When you run a College Pro Franchise, you’re actually running a small business. You can’t treat it like a regular job, because you’re now working for yourself! Here are some tips to make sure you get the most out of your entrepreneurial adventure.

1. Toot Your Own Horn – With a small business, you constantly have to be on the look out for new customers. Although it happens sometimes, clients don’t generally walk up and tell you they’d like to hire you. Small businesses need to sell, sell, sell. Use every opportunity to market your company. Include your logo, website, and phone number on every thing you can. Not just business cards and traditional marketing tools, but every piece of paper your company sends out. Signs, uniforms, and branding on your vehicle also draw attention to your company. But most of all, never stop talking about your business and sticking to your positive messages.
2. Have an “Elevator Pitch” – When somebody asks what your business does, you should be able to sum it up in a few sentences at most (short enough that you could recite it in a short elevator ride). Actually spend some time to define and refine what your answer to that question is. Write it down, practice reciting it, and be able to recite it from memory. Your pitch should be specific enough that your audience has a good idea what you do, but also leave room for some elaboration. If people like what you say, then you’ll be able to discuss the business further.
3. Define Your Customer – Before spending time and money on advertising, marketing, and promotion, make sure you know who you’re trying to reach. If you haven’t take the time to figure out your target, there’s a slim chance you’re going to hit it. Imagine throwing darts all around the room, hoping to hit a bullseye… If you don’t know where the target it, you’d be lucky to hit the board! Knowing your target market allows you to tailor your marketing to that specific audience. If you can’t defire this person clearly and distinctly, then you need to research your potential customer until you can. Only then will your marketing choices be their most effective.
4. Know Your Cash Flow – The hardest part for a small business is often managing its cashflow. Often, contracts are completed, the invoices are sent, but a small business owner is sitting around waiting for payment. Depending on the client, payment could come in a few days, or it could be a month or more. When arranging contracts, it’s fair to ask your client what their timelines are like for payment. If they have a slow payment cycle, make sure you’re prepared for the delay.
5. Cash in of Tax Write-Offs – Death and taxes, the two certainties in life. While you can’t do much about death, there are ways to make taxes a little more bearable. Most of the costs associated with your small business are tax deductible. Equipment or materials used to run your business, marketing material, and office rentals are all examples of things that can be written of as business expenses when doing taxes. There are also exceptions for meals (when entertaining clients), mileage (when driving for work purposes), and other incidentals like utilities. It is worth talking to an accountant or a small business expert to learn how to maximize these deductions.
6. Be Active in Your Community – Being a part of a community has several benefits for a small business owner. From a personal perspective, it’s rewarding to offer your time or money to organizations or projects that need help. From a business perspective, it looks good on your company and people will recognize that and reward you with business. It’s also a great networking opportunity. Being involved with a group allows you to meet new people, share your message (see #2 – Elevator Pitch!) and recruit new customers. Once you have a personal relationship with people in your community, they’ll be more likely to refer you new business.
7. Set Goals – Much like having a target for your marketing, setting goals gives you a direction for your business. Without a clear direction, it’s easy to get lost, sidetracked, or complacent. With a clearly defined objective, that isn’t an issue. At any point of confusion or conflict, the question becomes “How can this situation be handled in a manner that will push me a step closer to my goal?” If you don’t know where you want to go, you’re probably never going to get there!

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