Author: Leo McQueen

How to Start a Franchise Business

Starting a business is a major endeavor. You need to perform market research, file for a license, create a marketing plan, and build your brand. One way to shorten the process is to become a franchise business owner.

As a franchise business owner, you can tap into the resources and branding of a large brand—while still maintaining the autonomy to run your own business.

If you’re considering starting a franchise business, there are a few things you should know. First, let’s talk about what a franchise business is.

How Does a Franchise Business Work?

In a franchise business, a franchise owner pays a fee to essentially “rent” a brand name. The franchisee runs the business themselves (or hires someone to run it) and must follow the rules and regulations related to how the brand is used.

For example, many McDonald’s restaurants are franchises, meaning an owner (or group of owners, in some cases) pays McDonald’s to use their brand name, menus, logos, and other business assets.

They run their location, pay McDonald’s to use the name, and keep the remaining profits.

A franchise business is a popular business model because it offers owners the best of both worlds: the support of a large brand and the benefits of owning a business.

A few businesses that offer franchising options include:

  • 7-Eleven
  • Taco Bell
  • Great Clips
  • Ace Hardware

Starting a franchise business should not be taken lightly. There are pros and cons to consider before deciding whether to become a franchisee.

4 Benefits of Starting a Franchise Business

Starting a business gives you more control over your life and income. Unlike starting your own business, however, there are specific benefits to buying into a franchise.

More Support

Starting a franchise business is sort of like playing video games on easy mode. The franchisor offers support in the form of training, materials, process flows, and branding to make it easier to get your business off the ground.

For example, starting a taco shop could require months for menu development, taste testing, logo design, product sourcing, etc. As a Taco Bell franchise owner, however, much of that work is already completed.

Lower Failure Rate

Franchise businesses often have a lower failure rate. When you buy into a franchise, you join a proven business model that works. You also have additional support and business resources that can make a difference in your success.

Built-In Brand Awareness

Building a brand is one of the best things you can do for your business. However, it often takes time and resources. When you buy into a franchise, the branding is already complete. People already know who your brand is and what it represents. This saves you time and creates a built-in customer base you can tap into.

Better Buying Power

In some cases, you may purchase goods at a lower rate. Many franchisors negotiate contracts with vendors for the entire network, allowing you to spend less on goods and services by purchasing in bulk. However, the flip side of these benefits is you may not choose your vendors, and sometimes the costs are higher.

While there are many benefits to starting a franchise business, there are some drawbacks to keep in mind. You’ll pay licensing fees to corporations, which can eat into profits. You’ll also have less control over some aspects of your business. For example, if you own a franchise restaurant, you may have little to say on the menu or which vendors you use.

How to Start a Franchise Business

Now that you understand the pros (and the cons) of starting a franchise business, let’s get down to the details. How do you get started? Here’s what you need to know.

1. Identify a Business Opportunity

The first step in starting a franchise business is deciding which business you want to join. Hundreds of companies offer franchise opportunities: which one is right for you? Here are a few questions to ask yourself.

  • Do you want an online or in-person business?
  • What industry are you interested in? There are franchise businesses in travel, restaurant, convenience stores, websites, health and wellness, business, and much more.
  • How much money do you have to invest? Before selecting a business, consider the cost.

Once you answer those questions, start looking for franchise opportunities. For example, if I am interested in a restaurant franchise and like sports bars, I might Google “best sports bar franchises.” As you can see, there’s plenty of options.

Here are a few other searches you can try. Feel free to swap out key terms to find an opportunity that works for you.

  • online franchise businesses
  • travel franchise businesses
  • senior care franchise
  • cheap franchise businesses

Make a list of your top five franchise businesses, then compare what they offer. How much are licensing fees? Is it a flat fee or a portion of your sales? What resources do they offer? Do they offer financing? What happens if you don’t end up keeping the franchise?

Compare all the features and consider all the drawbacks before making a decision.

2. Research Current Owners and Potential Competitors

By now, you should have one or two top franchise choices. It’s time to dig deeper. How many current franchise owners are there? What are their annual revenue and profits?

What competition will you face? Consider both online and in-person competition. For example, suppose you want to franchise a tax company. In that case, you need to consider how you’ll stand out from online companies like TurboTax and in-person accounting firms in your physical location.

3. Determine Market Interest

Sometimes buying into a franchise provides a false sense of security. You see how much other franchise owners make and think that is the norm. Keep in mind markets can vary by location and the franchisor has a vested interest in highlighting their most successful franchisees.

