America’s SBDC Blog

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$100 Million Franchise Fund

February 11, 2014

Benetrends+bannerad.jpgBenetrends is proud to announce a new $100 Million franchise fund. The new franchise lending program was created to help International Franchise Association franchisor members provide qualified candidates with direct access to capital for new store development. Hand & Stone, a rapidly growing spa franchise, is the first franchisor selected by Benetrendsto participate in the new fund. Hand & Stone has been provided $10 million in initial capital to assist with its franchise growth.

“Benetrends is excited to now provide franchisors and their franchisees access to the critical funding needed to expand their current operations or purchase their first franchise,” said Rocco Fiorentino, president & CEO, Benetrends, Inc. “We’re pleased to award Hand & Stone the first $10 million from the new fund as they look to meet their future development needs following their record-setting growth in 2013.”

Franchisors and franchisees selected to participate in the program benefit from:

• Direct access to capital
• Simplified qualification process (more…)

Intellectual Property Lessons Learned

February 10, 2014

Standing on stage, Cynthia Schames, Founder & CEO of AbbeyPost, realized she needed a patent before her Women 2.0 pitch that was scheduled the next day. For many, being a pitch competition finalist is stressful enough; filing a provisional patent overnight is an unnecessary distraction. One of our mantras is that you cannot protect your Intellectual Property (IP) unless you know what IP you have. Unfortunately, many postpone identifying their IP and even more wait until disaster strikes.

Luckily, Cynthia’s pitch coach asked if she was prepared to answer questions from judges about how she protected her IP. AbbeyPost licenses a patented 3D body scanning technology called Find Your Fit, which accurately and quickly scans a shopper’s body for specific measurements and shape. The scanning technology didn’t concern Cynthia, but rather her company’s proprietary know-how, process, and use of data to create real-time-manufactured, made-to-measure clothing.

Cynthia needed protection before she pitched (and won) in a public setting. Not protecting your ideas before widely sharing the details may result in loss of international patent rights.  (more…)

Success Story: Idaho

February 5, 2014

State: Idaho
Center: Idaho SBDC, Region V
Client Name: Straight Forward Auto Service

Gary Warren worked for years to build his reputation as a trustworthy mechanic in the city of Soda Springs in rural southeast Idaho. In early 2012, Gary decided to fulfill his long held desire of going into business for himself and owning his own repair shop.

With assistance from the Small Business Development Center (SBDC), Gary’s market research showed he had the network to produce viable cash flow and secure ongoing clients. Yet finding funding for his new venture proved a challenge. (more…)

14 Creative Ways to Use Images on Facebook in 2014

January 30, 2014

Images were a huge part of Facebook and other social networks in 2013,  but you can expect these sites to get even more visual in the New Yea. And with good reason– pictures can drive big engagement on Facebook, as much as 120 percent more engagement than text-only posts.

Luckily, with the popularity of smartphones, it’s never been easier to snap a photo, add a comment or a question, and upload it to social media. Following are 14 creative ideas to help you get started with using images on Facebook :

1. Spark a conversation: Look for ways to engage your fans in a conversation. You can use an image to catch their attention and text to encourage a response.

2. Go behind the scenes: Give fans a peek behind the curtains with images that show all of the work that goes into the products you sell and the services you provide. (more…)

Improve Your Relationship with Your Business

January 29, 2014

As a business grows, entrepreneurs must often reinvent themselves as a rite of passage. It’s often the very work habits that help you achieve a level of success that hold you back from getting to the next level. Being involved in all areas of the business, making every decision, and managing every outcome in the company becomes unsustainable as your business grows. I’ve gone through several reinventions as my own business grew and changed.

I started my company in 1989 at the age of 21. I was involved in every area of the business including strategy, sales, management, and administration. I always put the business first and grew it with stubborn single-mindedness. The company was structured in a hub-and-spoke model and I made every key decision. As we grew, I began to feel overwhelmed by the increasing complexity of the business. There was never enough time in the day. It seemed there was no end in sight and I began to resent my business. In fact, the more we grew, the worse I felt.

In 1995 I was invited to join a Young Entrepreneurs Organization event (then YEO, now EO). My first EO educational experience featured Michael Gerber, author of The E-Myth. Gerber yelled at the roomful of entrepreneurs driving home this point: “If you’re trapped working in your business then you’re not an entrepreneur! You just have a job working for the most unreasonable boss in the world… yourself!” (more…)