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When you are ready to sell your restaurant, there are two options available to you. One option is to sell your restaurant on your own. Your other option is to hire a restaurant broker. A restaurant broker will handle all the details of your sale. Selling a restaurant on your own requires a lot of time, and you need to have the right contacts.
Most people choose a professional restaurant broker to help them with their sale. Hiring the right broker can leave you with the sale you’re hoping for while hiring the wrong broker can leave you without a sale. These nine questions prepared by Frank Pupo of Vancouver Restaurant Brokerage – Vancouver, BC will help you in hiring the right restaurant broker.
1. Do you have much experience in selling restaurants like mine?
A broker that has experience selling a restaurant like yours is imperative. Selling an accounting business is going to be different than selling your restaurant. Not only are your businesses completely different but they will not attract the same buyers. You need a restaurant broker that has experience working with restaurant buyers. It is also helpful to have someone who has sold in the restaurant industry before.
Hiring a broker who has no experience with restaurants will require them to spend time learning your industry and business model instead of talking with potential buyers.
2. Where is your office?
To save money, many people are working out of their home instead of in an office. This isn’t necessarily a good thing for restaurant brokers. When your restaurant broker is working out of their house, it could mean this isn’t their full-time business. You need someone that can devote their time and attention to your sale.
It is good to look for a restaurant broker that has a team of brokers working with them. Having an office gives your broker a professional setting to negotiate and talk with your potential buyers. When hiring a broker, it is happy to remember they are a direct representation of your restaurant.
Would you prefer your broker to meet with buyers in an office or their living room? The image your broker represents will have an impact on your sale.
3. Have you sold any restaurants like mine?
It is important to find out how many restaurants like yours the broker has sold. This is different than restaurant type. There can be a difference in restaurant types. A drive-thru coffee shop is much different than a 100-person Mexican restaurant with a bar. If a restaurant broker hasn’t successfully sold your type of restaurant, it would be in your best interest to look somewhere else for a broker who has experience with your type of restaurant.
4. As a broker, how would you value my restaurant?
Asking your restaurant broker how your restaurant should be valued will show you how experienced he or she is. The broker should ask you questions before they give you an answer and if you hear a cookie cutter response turn around and leave immediately. The valuation of your restaurant will be very different from another restaurant. Do not hire someone who is not interested in the details of your restaurant when doing your evaluation.
5. How will the sale of my restaurant be kept from my customers and those I compete against?
A critical factor in selling your restaurant is keeping it confidential. Find out what the broker’s plan is for keeping the sale private. You do not want your customers finding out you are trying to sell. This can leave them worried about why you are selling, and you were losing business before the sale. You also do not want those you compete with to realize you are exploring the option of selling your restaurant.
A good restaurant broker can generate interest in your restaurant without giving details on your sale. When a buyer has shown interest, they will need to be vetted. Your broker should make sure they have the financial ability to buy the restaurant. If your broker finds out, they have the funds to purchase the restaurant they need to sign a non-disclosure agreement before any details are released to them.
6. As a restaurant broker, how many buyers do you have that are already qualified?
Make sure they do not tell you they have a large number of qualified buyers. A good restaurant broker needs to have relationships with potential buyers. It takes time and energy to develop real relationships.If you are given a large number, say in the thousands, most likely they just have a list of names. A large list of names will not help you in selling your restaurant. You need a broker who has a healthy relationship with a small set of buyers.
7. Will you list my restaurant for 1 million dollars?
Good restaurant brokers will know the realistic valuation for your restaurant. You also want a broker that has a pricing strategy that will ensure a sale you are satisfied with. Your restaurant broker does not get paid unless the restaurant sells. As a broker, they will want to make sure it is priced correctly. The goals of a restaurant broker should be to sell your restaurant at the highest possible price.
A broker that agrees to your unrealistically high sale price is wasting your time. An experienced broker will rate the restaurant accurately, so they do not waste your time, or there’s. His or her goal should be to rate your restaurant accordingly, so it sells quickly.
8. What is your current number of listings?
How many listing a broker has will give you an indication of how much time they will have for your sale. A restaurant broker with an extensive list of active listing will not be able to give you the time and attention your transaction deserves. A long list can also mean they take on many listing in the hopes that they can complete one.You want to look for a broker that has around three to seven listings. This will ensure they can give your restaurant sale the attention it needs to get a contract. An agent who is willing to limit their listing will show you they know how much attention each listing needs.
