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The Challenge for Small Businesses
Marketing has changed dramatically over the last 10 years and small business owners just don’t have the resources to keep up. If they spend the time to learn and manage their website, social media, digital marketing, and other technology it takes time away from them working in their business. Hiring a full-time employee to manage their online presence is not cost effective and it would be almost impossible to find someone with expertise in all of the disciplines such as website management, SEO optimization, digital marketing, pay-per-click, and more.
To most small business owners, being competitive in the digital space seems impossible. They don’t think they can afford it and are not exactly sure where they can spend their limited budget to get the best return. If they start investigating their options, most of the time they will speak with companies who have a certain specialty such as social media management or pay-per-click. Of course, these companies will claim that their services are the most important and most effective. With MyCity Social, you will work with the business owner to determine their goals, budget, and challenges. You will then customize a package of services that will be most effective in helping them attain their goals while staying within their budget.
Territories are defined by County.
History of MyCity Social
MyCity Social started out as a publication company over 10 years ago
MyCity Social started out as a publication company over 10 years ago. On a visit with one of their customers, the owner had asked them if they knew of anyone who could help them with their online presence. After reviewing the customer’s options, the owner asked them if they would be willing to provide help him with his website and social media marketing. After that conversation the proverbial light came on. Nick and Andrew realized that the customer had just presented them with a set of challenges that most companies have. Who do I use to build an online presence and what exactly do I need? Since the publishing industry was shrinking due to people turning to the internet to view their favorite publications, they set out to build a solution to help small businesses promote their businesses online. That is when MyCity Social Digital Marketing was born.
The Growth of MyCity Social
Starting with one location in 2015
MCS has grown to four offices in Florida and is the largest digital marketing company in the state. In that short period they have steadily grown their business into a multi-million dollar operation with a staff of over 40 people. Nick and Andrew have wanted to continue their growth but were concerned about opening offices in new markets due to the challenge of managing those offices from a distance. As an alternative to organic growth, they determined that the franchise model would be the best way to grow. They also felt it would be a fantastic way to help entrepreneurs realize their dreams of building their own business in the city where they live, have contacts, and can hit the ground running.
Why Consider A Franchise?
When starting a business, you are truly starting from scratch
You have to do a massive amount of research to determine what products or services you should offer, what the competition is like, who your target customer is, what equipment and supplies will you need, what forms you need, and the list goes on. When buying a franchise, all of those questions have been answered. The franchise model allows you to pursue any type of business in which you have interest or experience and greatly reduces the amount of time and money you would have to invest versus doing it on your own.
What Fees are Associated with Franchising
All franchise companies charge a franchise fee for you to operate under the franchise name as an independent business owner. The Franchise Fee for MyCity Social is $40,000 for a territory that includes a population of up to $1mm people. It is for a term of 10 years. At the end of ten years you can renew the franchise agreement for an additional ten years.
Royalty: All franchise companies charge a royalty which is a percentage of your sales that goes back to the company. This is standard in the franchising industry. The royalty allows the franchisor to build infrastructure to support the franchise system, perform research and development to provide new revenue streams for the franchisee, and add technology to make the franchisees more efficient and profitable. The royalty for MyCity Social is 7% and is collected on a monthly basis.
Training Fee: After becoming a franchisee MyCity Social will provide you training at their headquarters in Orlando for 2 weeks. After you have launched your business, MyCity Social will also make a market visit to assess your progress, identify challenges, and provide additional training based your specific needs. There will also be additional online training to keep you motivated, informed, and continue your education in the digital media space.
TOP 6 REASONS
WHY YOU NEED TO OWN A MYCITY SOCIAL FRANCHISE
Total Training &
Low Cost Franchise
YOUR ESTIMATED INITIAL INVESTMENT
Financing Your Franchise
If you plan to secure a loan for your new franchise the banks will require approximately 25%-50% down. The exact amount required depends on several factors such as credit score, experience, collateral, and other items. The terms, such as length of the loan and interest rate, will also be dictated by those factors.
Most people aren’t aware but there is a way to finance your new franchise with your 401k. The great part about this program is there are no taxes, penalties, or interest. In essence, your 401k is investing in your business versus that money being invested in the stock market. You still have a 401k in place and you will have several ways to divert money back to your 401k over time.
The first step is to establish
The first step is to establish a MyCity Social presence in their local market by securing a small office space. The needs initially would be for a staff of 2 – 3 people and would include a separate meeting room. Consider in your business plan your future needs as you rapidly grow your business.
Since MyCity Social performs all the services sold to customers, the franchisee is not responsible for building staff for Digital Marketing. This allows the franchisee to focus on growing the customer base and building revenue. With the sole focus for the franchisee on sales and marketing, MyCity Social requires your initial staffing include one salesperson and one customer service person. In some cases, the franchisee may assume one of those roles in order to get a good understanding of the business and focus on rapidly growing the business.
As the business grows, the franchisee will continue to hire salespeople in order to grow the customer base. At some phase in that growth it will be necessary to hire an additional customer service person as well. With a sales and support team in place the franchisee can concentrate on managing the business, sales training, customer visits, and tackling any needs or issues that may arise.
Who is a Good Candidate?
MyCity Social is looking for someone
with a business background who understands sales and marketing. The candidate will also have experience with hiring, training, and managing a professional sales team. A general understanding of digital media is important, but the candidate is not required to have expertise in any of the disciplines which are being offered. People who succeed in this environment will have high energy, self-motivation, and a positive attitude. Although MyCity Social does not require someone have all of these attributes, willingness to become an expert in these fields will greatly improve your chances for success.