FEATURE PAPER

Starting a New Business: Franchising vs. New Venture

This paper was wrote by Dianne H. B. Welsh, from The University of North Carolina at Greensboro, Shawn M. Carraher, from Indiana Wesleyan University and Lottie Sledgel, from Cameron University. This paper was presented at the 2012 Small Business Institutes National Proceedings at San Antonio, TX. (Page 175)

Abstract

Many individuals consider starting a small business, for practical reasons like they wish to be their own boss or more personally fulfilling ones like the desire to follow a long-time dream. There are a series of decisions that need to be made at the beginning of any entrepreneurial implementation process. This paper will look at some of the aspects of becoming a franchisee versus the starting up of a new business venture and some of the considerations that accompany each venture.

(Read Entire Paper)

TIP OF THE WEEK

Consumer Research

With all the theories available for retailers to study their target markets, there is often a need to examine research studies that address the potential customers. Major trade associations, such as the National Retail Federation, often undertake these studies. When a major retailer wants to find specific information regarding their own potential customers, the services of an outside agency are often employed or the research may be conducted in-house.

Trade Associations and Organizations

There are numerous trade groups serving the needs of retailers with research studies. These organizations address a host of subjects, the scope of which is dependent on their missions. The National Retail Federation (NRF) is the largest retail organization in the world. Its goal is to serve its membership in every aspect of retailing. Among its many endeavors is research. Studies are regularly conducted and made available to its members, which include some of the largest merchants in the world. By subscribing to the organization, merchants are able to obtain any studies NRF has conducted. By logging on to NRF's Web site,www.nrf.com, would-be members can assess the group's offerings. Other more specifically oriented trade groups include the Institute of Store Planner (www.ispo.org), the National Association of Sales Professionals (www.nasp.com), the International Mass Retail Association (www.imra.org), and the Fashion Group International (www.fgi.org).

Governmental Resources

Each level of the United States government conducts research involving endless subjects. Included are studies that deliver factual information on consumers. The federal government, through the Census Bureau, provides a wealth of information on population, an area that retailers need to examine with regard to their consumer bases. A great number of important charts, tables, and graphs that concern the populations are easily available at the Census Bureau Web site (www.cnsus.gov). An excellent hard-copy source is the Statistical Abstract of the United States, which features the same information and is available at most public libraries.

Market Research Groups

There are numerous research organizations dedicated to conducting studies that provide information on consumer motivation and behavior. Among the better known are SRI International, a consulting firm that specializes in market segmentation systems (www.sri.com), the Gallup organization, which (among other things) offers consumer measurement studies (www.galllup.com), and ACNielsen, the world's largest provider of market research (www.acnielsen.com).

In-House Research

Many of the retail giants have their own in-house research departments. These departments investigate a wide range of areas for the company including consumer research. Identifying potential customers and addressing the problems involved in appealing to them is of paramount importance to any in-house team. Once the problem has been defined and identified, the team is ready to begin the gathering of data. Like their outside counterparts, in-house teams utilize many different tools in finding solutions to the problems they are charged to investigate.

ANNOUNCEMENTS

ICSB

The International Council for Small Business will be hosting their World Conference during June 10-13, 2012 in Wellington, New Zealand. For more information,click here.

Allied Academy

Allied Academy will be hosting 2 upcoming conferences soon. The Summer International Internet Conference will be held during July 24-31, 2012. And the Fall International Conference will be held during October 10-12, 2012 in Las Vegas. For more information,click here.

New SBI Website

We are excited to inform you the new SBI website is Live and Ready!

Now that the website is up and running, there are a couple of housekeeping items that need to be addressed. Please read below:

Password: One of the key features of the new website is that it allows members to set up a personal password..Don't worry if you forget it you can also reset it. Please click the following link to reset your password: http://smallbusinessinstitute.biz/Sys/ForgottenPasswordRequest.

Profile: Another one of the key features is that you will now have access to update your profile information at any time. Please review your profile and make changes as needed.

E-mail: Due to the change of website providers the @smallbusinessinstitute.biz emails are no longer active. If you need to reach the board members or administrative staff you can find contact information on the CONTACT US tab or click here.

As Mike Harris stated in his announcement earlier this week, we want to do a better job of promoting the success of our members. Please send us your recent accomplishments, articles or good news, so we can share it with all SBI members.

We invite you to visit the new and improved website http://smallbusinessinstitute.biz/, tell us what you think!

SBIJ Journal

The Small Business Institute® Journal has just published its latest issue at www.sbij.org. We invite you to review the Table of Contents here and then visit our web site to review articles and items of interest.

International Journal of Business and Social Science

The International Journal of Business and Social Science is now taking manuscript submissions. All manuscripts must be submitted electronically through the e-mail to the editor at editor@ijbssnet.com, or editor.ijbss@hotmail.com. For more information,click here.

Call for Panelists

The Marketing Management Association is accepting panelists for the Fall Educators' Conference on Sept 19-21, 2012 by the Mall of America in Minneapolis. Panelists are needed in the following areas:

. Effectively Using Social Media to Enhance Student Learning
. Building Information Literacy in Classroom Instruction
. Mentoring Junior Faculty: Expectations and Outcomes
. Wiki Class Applications
. Productivity in a Small or One-Person Department
. Activities to Prepare Students for the Job Placement Process
. The Millennial Mindset: Constructive Faculty Responses
. Using LinkedIn as a Teaching Tool
. Interdisciplinary Instruction: Reaching Across Business Disciplines
. Active Learning Innovations
. Managing Millennial Expectations in Team Activities
. Assurance of Learning and Student Internships
. Class Apps with Twitter, Tumblr, StumbleUpon
. Using Teaching Evaluations Effectively
. Advances in Teaching with Simulations
. Innovations in Case Instruction
. Business Ethics: Classroom Exercises with Personal Application
. Teaching Sustainability Across the Business Curriculum
. Student Learning in Undergraduate Research
. Teaching Base of Pyramid Marketing: Global Perspectives on Developing Countries
For more information, you can e-mail Dr. Brian A. Vander Schee at bvanders@aurora.edu or click here.

BABSON

The registration deadline is rapidly approaching for Family Entrepreneurship: Growing the Family Business Across Generations. This new Babson Executive Education program will take place from May 16-17, 2012. We encourage you to register, if appropriate, and to forward this message to colleagues and family members who would benefit from participating.

Built upon Babson's deep experience with family businesses, the program content covers key aspects of entrepreneurship and entrepreneurial leadership and will include a combination of lectures, case studies, and action learning projects. For more information, click here.

ICSB 2012 Public Agencies Forum

How can government bodies - such as policy departments, advisory services, regulators and service agencies - develop the most effective means of engagement, communication and information sharing with small businesses?

CONFERENCES

CALLS FOR PAPERS

SBANC STAFF

Main Office Phone:(501) 450-5300

Don B. Bradley III, Executive Director of SBANC & Professor of Marketing - Direct Phone:(501) 450-5345

Matt Yancey, Development Intern