Whether you are looking to purchase an online or in-person franchise, make sure there is enough room in the market for additional businesses. If the market is saturated, you may struggle to make sales no matter how much people trust the brand.

4. Research Startup Costs

The cost to start a franchise business can range drastically from a few hundred bucks to set up a website to millions to pay franchise fees and build a store. Usually, franchisors will list the average cost on their website.

However, sometimes there are hidden fees you’ll need to keep in mind:

  • Travel costs: Most companies require you to come to their headquarters and learn more about their brand and company culture. Generally, you’ll foot this bill.
  • Training costs: You may be required to train on location in a store for several weeks. This can cost time and money, since you won’t have a paycheck.
  • Local fees and taxes: Your city or state might charge fees to start a business, get approvals, acquire building permits, etc.
  • The initial fee: Most franchisees pay a yearly fee (called the royalty fee) based on sales. However, there is likely a one-time initial fee that might range from $500 to $50,000.

5. Create a Business Plan

You’ve researched all your options and have decided on a business to join. Congrats! Now it’s time to create a business plan. This is one of the most crucial steps, so take the time to create a solid business plan that covers all the bases.

According to the Small Business Association, a business plan should include:

  • Executive summary: What your company is and what makes it different.
  • Company description: Provide detailed information about the problem your company solves and who you plan to serve.
  • Market analysis: Who your target audience is and how your business stands out from the competition.
  • Management plan: How your business will be structured and who will be in charge of what facets of the business.
  • What you offer: Are you offering products or services? What is your product life cycle and how will you handle things like intellectual property?
  • Funding: How will you pay for the franchise fees, labor costs, and the equipment or products you need to get started?
  • Financial projections: Estimate the revenue for your business. Include a prospective outlook for the next five years. If you plan to take out loans, how will you pay them off?
  • Marketing and sales plans: How will you market your business? Do you have a website? How will you increase sales over time? You can also get help from a digital marketing agency like NP Digital.

6. Form an LLC or Corporation

The next step is to create your business entity. The type of business you create might depend on the franchisor you work with. Some might require an LLC or corporation. An LLC protects your personal assets from liability, while a corporation is a tax structure.

You might also choose sole proprietorship; however, that can leave your home and other assets at risk. This guide will walk you through the different options, but I suggest meeting with a tax or legal professional to decide if the structure is right for you.

Keep in mind city and state laws may impact which structure is right for you.

7. Choose an Initial Location

The final step is to find a location for your franchise business. If you are online, the location will likely be a website, but you might elect to have office space as well. If your franchise business has a physical location, make sure to compare sites to find an affordable one that gets plenty of foot traffic.

Don’t just consider the location’s current pros and cons. Research future developments as well. An ideal location today might not be if a bypass is installed right next to you directing traffic away.

On the other hand, a location that is just OK today might gain attention if a large shopping center is built next door. (Just remember that sometimes development plans fall through, so don’t choose a terrible location based on possible plans.)

Frequently Asked Questions About Starting a Franchise

How much money do I need to start a franchise business?

The cost to start a franchise business varies by business. Some only cost a few hundred dollars, while starting a McDonald’s franchise costs between $1 and $2 million.

How much do franchise owners make per year?

It varies by business. The average is usually between $50,000 and $70,000 per year.

Can I start a franchise business for free?

Not entirely, no. The franchisor generally requires an initial payment before you can open your business. If you don’t have capital, consider bringing in an investment partner.

How do you start a franchise business?

1) Identify a business you want to work with. 2) Research current owners and the competition. 3) Determine market interest. 4) Research startup costs 5) Create a business plan. 6) Form an LLC or corporation. 7) Choose a location. 8) Create a marketing plan.

What is the most profitable franchise?

According to Entrepreneur, the most profitable franchises are Taco Bell, Dunkin’, and The UPS Store.

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Summary of Franchise Business Guide

Starting a franchise business is not without risks. However, the added support and access to a built-in customer base make it a tempting model for many business owners.

If you are comfortable working with a team and appreciate the support and other benefits of being a franchise owner, it can be an ideal way to build your own business.

Remember online marketing is crucial to the success of any business in 2021. Understand the benefits of SEO and social media. Study up on practices like paid advertising that can help you reach a wider customer base.

Finally, don’t be afraid to hire a professional to handle your marketing. They can put their expertise to work while you focus on building your franchise business.

