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According to the Small Business Administration, 50% of small businesses fail within their first five years. Having the support of a franchise system behind you makes you less at odds, but you’re not out of the woods. Here are a few tips on how to ensure your business’ survival:

• Be knowledgeable about your market: Regardless of what your concept or business idea, invest your time and energy into fully understanding your target market.

• Be flexible about your “plan.” Though it’s good to be prepared and stay ahead of the game, market demands can change and other uncontrollable obstacles will pop up. You have to be willing and able to go with the flow and refocus.

• Be smart about your financial situation. Don’t get in over your head and don’t forget to have a reserve fund set aside for unexpected expenses.

• Be proactive when it comes to sales. Don’t sit around and wait for customers, get out there, network and work hard. “Success does not come to those who wait and it does not wait for anyone to come to it.”

For additional tips on how to avoid business failure, check out these articles:

Black Enterprise Magazine

Business News Daily

According to a recent survey, almost 65 percent of small business owners say they’re always on the go. No surprise there. Entrepreneurs not only deal with managing their business, but also their staff, family, personal life and more. As more tasks build up, so does the stress and with stress comes mental and physical affects including headaches, upset stomach, elevated blood pressure, chest pain, and problems sleeping. As a business owner, it’s important to maintain a level head so that you can continue to grow your operation. Here are a few tips on stress management from Business News Daily:

• Set a schedule as if you were going to a regular job.
• Plan out your day in the morning.
• Be clear with yourself about your top priorities and focus on the ones that are going to bring in business.
• Initially, focus on marketing your business, don’t spend all of your time on administration.
• Keep reassessing your goals and don’t let things get away from you.
• Get help. Don’t do it all yourself.
• Have a social support network made up of friends, family and other business owners.
• Don’t sacrifice relationships for your business.
• Get up early and go for a walk.
• Eat properly and not at your desk.
• Drink lots of water.

In light of the massive earthquake that struck Japan yesterday evening, I find it only fitting to discuss to how to protect your business from a natural disaster. Did you know that more than 30 percent of businesses never reopen their doors after they’ve been closed following a hurricane, tornado, flood or other devastating calamity? So what can you do to be one of the 70 percent of businesses that does reopen their doors? Here are a few tips to ensure your preparedness:

Insurance is key. No matter the size of your business, be sure you have sufficient coverage in place. You’ll want to prepare for the direct and indirect costs of the disaster, which include the disruption to your business as well as the costs of rebuilding and replacing equipment. Check with your insurance company representative to find out what your coverage is and that it’s sufficient. Evaluate your property insurance policy and insure any improvements you have made to your office space. Consider flood or earthquake damage – typical property insurance policies exclude coverage for these types of disasters. However, if you’re in a flood zone, consider adding flood insurance. Also, extra expense insurance compensates you for costs you acquire over and above your normal operating expenses, to avoid having to delay operations during the rebuilding and recovery period. Remember, leave no gaps in your insurance; it’s better to be safe – and protected – than sorry!

Make a plan. Every business should have a disaster recovery plan to identify what an operation may need to be fully protected in the face of natural disaster. If you have no idea where to start, bring in a risk manager or consultant with expertise in disaster planning. In addition to an internal emergency response plan, so that employees know where to go and what to do should something hit, have a list of important phone numbers and addresses in an accessible area so that you can communicate to emergency personnel, major clients, suppliers, franchisors, insurance agents and insurance company claim representatives. It might even be a good idea to make duplicates of important documents and contact information and keep them outside of the office. Call all clients and suppliers and others of importance to let them know what’s going on so they’re not left in the dark. Also, remember to backup all data on the computer and keep a hard copy in a safety deposit box. Preparation is the key!

Protect yourself and your facility. In the event of a disaster, sometimes it hits so quickly that you don’t have time to leave. If this is the case, know where to go to protect yourself and your staff. This could be in a spare room or the basement, but should be comfortable with chairs, blankets, possibly even cots. Extra water and canned goods should also be kept in this room in case your team is trapped for indefinite amount of time. Also, if you own a standalone unit, be sure the exterior of the building is protected.

In the end, the most important thing is the safety of you and your employees, but plenty of preparation can be the saving grace in surviving a natural disaster.

