buzz•word
3 TIPS TO DEVELOP A POWERFUL SOCIAL MEDIA STRATEGY Create a Customer Profile
Creating a customer profile can help you best define your ideal customer. Questions to answer: How old are they? What is their income? Do they have children?
Research your Competition
You can learn a lot from your competition on social media. List three or four of your top competitors and study their social media strategies.
Build Your Content Strategy
Develop a strong content marketing plan that drives engagement. Delivering fresh content with a mix of blogs, branded posts, infographics and videos. Michelle Hummel is CEO of www.webstrategyplus.com
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Franchise Terms to Know Absentee ownership: The potential to manage and own a franchise without active involvement in the day-to-day operations. The franchisee will purchase the franchise unit but will hire someone else to manage and run the unit.
formation, which includes the buy-in costs and initial startup expenses, is packaged in a 150-page document.
Owner-operator: The franchisee will run the franchise unit him or herself and be hands-on during day-to-day tasks.
Franchise agreement: The actual contract which includes the responsibilities of the franchisor and franchisee.
Discovery day: The opportunity to visit a franchise’s corporate headquarters in order to meet the management and support team and learn more about the franchise.
Franchise fee: The initial upfront fee a franchisee pays for the right to purchase a franchise and use the trademark and business system. This is typically paid at the signing of the franchise agreement.
Franchise Disclosure Document (FDD): The Federal Trade Commission mandates that franchisors provide detailed information about the franchisor. This in-
Franchisee: The person or entity that purchases and is granted a franchise.
Franchisor: The franchise company and owner of a franchise system’s trademark brand that provides usage rights to a franchisee.
Susan Scotts is an alternative career coach at The Entrepreneur’s Source. Contact her at 561-859-9110 or coach@susanscotts.com For a more extensive list of franchise terms, check out our resources tab and look under “Franchising 101” or click this link http://franchisedictionarymagazine.com/words-to-know/
FranchiseDictionaryMagazine.com