Are you considering starting a franchise? What challenges are you facing?

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How to Find Image Sources For Proper Attribution or Research

There’s no shortage of amazing images online, but that doesn’t mean you’re always going to find the original. So many images you find on blogs and other websites originated from somewhere else. While it may not seem like a big deal, it seriously pays to know how to find the original. 

Here’s how to find an image source quickly and easily.

Why It Is Important to Find Image Sources

It’s always handy to know how to find proper image sources online. It won’t just make your life easier when it comes to finding high-quality photos; it could also help you avoid legal trouble. 

You Saw an Image and Want to Find It Again

Is there anything more annoying than seeing a cool image online, saving it to your desktop, and then forgetting where you found it in the first place? Worse still, you then have to waste hours trawling through your browser history to find it.

All of this wasted time and effort can be avoided when you know how to find image sources quickly. 

You Want to Use an Image in Your Blog Post and Attribute It Properly

Images are vital when writing blog posts. Research shows articles with photos get 94 percent more views than those without them. That’s because nothing puts readers off more than huge blocks of text. Images help break your writing up, make points clearly and improve the reading experience.

However, you can’t just use any old photo you find on the internet in your blog. You have to make sure you are legally allowed to use it and that you can attribute it properly. You’ll need to find the original image source for both of these tasks.

Once you’ve found the image source, you’ll be able to work out whether you’re allowed to use the image (I help you with this below if you’re still not sure), and you can attribute it correctly if you need to. 

While it’s very rare for small sites to get into legal trouble for using copyrighted images or not abiding by Creative Commons, it’s better to be safe than sorry. 

You Need a High-Quality Version of an Image

Low-resolution images suck. They look bad on your blog, and they look even worse when you scale them up for printed marketing materials — but pixelated images are exactly what you’ll get if you don’t find the original image source.

Why? Because reposted images are usually shrunk to reduce the file size and increase website load times. This is great for the website in question, but it’s not great for you. The original image, on the other hand, is usually much larger in size. Whether you want to use an image in a piece of marketing collateral or edit it yourself, it pays to be able to find the source. 

5 Ways to Find Image Sources

Finding an image source isn’t difficult. Here are five different ways you can use to find any image source today.

1. Use Google’s Image Search to Find Image Sources

Google Images Search is the de-facto place to find images online. You probably don’t need me to tell you that, though. What you may need me to explain, however, is how to use Google Images to find the source of an image. 

Ways to Find an Image Source - Image Search on Google

You can do that easily using Reverse Image Search. Head over to image.google.com, but instead of typing in a keyword, upload your image. Google will show a link to every page on the web with that picture, and it shouldn’t be too hard to find the original. 

You can even use Google’s Reverse Image Search on your iPhone by requesting the desktop version of the site in Safari. 

2. Use Other Reverse Image Tools to Find Image Sources

Ever found an image on Twitter or Facebook and wondered where to find the original image? While it sounds like a tall order, reverse image search tools actually make finding original sources using just the image far easier than you’d think. 

All you need to do is upload or copy and paste the image into the tool, and the search engine will find every instance of that image online. In most cases, it won’t be hard to find the original image. 

There are plenty of reverse image search tools out there, but here are a couple of my favorites.

TinEye

TinEye is a great reverse image search tool that helps locate an image source in seconds. You can search by uploading a URL if you have one or the image itself.

You can also use TinEye’s Chrome extension to right-click on any image while browsing and instantly get access to the platform’s data. 

Search By Image

Search By Image is an Android app that lets you reverse search for images on Google TinEye or Yandex. Search by uploading images from your phone or opening images from Facebook, Twitter and other apps.

3. Look Up the Image MetaData to Find Image Sources

You can find a surprising amount of information about an image in the file’s metadata. Sometimes it will even include the image’s source. 

You don’t need to be a technical whiz, either. First, download an image. For the purposes of this example, I’ll be downloading this image from the Good Housekeeping website.

Ways to Find an Image Source - Look Up the Image MetaData

On a mac, you can find the image’s metadata simply by right-clicking on the image and selecting “Get Info.” You’ll be served up a load of data that probably won’t make much sense, but you’ll clearly be able to see the image’s source.

find image source - look for meta data

On Windows, just right-click the image and select “Properties.”

4. Use the Chrome Browser to Find Image Sources

If you use Chrome, you don’t need to visit Google Images to do a reverse image search. Instead, right-click on the image when you find one you want to search and click “Search Google for Image.”

