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re: Thinking about buying a franchise
Posted on 7/25/22 at 6:36 pm to Diffusedsmoke
Posted on 7/25/22 at 6:36 pm to Diffusedsmoke
I’d rather build a mobile or rv park on some land than own a franchise
0
Posted on 7/25/22 at 6:40 pm to Tigers4Lyfe
quote:
Amazon is looking to start their own shipping company so if/when that happens UPS may not be so lucrative.
Very interesting but I’m not sure what they are thinking about doing. They can never build retail like walmart and they use UPS stores and whole foods for returns. I’m not sure if there is a reason for them to build out thousands of staffed locations like UPS stores but who knows. They certainly aren’t taking business advice from me
Posted on 7/25/22 at 9:27 pm to I B Freeman
quote:
Sunday is the worst day in the fast food business. There is nothing missing from the bottom line of CFA because they are closed on Sunday.
I can agree with this.
In the many, many moons ago when I was working as a manager at a McDonalds franchise (early 2000’s). Sunday was always a mixed bag. Sundays would be the day that most employees hit 40 hours so you would have to cut them early and affect sales or take the overtime hit if no one was available or you got busy.
At the restaurant I worked at, Sundays were also delivery days so you would need extra labor to unload the stock and a maintenance man to do extra manual work while business was slow such as changing the grease in the fryers and spray washing the parking lot.
The restaurant I worked at had a goal of 17% labor cost, but that didn’t include salaried labor. Sundays we were lucky if it was under 20%. But when you add extra staff you are basically digging your own grave to not meet that goal.
Posted on 7/25/22 at 9:55 pm to Ramblin Wreck
I heard buying a convenience store is like buying a $100k job. You have to manage it and put in hours but supposedly it’s common to net $100k
This post was edited on 7/25/22 at 9:56 pm
Posted on 7/26/22 at 12:13 pm to indytiger
quote:
OP, its been 2 and a half years, did you start a franchise?
I don't know. But someone here needs to open a fricking Whataburger at Juban.
Posted on 7/26/22 at 3:48 pm to Dr.Funke
So crazy coincidence, I thought about this thread from a few years ago and was about to bump it and just realized it was on the 1st page.
To edit my last post
I bought the store from my father last November. Two things. I work way more than 40 hours a week. I also grossly underestimated how much my father made.
I'll pull 240k this year, maybe 250k if it is a good Christmas.
This is after paying my dad 30k this year. I'll be paying that for about the next 20 years.
To edit my last post
quote:
I'd say this is only true around Christmas, and even then if you hire enough help it's not bad at all. My father owns a UPS store, last year he made around 140k and puts in maybe 40 hours a week. He could definitely work less if he wanted. Ups stores are going to start requiring owners to open on Sundays for a few hours soon though. I know of a lot of good owners with great stores that are selling because of it
I bought the store from my father last November. Two things. I work way more than 40 hours a week. I also grossly underestimated how much my father made.
I'll pull 240k this year, maybe 250k if it is a good Christmas.
This is after paying my dad 30k this year. I'll be paying that for about the next 20 years.
Posted on 7/26/22 at 6:46 pm to indytiger
quote:
OP, its been 2 and a half years, did you start a franchise?
Actually, I saw the topic and thought, "hmmm, that might be one I go back and read" and then noticed the username was very similar to mine. Once I opened it, I realized it was an old post of mine. I forgot all about that post.
No, the idea lost steam. We throw out ideas all the time and always decide our current rental investments are making more money than the alternative. I thought pretty hard about doing an RV storage place about a year ago in Colorado. I have a niece and some nephews that would probably jump at the chance to operate it on a part time basis. The numbers I ran looked pretty good, but every time I found the perfect location, either someone was building one nearby or the seller of the property was already in the business and had a no compete clause in the contract. People pay about $650 a month for nice RV storage places in Colorado Springs and pay about $150 a month to park them on large dirt lots. I wouldn't mind having a legitimate business expense to travel to Colorado every few months.
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