I read an article from the Seattle Times this week about a Quiznos franchise that struggled for several weeks just to stay afloat after the owners disappeared. The manager and three employees stayed on with no pay in an attempt to salvage this sinking ship. Things got really bad when food vendors would no longer deliver on credit so the loyal employees were forced to pick up supplies, such as deli meat, from the local grocery store.
Stories like this are not typical of franchise models, but, of course, nothing is completely flawless. Franchises are the hottest business model today because they provide a proven system and product that tend to produce very high rates of success. The downside typically comes from the high start-up fees. A typical brick and mortar franchise can run between $430,000 and $750,000 with the majority going to pay for the building, equipment, and supplies. Forty percent of this cost has to come from your own (non-borrowed) funds.
Not all franchises today are brick and mortar businesses, however. In fact, there are many service franchises that can be run from your home. Entrepreneur Magazine has released it’s spring title of “Be Your Own Boss: 231 Low-Cost Businesses You Can Start Today!” It’s packed with several franchises options that range from $2,200 to $50,000 in startup costs and require small ongoing royalty fees that average under 10%. A great web site for additional information on franchise options is www.franchise.com
If these start-up costs are still a little high, consider starting your own service business. There are several great ideas Dan gives in his audio Turning Your Passions into Profits. Also, stay tuned for “Business Ideas You Can Bootstrap For Under $500!” an e-book that will be available to all of our subscribers for FREE in a couple of weeks.
Do What You Love!
... as I drove back from ... I listened to an ... on the Dave Ramsey Show between Dave and ... ... author Frank Peretti. With over 15 million of his ... novels
Creative Income From Your Hobby
"Work and Play are words used to describe the same thing under ... ... - Mark TwainOur work really should be an ... of ... we enjoy. You have probably thought this many
Don't Fear Failure
What a great admonition - Don't Fear Failure! It sounds so simple and so easy to achieve when you see it like that, but when it comes to life changing decisions that we all face, we often get sweaty palms, weak knees, and panic attacks at the thought of failing. But, unfortunately, failure is unavoidable. All successful people have failures in their past, and many will tell you that their failures have led them to the success they have today. It is hard to believe sometimes, though, when you see people that seem to have it all, that they have ever failed. Imagine if Thomas Edison had quit after he failed the 9,999th time in his attempt to invent the incandescent light bulb! Or what if Ray Charles had listened to the advice of one of his teachers..."You can't play the piano, and God knows you can't sing. You'd better learn to weave chairs so you can support yourself." Or what if Mary Kay Ash had listened to her attorney just weeks before she opened her first store..."Liquidate the business right now and recoup whatever cash you can. If you don't, you'll end up penniless."