You’ll be shown the full reverse image search results as usual. 

5. Use Visual Search by Bing to Find Image Sources

Bing has its own image search functionality called Visual Search that makes reverse image searches a breeze. 

You can drag your saved image into the search bar or upload it, and Bing will show every location it can find it online. You’ll also get a pretty in-depth rundown of the image’s attributes and any text that Bing can find in the image.

How Do You Attribute Image Sources Correctly?

How you attribute images depends on the type of image and where you found it. Most sites will be very clear about what you need to do when it comes to attribution, but it can help to know the following terminology. 

Creative Commons Images

This nonprofit organization allows the use and sharing of images and other creative materials through a series of licenses. Some won’t require attribution at all, some will let you edit images, and some will be incredibly strict. 

Attribution is a legal requirement of Creative Commons images unless the image has been published under a Creative Commons Zero (CC0) license. The Creative Commons outlines clearly what it classes an “appropriate credit” using the TASL method. You’ll need to include the following details:

  • title
  • author
  • source
  • license

Here’s an example from Creative Commons that shows exactly what they mean. 

find image sources - how to attribute image example

“Creative Commons 10th Birthday Celebration San Francisco” by tvol is licensed under CC BY 2.0”

If you alter a Creative Commons image, you must include the changes in the attribution. 

Public Domain Images

When work is listed in the public domain, it means the copyrights to it have expired. It is free to use, share, and edit. You don’t need to attribute the image at all or ever reference the original source.

Royalty-Free Images

Royalty-free images usually aren’t free. Rather, you have to pay a fee to use the image once, but are then free to use it again as many times as you like without paying royalties. That’s what the royalty-free part means.

Royalty-free images usually don’t require attribution, but be sure to check the licensing agreements of the site you downloaded them from. There may be other restrictions, too, like not using them for a certain purpose or in a certain niche. 

5 Sites to Find Great Images

The costs of paying for images every time you use them quickly adds up for small businesses. It simply isn’t a sustainable practice. That doesn’t mean you have to go without images, however. 

There are plenty of places online to find high-quality royalty-free images. Here are a few of my favorites. 

Unsplash

Find Image Sources - Unsplash

Unsplash is probably the best stock photo platform in the world. You can use the images for free in almost any way you like.

Pexels

Find Image Sources - Pexels

Pexels is another large, free stock photo platform like Unsplash. It has its own license that governs what you can and cannot do with photos.

Burst

Find Image Sources - Burst

Burst is Shopify’s stock photo platform. You can download photos for free without being a Shopify customer. 

Flickr

Find Image Sources - Flickr

Flickr is a fantastic image repository where you can find thousands of images to use for commercial purposes for free. 

Canva

Find Image Sources - Canva

You may have used Canva to create a new logo or poster, but did you know it also has hundreds of free stock images you can use, too? You don’t even have to edit them to download them. 

Conclusion

Finding an image source can seem like a lot of work, but it’s well worth it to find a high-quality image or protect your site from legal issues. Use any one of the five strategies I list above, and you’ll be sure to find the original source of just about any image you can find online.

Once you’ve found your image, make sure you are using it in the best possible way on your blog or are using the best editing tools if you want to make the image even better.

Where do you find your favorite images?

How to Choose Which Top Level Domain to Use

Buying a domain name is exciting. It means you’re taking the first steps to establish yourself and create a professional website. But, it can also be overwhelming.

Not only do you have to find an available domain name, but you have to choose between dozens of top-level domains (TLDs) such as:

  • .com
  • .co
  • .org
  • .io
  • .co.uk
  • .net.
  • .gov

The list goes on!

Picking the right TLD is just as important as choosing the rest of your domain name. You want the best option for your business type to establish trust with your target audience and one that’s memorable.

In this guide, you’ll learn about the different TLD types, which ones you can and can’t buy, and how to know what type is the best fit for your business.

What Is a Top-Level Domain?

A top-level domain (or TLD) is the last segment of a domain name.

For example, the TLD for NeilPatel.com is “.com.”

What Is a Top-level Domain - NeilPatel Example

.com is just one of the many options available, though.

The Different Types of Top-Level Domains

The Internet Assigned Numbers Authority (IANA) officially recognizes three types of TLDs.

1. gTLD: Generic Top-Level Domains

The gTLD contains the most common top-level domains, and anyone can register most of these domain extensions.

