The greatest challenge any business faces – especially a small, newly-established business – is cash-flow. Profits are neither here nor there if the money isn’t in your account when you actually need it. As most businesses have a ‘seasonal’ element, with peaks and troughs of demand, this instability is an added pressure small business owners could well do without. Just because the majority of your income is generated in one or two short bursts during the year, doesn’t mean bills stop coming in during the quiet times.
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According to a study of 800 commuters by Dr David Lewis carried out in 2004, the average daily commute in the UK is 45 - 60 minutes. That’s a whole day a week wasted on overcrowded trains, snarled up motorways and uncomfortable buses. A whole day when you’re not with your family or doing something constructive and interesting with your life. And to add insult to injury, Dr Lewis also found that commuting is positively (or should that be negatively) stressful: in extreme cases he measured stress levels in commuters higher than those in fighter pilots and riot policemen going into battle!
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Talking of planning (see Monday’s post), we’ve just had some excellent news from one of our franchisees who has now billed over £1million and can also boast over £1million in annual savings for his 80-strong client base. However, we’re not too surprised by this because when John started his business in 2000, he had big plans to build a multi-fee earner, family business and it’s really great to see these plans coming to fruition. You can read more (Adobe PDF) about John’s achievements and the business model he has used to build his million-pound business.

It may be a cliché to say that those who fail to plan plan to fail, but this doesn’t mean it isn’t true, especially if you are self-employed. As we’ve seen from this summer’s Northern Rock fiasco and the most recent pre-budget announcements, business conditions can turn on a sixpence so you need to understand your business inside and out. Not just where you are today, but where you want to be tomorrow, next week and next year. (more…)

Last month, Auditel became the main sponsor of a new blog and podcast called The Franchise Show. The main aim of this new project is to provide independent advice for people thinking about investing in a franchise as a route to self-employment. As well as updates on general news and developments in franchising, there will be a regular slot focusing on specific aspects of self-employment as well as guests from key organisations within the franchise industry. This month, host Ed Brewer was joined by our own Support Manager, Laura Harvey-Smith to talk about training and support and NatWest Bank’s Franchise Development Manager, Mark Scott, to talk about financing for franchise investment opportunities.

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On Friday 5th and Saturday 6th October we will be at the National Franchise Exhibition at the NEC in Birmingham. This is the biggest franchise show of the year and a great chance to learn more about the industry and individual business opportunities. If you are considering self-employment, then it’s a must-visit event. There will more than 200 exhibitors covering the full range of franchising opportunities, from major retail franchises like McDonalds and Thorntons chocolates to man-in-a-van franchises like ChipsAway, as well as professional white collar opportunities like Auditel. The BFA (British Franchise Association) will also be running seminars throughout the weekend to help visitors decide whether franchising is the right route to self-employment for them. Tickets are £10 on the door.

We will be on stand E330 and look forward to seeing you there.