For many owning a single business can be stressful and overwhelming, but imagine owning and operating multiple franchises. Along with the hard work, comes plenty of reward. Here are four benefits to multi-unit franchising from Franchise Hound:

1. Expand your resources while saving money. Consider this: when you open your first location, you invest a good amount of capital into employees, company vans and other equipment. As you open additional units, often times this equipment and staff can be used at any of your locations, so the cost is spread out. In other words, the value of your van, equipment and employees increases while the actual cost remains the same.

2. Marking your territory. Some franchises allow you to purchase the rights to an entire territory. By doing this, you eliminate the chances of another franchisee from the same brand opening a location too close to your operation and therefore competing with you for sales. Additionally, many franchises offer discounts for new franchisees who initially sign on to open multiple units as opposed to just one.

3. Practice makes perfect. It’s no secret that the more you do something, the better you get at it. The same goes for running a franchise. Though each day will bring its own set of challenges, once you’ve successfully managed to open and operate a single unit, your experience will pay off with the second, third, fourth or tenth location.

4. Marketing your business. Once you own multiple units in your territory, you’ll be able to advertise on a regional level, covering more ground and reducing the cost. By effectively marketing your business, you should be able to get the word out to the public about all of your locations in the area by going to a single source.

Though multi-unit franchising is a great idea for many, it’s never smart to jump in head first without doing your due diligence and having some experience. Like we said, practice makes perfect, so if you’re interested in opening a franchise, start with one unit and when you feel you’re in a position to expand your portfolio, do your research, talk to the right people and proceed with caution.

Every business faces obstacles. Over the past few years, this couldn’t be more true. But how long do you keep trying to fix new problems with old tricks? Remember that as the business owner, you are biased. So is your team. You’ve been staring at that growing problem for weeks, months, maybe even years. What you need is a fresh set of eyes on the issue, a new perspective.

In an article published today on Entrepreneur.com, a small business owner in his sixties discusses how and why he made the decision to bring in a 29-year-old entrepreneur to help save his company. Though more than 30 years his junior, this young lifesaver was able to apply his own knowledge and creativity to the problem and eventually wound up bringing the company back to life. But, not all entrepreneurs who have been in the game for 20 or 30 years are willing to bring in a young professional to solve his or her problems. Here are some tips on how to reduce generational differences in the workplace:

• Focus on commonalities not differences. Who cares if one of you is 65 and one is 25? Remember that you both have valuable attributes to bring to the table and if you get past the initial appearances and surface dissimilarities, you’ll realize that you can learn a great deal from one another and work together.

• Every company has to evolve. The times they are a changin’…and changin’ quick! If you don’t adapt, you could be left behind. It’s important to stick with the times to remain a player in your industry. Often times a good way to do this is to bring on young, energetic employees who can bring to the table fresh ideas and ways of doing things.

• Curiosity fuels development. It is vital that older workers keep their thumb on the pulse when it comes to new technology. It’s just as important for them to stay curious, ask questions and continue to learn from their peers as well as employees, no matter their age.

• Admit when you’re wrong. Just because you know more about certain issues doesn’t mean there aren’t additional solutions to a problem – some that might even work better! Accept change and try new ideas or you’ll be left in the dust.

Although a good amount of emphasis is put on how to pick the franchise, we don’t often think about how franchisors go about picking the right franchisee. Many people fail to realize that just as much as a potential franchisee vets out a franchise company, the franchisor is vetting them. It’s important that a franchisor is partnering with the right people to help grow the brand and represent the company well. Here are a few attributes that franchisors often look for when selling a franchise to a potential buyer.

Interpersonal skills. Does the person have an ability to positively and appropriately communicate with customers? Every franchise is unique and each will require the use of different skills. While one concept might be the perfect match for one person, it could spell trouble for another. As a potential franchise buyer, assess your skills and identify your strengths and weaknesses. This will allow you to narrow down your search to the franchises that will be a good fit for your skills.

Balance. Does this person have the ability to balance working in the business and on the business? It can be very challenging for a franchisee that is just starting out and doesn’t yet have the capital to hire on a full staff. Many of the jobs that will one day be handled by assistants, a sales team or manager, will all be the franchise owner’s responsibility early on. A franchisor will look for someone who is capable of wearing many hats, staying organized and getting the job done.

Positivity. Does this person possess a positive mindset? No one said starting a business is easy, but having the determination to move forward is crucial. In January, we posted an article on our blog entitled, The Power of Positive Thinking. It says, “…if you don’t truly believe in yourself and your potential, the reality that your goals will come true are slim to nil.”