9. Can you help me with sales contract preparation? Should I hire an attorney?
A broker with experience will be able to help you draft all of your legal documents and should also know different ways to structure your restaurant deal. However, a good broker will advise you to hire a legal team. You want an independent team to review all your documents before you sign anything.
Your broker can prepare your paperwork and help you structure your deal, but always have lawyers review it before you sign. There are so many different counties, state, federal rules that you want to make sure everything is in order before you sign. The extra expense of a legal team can save you lots of time, energy, and money down the road.
For those who live in climates where winters are cold, having a heating system in your home is one of the most important things. When it comes to choosing a furnace that is best for you home, there are several things to consider. Three of the most pertinent details about whichever furnace you choose for your home will be its size, efficiency, and type. Combined, these three things will ultimately determine how many years you can use your new furnace, along with how much your utility bill will be during the winter months of those years.
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Why invest time and money getting business coaching? Well, the answer is simple, to maximize your ROI (return on investment). Lately, business coaching has been on an upward trajectory, and this is perhaps because more and more entrepreneurs realize that coaches aren’t meant for ailing businesses only. In fact, you stand to reap better ROI by hiring a coach for a start up or successful business.
If you’ve been wondering how you can maximize profits and expand, your safest bet is hiring a business coach. In fact, it is by far the greatest investment you can ever make in business, and we’ll have a look at why in a few. The long and short of it is that you need a systematic plan to get ahead of the competition, but where do you get the ideas from? You guessed it.
Increase Your ROI by Hiring a Business Coach:
Business coaches use their knowledge, experience, and expertise to help you identify your strengths and weaknesses and in the process, help you fulfill your potential. In a nutshell, they are responsible for boosting your performance through eliciting motivation, ideas, and insights. The main idea behind hiring a business coach is achieving a greater ROI, but how?
- Business coaches are responsible for formulating marketing strategies to boost client acquisition.
- They develop goals and come up with deadlines for accountability purposes and measurement.
- They cultivate a success-oriented culture, innovate and boost productivity.
- Business coaches are responsible for honing management skills.
Boosting your ROI isn’t easy, but it is attainable with the help of a business coach. Once your coach comes in, he/she gets a chance to assess the situation at hand so as to come up with a formidable game plan to get you out of the rut. It is worth noting that increasing your return on investment is the main idea, and the investment can either be in terms of time, effort or money used on advertising or expanding.
You may have in the past, invested effort or money only to yield few returns and this is exactly what you have to change through hiring a business coach. Sure, the success of a business coach can be measured through maximized profits and productivity, but an essential aspect is to enhance your ROI. This means decreased time, effort and money yielding greater returns, unlike the past.
In a nutshell, going it alone sometimes may not be the best idea, especially if you envision a growing and expanding business. You need some help regardless of whether it’s a start-up business, a successful one or more importantly, an ailing one. Some of the benefits are tangible and long lasting, such as clarity and focus improvement, enhanced productivity and increased knowledge on how to run a successful business.
The long and short of it is, hiring a business coach is where the ROI is at its greatest, the turning point of your business. It ultimately boils down to how much you are willing to invest in growing the business.
Security screws (also called tamper proof screws) are designed in such a way that they require a specialized tool to be removed. Unlike a traditional Phillips head or flat head screw, they can’t be taken out with a basic screwdriver. Instead, you need to have a tool that is specifically designed to work with the screw if you want to be able to remove it. These screws are typically used to prevent theft, vandalism, or unauthorized entry. Here are some of the most common uses for security screws:
If you have ever looked at the back panel of an electronic device, chances are it was held in place with nonconventional screws. Often, the screws will either have a unique head shape that requires a specialized tool, or they will not be able to be unscrewed at all, depending on the style that the manufacturer used. This is done deliberately to prevent people from fiddling around with the interior components of the device. Electronic devices can be dangerous. The hope is that by using secure fasteners to encase the device, people won’t be able to tamper with it and inadvertently hurt themselves or cause a fire.
The next time you are riding on a bus or airplane, take a look at the screws that are used to hold your seat in place or to hold the interior paneling together. Chances are they will be some type of security screw. This is to prevent people from vandalizing the vehicle as they ride. Imagine how dangerous it would be if people could remove these screws with a basic screwdriver. There would be no stopping someone from loosening the seats or removing important components from the vehicle, creating a potentially hazardous situation.
