The Entrepreneurs and Franchisers Thread

[Bake McBride]

Entrepreneurs and Franchisers - let's here your stories!

I'm hate my job so much, I get paid a decent wage but it bores me to tears. I've always had an entrepreneurial spirit, and I know I work much harder when I have a vested interest.

I've been reading Entrepreneur, and I've done a lot of research but it's not the right time yet to quit my job. My question is to BigSoccer, who out there owns their own business or franchise? I'm hoping this thread can be an idea and method exchange, and I look forward to sharing some of my ideas!

Several mags list Subway as the top franchise in the US - anyone own a Subway? :eek:

[Matt in the Hat]

Would it be possible to be a consultant to the work you presently do? I have recently set up a business to do just that and so far, so good.

[Bake McBride]

http://www.newsday.com/news/local/wire/newjersey/ny-bc-nj--soupnazi0429apr29,0,7381707.story?coll=ny-region-apnewjersey

Here's an interesting article about "The Soup Nazi" starting franchises all over the US.

Ottawa lawyer Brian McAsey and about a dozen friends and relatives agreed to start at least 100 outlets over seven years, but will franchise nearly half to other operators. They plan to start in Toronto, Ottawa and Edmondson, with sites eventually to include ski resorts, hospital food courts and universities.

"Our vision is to make Al's soup the first choice, not just for lunch, but for take-home for dinner," said McAsey, who called Yeganeh a "delightful" man.

Egnor and Stephanie Stieler, owner of consultants Dynamic Franchising Worldwide in Anaheim, Calif., said Yeganeh's $30,000 franchise fee, up to $100,000 more in startup costs, plus royalty and advertising charges totaling 6 percent of sales, are far too steep.

[Bake McBride]

Would it be possible to be a consultant to the work you presently do? I have recently set up a business to do just that and so far, so good.
I'm in IT, and I am looking into more off hour consulting work. Do you do it full time? If you can't discuss too fully just PM me. Thanks!

[Sachin]

A friend of mine is looking into opening a Melting Pot franchise in Texas. His business plan projects startup costs at $1.1 million including a small capital reserve.

Sachin

[Matt in the Hat]

A friend of mine is looking into opening a Melting Pot franchise in Texas. His business plan projects startup costs at $1.1 million including a small capital reserve.

Sachin

Can't you melt cheese for much less that that?

[Sachin]

You'd think so, but judging by the lines at the ones in DC, it must be harder than it seems.

Sachin

[Matt in the Hat]

If your friend is interested in moving to the greater NYC area, there are absolutely no Melting Pots around here. Hoboken or Jersey City are prime for one right now. Plenty of yuppies with too much spare cash and a love for quirky dining experiences.

[Sachin]

He looked at it but getting a liquor license is not easy without connections.

Sachin

[Matt in the Hat]

He looked at it but getting a liquor license is not easy without connections.

Sachin
NJ has alot of BYOB resturants. He wouldn't need it unless the parent company mandates it.

[mikepol]

This thread is rather old, but I happened to stumble on it as I was reviewing the soccer site... I am in the franchise space and need to at least put in my $.02.

The bottom line, if you are considering self-employment, take an honest look at yourself, and determine if you have the stomach for self-employment. To further comment, even those who are wired for self-employment may not be wired for a franchise business.

What I mean by this, there are some people that are just not ever going to be comfortable in a self-employment role of any kind. They should make no apologies for this, but they are the type of people who might be on suicide watch if they don't know exactly how much money they are going to bring in each month. I call these ultra-conservative types. For these folks, staying in corporate America really might be their best option.

On the opposite side of the spectrum, there are those that are so entrepreneurial (I call them ultra-entrepreneurs) that they would not be comfortable using the colonels secret recipe... but rather they are going to want the latitude to invent their own secret recipe.

Either of these extremes might want to stay away from franchising... franchising businesses may put them out of their comfort zone.

For anyone who is interested, feel free to download and take a self-assessment test that gives an indication as to how you are wired:
http://www.franchisenorthamerica.com/files/fna-equiz.xls (http://www.franchisenorthamerica.com/files/fna-equiz.xls)
Also, another good place that gives numerous tools and whitepapers is our resources page.
www.franchisenorthamerica.com/about/resources.html (http://www.franchisenorthamerica.com/about/resources.html)

My final comment, surround yourself with experts such as good CPA's, franchise attorney's, and industry experts to help you navigate this space of franchising... it can be an expensive lesson learned if you choose the wrong franchise opportunity.


Hope this helps!

[Rebaño_Sagrado]

I've looked into Pollo Loco but the initial cash requirements and franchise fees are just too high for me at this time.

Subway is looking like a good alternative. But, the market in my area seems saturated.

[Sachin]

What about Pollo Campero?

[Rebaño_Sagrado]

What about Pollo Campero?

I haven't tried their food yet.

Pollo Loco and Subway I've tried and like. Knowing its healthy food is a plus. Which were the reasons I looked into them.

[Sachin]

You can forget about Pollo Campero then. :)

I guess Jamba Juice is pretty thick on the ground in SoCal.

[Jeff Bradley]

I just started my own home-based business and it's damned fun.

Check it out

www.JerseyGels.com

[Matt in the Hat]

I just started my own home-based business and it's damned fun.

Check it out

www.JerseyGels.com
What exactly is that stuff?

[Sachin]

I think it's hair gel, but I'm not sure.

[Matt in the Hat]

I think it's hair gel, but I'm not sure.

Well then Jersey is the place to be

http://i37.photobucket.com/albums/e51/brandon_biggins/guidos.jpg

[Txtriathlete]

What exactly is that stuff?

Looks like an energy paste...sort of like the ones powerbar use to make back in the day. Very useful when competing or doing heats... if its what I think it is ofcourse.