelance basis.  So set up a free profile on sites like ODesk and Elance and start applying for contracts.
4. Photography. Stock images are big business these days since so many websites and blogs want visual content for less.  If you have an eye for a shot, you are talented at graphically enhancing images, and you can figure out which images are in high demand, there’s no reason you can’t make money by posting on iStockphoto.com or a comparable site.
5. Surveys. You may be under the mistaken impression that paid online surveys are nothing but a scam, and in truth there are plenty of unscrupulous operations out there looking for people desperate enough to give up their account information or send in money just for the chance at a paying gig.  But if you run across any service that promises you thousands of dollars a month in earnings with the caveat that you have to first send in money or deliver sensitive personal information, steer clear.  Organizations that are on the up and up will pay you via secure means like PayPal and they’ll never require payment from you.

Top three ways to save on business insurance

Posted by Adam Gent

During difficult financial times such as these, it can be tempting to cut back on even the most essential of areas such as insurance. However, with the business environment still precarious, it’s perhaps more important than ever to have adequate insurance in place to protect your business. Here are three tips to help you make sure you aren’t paying over the odds for your business insurance:

Keep it up to date

Lots of businesses are making changes in the way they operate at the moment; perhaps amending the amount of staff they have, their business processes, or conducting less business. All of these factors influence how insurers assess your risk level and as such, it’s important to inform them of any changes. In addition, it’s also worth checking regularly if your own insurer is giving you a good deal. Go online to conduct comparisons from a number of insurers using tools offered by those such as Staveley Head Business Insurance.

Carry out some maintenance

Ensuring your business premises are as secure and safe as possible will help to encourage lower premiums. In addition to fitting an approved security system, you may want to consider paying for a health and safety review of your buildings and procedures to be conducted. Don’t forget to make sure your building can adequately withstand the weather too; prepare for winter in order to avoid the bursting of freezing pipes. If you are able to source an alternative venue where your business can operate should your premises be out of use for any reason, this will also have a positive impact on the cost of your insurance.

Assess your staffing needs

If you are lucky enough to be experiencing growth in your business or to land new contracts that require extra staff, you may want to consider contracting these staff through an agency on a temporary basis. This will protect you if you find you don’t need these staff permanently and should mean that these employees are covered under the contractors insurance; don’t forget to check though.