Business

Business

Car Wreck Equals Lost Value. Here’s How to Proceed.

Have you recently been in an auto accident? You may be surprised to learn about “automotive diminished value,” which is when cars lose value after being in a wreck. This could be attributed to anything from minor scratches to full structural damage. Either way, you may be entitled to compensation if the accident was the fault of someone else.

 

Some websites will offer a diminution in value calculator, but it is still a good idea to get your car appraised by your insurance company or a mechanic. They will be able to give you the most accurate assessment of damage. Compensation eligibility is based on many factors, such as the value of the car before the accident, quality of repairs, and extent of the damage.

 

If you decide to file a lawsuit against the responsible party after an accident, it is important to take certain precautionary measures because they can, and will, try to fight your claim. Here are some suggestions:

  • First, ensure that you take many high-quality photos of the damage from multiple angles. Photo proof is some of the best evidence you have during a diminished value case.
  • You’ll also want to be sure to collect the names and phone numbers of any eyewitnesses, as these statements could be pivotal in your claim.
  • Next, contact a lawyer who is experienced in automotive diminished value claims. They will be able to review your case from a legal standpoint and provide guidance on how to continue.

 

If you feel you have a credible claim for diminution in automobile value, it is highly advised that you retain a lawyer who can help you during the whole process. We recommend Brett M. Bressler Attorneys at Law, because they offer a free consultation and have over 27 years of experience handling these cases.

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Business

A Business Franchise

Franchise OppThe International Franchise Association states there are two formats of franchising: the business franchise format and product distribution franchise format. Product distribution franchise may also be called traditional franchise. The business format model is used most often. Industries such as the automotive, lodging, fast food, real estate, and retail products & services often use franchising as their business model.

 

Business format franchising is an ongoing relationship between the franchisee and the franchisor. The franchisee initially sells to the franchisor the ability to use the tradename, product, services, and the operating system of the business. The franchisee may offer to the new business franchise owner a full range of services. Many of these services offer assistance for the over-all day-to-day running of the business. These services may include advice on management, operating manuals, franchise products, and marketing supplies.

 

When the franchisee manufactures and supplies their products to the franchisor this is a product distribution franchise model. The product distribution model of franchising is typically found in industries such as bottling, gasoline, automotive and manufacturing.

 

There are many benefits to owning a franchise, especially a franchise business that is already an established brand name. Having the ability to market to a customer base when the franchise name or their product is already well-known increases the ability to draw in new customers much more quickly.

 

The over-all support from the franchisee in a business format franchise is another benefit to owning a franchise business. The support that is given by a franchisee can vary from franchise to franchise. Often the franchisee support may include assistance in initial step-up, such as finding a location for the new business, training in running the business, operating manuals, management techniques, personnel, and marketing avenues. They may also share company newsletters, toll free numbers, websites, workshops and seminars.

 

The e-cigarette and vape store franchise market is considered one of the fastest growing businesses using the franchise model. The global e-cigarette market, according to Researchandmarkets.com global market summary, is expected to grow well over the $50 billion mark by 2025, with the e-cigarette market seeing a staggering growth through 2017.

 

Buying into a franchise business has many benefits. A new business with a preset business model and built-in support system can help the new business owner over-step many of the stumbling blocks of starting a new business, and have the business up and running quickly. A new business that already has a well-known name or product is better able to draw in a customer base from opening day. The various support that a franchisee supplies, especially in a business franchise format, not only makes buying a new business easier, it helps smooth out the day-to-day challenges of running a new business.

 

References:

  1. Small Business Administration. “Franchise Businesses.”

28 March 2016

https://www.sba.gov/starting-business/how-start-business/business-types/franchise-businesses

 

  1. International Franchise Association. “What is Franchising”

30 March 2016

http://www.franchise.org/what-is-a-franchise

 

  1. Researchandmarkets.com. “Global E-cigarettes & Vaporizer Market Analysis & Forecast Through 2015 to 2025” Summary.

30 March 2016

http://www.researchandmarkets.com/reports/3244019/global-e-cigarette-and-vaporizer-market#pos-2

 

 

 

 

 

 

 

 

 

 

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Business

Types of Franchise Businesses

VG LocationsThe Business format franchise and the product distribution franchise are the two main types of franchise businesses formats according to the International Franchise Association. The product distribution franchise is sometimes referred to as a product/trade name franchise. This type of franchise may also be called a traditional franchise.

 

Franchise businesses are one of the most common form of business models today. Over 120 different industries use a franchise format as their business model. Businesses in these industries include automotive, lodging, fast food, real estate, and retail products & services. A great example of retail products and services is eCig store franchises.  The franchise model of business is also known as franchising.

 

The Small Business Administration defines a franchise as a business model in which the franchise sells to an independent entrepreneur the use of the licensing trademarks and methods of the franchise business. Franchising is also known as chains or store chains.

 

The most commonly found format in businesses that use a franchise model is the business format franchise. In the business format franchise the parent franchise, the franchisee, conveys to the entrepreneur, the franchisor, use of the franchise tradename, product, services, and the entire system for operating the franchise business.

 

With the business format franchise, the new business owner is given a full range of services included in the franchise package offered by the franchisee. Each franchise business may offer a different package of services. These offered services creates an ongoing relationship between the franchisee and the new franchise business owner. The offered services may include assistance with selecting a site for the new franchise business, operating manuals, training, personnel, product, marketing plans, and obtaining financing for the new business. Other support from the franchisee may include company newsletters, toll free numbers, websites, workshops and seminars.

 

In the product distribution franchise format the parent franchise manufactures and supplies products to its franchise businesses. This type of franchise format can be found in industries such as the bottling, gasoline, automotive and manufacturing.

 

The vapor market, including the e-cigarette market, is one of the fastest growing franchises in today’s franchise businesses. Researchandmarkets.com reports in their global market summary that by 2025 the global e-cigarette market is expected to grow to over $50 billion. They also report that through 2017 the e-cigarette market is set to see staggering growth.

 

Having a pre-existing customer base is one of the benefits of buying into a franchise business. When the franchise has a trade name or product that is popular and has a good reputation they often already have a strong customer base. With the same franchise marketing tools, the new franchise business can cash in on this customer base quickly.

 

The business format franchise is the mostly commonly found franchise model in businesses today. The pre-set business model and ongoing support from the franchise is a major benefit of buying into franchise business type. If the franchise also has a well-known trade name or product with a strong pre-existing customer base this enables the new franchise business to quickly set-up and become a successful business venture.

 

 

   References:

  1. Small Business Administration. “Franchise Businesses.”

28 March 2016

https://www.sba.gov/starting-business/how-start-business/business-types/franchise-businesses

 

  1. International Franchise Association. “What is Franchising”

30 March 2016

http://www.franchise.org/what-is-a-franchise

 

  1. Researchandmarkets.com. “Global E-cigarettes & Vaporizer Market Analysis & Forecast Through 2015 to 2025” Summary.

30 March 2016

http://www.researchandmarkets.com/reports/3244019/global-e-cigarette-and-vaporizer-market#pos-2

 

 

 

 

 

 

 

 

 

 

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