Follow the leader. Does this person have the ability to follow a system? A franchise is successful because it has a set of guidelines and ways of doing things that have been proven to work. If a franchisee expresses a desire to go off the beaten path or do his own thing, he or she might not be right for the franchise model. Though many franchisors give franchisees a certain amount of flexibility to personalize their operations, it must be understood that the system is in place for a reason; those who follow the system succeed and those who do not struggle.

Motivation. Does this person have the drive and desire to succeed? While there are certain proven systems in place, it is still up to the business owner to do the work and get the right people in place.

Since we are slowly moving out of the worst financial crisis many of us have ever experienced, companies can begin to think of this as an optimistic time of recovery and eventual growth. For small business owners now is the time to position your business for a post-recession success by doing these seven things:

1. Invest in Education. Without spending a great deal, invest now in any education you need to make your post-recession business a success. You can attend seminars online and in person, you can educate yourself by reading books and trade magazines. Fill yourself with information that is cutting edge in your industry to truly set yourself and your business apart from the rest.

2. Pay off Debt. If you are able to pay off any debt, now is the perfect time to do it. It is typical to take on debt during a recession; however how that the recession is lifting, you do not need to add to it. Pay cash for everything you need and put your credit cards out of reach.

3. Cool Down on the “Extras.” Now that money may be flowing a bit more, do not splurge on anything you don’t need. Now is a great time to really evaluate all of your business spending. Always think before you buy new technology and cut back where you can.

4. Follow the Market. Read the papers and watch the news so you know what’s happening in the market. Staying on top of what’s going on in the world will give you the leg-up. It is always a great idea to stay well informed.

5. Renew Contracts. During this time of the business turning a new leaf now is the perfect time to renew your clients contracts. Have your new clients sign a long-term contract and your current clients renew or extend their contracts with you.

6. Hang on to your property. Even though it may seem like a good time to sell your home or business property, don’t do it. The economy has hit the real estate market hard and you won’t get top dollar and you may end up losing money. Instead of selling you should begin projects that will improve the quality of your home or office in the event that you eventually sell the property.

7. Don’t cut prices. Right after a recession it is very common for small businesses to cut prices because they think it will help them attract more clients and customers. Just don’t do it. Keep your prices the same while offering your customers a coupon or a rewards program.

Many people rely on e-mail as one of their primary sources of business communication. As with anything, the more e-mails we send, the more likely we are to screw one up, and even simple e-mail mistakes can be catastrophic.

Here are some of the worst email mistakes to keep in mind before clicking the “send” button.

1. Sending before you mean to – You should enter the recipients e-mail address ONLY when your e-mail is ready to be sent. This helps reduce the risk of an embarrassing blunder such as sending an important e-mail to the wrong person or sending the message before it has been proofread or completely written.
2. Forgetting the attachment – If your e-mail includes an attachment, you should upload the file to the message BEFORE composing it. This eliminates the embarrassing mistake of forgetting it before hitting “send” and ultimately forcing you to send another email saying you forgot to attach the document.
3. Expecting an instant response – Don’t send an e-mail and approach the recipients desk 30 seconds later asking if they received it. They did receive it, and they will answer as soon as they can.
4. Not reviewing all new messages before replying – When you return to the office after a week or more away, review all new e-mails before responding to any. It might be hard to accept, but some things have to march on without you. Replying to something that was already handled by a co-worker can create extra useless communication and ultimately more work, confusion, errors, and worst of all – wasted time!
5. Including your e-mail signature again and again – You do not need to include your e-mail signature when you are sending an e-mail to someone in your own office. If you have it automatically set to generate a new signature with each new message take a second to delete it when communicating with someone who knows who you are. It is always wise to include your phone number, but your entire signature with your title, mailing address, and an alternate contact is not necessary and creates clutter.
6. Composing an e-mail too quickly – Don’t be careless when writing up an e-mail. You should consider every message you send just as important as the last. You should always be respectful with your words and take pride in what you are trying to communicate.
7. Forgetting to include a basic greeting – It’s always kind to include a nice “hello, hi, or how are you?” at the top of your email. It is always a good idea to include a “thanks” at the bottom just to show your appreciation.
8. E-mailing when you’re angry – You should simply not e-mail when you are angry. Period. Taking back an e-mail after you click “send” is extremely difficult. Sending a business e-mail full of angry emotions is often a catastrophic mistake. You should always take a deep breath or sleep on it before sending.
9. Discounting the importance of the subject line – Your subject line is the first thing your recipient sees before they read your e-mail. It is similar to a headline in a story and therefore you should make it interesting. By doing so, you will increase the odds of getting their attention and responding. When inboxes are cluttered you need to be creative and direct to help the recipient cut through all the junk mail to get to the ones with substance. You should always use meaningful and descriptive subject lines.
10. Not putting an e-mail in context – Even if you were just talking to someone an hour ago about something, remind them in the email why you are writing. In this busy world that we live in, it’s easy for even the sharpest minds to forget from time to time.
11. Using BCC too much – You should always use BCC (blind carbon copy) sparingly. Even though it’s supposed to be a secret, it sometimes rarely is. If you burn someone once, chances are they’ll never trust you again. This can also be said for forwarding e-mails and it is also a great way to destroy your credibility. When people send you something they aren’t expecting you to pass it on to your co-workers. The email could make it back to the sender who will see that their original message was shared.
12. Relying too much on email – Some people forget that no one is sitting around staring at their inbox waiting for your email to cross. If something is urgent, use a better means of communication such as a phone call or for someone in your office simply approach them.
13. Hitting “reply all” unintentionally – this is a mistake that you never want to make! It is not just embarrassing, but depending on what you wrote it can ruin your relationship with a co-worker or even your boss. Take extra care when you respond so you don’t hit the ever fatal button!

