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Old Today, 04:53 PM
 
Location: Raleigh NC
7,892 posts, read 6,214,091 times
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Quote:
Originally Posted by KaraG View Post
We have friends who are hoping to get approved. They are well funded and have the location picked out. Right now they are reviewing traffic studies.
does CFA not still require several years working up through a store before granting a franchise?
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Old Today, 07:26 PM
 
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Quote:
Originally Posted by BoBromhal View Post
does CFA not still require several years working up through a store before granting a franchise?
I don't know for sure. On their website, it just says it wants people with business experience.
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Old Today, 07:45 PM
 
Location: SW Missouri
15,603 posts, read 29,356,501 times
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Quote:
Originally Posted by matteblack007 View Post
Obtained a bachelor's in business management from a for profit university, and have had over 10 jobs the last 15 years, if not more! My parents used to own a franchise, but ended up going south after 8 years. I really hate the idea of working for someone, I don't mind working 60-70 hours as long as I have something that I have ownership of. A lot of my skills lay in sales, I've sold commercial solar systems, worked in dealerships and b2b financial sales. Lately I have been thinking of purchasing a liquor/convenience store, my uncle has one that is profitable, and I have been working there for a while on/off. I would need to save approx. 90k over the next two years, which is do-able as I live at home with my parents. For me, work is very important, almost too important. I want to find something that will help me get to where I want to be financially. My plan was to use the store to save more funds to buy a large multi-family unit, and build a portfolio of real estate. Potentially another liquor store thereafter, or try for a am/pm or chevron

I tried opening a dealership last year, took out a line of credit for 10k, obtained a wholesale line of credit for 100k, and ended up closing after a year. LOST 10k. I figured out that as good as I'm at sales it isn't enough to offset the fact I am not mechanically inclined to fix cars. Plus, starting a business from scratch is VERY difficult.

My other train of thought is to try and attempt to obtain a CPA license and go independent that way. I understand the margins are much better, but I don't know if it's something I would be passionate about, I have always been good with people.

Should I consider opening a food franchise? (over 5 years experience in that) purchase an existing c-store? CPA route?
Think service industry. That is where the money is.

Low overhead. NO INVENTORY.

Think health related, elderly related. Etc. I clean condos in a tourist area. Very lucrative. Overhead is practically nothing. I can make as much as I want to make. Working 4 hours I gross $130 -$150.

If you want to get into food service forget a franchise. Too much control. Keep it small and develop a niche market based on demographics and demand.

I know a lady to bakes pies for local diners and restaurants. She's making a fortune.
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