What do you know about starting a franchise? (1 Viewer)

MACATTACK

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Just wondering if anyone here has bought into a franchise and what was the experience like? Was it worth the extra startup cash? Would you do it again? I'm kicking around the idea in my head and haven't really made up my mind one way vs. the other. Opinions and related exp. is appreciated.
 

Danceswithfatchix

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I became a partner in a fast food burger franchise in 1992. We built the franchise to 6 profitable units becoming one of the premiere franchisees of this concept. My partners and I sold the units in 2000 and I ended up with 15 units (including the original 6), spanning 3 states. I sold the 15 units in 2001.

Email or PM me(using the link on my profile) and we can begin the dialogue of why you would do franchise vs your own, and why other options might be better.
 

crosswatt

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I became a partner in a fast food burger franchise in 1992. We built the franchise to 6 profitable units becoming one of the premiere franchisees of this concept. My partners and I sold the units in 2000 and I ended up with 15 units (including the original 6), spanning 3 states. I sold the 15 units in 2001.

Email or PM me(using the link on my profile) and we can begin the dialogue of why you would do franchise vs your own, and why other options might be better.

Can I borrow $20?






:ezbill:
 

SaintJ

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1. Don't make Vic Schwenk your first director of player personnel.
 

VVextreme

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Just wondering if anyone here has bought into a franchise and what was the experience like? Was it worth the extra startup cash? Would you do it again? I'm kicking around the idea in my head and haven't really made up my mind one way vs. the other. Opinions and related exp. is appreciated.

Honestly, it depends on the individual. Starting a business is a very risky proposition. Do you have the knowledge to create a sound, successfull business plan/conecpt on your own? Do you know how to start your own business and then manage it going forward?

Starting a franchise also depends greatly on the franchise itself. Asking generic questions like this on the board is not all that helpful. Contact actual franchise owners of the specific franchise you are considering and gain their thoughts. Make sure you speak to the best and most profitable franchises as well as the worst franchises to gain an accurate picture. Also you select who you talk too and don't let the franchise corporate reps select for you.

There's no question that you are spending more money to open the business. However for that money you are purchasing (hopefully) a proven business plan and concept, assistance setting up your franchise, on-going marketing and support, etc. You are also (hopefully) purchasing a proven name and it's one that the customers can already identify with. For instance you open up a burger king, well people will already know about it and will go their for the name. If you open up your own business called burger hut, you'll have to earn your own reputation so start-up will be longer and more costly. You are also drastically minimizing your risk as owner if you start a franchise (assuming you do your homework) as opposed to opening up your own business.

Just a hunch, but if you are asking this type of question, I'm guessing you probably need a lot more support than doing it by yourself.

I've never been associated with franchise's, but have studied about them. However I have started three businesses from scratch before and it's a MAJOR time committment.

Question is, how much are you willing to pay for that minimized risk and expertise? How much do you believe in yourself? Cause otherwise you will be an island and you will live or die completely based on your choices.

(By the way, franchise's can't make earning's claims. And make sure to get a copy of the UFOC.)
 

Saintman2884

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Or Bill Kuharich for that matter. why he became the GM after Finks passed away is still something that boggles my mind. He was always an underling to many people in this organization and definitely not a guy to help start or run a sports team.
 

erb415

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How much do typical franchises charge a franchisee(sp) for training, supplier connections, expertise, etc.? I am sure it depends on the business but I am trying to get an idea of a basic setup such as $XXX up front, then %20 of gross revenue.
 

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