Tag: money management

Preparing Your Small Business for Retirement

March 16, 2021

By Roland Bates, NPI, Inc.’s Founder & CEO If you’ve started thinking about retiring from your small business, congratulations! Building a company from the ground up takes years of hard work and is a major accomplishment. Transferring ownership is a lengthy process and can be made more complicated without a definitive course of action. Picking the Right Time You’ve probably thought about the day when you decide to walk away from your business. But that day may move closer or further away depending on a multitude of factors. Although it’s difficult to lock down a definitive date, here are some things to keep in mind to know when the time is right: Whatever your reasoning, it’s all about what feels best for you and your situation. Devise an Exit Plan To make sure that you’re ready for the day when you step aside, begin the process as soon as possible. Envision how things will look like after you’ve retired and what your goals are when you leave. Do you have a family member you’d like to pass the torch to, are you handing it off to an employee, or are you selling to another business owner? What if something such

Expanding Your Business With Add-On Services

February 2, 2021

By Jon McCreath, NPI, Inc.’s Technical Supervisor & Training Administrator Additional services can be a strong source of income for a home inspection business. They set you apart from your competition and can be a great value to your customers. If you’ve been interested in adding on services to your business, there are a few things to take into account before starting. What to Offer There’s an extensive list to choose from when it comes to add-on services. The good news is you don’t need to master them all. Not all of them will serve your customer’s needs, but having a solid number of choices to pick from is a good starting point. Some examples of services you can provide are: • Pool and Spa• Radon• WDO• Infrared• Mold Determining Demand Before you fully dive into new services, you need to know how popular they are for your market. This might take a bit of research. For starters, you can always ask your agents about what services they see requested the most. Your ability to offer what they most require can translate into an increase in referrals. Second, customer feedback is a great primary source. Keep your ears open for

What Does It Mean to Reach Your Goals?

January 16, 2019

By Kimberly Stevens If you’re researching franchise opportunities, there’s likely some aspect of your life that you’re looking to improve. Whether it’s work-life balance, dissatisfaction with your current employer or a desire to learn a new skill, you’re ready to pursue a different path. But what does going for your goals actually look like? Here are our best tips for facing the challenges that come with stepping out of your comfort zone and moving toward a life you can live with passion. Embrace the intimidating moments.As humans, anytime we step outside our comfort zone, we instantly want to leap right back into it. For better or worse, it’s just the way we’re wired. This doesn’t mean that our instincts are insurmountable, it just means that doing anything new, like pursuing a new career, is going to take mindfulness and an extra shot of courage. We won’t beat around the bush: you’ll probably experience several intimidating moments as you prepare to start your new business. Pushing through means understanding that it’s all part of the process and trusting that the rewards are far more satisfying than the challenges are scary. Love your family and friends.We often use the word, “venturing,” when

How to Finance Your NPI Franchise

December 20, 2018

By Sammi Marcellus, NPI, Inc.’s Recruitment Coordinator You’ve talked to an NPI franchise sales rep, read through the FDD and decided that you want to start a home inspection franchise. There’s one snag in the plan, though: start-up capital. Before you get discouraged, you should know that there are plenty of options out there to finance your business. It takes some searching to find the one that will work for you, but we’re here to help! Here are some of the best ways to get a loan that’ll get your new franchise up and running. Traditional Bank LoanThis is the first place entrepreneurs who are just starting out go to secure financing, and works well in the right situation. The ideal bank to request a loan from is one you already do business with—they’ll have a ready-made financial history to work from, which can shorten the process. If the bank you’re working with offers small business loan options, they’ll ask you to fill out a loan application, which can sound daunting if you’ve never encountered one before. Don’t sweat it, though—you’ll just have to have certain information regarding your business, including the legal structure, what services you’re selling, and personal

How to Hire Great Employees

December 27, 2017

By Roland Bates, NPI, Inc.’s Founder & CEO Great training. Great opportunity. Great compensation. They don’t mean much if you don’t start with a good hire. It surprises me how little time and effort many small business owners put into finding and training good employees. Can you imagine our NPI/GPI franchisees hiring an inspector and then finding out they don’t have a valid driver’s license, won’t go in crawl spaces or are afraid to climb ladders? Or can’t spell “GFI,” let alone know what it is? Growing a successful business requires having great employees. National Property Inspections, Inc. helps its franchisees with their hiring needs in several ways. We help them to know when to hire, what positions to fill, where to find those people, how to train them, how to compensate them, how to supervise them and if necessary, how to discipline them. We help our franchisees learn to be good bosses. And without the proper training, not everyone is a good boss. If you haven’t learned how to be a good boss, it can lead to employee turnover, which is disruptive to any business. We are here to help our NPI/GPI franchisees from start to finish. We don’t

