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Old 11-19-2009, 09:00 AM
 
30 posts, read 74,444 times
Reputation: 21

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I have a college friend who owned a Maaco here in FL. He had to close it down/try to sell it because it was going under. He said the ecomony just hit his business really hard. People aren't spending money to paint/fix up their cars when they can't even put bread on the table. Right now, you have to look for something that is a product that people still need, even when times are tough. Not something that is a luxury or extra benefit. Good luck with finding something!
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Old 11-19-2009, 01:14 PM
 
25,756 posts, read 38,930,491 times
Reputation: 13742
Quote:
Originally Posted by algia View Post
"Am just surprised at the anecdotal evidence that owning 1 or 2 franchises just won't cut it out..you have to own several to make a decent living...
Is this the same for all franchises? Auto Mechanic Shops? Tax Services? Fast Food Places?"

and it is over $200k to own ONE.......imagine having to buy more that one? I think with the money spent on one, you can actually open an original shop...............and end up making more money for yourself....
True if you have the skills...many frnachise owned stores are owned by people who have no clue about the business they are in and just want a manager to run the place, like an investment.

Which doesn't count for all franchisers of course and who can compete with McDonalds...you better have one your self...at least opened one, years ago.
To open one cost close to 1 million....so it isn't for every one...

There are people in the hair salon franchise who have no clue about the hair business and only get it when they close their doors....
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Old 11-19-2009, 04:47 PM
 
Location: Naperville, IL by necessity; Pinellas by choice
214 posts, read 597,109 times
Reputation: 78
In addition to the buy-in, you might have to pay annual fees and a skim off the top of receipts to corporate as well, so you need to factor that in also.

If you're serious about buying a franchise, your best bet is to talk with the companies directly. They will give you contact info for other franchise owners in your area so you can talk to them about their experiences (if the franchise is a decent one to get involved with).

One company invited me onto a conference call with the president and about 20 people from around the US and we were able to ask him direct questions. The guy talked a lot of rah-rah but also had some hard numbers re: costs and such. The buy-in was $90,000 plus capital expenditures and this company is #3 in sales in its field, quite far behind the #1 900-pound gorilla which is on every corner.

(And if I may say so, try getting sales with a place that specializes in "healthy" food. I'll bet you sink like a rock like TCBY. Most people want fat and calories. )
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Old 12-02-2009, 01:22 PM
 
9 posts, read 16,414 times
Reputation: 15
Default Franchise opportunities in the Tampa Bay Area

For those who truly enjoy their work, it's not work, it's a passion. Look at a doctor. The really good doctors have a passion for working with their patients and their patients know this.

If you have strong desire to be a business owner, but are not inclined to go through everything that is involved with starting a business from the ground floor, and there are a lot of those things, then franchising might be a good option. The first step would be to figure out what business could you be involved in that you wake up every morning and say to yourself "I'm looking forward to work today". The challenges of running a business are big enough, staffing, marketing, location, payroll, just to name a few. Buying a franchise, in theory, should give you tools and systems to overcome most of those obstacles. Buying a franchise, in theory, should give you a business that has a better chance of success because of the success others have had with the system. Does it ensure success? NO! It's the job of the Franchisor, during their selection process or discovery process, to determine the likelihood of your success. It is in neither parties best interest to have a franchisee fail.

Are all franchise opportunities going to cost a small fortune? NO! Don't limit your search to just the large franchises that everyone sees as they drive to the grocery story. Most of those that you do see will have large capital investment requirements, land, building, lease, inventory etc. There are home-based franchise opportunities that most people would be able to get into. Do you have to pay a franchise fee? For most yes. Do you have to pay royalties? For most yes. The franchisor needs to be paid for the system they've created and for updates and maintenance. Would you want to be involved with a company that didn't invest in itself?

Web portals, like BizBuySell or Franchise.com, are in business to sell "leads" to the franchisor. This isn't a bad thing but understand, they can't give you any more information about the company that pops up in your search. You will need to get in touch with the company to get detailed information. And you do want details! There will be some questions that the franchisor will not be able to answer. But those worth working with will share all the information that they have and answer all your questions to your satisfaction.

Look at the things that give you joy in your everyday life. Maybe that passion can be turned into a successful business.
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Old 12-02-2009, 02:38 PM
 
515 posts, read 1,141,190 times
Reputation: 559
Quote:
Originally Posted by algia View Post
and it is over $200k to own ONE.......imagine having to buy more that one? I think with the money spent on one, you can actually open an original shop...............and end up making more money for yourself....
Franchises have instant name recognition, free advertising in many places, and the corporate office will usually provide assistance with things like business plans and other logistical issues. Opening an independent store has none of this. This is one of the reasons why many new independent restaurants fail within a year or two.
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Old 12-03-2009, 07:29 AM
 
Location: Naperville, IL by necessity; Pinellas by choice
214 posts, read 597,109 times
Reputation: 78
Quote:
Originally Posted by Occifer View Post
Franchises have instant name recognition,
True. That is a huge plus over a mom-and-pop operation.

Quote:
free advertising in many places,
You will pay for advertising but indirectly through annual "dues" to corporate. At least that's what I was told for the franchise I was looking into. To advertise your place specifically will cost you directly. Corporate will not pay for that. But your experience might be different so do your due diligence.
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Old 12-07-2009, 10:46 AM
 
9 posts, read 16,414 times
Reputation: 15
Advertising is critical to any business including franchises. The franchisees that experience the greatest success (read $$) will go above and beyond what any franchisor collects or requires.
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