willstrickland Posted August 24, 2005 Posted August 24, 2005 Curious if any of you folks are currently, or have been, franchisees? Would like to get some insight from an experienced owner/operator, or from those who considered and declined the franchise path. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 My best friend is opening her second coldstone creamery up. She was an engineer....she's now making ice cream and more money than she can spend. She loves life! Quote
thelawgoddess Posted August 24, 2005 Posted August 24, 2005 making ice cream *and* money? hot damn! Quote
olyclimber Posted August 24, 2005 Posted August 24, 2005 "icecream" is just a code word in this case. Quote
sobo Posted August 24, 2005 Posted August 24, 2005 How much time off does she have? Is it hard to get these things rolling, and then can you slack off and let an employee do the work? Or do you have to remain constantly and consistently involved? I've considered a franchise in the past, which is why I'm asking. I am an engineer now, but if there is a way to make as much or more than I'm currently making, and I get more time off, then I'm willing to "used to be" an engineer. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 in all honesty..I think a franchise is the way to go if you want to own your own business but not take the risks involved. Most of the franchises do the research and population analysis and will not let you open one up at a location that won't work. Besides...they do all the marketing, advertising, and well...work associated with start ups. Pretty low risk...just pretty hard to qualify for one. Takes some cash and an awesome credit record. Quote
sobo Posted August 24, 2005 Posted August 24, 2005 Pretty low risk...just pretty hard to qualify for one. Takes some cash and an awesome credit record. Just bought a new house... otherwise, have both of the above. Does just taking out the home loan douse my fire? Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 in all honesty..I think a franchise is the way to go if you want to own your own business but not take the risks involved. Most of the franchises do the research and population analysis and will not let you open one up at a location that won't work. Besides...they do all the marketing, advertising, and well...work associated with start ups. Pretty low risk...just pretty hard to qualify for one. Takes some cash and an awesome credit record. this is simply not true. Sobo, we gotta talk--again. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 Her husband has recently quit his job (engineer) as well because her ice cream shops are supporting both of them, and their travel habits. At first...she worked..A LOT. But I also know the guy who opened the taco del mar/starbucks combo in ellensburg...he never worked at either of them from day one. It depends on the management agreement you get yourself into with the franchisee. Leanne chose to be the store manager (kick backs from the franchisee that you're more involved means you'll work harder for the success of the store). She works a lot. BUT...she's also at the point where she's looking to hire her management replacement and let the store run itself. But then again, she's also opening her second one...which will require her to work her butt off again... Quote
sobo Posted August 24, 2005 Posted August 24, 2005 Arch, Yah, I know. My dad wanted me to go into bidness with him (he was an engineer, too), but I nixed it because of the work involved in opening your own business. Franchises look inviting... and easier than that pesky JD or MBA... Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 there are a lot of problems with franchises. I know that you will not base your decision on anecdotal evidence--you are too analytical for that. There are many sucesses obviously, but I know that you will look carefully at the current trends and the astonishing amount of rules/regs/failures that exist within the franchising world. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 how often to franchises fail? Compared to the % of other "new" businesses? If your looking to work for yourself, franchises are way safer than starting your own from scratch. There is such limited risk involved!! Granted..you don't actually "work" for yourself, your in business with the big guy..but I'd rather be on the big guys side vs. fending for yourself and competing against him. Arch..please share your info... Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 Marie, I have no interest in fulfilling your request in a spray fest. Quote
willstrickland Posted August 24, 2005 Author Posted August 24, 2005 I'll second Sobo's questions. Count me as another disgruntled engineer. And looks like I'm not the only one tired of slavin' for the man. My credit history SHOULD be tops (although I've never requested score/history), and as of Dec I will be completely debt free having paid off the outstanding creditcard and student loans in the last year. The initial cash investment shouldn't be an obstacle for me. Quote
espirita Posted August 24, 2005 Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 not looking for a spray fest arch...just would like to know what you've heard. I have a couple of friends who swear by the franchise thing. I know of no-one who's been screwed by one. I've heard it can happen...but I've never heard of it happening...so I'm just trying to gather more info! Gosh..why so defensive!! Spray fest!?! No no..that's you, your the queen of spray! Would never dream of challenging you for that crown...you'd KILL me!! Quote
sobo Posted August 24, 2005 Posted August 24, 2005 I know that you will not base your decision on anecdotal evidence--you are too analytical for that. Correct on both counts. There are many sucesses obviously, but I know that you will look carefully at the current trends and the astonishing amount of rules/regs/failures that exist within the franchising world. Again, correct. As mentioned, I have thought of this as a career change, and have, to this point, only talked directly with folks that have done it and made a successful "go" of it. I have friends who make as much (and several make more) as I do. They have opened Subways, Papa John's, Baskin/Robbins, and one couple even started their own business by opening a bagel shop (they have three now, in two counties). I haven't talked to anyone yet who fell flat on their face, so my interest is still piqued... The questions remains, it's one thing to make money, but it's the time off that really is a concern to me at this stage in my personal life. Quote
Squid Posted August 24, 2005 Posted August 24, 2005 C'mon. Do you really want to contribute to the strip-malling Walmartization of America? Not to slam Marie's friend, but does the world need another ColdStone Creamery? Starbucks? Taco del Mar? Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 So how about folks who are interested in sharing their questions, concerns, and experiences about franchising and owning a small business meet in a pub and discuss it. I will need to dig through a bunch of shit to gather the info that I am thinking of and bring it with me to give to ya'll, so I'll need a day or two if you are interested in looking at the stuff I read in school and since then. Does that sound whack or would you all be down for that? Quote
Ireneo_Funes Posted August 24, 2005 Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. Why? Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 obviously, because people are buying from them! Quote
archenemy Posted August 24, 2005 Posted August 24, 2005 I know that you will not base your decision on anecdotal evidence--you are too analytical for that. Correct on both counts. There are many sucesses obviously, but I know that you will look carefully at the current trends and the astonishing amount of rules/regs/failures that exist within the franchising world. Again, correct. As mentioned, I have thought of this as a career change, and have, to this point, only talked directly with folks that have done it and made a successful "go" of it. I have friends who make as much (and several make more) as I do. They have opened Subways, Papa John's, Baskin/Robbins, and one couple even started their own business by opening a bagel shop (they have three now, in two counties). I haven't talked to anyone yet who fell flat on their face, so my interest is still piqued... The questions remains, it's one thing to make money, but it's the time off that really is a concern to me at this stage in my personal life. It's funny that you mentioned Subway first--they have actually rec'd the worst rating as a large franchise for two years in a row. I am not saying that the f-word is bad. I am saying that your inclination to research this option is right on. Quote
Squid Posted August 24, 2005 Posted August 24, 2005 If you're not guilty, you have nothing to fear. If your credit is good, you won't need to ask. Quote
Kitergal Posted August 24, 2005 Posted August 24, 2005 So how about folks who are interested in sharing their questions, concerns, and experiences about franchising and owning a small business meet in a pub and discuss it. I will need to dig through a bunch of shit to gather the info that I am thinking of and bring it with me to give to ya'll, so I'll need a day or two if you are interested in looking at the stuff I read in school and since then. Does that sound whack or would you all be down for that? I'd be totally down for that. but not on a tuesday night! I can't do tuesdays!! Quote
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