5 Ways A Commercial Property Inspection Will Help You Save (And Even Earn) More Money

November 8, 2017

By Kenn Garder As a commercial investor, you want to feel confident about your property’s value and earning potential. The key to smart buying? Ordering a commercial property inspection. Here are five ways commercial inspections can save you from hidden costs while allowing for maximum return on investment: 1. Predicts future property earnings.An inspection could tell you what sort of profit you can expect from your investment. Physical aspects of a building are a large part of the financial reports that are prepared to predict the property’s future revenue stream. This examination process is called “due diligence,” and it’s just one of many services your property inspector offers during the acquisition process. 2. Checks for damage from previous tenants.Most property sellers don’t disclose superficial damage or structural problems outright during a sale. For property buyers, a pre-purchase inspection will ensure you won’t be caught off-guard by surprise repair costs down the road. And for current property managers, research shows 1 in 4 occupants shouldn’t receive their security deposit back due to significant property damage. A post-occupancy inspection will help legitimize any decision you make about a tenant’s deposit. 3. Reduces insurance claims.According to the Insurance Information Institute (III), the average

Family-Owned Business: How to Work With and Manage Family Employees

April 23, 2024

When entrepreneurs start a new business, they’re looking for ways to really hit the ground running and hasten their growth. In the inspection industry, that early grind can be difficult to navigate alone, which is why we constantly see family members step up to offer a helping hand. Whether it’s as a marketer, a bookkeeper, or another pair of hands on an inspection, it can be a great benefit to partner with a spouse, sibling, in-law, or child early on who can offer a bit more flexibility than a typical employee. Family members can be an asset to businesses after seeing some growth as well, once extra help is needed to handle increased demand. Whatever the situation, the opportunity to hire family will likely come up at some point as a business owner, but some might not be prepared for the complex factors that go into this unique dynamic. From the vantage point of home inspection franchisors, we’ve seen family members work extremely well as employees, and we’ve also seen situations where it hasn’t gone so well. If you’re thinking about starting or expanding your business with a family member, here are some things to consider so that you can

Do Women Make Good Home Inspectors? Insights From Females in the Industry

April 9, 2024

March is International Women’s Month, and we’re taking a moment to celebrate a few of our amazing female inspectors who are helping transform the industry. We had a chance to ask them all about their experience, from what it’s like to work in a male-dominated field to what they love most about completing inspections and helping clients. Get to know Savannah Guenther, Ashley Brown, and Susan D’Andrea, and be sure to give them a shoutout if you see them around. Thank you for sharing, ladies – keep up the brilliant work! Q: As a female inspector, what are some unique benefits or challenges that you face in our industry? How do you overcome them?Savannah: I would say that one unique benefit is being able to help female REALTORs who may be working an open house or event by themselves feel more comfortable. Women feel a bit more at ease with another woman one-on-one than they might with a man they may not know very well. I’ve found that we can have an easy conversation; they’re inclined to share more about their work and background, and they’re more open to listening to what I have to say. The challenges of working

How to Overcome Being Told “No” as an Entrepreneur

March 12, 2024

By Kimberly Stevens, NPI, Inc.’s Marketing & Business Coach The most successful entrepreneurs are self-motivated, innovative, and ambitious. Their minds are focused on expanding their services, broadening their territories, and putting a stamp on their industry that will effect positive change. New business owners rarely imagine hearing the word, “No.” But the hard truth is, rejection in any sales endeavor is inevitable, and it will happen more often than many expect. Every small business owner needs to develop sales skills if they want to achieve their aspirations, and the first (and maybe most important) sales skill to learn is how to handle the word, “No.” To get started on becoming a salesperson extraordinaire, here are a few truths to keep in mind! Understand What “No” Really Means in SalesOften, when people face rejection after giving a “sales pitch,” it can be natural to take that rejection personally. But in reality, rejection is almost never personal. In sales, a “no” can mean many different things, and this is only rarely related to your delivery. Here are a few common translations for the word, “no,” in sales: “I don’t understand.”The first common translation for an unsuccessful pitch is that the concept of

Print Marketing 101: 6 Types of Marketing Collateral and When to Use Them

March 5, 2024

By Melisa Rana, NPI, Inc.’s Graphic Designer Across industries, experienced marketers know how important it is to practice omni-channel marketing to find success and grow consistently. This means finding your audience wherever they are and delivering your message to them in many different ways. Businesses that rely only on digital marketing will begin to feel impersonal and distant, while marketers who focus solely on in-person interactions spread themselves too thin and miss out on opportunities to stay top of mind. The most effective marketing plans employ multiple campaigns and various diverse strategies to foster business, ongoing referrals, and loyalty with their key customers. Because of this, no business should expect to reach their long-term goals consistently without a selection of well-designed, attention-grabbing marketing collateral. From posters to brochures, flyers, and door hangers, it can sometimes feel like there is an endless list of potential physical marketing materials to invest in. But to achieve the best possible return on investment, it’s important to understand how each material differs and in which situations they excel. With all that said, let’s discuss some of the most popular and effective print marketing materials, and when to use them! Brochures Pack a Big Punch in

