3 Things You Should Know About Small Business: Dec. 14
NEW YORK (MainStreet) -- What's happening in small business today?
1. Square hits 1 million merchants. Mobile payments startup Square, founded by Twitter's Jack Dorsey, hit 1 million active merchants, according to Marketing Land.
Dorsey apparently announced the milestone Tuesday via his Twitter account, according to the article."To put that in perspective: there are only 8 million merchants who accept credit cards in the U.S. @Square has added 1 million," Dorsey tweeted. 2. Lessons from Quiznos. A lot can be said and learned from Quiznos, the troubled franchise chain. The quick-service sandwich shop is in trouble of defaulting. While Quiznos executives scramble to save the company, franchisees are paying the price as multiple franchises close. Franchise expert Joel Libava offers future franchise owners five lessons from the Quiznos catastrophe in his blog:
- Don't buy a specific franchise just because it's been named a "top franchise";
- Don't buy a franchise without talking to current and past franchisees of the franchise you're interested in;
- Hire a franchise attorney;
- Make sure that you have enough "fall-back money";
- Make sure that your skills are a match for your actual role as the franchisee.
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