Less than 5% of all purely online businesses (i.e. business that have no traditional, physical counterpart) ever actually make any money. It's hard to draw a decent living from the Internet, but because it is easy to setup, the allure is great enough to keep people trying. If you are to be successful it is imperative that you avoid the mistake of not being disciplined in your approach.
✓ Media monitoring is a multi-sourcing task. Document all the marketing venues that push a buyer to your concept. Continually ask, "What source(s) prompted you to find out about our franchise opportunity?" on your initial inquiry forms, applications, at Discovery Day, and in training class. Credit four lead sources if a new franchisee initially saw your magazine ad, attended a trade show, read a success story about a franchisee, and then inquired online. Remember, the Internet is often the transmitter, not the originator, of a prospect inquiry.
There’s no official, public list of Augusta members, but by cross-referencing published materials from this year’s Masters Tournament with a leaked list of members from 2002, exploring published records, conducting interviews with golf insiders and industry sources, and walking the grounds of the course (where members wear the club’s iconic green jackets) Bloomberg was able to compile a list of 118 of the club’s 300 members. Below, those members are indexed by name and profession.
Your business plan lays it all out. It details what you sell and where your profit comes from; how much inventory you’ll have on hand and where you’ll store it. It lays out your return policy — and you’ll need one of those. Most important, your business plan details your total start-up cost, from your ad campaign to Web designer to monthly server fees.
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