Some of the generic top-level domains in this category include:

  • .com
  • .co
  • .org
  • .net
  • .xyz
  • .biz
  • .info

In 2011, ICANN extended gTLDs to companies and organizations. It helps brands register their name as a domain extension.

A few real-life examples are:

  • .barclays
  • .cern
  • .google

Some companies choose to use extended gTLDs as redirects. For instance, if you go to search.bing, it redirects to bing.com. Others, like .cern, strictly use their extended gTLDs.

Businesses can also register generic TLDs around their industry niche.

For example:

  • .realestate
  • .democrat
  • .republican

2. sTLD: Sponsored Top-Level Domains

An sTLD are domains sponsored by a specific entity like a business, government, or other groups.

In this category, you’ll find domain extensions for:

  • .gov
  • .edu
  • .mil
  • .int
  • .coop
  • .museum
  • .jobs
  • .post
  • .travel
Different Types of Top-level domains - .gov domain example

3. ccTLD: Country Code Top-Level Domains

The last type of top-level domain is ccTLD. These domain extensions are reserved for countries, sovereign states, and territories.

These codes are two letters long and represent the country or territories’ abbreviated name.

For example:

  • .us – USA
  • .uk – United Kingdom
  • .eu – European Union
  • .ru – Russia
  • .ca – Canada

However, ccTLDs are not only for countries. Businesses use ccTLDs to geotarget users in different markets.

For example:

  • hm.com – USA
  • hm.co.uk – United Kingdom
  • hm.co.za – South Africa
Country Code Top-Level Domains - Starbucks Example

How to Choose the Perfect Top-Level Domain

Think of your domain name as your brand’s search representative.

Some TLDs may hinder your branding because of spam associations, while others could improve your search result rankings.

Below, we’ll unpack some of the most common TLDs to help you select the perfect domain name for your business.

Some Top-Level Domains Aren’t Available to Everyone

Not all domain names are available for anyone to buy. These are restricted top-level domains known as rTLDs.

To obtain an rTLD, you need to meet specific criteria laid out by the TLD’s registry.

For example:

  • .gov and .mil are reserved for official government and military uses and are controlled by the US government.
  • .edu is an extension only available to eligible postsecondary constitutions in the U.S., some governing boards, and nonprofits where 75 percent of their members are eligible educational groups.
  • .name is reserved for individuals.

Trademarked rTLDs aren’t available unless you can prove you are the trademark owner. For example, you can’t buy a .nescafe or .walmart domain name unless you own the company in question.

rTLDs can also be geo-location domain names. You can’t buy a .nyc domain name unless you have a valid New York City address.

These controls help prevent fraud and forgery and give users a sense of security when using these sites.

How to Buy an rTLD

If you meet the requirements for some of the most common rTLDs, here are the steps to take to purchase them:

  • .mil: Go to the Department of Defense‘s official website. You need to fill out the official form for website registration and submit additional information such as government point of contact and select the correct government component.
  • .gov: Go to the official DotGov registration site. You can check if the domain you want is available, review the requirements, and download the authorization letter template.
  • .edu: Go to the Educause website. The site details the eligibility of domain names, provides domain name prices, and offers a tool to check domain availability.

When to Use .com Domain Extension

If you run a business, blog, or another professional website, a .com TLD is probably the way to go.

The .com stands for commercial. It’s one of the best TLD domains to use because people view it as credible, trustworthy, and more memorable than other obscure domain extensions.

A study from GrowthBadger found .com is the most trusted TLD. Plus, people are 3.8 times more likely to simply assume a domain ends in a .com than anything else, meaning if they try to go directly to your website, they’ll probably end with a .com by default.

However, there’s a catch.

Anyone can register a .com domain extension, and because it suits a range of business types from business coaches to online stores, it’s not easy to find a .com no one has snatched up already.

If your perfect domain name is unavailable, not all hope is lost. There are strategies you can use before settling on a complete rebrand. For instance, you could try to buy the domain from its current owner or use a reasonable variation on your company’s name.

You can try an alternative domain extension like .net (more on this below) or add a country code if it makes sense to do so.

When to Use .org Domain Extension

The .org stands for “organization” and is commonly used by nonprofits, social causes, groups, and clubs.

Examples include:

  • charitynavigator.org
  • kidneyfund.org
  • doctorswithoutborders.org

Using the .org extension can give your brand more credibility than other extension options.

