the 5 universal success
factors needed in business
Why is it 95% of new business owners fail? Even when they have mad passion and a Dwayne-Johnson-strong work ethic? It comes down to the 5 secrets that all successful business owners have in common. Some business owners, who feel like their business is an uphill battle, often don't even realize what's missing from their business formula. Yet we're most excited about savvy researchers; entrepreneurs, including the inside coup ® business owners, who design their business life to automatically include the 5 universal success factors in business. You can put these 5 factors into place by design and, as you do, you'll experience greater business success out of the gate and beyond.
No matter which business you choose to put your name on, these are the 5 critical, differentiating and universal key factors needed to position you above the competition and create a successful business:
1. High Demand
2. High Profit Margin
3. Unique, Simple, Sustainable
4. Track Record Of Success
5. Ground Floor Territory, Turnkey Training System
If even one of these factors is absent, success will be more difficult or perhaps impossible to attain when launching a new business. Yet, when all 5 are in place and you add your drive and the company's proven training system, business success is not only easier, it's eminent. Now, let's look at how different types of businesses measure up in all 5 areas.
#1 High Demand
First, allow us to share three examples of low demand businesses. Imagine opening a jewelry, candle or cupcake store. Now, almost all of us enjoy lifting our bejeweled fingers to eat a cupcake by candlelight, but is enjoyment of a product enough to ensure a successful store; a store that brings in regular customers in droves? To answer this question we need to look at how often people buy a piece of jewelry, a candle, a cupcake, etc. If the answer is, "Every month, even when the economy lags a bit" then open that store. But as we think about the important success factor of high demand, we can easily see most people don't want or need to buy these kinds of things every month. We can also see they might stop buying these kinds of items all together if the economy dips. These are just three examples of low demand, non-recession proof businesses you may want to avoid.
Now, let's compare the inside coup, a franchise that supplies a constant high demand. Every business owner in your community wants and needs more customers coming through their door, right? You bet they do. They want this badly, they want it right now, and they want it all the time.
Business owners including accountants and veterinarians, entrepreneurs including salon, gym and resturant owners, health care providers, spa owners, body shops, even jewelry and candle store owners (and the list goes on) all want and need more customers and the inside coup delivers exactly that. Each business owner you meet, within your community and territory, will be excited and thankful for the ROI (Return On Investment) examples you share with them. The endless list of business owners in your area, and their endless need for more customers creates an extremely high demand (and exciting) business for you. But high demand isn't the only requirement to ensure your new business is a success. A high profit margin is needed too.
#2 High Profit Margin
Low start up, low overhead, low/no inventory, and low/no employee head count (payroll) all contribute to a high profit margin. So let's compare. What does a Taco Bell Cost? What does a McDonald's cost? What do the most popular franchises cost? Here are a few popular franchises and what they cost to start up:
Franchise fee for Taco Bell ® - $1.2 - 2.6 million plus royalty and advertising fees
Franchise fee for Wendy’s ® - $2 - 3.5 million plus royalty and advertising fees
Franchise fee for McDonald’s ® - $1 - $2.3 million plus royalty and advertising fees
Franchise fee for TopGolf ® - $18 million plus royalty and advertising fees
Franchise fee for Great Clips ®- $110,000 to $250,000 plus royalty and advertising fees
Franchise fee for the inside coup ® - $39,000 - $90,000 plus royalty and advertising fees
Sources: Franchise Direct and Business Insider
Now look at the inventory and payroll costs for each franchise. In other words, how much ground beef, taco shells or buns, sides, condiments, beverages, plates, cups, etc. would you need to buy and have on hand at all times? In the case of Great Clips, how much would you need to spend on hair products and hair tools every month? How many employees would you need to have on staff across multiple shifts, including weekend shifts? And there's the headache of high employee turnover rates in both the restaurant and hair care businesses too. These are all things to consider before you put your name on any business.
Now you're aware of, and probably starting to want, a franchise with a high demand AND a high profit margin. Now, because you know all of this, you'd likely prefer a franchise with a low start up cost, a franchise with low overhead (you can work from home if you wish), a franchise with no inventory, and a franchise with no employees or a low number of employees (they can work remotely if you wish them to), and a franchise that does not cut into your weekends. These are are all critical factors that naturally create a higher profit margin for you. The inside coup delivers all of these high profit margin factors and more.
All of the "ongoing headaches" we mentioned in the beginning of this section, whether you literally buy into them or not, bring us to the next critical key factor needed for a successful business. Is it simple?
