Rush on Business : Iowa Corporate Lawyer & Attorney : Rush Nigut of Brick Gentry Law Firm : Serving Des Moines, Cedar Rapids, Davenport, & Sioux City

Last week I attended an online monthly Webinar given by entrepreneurs Doug Mitchell (www.createwowmedia.com) and Andy Brudtkuhl (www.48webconsulting.com) called Lunchtime Mastermind. I have known and worked with both these guys for several years now so I thought I would check out their latest venture. I came away very impressed.

SEO for small business was the topic for the first Webinar and future sessions are designed to include actionable information to make your business more findable online and position you to convert prospects. The online forum allows you not only to engage the speakers but also allows you to interact with other attendees online. It is a great feature that I enjoyed considerably during the first session. A number of attendees had pertinent information to add, and sort of like attending a great CLE program, the input of the audience made the hour even more worthwhile.

I really encourage you to try out the Lunchtime Mastermind if you have an interest in expanding your business online. Be sure to contact Doug or Andy if you have more questions.  They will take the time to answer those questions. Like you, these guys are in the trenches running their own businesses and their practical approach is a breath of fresh air in a world of get-rich-quick online marketing programs. 

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Just a reminder that the deadline for filing Iowa Secretary of State biennial reports for Iowa corporations and LLCs is April 1, 2010. The deadline for filing agricultural reports for companies owning an interest in Iowa agricultural land is March 31, 2010.

Did you know? There are over 188,000 active businesses in the Iowa Secretary of State database. Source: Iowa Secretary of State Annual Report, Issued January 2010.

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Are you considering a franchise business?  Read this blog post on evaluating the strength of your franchisor before signing on from the First Prize Franchise blog.

I posted on this a couple of years ago but  I consistently see people who invest their life savings tinto franchise operations.  Some of these people achieve great results but many (perhaps even a majority) do not. What separates the good from the bad? 

One critical aspect to consider in my view is the brand itself.  Is the brand recognizable?  If not, the franchise better have a fantastic system, unique concept or protected intellectual property.  Otherwise, I think you need to question up front whether the franchise is right for you.

There is no also validity to the claim that franchise operations are less likely to fail than non-franchise operations. The truth is that franchisees fail at a rate that is similar to non-franchise businesses. In fact, the International Franchising Association has discouraged all franchisors from making such claims.  So careful due diligence is important when considering a franchise opportunity. One of the best things you can do is talk to as many existing (and former) franchisees as possible. Also, consider several key disclosure issues including:

1. Franchisor's litigation history;
2. Amount of the initial investment;
3. Vendor rebates and products you must buy from the franchisor;
4. Earnings claims made by the franchisor;
5. Franchisor's financial statements;
6. Trends concerning the number of outlets.  It is important to closely review the information regarding outlets. Carefully study the number of transfers and not just the number of closures.  A high number of transfers may be an indication that franchisees in the system are struggling, but bad stores have not been shut down. 

And finally, be willing to walk away. This is the paradox of successful negotiation. Those that are willing to walk away usually find they get more in negotiation, especially in today's economy. Many franchisors are willing to make a deal these days. Don't get in a hurry in your negotiations. You may be able to secure important concessions if you are patient.

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Growing Des Moines businesses may want to consider a six month program offered by the Small Business Administration called the Emerging 200 (e200) Initiative.  Locally the course is taught by Monica Dolezal of Bizstarts.  The program begins in April.

The goal of e200 is to identify 200 inner-city businesses across the country that show a high potential for growth and to provide them the network, resources and motivation required to build a sustainable business within a designated inner-city geographic location.

The cornerstone of the e200 initiative is an in-depth educational program running approximately 80-100 hours, to be held two half-days per month from April through October, 2010. It will focus on topics such as organization management, finance, growth strategies and management, market development, and strategic planning.  Small business executives in the e200 Initiative participate in an intensive and comprehensive program, draw from each other's experiences and expertise, develop connections with local capital providers, and complete a growth plan by the end of the program.

Participation in e200 is free to qualifying businesses. Criteria for participation includes having been in business for a minimum of three years, $400,000 or more in gross annual revenues, and a business location within the City of Des Moines. Participation will be limited to only 15 businesses in Des Moines and 200 businesses nationwide.

For more information contact Monica Dolezal of Bizstarts at 515-229-2345 or the local Des Moines SBA office at 515-284-4522.

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