That said, anyone can register a .org—there isn’t a regulating body. However, it’s best to buy another domain extension if your site doesn’t fit into one of those three categories.

Why?

Users already associate the domain with nonprofits and groups, and it could be confusing if you’re a SaaS business with a .org. Worse, if you don’t run a nonprofit, consumers could feel like you’re trying to trick them by having a .org.

If you run a nonprofit and want to use .org, keep in mind that 44 percent of people remember .com TLDs, while only 32 percent recall .org extensions.

How to Choose the Perfect Top-level Domain - Memorability of domains

The lower memorability score could end sending people to the wrong site. But, you can avoid this by buying the .com version in addition to the.org. It will protect your brand because no one else can buy the .com, and you can set up a redirect to your .org site.

When to Use .net Domain Extension

The .net domain extension is another option for businesses, but it’s not a great fit for everyone.

The .net stands for network, and the extension is for:

  • internet service providers
  • network services
  • online technology companies
  • database providers

If your business has nothing to do with tech, it usually won’t be the best option. An excellent example of an exception to the rule is behance.net. The website is an online design community and has nothing to do with providing internet or database services.

However, it works for their brand because it is a network for designers and clients to find each other.

How to Choose the Perfect Top-level Domain - .net TLD example

From an SEO point of view, the .net is better than most other lesser-known extensions if you’re in the tech industry or work for another brand .net fits with. It’s been around long enough for people to remember it, and it’s considered trustworthy and authoritative.

How to Buy a .com, .org. ,or .net TLD

Ready to buy a domain name? Fortunately, it’s usually a straightforward process.

Two of my favorite domain registrars are Bluehost and Namecheap.

Both sites are easy and straightforward to use, though they serve different purposes. Bluehost provides hosting and other services, while Namecheap is strictly for buying domains.

You can buy common TLDs such as .com, .net and .org as well as alternative domain extensions like .io, .so, .new, etc.

buy a top level domain with namecheap suggested TLDs

How Does Your Top-Level Domain Affect SEO?

Besides branding, choosing a TLD has an impact on your SEO. Here are the main things you need to consider when deciding on a TLD domain.

Public Perception and Spam

Unfortunately, some TLDs are associated with nefarious online behavior. If you use them, Google might assume your site isn’t safe, and you’ll never make it to the top of search results.

According to Spamhaus, these are the TLDs with the spam worst reputations:

  • .date
  • .surf
  • .cam
  • .bar
  • .icu

Besides search engine rankings, using an alternative domain extension can affect your click-through rate (CTR). For example, if your target audience is unfamiliar with the TLD, they might not view your site as safe, and you won’t get traffic.

In the same study from GrowthBadger, these were the TLDs that have the lowest trustworthiness, factoring in things other than spam:

  • .blog
  • .io
  • .biz
How Does Your Top-Level Domain Affect SEO

Using an Industry-Specific TLD

Depending on your industry, using an industry-specific TLD could boost your SEO.

For example, several start-ups use the TLD of .tech or .io. Other options include using .food for a food blog or .travel for a tour operator.

Using an industry-specific TLD tells Google and people what your site is all about, which can help improve your rankings and CTR.

Examples of sites using industry TLDs:

  • visitdurban.travel
  • voodoo.io
  • nothing.tech

Yes, we know we just said .io had a low trustworthiness rating. This is because many folks simply don’t know what it refers to, which is understandable. This TLD is a play on I/O, meaning input/output in computer science terms, so it follows that tech (particularly gaming) companies would use it.

Geotargeting

Is your business tied to a specific location?

You might get an SEO boost by using geotargeting in your TLD.

It signals to Google that your site serves a particular country or city, and it could make your pages visible to people searching from those locations.

You can also use TLD geotargeting if you have a business that operates in multiple countries worldwide.

For example, Amazon has:

  • amazon.com (USA)
  • amazon.co.uk (United Kingdom)
  • amazon.nl (Netherlands)
  • amazon.de (Germany)
  • amazon.fr (France)

Conclusion

A top-level domain is an integral part of your website’s structure. Before you buy one, take the time to look at the different TLD options and select the best one to represent your business online.

If you need to change your TLD or domain name later, you can. But, you’ll need to 301 redirect the old domain and every page to the new one, and it can take up to six months for your traffic to recover.

It’s much easier to start your website on the right foot than have to go through a site migration process, hindering your bottom line and SEO content marketing efforts.

Which top-level domain will you choose for your business?

