Franchising:
From June 2005
Community Comments
Spark a community dialogue. Be the first to contribute by adding your comments.
The most important thing is to help people identify how they want to grow, says Roquet. “Retail businesses have to grow physically, usually with a large investment of more capital dollars. A sales business might be able to grow just its number of employees. Service businesses,” he says, “such as housekeeping and lawn maintenance, might require adding another route and another truck and employee, so it might cost $20,000 to grow.”
His Own Boss
When Tom Henry’s employer made a move to Los Angeles, he chose to take a severance package, stay in Elk Grove and become his own boss. After narrowing choices to three franchises, then contacting owners of each to discuss their day-to-day work life, the Mr. Handyman operation was a match. Henry’s franchise office opened in Elk Grove in April.
“While doing my research, this is the one I got excited about,” Henry recalls. “I didn’t want to work nights and weekends, so I was surprised to find a franchise that fit my narrow field. There are franchise options out there that I had no idea existed.”
Henry checked the financial structure of the company and asked Mr. Handyman franchisees for evaluations of the franchisor. “The support of the franchisor is critical,” he says. “Otherwise, you might as well just go out and start your own business.”
Benefiting from others’ experiences makes franchises “the halfway house of entrepreneurship,” Roquet says. “We stress that you don’t have to invent business processes when you buy into a proven system.”
Despite 40 percent of franchisors failing within five years, franchising is “going crazy, with a new franchise opening every eight minutes in the United States,” he says.
Continued...
His Own Boss
When Tom Henry’s employer made a move to Los Angeles, he chose to take a severance package, stay in Elk Grove and become his own boss. After narrowing choices to three franchises, then contacting owners of each to discuss their day-to-day work life, the Mr. Handyman operation was a match. Henry’s franchise office opened in Elk Grove in April.
“While doing my research, this is the one I got excited about,” Henry recalls. “I didn’t want to work nights and weekends, so I was surprised to find a franchise that fit my narrow field. There are franchise options out there that I had no idea existed.”
Henry checked the financial structure of the company and asked Mr. Handyman franchisees for evaluations of the franchisor. “The support of the franchisor is critical,” he says. “Otherwise, you might as well just go out and start your own business.”
Benefiting from others’ experiences makes franchises “the halfway house of entrepreneurship,” Roquet says. “We stress that you don’t have to invent business processes when you buy into a proven system.”
Despite 40 percent of franchisors failing within five years, franchising is “going crazy, with a new franchise opening every eight minutes in the United States,” he says.
Continued...
The Magazine
Site Links
Prosper Plus +
- Get Prosper Plus to receive e-mail alerts, special event invites, and content that interests you.
Community
- Join the Community and start participating. It's fast. It's easy. It's free.
Advertise on this site! Show your support for the Prosper Network and reach influential thought leaders and web users like yourself. Contact us to find out how.
© 2004-2007 Prosper Media, LLC. All Rights Reserved. Terms of Use | Privacy Policy
The materials on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Prosper Media, LLC.
Community Comments