When a security system is installed at a home or place of business, it is done so with the intention of keeping unwanted intruders out. If would-be thieves or home invaders can simply remove the screws to access the property, it defeats the purpose of the system. Because of this, most security systems use secure fasteners rather than traditional screws. This provides an extra level of protection for the property.
There are many other ways that security screws are used to provide additional protection. They are ideal for any situation where extra security is required to keep people from vandalizing property or breaking into a protected area.
NOTE: before you even consider starting your own carpet cleaning business in Coquitlam, it is advisable first to gain experience in carpet cleaning through employment or becoming an apprentice for a cleaning service or company.
This way, the experience you would have will enable you to move forward a lot faster compared to learning through experience and past mistakes. Most importantly, you will gain customer service skills, knowledge of how to provide excellent services and different carpet cleaning technique or types. Not forgetting to learn the technique of identifying the areas to improve.
Remember, a successful carpet cleaning service should provide a quality cleaning service and customer care like stain removal, deep cleaning and general care of carpets such specialty and area rugs.
Steps Of Starting A Carpet Cleaning Business
1. Creating A Business Plan
Any and all businesses start with business plans. This is because they help a person in focusing on each stage of the business. The truth of the matter is that there is no way you could come up with a great business without a business plan. Writing a business plan is equally easy. It is advisable however to divide the business plan into several sections. Each section or topic should include detailed information on the following:
- The Business Name
- What the business is all about
- Total Funds required
- The tools and equipment needed (Tools For the job)
- The services you shall be offering
- How you are going to offer your services and improve on them as well and much more
2. Market Research And The Location
The first thing is to perform a market research about the subject. While researching, it is important to look at the cost of your services and the amount people are willing to pay, the number of competitors, the services offered by your competitors and ways you are going to make your services unique from your competitors. At the same time, do not forget to consider the marketing strategy or techniques.
The location is the next important thing. You have to choose a location for your business. i.e. are you going to work from home, create or rent a space for your business with an office to receive calls, equipment storage, bookkeeping and other related factors.
3. Applying For Business License
“There is no way you are going to begin a Coquitlam carpet cleaning business without a certificate from all relevant bodies to show that you are in business.” says Wayne Vincent of Refresh Carpet and Upholstery Care – http://refreshcarpetclean.com/.
Different countries or states have different rules or laws that govern a business. Ensure that you are up to date with each law mentioning the type of business you want to begin.
4. Business Insurance
According to research, it showed that many people end up failing due to lack of applying for business insurance. At the same time, there are some states or countries that need any business owner to take insurance cover. Yet again, ensure that you are familiar with your state’s or country’s laws regarding this.
In any case, it is advisable to get business insurance like the general liability, worker’s compensation, product insurance or any other form of insurance relating to your business or its assets.
5. Tools And Equipment For The Business
The next step is to purchase tools and equipment for the job. You may consider buying them online, from local industry equipment leasing or manufacturing companies. Examples of equipment that you might need include cleaning products, deep cleaning machines, industrial vacuums, carpet products and brushes, water storage tanks and others.
6. Looking For Customers
This is a step where marketing techniques come into play. You will have to come up with ways to market your brand and services. You may also consider partnering with other small businesses in need of Coquitlam carpet cleaning services like shown in this video. You can achieve this by attending small business trade shows, networking functions or through the third party. It may involve handing out business cards, meeting with potential customers and much more.
One of the most popular trends in recreation is real life escape rooms. Also known as REGs, real life escape games, these are rooms where a group of people get locked in and must find their way out in a specified time frame using clues and solving puzzles in a themed room. Just about anything that is not nailed down is fair game in solving the puzzle and finding the way out.
Find a Location
If you think you might be interested in starting a real life escape room business in Vancouver, your biggest hurdle will be finding a piece of real estate in which to house your rooms. Next, you will want to have a concept for each room. That takes time and imagination to come up with because you will want to be a bit different from other escape rooms that may be in your area. Finally, you need to set up a website or other means of getting the word out that your escape game rooms are ready for thrill seekers.
Have Start-Up Money in Place
Before you start the business in Vancouver, work up a general estimate of how much it will cost to get off the ground. As mentioned, the hugest expense will be the piece of property in which you build your rooms. You may not need to buy something, but you will need to plan for monthly rents. Also, it is likely that you will have to stick to commercial buildings. A home may not be zoned for the traffic that the game will bring in along with the customers it will attract.
