General Question

Malcolm's avatar

What is a good franchise that doesn't have tone requirement ?

Asked by Malcolm (48points) July 18th, 2007 from iPhone

I have collected substantial equity in my house and I would like to open a franchise and be on my way to financial independance, unless someone can sugest me another way to go with that money .

Observing members: 0 Composing members: 0

7 Answers

ibnabouna's avatar

Subway, Papa John's, and cellular franchises seem to do quite well in Southern California. If you're on the east coast, I would suggest Dunkin' Donuts.

Malcolm's avatar

I've looked into Dukin donut but their requirement are impossible but they are difinetly the way to go in New York city. I will look into subway and thank you for your input and please don't hesitate to post if you have more suggestion

hearkat's avatar

Actually, I think Dunkin Donuts have reached saturation levels in the mid-Atlantic. Again, it would help if you told us the region you are looking to work in.

You also want to consider your personal values in making this decision... is your desire to increase your personal income greater than your concerns regarding the health of your customers? It's an exaggeration, but could you sleep at night knowng that the increase in your bank account is directly proportional to the increase in waist size and serum cholesterol levels of others? I know they voluntarily choose to eat garbage, but I personally would feel better knowing that I was not contributing to the problem.

So consider opening a fitness center (Retro Fitness seems to be an up-and-coming franchise where I live). Or how about buying real estate and renting it out?

Just my .02

Malcolm's avatar

what's retro fitness? Please elaborate.

hearkat's avatar

Are you in the NY metro area?

Malcolm's avatar

yes I'm in New York

gcross's avatar

I would recommend you check out the investment gurus and see whose stock is climbing. Then research them and find out why. If you haven’t the know-how, rely on the gurus to determine whether their rise is a short-term fad or whether they have long-term staying power. Look for values and policies that are ethical and consumer-friendly. Talk to some of the staff and managers and owners of franchises you are interested in buying into. One, because it is a good idea to know your competition and, two, to screen out any subtle problems you haven’t identified elsewhere.

At the same time, be thinking about location, location, location. Be thinking about overhead, initial investments, who do you want to borrow from, do you qualify for a small business loan from anyone, line up a good accountant, tax attorney, and general attorney. Incorporate yourself (best as an S corp, I think) and transfer all your significant property into your corporation. Request annual and quarterly stockholders reports and study them. Follow your targets for a few months before you start shelling out cash. Here in California the real estate market is in a major slump. It’s easy to buy but hard to sell. Keep that in mind when you are looking at locations. If a location doesn’t work out, how hard will it be to unload it and move your business? How much will it cost to renovate to your needs?

Do your homework now or regret later. The inevitable cover-your-butt policy.

Answer this question




to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
Knowledge Networking @ Fluther