Operating a Franchise Owned Business

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ChristopherPaul

Puritan Board Senior
Since college I have had a desire to be an entrepreneur - not of some business that I have some personal connection to, but just to the idea of business. I would like to own and operate small businesses be it a laundry mat, convenience store or video rental the product is not the chief concern.

In my situation, I think it would be good to start with a Franchise as a good springboard to get started as an entrepreneur being that they help you out and the risk is a bit lower.

Is anyone familiar with Franchise operations and could give me some feedback, advice, recommendations etc.?
 
Depending on what you want to do you will need at least 250,000.00 - 500,000.00 for statup capital to get a GOOD francise. Subway is #1 followed by Sonic (lots of growth potential with Sonic according to Jim Cramer). Also if you go with food be prepared to have no life, the food industry is brutal...don;t believe me? Look at the operating hours of some of your favorite places. Remember if you are not there you will need either family members or employees...and that leads to payroll and payroll taxes and accounting and.....

I have three businesses and am doing a technology start up....be prepared to WORK HARD.

Since college? What was your major? What qualities or special knowledge do you have that would be put to use making the world a better place by doing consulting? I'll wager there are PLENTY.

You can start consulting with a laptop and some business cards and advertising on google and yahoo...

I ask because my bread and butter is consulting and making the aviation world a better compliance place. I took my little aircraft maintenance planning and records experience from Braniff (stop laughing) and made a whole new career for myself complete with free travel and lots of hotel points and airline miles.
 
Originally posted by CalsFarmer
Depending on what you want to do you will need at least 250,000.00 - 500,000.00 for statup capital to get a GOOD francise. Subway is #1 followed by Sonic (lots of growth potential with Sonic according to Jim Cramer). Also if you go with food be prepared to have no life, the food industry is brutal...don;t believe me? Look at the operating hours of some of your favorite places. Remember if you are not there you will need either family members or employees...and that leads to payroll and payroll taxes and accounting and.....

I have three businesses and am doing a technology start up....be prepared to WORK HARD.

Since college? What was your major? What qualities or special knowledge do you have that would be put to use making the world a better place by doing consulting? I'll wager there are PLENTY.

You can start consulting with a laptop and some business cards and advertising on google and yahoo...

I ask because my bread and butter is consulting and making the aviation world a better compliance place. I took my little aircraft maintenance planning and records experience from Braniff (stop laughing) and made a whole new career for myself complete with free travel and lots of hotel points and airline miles.

Thanks for the response.

Right after college I talked to some people at Mailboxes etc. I realized, being fresh out of school and without any assets was not the best time. Now I am 26 and have worked at my current job which I started upon graduation for almost 6 years. I would not avoid the food industry, but I do not want to spend my life at work especially on Sundays. I think it may be wise to limit the franchise selections to those that do not operate on Sundays.

I graduated in 2000 with a BS in Construction Management and and a minor in Business Administration. I work in preconstruction as an estimator/engineer/consultant developing budgets and monitoring designs and such for clients. I work a lot with industry specific software's and have done consulting with these software's within my company and have been offered a full-time position as a software consultant a couple of months ago (did not take it due to reasons that will be irrelevant to this thread).

Consulting is indeed a very feasible option with me and I have considered it and have not ruled it out whatsoever.
 
I would say stick with consulting as well, but my reasons are different. There are very few franchises out there that are actually worth the money (outside of food). Most of these franchises are simply benefiting from your fees, your exposure, and your purchases of products and services from their suppliers. They take no risk, and reap great rewards. Do some searching on the internet for bulletin boards that discuss different franchise opportunities and see what people who are also searching, or even currently involved, are saying about their experiences.
Here's one such board:

Franchise chat

I purchased a franchise, L.A. Boxing, but if I didn't go with them, I am almost certain that I wouldn't choose another franchise, I'd simply go it alone.
 
What about Chick Filet? They are Christian owned and closed on Sundays.

PS- The food service IS your life. I managed a Pizza Hut Delivery unit and LIVED at the place. I can't imagine owning it. However, if you get two or three very reliable dependable managers it may not be that bad. How you pay them is also part of that.

[Edited on 1-3-2006 by houseparent]
 
Construction Management???? Are there any owner-builder people in your area? You need to get on the phone and start calling put an ad in a local paper and get business from realtors brokers etc.....you would be amazed.
 
