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Online Networking |
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 Starting a Business |
| Posted On Dec 6, 2007 at 11:55 AM |
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shannan01
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Joined: Sep 22, 2006
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I would like to start a business that has the potential to be franchised, but am unsure how to go about the process. Does anyone know of a checklist or a company that helps with this? I would need to lease a small building, but it must be like the drive-thru coffee joints, a very small and independent structure. It would also help to find an investor. Any help/suggestions would be appreciated.
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| Re: Starting a Business |
| Posted On Dec 26, 2007 at 11:21 AM |
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MIBN
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Hi Shannan,
Moms In Business Network offers a telecircle meeting that can help you with this, called Build Your Business!
From our research, franchising takes a lot of capital and at least two years of working your business successfully to be approved. It can cost at least $100,000 to franchise after you have a proven track record of success. My suggestion is that if you wish to franchise, then you need to open your business locally to prove it can be successful in a smaller territory, during that time, you can either make enough money to afford franchising, or attract an investment partner to capitalize your growth. Either way, you need to prove your model works before you can franchise it. You must also be approved by the franchising commission before you can legally franchise. Spend your time while growing your local business to interview good franchise attorneys, and maybe connect with CEOs of other franchised businesses to be advisors for you. They've been there before and can help you: find a good attorney, market it, structure it, and who knows if they really like your idea maybe your advisors will be your investors -- successful CEOs are always looking for new projects that they feel will make them more successful.
So start going to networking events that attract CEOs and founders of franchised businesses, and go up to the ones you really like and ask them if they wouldn't mind taking your calls to help you with your business. 9 out of 10 times they'll say yes, and you can start building a mentoring relationship from there.
Gina Robison-Billups
CEO/President
Moms In Business Network
Last edited on Dec 26, 2007 at 11:27 AM by MIBN.
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