#3 Unique, Simple and Sustainable
The business you put your time and effort into must be unique, simple and sustainable in order to experience the greatest success possible. Yet, most stand alone and franchise businesses can be pretty complicated to open and operate, and most have a lot of competition too. Sadly, as you've probably guessed, the more complicated a business is, and the more competition that's present, the harder it is to make it a success. Fortunately, not only is the inside coup unique, we also make business simple and sustainable.
Here's how we keep your business simple and sustainable:
1st, we offer one highly recognized product - expertly designed ads in one classy magazine
2nd, we offer one highly valued service - we create and mail the ad magazine throughout your territory
3rd, we offer recurring subscriptions - customers can order ads that repeat monthly (they often do)
4th, we offer a no-brainer - our high demand product and service sells itself
5th, we never cap income or territories - sell as many ads as you like, own as many territories as you like (except for the territories that are already taken, sorry. But don't worry, we're still ground floor).
And the best part is, even in a soft economy, you will not be hindered, because the inside coup franchise is recession-proof. Simple can be just as profitable as complicated, sometimes more so. Our corporate team creates every ad, so you don't have to. These ads are in high demand because almost every business owner wants and needs more customers. This is something that's never going to go out of style. We ensure simple ad distribution too. Neighborhood mailing lists are constantly updated and we auto-mail every magazine and postcard, so you don't have to. Business owners want and need to reach the affluent people near their business. As an inside coup franchise owner, you'll offer the business owners in your area exceptional magazine, postcard and digital ads (created and mailed by the marketing team at corporate headquarters); ads that drive more customers through their door. It's far more profitable and fun to supply a unique product and service that is in high demand, has a high profit margin and is simple and sustainable. But wait... there's more (okay, yes, that was corny yet it's kinda fun to read).
#4 Ground Floor Territory and Turnkey System
We all know Starbucks® is not a franchise, but if it was it would be hard to succeed because there is one on every corner; market saturation has been reached in most areas. This is exactly what you do not want. High competition makes achieving a profitable and successful business all but impossible.
According to experts, the best practice is to find a relatively new franchise with a proven track record of success. In our case, the inside coup is open in about a dozen states across the USA. As an inside coup owner, you will find yourself on the ground floor of greatness but it won't always be like this. Today, you can experience what it feels like to launch the inside coup brand in your area. There's nothing like owning a piece of America, especially when it generates income for you in your home town or city. Imagine filling your magazine with 10, 20, 30, 40 ads. Imagine feeling exhilarated each time you meet with a local business owner in your neighborhood. Visualize how they will feel as you help them thrive and flourish. It's an exciting mission and an exciting time with the inside coup.
In addition to ensuring you are on the ground floor it's also vital that the business you partner with provides an intensive initial training course at corporate and field training in your territory. In addition, they need to deliver ongoing support whenever you need it, so you remain connected and uplifted. Some people launch businesses on their own, without a single lesson (did you catch that Ferris Buller's reference?). And others launch businesses that have their back, in the good times and in those n difficult temporary patches.
#5 Track Record Of Success
The final key factor needed to ensure business success is a track record of success. Look into each company you're considering aligning with. What are their milestones and awards? Are they soaring high and expanding or are they stagnated and struggling? Have third party entities noticed them and awarded them? Are the current franchise owners happy, is the wind at their back, and do they feel fully supported by corporate at all times? Have you asked the owner what his or her vision is? Do their values align with yours and can you see yourself partnering with them and their team for a lifetime of simplicity, happiness and success?
Here at the inside coup we take a lot of pride in being recognized by two prominent 3rd party franchise regulators. We are proud members of the International Franchise Association® and Franchise Dictionary® awarded us Best Game-Changer Franchise. We value each of our current franchise owners, tremendously. We wouldn't be where we are today without their trust, loyalty and drive. One of our greatest joys is rewarding their building efforts with "coup family trips" and so much more. But mostly, we like being aligned with them and their core values. We implement their proven suggestions which lift the entire company to a new level of success. They're making a difference in their communities and in turn we're all making a difference nationally.
In closing, we hope you've enjoyed the 5 key factors needed for a successful business. And whether you choose to join the inside coup franchise family or take a different path, we truly wish you every success during your entrepreneurship journey. After all, that's what America is all about and it's our mission is to elevate all business owners across America to new levels of success through expert advertising. Cheers!