Originally posted by CalsFarmer
Construction Management???? Are there any owner-builder people in your area? You need to get on the phone and start calling put an ad in a local paper and get business from realtors brokers etc.....you would be amazed.

I think I see what you are saying and I appreciate the incite; however allow me to clarify. Having a Construction Management degree does not at all mean that anyone is handy with tools or even residential housing. Most of the people I work with in preconstruction have never picked up a hammer nor even visit that many job sites. We sit behind computers and are surrounded by cubicle walls for the most part.

I worked in Princeton New Jersey and currently Manhattan New York. In my six years of working for a construction management firm, I have never estimated, priced, or bought any scope containing stick-framed construction (that is, wood studs, plywood sheathing, etc.). In Princeton I worked mainly with pharmaceutical clients, schools, and hospitals. In Manhattan - mainly high rise apartments, retail, hotel type projects. It may seem a bit odd, but for a person to make some phone calls and start a residential housing business would not be so second nature to someone with my degree and experience.

Now that is generally true, but specifically in my situation I just so happen to be certified through three years of high school vocational training in Carpentry and worked as a carpenters apprentice/general laborer through college. So I happen to be among the few with hands on experience in my department. I did side jobs while in college by replacing a lot of roofs and miscellaneous residential construction but that is not what I want to do as a vocation.

I guess I could buy properties and manage the construction of new housing through acting as a general contractor of sorts. But ironically my passion does not lie in my trade. I would much prefer to manage a the typical tanning salon, laundry mat, deli, or consulting business. My approach to running a small business in which I have no experience could be to hire those who are smarter than I in such areas.

You do make me think though. Perhaps I should look to rely on my area of expertise in some way.

Hmm, much to think about...

Thanks
 
Chris......you do not NEED to hammer and nail. Builders and others are crying for intelligent educated people to do project management. Also you may want to check out the architecture firms.......

Go for it dude...you know you rock!
 
Your first name wouldn't happen to be "Joel" and last name start with an "O" would it? ;)

I assumed you meant start doing handy work and home building which is what most people think of when I tell them my degree.

What do you mean by "you may want to check out the architecture firms?"

:book2:
 
A Manhattan suit and tie wearer with a hammer, nail and a hard hat :bigsmile::bigsmile::bigsmile::D

Abigail, Caleb, Grace & Zoë: Dad is it Halloween

[Edited on 1-6-2006 by Slippery]
 
Originally posted by Slippery
A Manhattan suit and tie wearer with a hammer, nail and a hard hat :bigsmile::bigsmile::bigsmile::D

Abigail, Caleb, Grace & Zoë: Dad is it Halloween

[Edited on 1-6-2006 by Slippery]

:lol:

Indeed they would be scratching their heads
 
Chris..are you not listening?

There are HUGE firms like HKS that do building projects all over the world. Architects need people to COST OUT projects...after all they have to tell the client SOMETHING like how much it will COST......who do you think designs all those projects? Donald Trump does not do the design, costing and other stuff, he makes the deals......

You could help people that own remodeling firms that are having trouble getting their costs and projections under control.

You have the right stuff to make a very good living and help a lot of people.....
 
Originally posted by CalsFarmer
Chris..are you not listening?

There are HUGE firms like HKS that do building projects all over the world. Architects need people to COST OUT projects...after all they have to tell the client SOMETHING like how much it will COST......who do you think designs all those projects? Donald Trump does not do the design, costing and other stuff, he makes the deals......

You could help people that own remodeling firms that are having trouble getting their costs and projections under control.

You have the right stuff to make a very good living and help a lot of people.....

I understand the business, I was unsure if you were suggesting building or designing - both I do not directly do.

I do exactly what you are describing. Trump is actually one of the clients of the company I work for (I was involved in his latest Chicago tower). I review architectural plans all the time developing cost estimates based on their designs which we give to the owner to consider. I guess I assumed you were suggesting getting into actual building or design. I am more of a middle man.
 
Maybe you could start something on your own on a part time basis and see if self employment is really what you want/like. That way you can get away with a small investment at first and if you don't like it, you wouldn't lose a huge investment tied up into something you don't want to stick with or isn't working out. Self employment isn't for everyone and I wouldn't encourage anyone to become self employed unless they were very serious/commited to it.

Just a suggestion from a seasoned sole proprietor:D
 
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