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re: how hard is it to buy into a franchise business
Posted on 4/24/24 at 11:53 am to BamaCoaster
Posted on 4/24/24 at 11:53 am to BamaCoaster
quote:
Most responses are discussing food places.
Right. There are way more franchises out there than just food. There are several in my industry, which is glass. Someone sent me one of one of the franchise marketing documents a while back. Initial cost were in the ballpark of $150k-$250k, $40-50k liquid, $150k minimum net worth. That info is a little outdated and are probably more post-covid. I sell glass to the various franchises, and most seem to do pretty well. It's work, though. It's not mailbox money. Don't forget that.
2
Posted on 4/24/24 at 1:13 pm to BottomlandBrew
A family member just started a men's barber shop franchise a month ago. They said they needed $500k to get the franchise then another $200k for the buildout of the storefront. First month open they did over $20,000 in total revenue, which was a little more than break even. Goal is to get to about $30-$32,000 a month so they can take home $10k a month. Then open another one.
They'll get there but they didn't do much market competition research, there were 13 other men's grooming places within a 20 mile radius of their place.
They'll get there but they didn't do much market competition research, there were 13 other men's grooming places within a 20 mile radius of their place.
Posted on 4/24/24 at 1:24 pm to BottomlandBrew
quote:
There are way more franchises out there than just food. There are several in my industry, which is glass
I agree certainly. But I'd argue outside of food starting a franchise in most other industries is just dumb. Food you have recipes and ingredients that are vital to doing well, and you also have name recognition.
Most other businesses if you hustle on advertising and put out a good product then you will earn business. The issue with franchising is that a significant portion of your profit goes to the franchise. The times it does make sense is when a franchisee gets priority with product and information, for example I know a carpet cleaner and he was telling me during covid they had a hard time with repairs and chemicals because the company he purchased from gave their franchisees priority.
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