If you have the capital ready such as on a credit card, you can start looking for a property while you develop the concept for the rooms. Do not forget that you will have to time things properly because you will need to purchase all items and set them up for each room ahead of opening day.
Using credit cards is a risky form of capital for starting any business. However, if the business is a success, it could be possible to pay off the money invested in its start up in a relatively short time. You can estimate how much you will charge per person for a ticket. If your overhead is X amount of dollars per month including rent and utilities, you can divide that amount by the ticket price to get an idea of how many tickets you need to sell to break even or make a profit.
You can also raise money with the help of an angel investor. However, you may need to give a share of the business’s equity or value to that individual rather than keep ownership all to yourself.
Build a Website
Once you have the building and the rooms are in construction, build a website explaining the enticing themes of your rooms and why people should visit your attraction. Also, use social media and traditional media to create a buzz about the opening of your Vancouver exit room game.
As cooler weather sets in, are you looking for some quick tips to keep your gas furnace in your Vancouver home in top condition during the winter season? If so, the following troubleshooting guide will help to answer some of your questions such as:
- How to turn the furnace on?
- The easiest way to change a furnace filter?
- How to test the furnace’s airflow?
- What should you do if the furnace does not ignite?
Hopefully, this troubleshooting guide will give you the answers you need to resolve your gas furnace issues and keep you and your family warm this winter.
How To Turn Your Gas Furnace On
Although it sounds simple enough, there are some people who do not know how to turn their gas furnace on. The following step by step information will guide you in the right direction.
The first thing that you will need to do is locate the breaker that is connected to the furnace. The breaker is part of the electrical panel, and it is typically located the garage, utility room or the basement. The breaker should be labeled with a special marking. Make sure the breaker is positioned to be on.
You will then need to find the switch for the furnace and turn it on. This switch is usually located near the bottom of the stairs in the basement. However, it could also be located in the ceiling or in the furnace room. It is typically positioned at eye level.
Check and set the thermostat. Make sure the furnace is on, and then make sure that the selector switch is positioned to “heat”. The last thing that you will need to do is adjust the temperature. Your gas furnace should be ready to heat your home.
The Furnace Filter
When your furnace filter is properly maintained, the airflow will be optimized. This will allow your gas furnace to run economically and efficiently during the coldest part of the year. In order to prevent the parts of your furnace from burning out, you should inspect the filter every month and change the filter, at least, every six months. It is a simple process that will not require much time.
You will need to carefully open the panel door of the furnace. The filter can then be removed by sliding it until it comes out. Inspect the filter to see if there is any discoloration or darkness on the filter.
If you are not able to see clearly through the filter, you will need to replace it. Simply place the new filter into the back of the gas furnace, and make sure that it is installed to meet the airflow.
Test The Airflow In Your Furnace
If there are one or more areas in your home that are always cold, you will need to test the airflow to those areas. Your gas furnace may not be supplying enough warm air to those areas. You can test the airflow by using a simple technique called the trash bag airflow test.
Ron Severin of Vancouver Furnace Repair and Installation says “This is a quick and easy way to determine the amount of airflow by watching how long it takes for the trash bag to fill with air. Although this is not the best measurement, it will give you an idea as to what is going on and whether you need to contact a technician.”
In order to complete the trash bag test, you will need to tape the trash bag’s mouth to a piece of cardboard. You will then need to crush the bag so it is flat and place it over the exhaust hood. Finally, count the number of seconds it takes for the bag to inflate.
If it takes more than 10 seconds, insufficient airflow is entering into the room.
These are just some of the most common troubleshooting and gas furnace repair issues that homeowners face. Hire a reputable technician for heating service in Vancouver if you need professional assistance.
Welcome to Energy Business Reports. The staff here are all business owners who have information, stories and tips to share to our readers who are looking for more information about how to:
- Start a business
- Grow a business
- Hire staff
- Manage your finances
- Market your business
For those of you who have an existing business or are looking to be an entrepreneur and start their own business, this blog is for you. Our staff own businesses in niches such as:
- Home building and renovations
- Wedding planning
- Heating, ventilation and air conditioning (HVAC)
- Carpet cleaning
- Personal training
- Plus many more
Make sure you visit this website often to read more about tips to manage and grow your business.