Has anyone here bought into a franchise?

[Kyle C. Barker]

If so can you put a nikka on?




Yeah I realize there's this thing called google and I plan to start calling people about it but imo there's nothing like talking to actual people with experience.

I kinda got the itch for owning my own business after I watched my boy officially buy a bar last week and honestly watching him do it made it totally seem possible. He got a loan for 250K and bought the business from someone else. From what he told me the bar generates $5000 after taxes, lease, and payroll but shyt he also works part time as a programmer so he's caking on that too.





So yeah has anyone here looked into that shyt? I'm kinda playing around with buying into a verizon wireless shop

 

[JahFocus CS]

I have not, but it could be a good thing to jump into, especially if you're looking to build a business without building one from scratch. Entrepreneur.com has a lot of good articles on becoming a franchisee.

 

[Kyle C. Barker]

I have not, but it could be a good thing to jump into, especially if you're looking to build a business without building one from scratch. Entrepreneur.com has a lot of good articles on becoming a franchisee.

thanks for the start breh.

dap + rep

 

[Consigliere]

I've worked for a couple at the ownership level/corporate office, so I've read a bunch of management agreements. Looked into buying one a couple years ago but didn't like the royalties and licensing fees.

What kind of business are looking to get into?

What's your time investment capacity?

And how much cash, before taking on debt, are you willing to invest?

Depending on your credit, you should be able to get $80-100k in financing for every $20k you have in cash.

 

[Techniec]

Ive operated a pizza franchise before and am currently helping my cousin set up a burger franchise (im an upper year law student so im helping him with paper work etc).

@Washington_Red brought up some great points.

Some general questions:

1-What kind of business are you looking to get into?
2-Do you have a particular location in mind? This is critical. Are there competitors in the area? Why or why arent they successful? What are the demographics like? What would your client base be and does that exist in that location?
3-Who would your suppliers be? Are you bound to go through head office for those supplies?
4-Ask about any exclusivity rights (ie. Head office cant open another franchise within ___ miles)
5-Ask about any rights you can have to additional franchises in your area (getting first dibs).
6-What is your expected profit margins? What are your expected costs?
7-How much money would you need to sustain 1-2 years of operation?
8-How much case do you have to invest? How much would you have to borrow? What are the terms of financing?
9-What are the royalties and licensing fees?
10-Do you have the skills and experience to run this business? Do you have resources available to you to help run this business?

 

[Kyle C. Barker]

I've worked for a couple at the ownership level/corporate office, so I've read a bunch of management agreements. Looked into buying one a couple years ago but didn't like the royalties and licensing fees.

Were those royalties that bad?

Definitely something I'll be checking out

What kind of business are looking to get into?

I was looking into owning a verizon wireless store. And like you said earlier I'm sure the're definitely some royalties to py

What's your time investment capacity?

I currently work full time as an electrical engineer but I could easily cut my schedule down to 3 days a week. maybe even 2.

And how much cash, before taking on debt, are you willing to invest?

Last time I checked I had close to 70K in my bank account and scottrade accounts. I've been saving up to buy a house for the longest but I have no problem usig it to start a business

Depending on your credit, you should be able to get $80-100k in financing for every $20k you have in cash.

 

[Kyle C. Barker]

Ive operated a pizza franchise before and am currently helping my cousin set up a burger franchise (im an upper year law student so im helping him with paper work etc).

@Washington_Red brought up some great points.

Some general questions:

1-What kind of business are you looking to get into?
2-Do you have a particular location in mind? This is critical. Are there competitors in the area? Why or why arent they successful? What are the demographics like? What would your client base be and does that exist in that location?
3-Who would your suppliers be? Are you bound to go through head office for those supplies?
4-Ask about any exclusivity rights (ie. Head office cant open another franchise within ___ miles)
5-Ask about any rights you can have to additional franchises in your area (getting first dibs).
6-What is your expected profit margins? What are your expected costs?
7-How much money would you need to sustain 1-2 years of operation?
8-How much case do you have to invest? How much would you have to borrow? What are the terms of financing?
9-What are the royalties and licensing fees?
10-Do you have the skills and experience to run this business? Do you have resources available to you to help run this business?

1.) Looking to buy a verizon wireless store
2.) definitely looking to franchise in the baltimore area
3.) I don't know yet. gotta research

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You schooled me. but I definitely appreciate that you're making me think about all these things because my parents nor my relatives ever really owned their own businesses. Appreciate it for real

 

[无名的]

Your buddy will probably be 250k in debt in a year or two. The bar business is one of the hardest.

As for a franchise - it's extremely competitive. I looked into buying a Chik-fil-A because of the low upfront capital costs. I went to a meeting for potential buyers in LA and there were probably 250 people competing for a limited number of slots. You could tell a lot of the people were foreigners who probably had more than enough cash. I think there are 25,000 people who compete for a very small number of franchises there per year.

There's money to be made, but you have to find the right business. It's a good path for someone who doesn't want to express much creativity in their business and works well with processes.

 

[Ol’Otis]

I wish in-n-out was franchising

But I was looking at wing stop

 

[无名的]

I wish in-n-out was franchising

But I was looking at wing stop

The lines at In N Out any day, any time

 

[Ol’Otis]

The lines at In N Out any day, any time

Shyt be making me mad breh

 

[无名的]

Shyt be making me mad breh

I'm out near Noho... doesn't matter when I drive by, shyt is always 10 to 15 cars deep and a line out the door. Not even in a busy area

 

[GreenGrass]

i have not but i am thinking of getting into the marijuana dispensary business but it will be hard as fukk

 

[hayesc0]

i have not but i am thinking of getting into the marijuana dispensary business but it will be hard as fukk

are you white with political power?

 

[GreenGrass]

are you white with political power?

People of color are too powerful to be pushed around here

but for how long? only god knows..

bro, sometimes you gotta a risk especially if you want open a business or become a entrepreneur

you George Costanza over here