From Startups to Industry Veterans: Why You Should Write A Business Plan

February 27, 2024

By Sammi Marcellus, NPI, Inc.’s Recruitment Coordinator When launching a new business, entrepreneurs embark on a demanding journey, defining goals, charting growth plans, and strategizing execution. A business plan condenses these key elements into a streamlined document for investors to assess. While securing funding often necessitates a business plan, even established businesses benefit from revisiting and updating theirs. Let’s delve into what a business plan is, how to write one, and how each section empowers seasoned entrepreneurs to achieve their ambitions. Understanding the Business PlanThe format of a business plan varies depending on its purpose. The U.S. Small Business Administration (SBA), a valuable resource for new business owners seeking funding, outlines two main types: Lean Startup Plan: This concise, one- or two-page document provides a bird’s eye view of a business’s purpose and goals. It might not suffice for securing funding, but serves as a vital tool for entrepreneurs to revisit their goals and adapt their strategies as needed. Traditional Business Plan: This comprehensive document dives deep into each facet of the proposed business. While requiring more effort, the detailed information and commitment to crafting it instill confidence in investors and provides clear direction for the entrepreneur. Notably, the information

National Property Inspections, Inc. is Now Part of the Co-operators Family

February 20, 2024

We at National Property Inspections, Inc. are proud to announce our organization, along with Carson Dunlop, have been acquired by Co-operators Group Limited. With aligned goals of serving homeowners and communities, NPI is excited for this expanded reach throughout North America and the opportunity to further innovate the property inspection industry. “In Co-operators, we have found an ideal partner that brings a wealth of experience, relationships, and resources to drive growth and long-term value for our stakeholders. Our core values are in sync, and Co-operators’ long-term vision uniquely positions us to effectively scale our network and help us live our purpose: to better the lives of homeowners.” – Craig Rowsell, CEO of Carson Dunlop and National Property Inspections, Inc. Co-operators was originally founded to provide coverage for farmers who couldn’t find protection elsewhere. Today, the organization has grown to become one of Canada’s leading financial services cooperatives, with a focus on multi-line insurance, wealth management, and brokerage operations. With Co-operators, National Property Inspections, Inc. and Carson Dunlop are looking forward to continuing our mission in serving homeowners and investors throughout their post-purchase story, with Honesty, Integrity, and Professionalism. Combining our commitment to keeping homeowners informed with Co-operators’ assistance to families

Boosting Conversions and Improving ROI with Call Tracking

February 13, 2024

By Sydney Bailey, NPI, Inc.’s Marketing Director As small businesses grow, marketing often becomes a more complex endeavor with leads flowing in from many different campaigns and platforms. To find out whether a marketing campaign is cost effective, it’s crucial to track the cost for each lead and each conversion—but how is this tracking accomplished? For digital marketing, tracking a lead is fairly straightforward. Thanks to cookies and analytics, businesses can know which marketing campaign a lead interacted with to land on their website. But other lead generation avenues aren’t so simple. Many customers still prefer to call service-based businesses to gather more information before making their final decision. Learning how to convert a lead over the phone is an art in itself, but it can be difficult to quantify a lead’s analytics from a phone call. For entrepreneurs that receive a lot of their business through inbound phone calls, capturing valuable information about which marketing campaigns are pulling their weight—and which ones aren’t—can be tough, but it’s essential when it comes to optimizing an advertising budget. Today, let’s discuss the best solution to this issue: call tracking. What is Call Tracking, and How Does It Work?Call tracking helps determine

Franchise Financing: Starting a Small Business with an SBA Loan

February 6, 2024

By Sammi Marcellus, NPI, Inc.’s Recruitment Coordinator Every great journey starts with the right tools, and for most entrepreneurs, that key tool is financing. While self-starting hustle and innovation are essential, even the best business plan can stall without capital. This is where SBA loans come in. Acquiring a loan through the SBA can be a great option for small business owners looking for that initial capital needed to franchise or otherwise start their business venture. To better understand if an SBA loan is right for you, let’s discuss some of the essentials. What is an SBA loan?An SBA loan is a specialized loan provided by partners of the US Small Business Administration. For entrepreneurs that have exhausted other options, an SBA loan can be the answer they’ve been looking for to cover the early costs needed to start a new business or expand their business. SBA loans are a great option for many because of their lower rates and the option of long repayment periods, but not all SBA loans are the same. It’s also not a guarantee that everyone gets approved for their desired loan. SBA loans vary from person to person in part because the SBA doesn’t