Entrepreneurs everywhere are eager for big ideas that change the game. They are in search of products that wow and marketing that is innovative and captures the attention of customers. At the same time, leaders everywhere are timid that their “great idea” might fall flat and their message might be completely off target. That is the reason why so many leaders become conflicted and confused on whether or not to pursue their new business idea because of the fear of failure.

The real question is how do you measure courage and when do you take the plunge and just go for it? There are many things to consider when you decide to pursue your business idea, but what it comes down to is courage requires positivity. You have to be able to resist the temptation to be miserable when times get hard. You should plan your idea before executing it to ensure success.

You must be able to get comfortable with your idea and understand that the greatest business ideas are simple, relevant, and persuasive, but do not let the fear overcome you. In order to obtain a comfort level you must first make yourself uncomfortable. Fear is always a factor in anyone’s head when they are deciding whether or not to pursue their ingenious idea, but if fear takes over you are bound to fail.

Observing how others dive into their great idea might help in the process of deciding how you are going to pursue it. If you observe others failures and successes it might help you map out your plan of action. Strategic planning is always important in any business and by looking into the way other people executed their idea it could help you find the perfect plan. Also, many people who have an urge to become an entrepreneur, but would rather cut out some of the initial hardship, turn to franchise ownership. The idea is already down on paper and has already been proven for success, all that’s left is a courageous person to take a leap of faith and execute the plan.

An enormous part of getting to what matters and making your idea a successful one is just plain simplicity. Don’t over think your ideas. Research all of your options and talk over the plan with colleagues, friends and mentors. While too many opinions can put you right back at square one, a couple of honest opinions from a trustworthy source can be extremely helpful. In the end, take enough time to make an informed decision about entering business ownership, but don’t be afraid of the unknown – it can be a magical place!

If there is a lack of communication in the workplace it can cause much confusion and frustration. It is always hard to receive information that is vague, but most of us have no idea that we are guilty of the same crime.

Here are three easy strategies you can do to make sure that you are saying everything that needs to be said:

1. Before communicating, identify the key points that you need to get across. If you need to, write them down to better understand them and so you don’t forget! Never assume that some things “go without saying” because chances are, they don’t.

2. Create a process for determining understanding. Everyone on your business team should participate so you can figure out who understands and who isn’t getting your point. When you do this, try not to single anyone out. After you communicate something to a team member, ask them to summarize in their own words what they heard. In the same respect, when a team member brings something to your attention you should summarize what you heard as well. If this is done correctly you will get a clear understanding if what you are trying to communicate is being received.

3. For this to work without anyone feeling patronized, make everyone understand that this is not a test – you are just concerned that you didn’t communicate effectively, not that they weren’t paying attention. Without any type of feedback from the group, there is no way to figure out if the message was fully received. You should encourage people to ask questions and be happy to provide answers to them.

Although it may seem like a lot of work, if you put the extra effort into improving your team’s ability to communicate you will spend much less time fixing mistakes and avoiding confrontations.