Get to Know Experian Commercial

What is Experian Commercial all about? What are details about its most important scores? Check out the details on this major business credit reporting agency. Plus, find out how to improve your business credit scores with Experian. And learn how to monitor your scores for 90% less than it would cost at that business CRA. Understanding and improving your business credit scores is more important than ever in a recession. With Experian, there is a lot you can do to keep your scores high.

So in particular, Experian reports on both business and personal credit. In fact, they blend the two. And this is virtually always what happens with startup ventures. Therefore, by keeping your personal credit scores high, you can directly influence your business credit scores.

Business Credit and Experian Commercial

Let’s look at business credit, even in a recession. Business credit is credit which is in a business’s name. So it is not tied to the owner’s creditworthiness. Instead, business credit scores mainly depend on how well a company can pay its bills. Hence, consumer and business credit scores can vary dramatically. So this is true for Experian as well.

Consider the main credit reporting agencies. There are three large business credit reporting agencies. So they are Dun & Bradstreet; Equifax; and Experian. There is also a FICO SBSS business score. But let’s concentrate on Experian Commercial today. Knowledge is power. And at no time is that more important than during a recession.

What Sort of Data Does Experian Commercial Use?

Experian, like the other business credit reporting bureaus, focuses on providing quality data and analytics. They offer this info to businesses to help them better assess risk. They have a massive consumer and commercial database. So they manage it to help businesses get the best and most up to date info. Experian extracts significant extra value with this data. So they do so by applying their own proprietary analytics and software.

Experian uses both consumer and business credit information to gauge risk. 

“By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses”. 

See: experian.ae/en/credit-services/index.

Experian PLC is listed on the London Stock Exchange (EXPN). And it is also in a constituent of the FTSE 100 Index.

Experian Commercial Credit Suite

Keep your business protected with our professional business credit monitoring. Save money even during a recession.

Experian Commercial: The Experian Intelliscore Plus℠ Score

Now let’s look at Experian’s Intelliscore Plus business credit score. For Intelliscore Plus, business credit scores range from 0 to 100. So 0 represents a high risk and 100 represents a low risk. The 0 to 100 part is a percentile score. It shows the percentage of businesses scoring higher or lower than the business under review.

Intelliscore Plus is widely used. Many large financial institutions around the world use it. So do more than half of the top 25 property and casualty insurers. And so  do most major telecommunications and utility firms. Industry leaders in transportation, manufacturing, and technology also use Intelliscore Plus as their main risk indicating model.

Intelliscore Plus has more than 800 aggregates or factors. These affect business credit scores. There are scores on the millions of businesses in the Experian database. It is a percentile score.

What does Intelliscore Plus measure? It is a highly predictive score. It provides a detailed and accurate reflection of a business’s risk. Intelliscore Plus blends commercial data with the consumer data for the business owner or guarantor.

The Intelliscore Plus℠ Analytical Approach

Check out various Intelliscore Plus analytical approaches. Intelliscore Plus uses three separate analytical approaches to provide risk insights for small businesses.

The Emerging Market Model

The first analytical approach is business data including an emerging market model. That one is designed for microbusinesses.

The Blended Model

The second analytical approach is a blended one. This model incorporates business and consumer credit information on the owner or guarantor. Experian uses a cascading approach when combining the differing data sources.

The Consumer Data Only Model

So this third analytical approach is a consumer data only model. It is for startups because they have no business history.

For more information on these three analytical approaches, see: experian.com/content/dam/marketing/na/assets/bis/business-information/brochures/intelliscore-plus-v2-product-sheet.pdf

Get to Know the Data in an Intelliscore Plus℠ Report

So, which data is in an Intelliscore Plus report? The report contains key information like business address, how long a business has been in Experian’s database, etc. It also has legal filings and collections that may impact business performance. There is a summary of the number of trades, amount of credit extended, etc. And there is a summary of the owner or guarantor’s consumer credit account performance. This includes bank cards, revolving, auto lease, and real estate accounts.

More Data Details

More data includes business credit information like the number of days beyond terms. There’s also the Intelliscore Plus score and the business’s risk class. The report also has owner account information and derogatory information like collections, etc.

For more information on Intelliscore Plus reports, see: bci2experian.com/wp-content/uploads/2017/01/2013-06-Enhanced-Risk-Assessment.pdf

Experian Commercial Credit Suite

Keep your business protected with our professional business credit monitoring. Save money even during a recession.

Experian Commercial: The Experian Financial Stability Risk Score

Check out the Experian Financial Stability Risk Score (FSR). The FSR predicts the potential of a business going bankrupt or defaulting on its obligations. The score identifies the highest risk businesses by making use of payment and public records. These records include severely delinquent payments of 61 or more and 91 or more days. They also include high utilization of credit lines; tax liens; judgments; collection accounts; industry risk; and short time in business, etc.

The Financial Stability Risk Score shows a 1 to 100 percentile score, plus a 1 to 5 risk class. The risk class puts businesses into risk categories. So the highest risk is in the lowest 10% of accounts.

For more information on the Financial Stability Risk Score, see: experian.com/content/dam/marketing/na/assets/bis/business-information/brochures/financial-stability-risk-score-ps.pdf

What if you have a score of 66 to 100? And you have a risk class of 1? Then it means there is a low risk of default or bankruptcy. But what if you have a score of 1 – 3? And you have a risk class of 5? Then it means there is a high risk of default or bankruptcy.

Experian Commercial: Derogatory Data

So, how long does derogatory data stay in Experian’s database? Trade data stays on your report for 36 months. So does bank, government, and leasing data. Uniform Commercial Code filings stay on your report for 5 years. So note: Uniform Commercial Code filings are in support of loans.

Judgments, collections, and tax liens all stay on your report for 6 years and 9 months. And bankruptcies stay on your report for 9 years and 9 months.

For more information on derogatory data in Experian Commercial reports, see: experian.com/small-business/how-long-credit-report

Experian Commercial: Improving Your Company’s Experian Reports

To improve your credit terms, you should be looking at improving your company’s Experian reports. Also make sure vendors are reporting your payments. The more vendors which report a positive credit history to the credit reporting agencies, the better. Because then the higher your business credit rating will be. And this is not just the case with Experian.

So improving your scores is pretty straightforward. Always pay your bills early or on time and pay them in full. Try to maintain a balance at about 20 to 30% of your limits or less. Do not close positive accounts. And try to avoid derogatory report entries like tax liens.

This advice works just as well for personal credit as for business credit. Because Experian reports on both – and blends them – doing the same good things for both types of credit is helpful. Because it will help you even more.

Experian Commercial Credit Suite

Keep your business protected with our professional business credit monitoring. Save money even during a recession.

Experian Commercial: Business Credit Monitoring

To improve your Experian business credit scores, you should be looking into Experian business credit monitoring. Experian offers monitoring services. So these prices are current as of June 2020. Business Credit Advantage costs $189 per year. You can monitor business credit for one year. And you’ll get alerts of changes. 

Business Credit Score Pro costs $249 per month. So it gives you access to multiple business credit reports. And Profile Plus costs $49.95 for a single report. So a Credit Score Report costs $39.95. With that one, you will get a credit summary report with a score. Or you can monitor your business credit with us for 90% less.

Experian Commercial: Takeaways

So Experian gathers diverse data to attempt to understand risk. And Experian works to predict a business’s chance of going delinquent on payments or bankrupt. They combine business and personal credit info for business owners or guarantors. This provides a more detailed picture of risk.

But derogatory data will stay on your Experian business credit reports for years. You can improve your Experian Commercial report by acting to better manage your finances.

And as you improve your personal credit scores with Experian, that will directly affect your business credit scores. Responsible financial stewardship is not just a good idea; it will likely save you money! So with better scores come better rates. Plus, you will have more choices. You will not have to settle for the one and only loan or credit card you can get.

Monitoring your business credit reports with Experian will also help you improve your reports. We offer competitively priced monitoring of your Experian business credit reports.

The post Get to Know Experian Commercial appeared first on Credit Suite.

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BCG Gamma | Senior Software Engineer | Paris or London | Full-Time – Onsite

You are responsible for advanced software solutions; You develop innovative problem solving solutions will support mission critical decision analytics for our clientsl; You develop feature enhancements to our platform, develop industry-leading analytics software solutions and methodologies and provide talks and papers in industry leading conferences on behalf of BCG Gamma.

Tech: GO, C++, Java, Scala, JavaScript, TypeScript DevOps: Docker, Kubernetes, CI/CD, Terraform, unix-based command line Full stack development: GraphQL, React Data: SQL, Spark, Hadoop Data Science and machine learning (Pandas, Scikit learn) Deep learning (Tensorflow, Keras etc.) Cloud: AWS/Azure/Google

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