Talk to me about your franchise experience

[riverwed070707]

I did a forum search but there don't seem to be many threads on the topic. I know there are lots of investors here and quite a few business owners. Do any of you run a (or multiple?) franchises for a living? Love to hear about your experience getting started -- would you do it again? What do you wish you had known?

I have a small side business that I have been on the fence about growing. I want to but I feel unprepared. I have the needed experience in the industry but I don't have the business management training. Everything for me thus far has been learn-as-I-go and thats worked fine while I'm the only employee but I woudln't know the first thing about operating a business with employees (when it comes to taxing them, benefits, etc) and I don't have the tools I need to expand my business to a full time gig. I had an initial consult with the VP of a small franchise today and, while I'm sure he has a great sales pitch, there are a lot of benefits to franchising that take the what-ifs out of making this a full time gig. Not to mention having support when I have questions and someone who is to some extent invested in my success. I'm feeling cautiously optimistic that I've finally found what i've been looking for and this is my chance to branch out on my own and move away from the corporate world. I'd really love to hear others experiences, good and bad.

[jIM_Ohio]

I did a forum search but there don't seem to be many threads on the topic. I know there are lots of investors here and quite a few business owners. Do any of you run a (or multiple?) franchises for a living? Love to hear about your experience getting started -- would you do it again? What do you wish you had known?

I have a small side business that I have been on the fence about growing. I want to but I feel unprepared. I have the needed experience in the industry but I don't have the business management training. Everything for me thus far has been learn-as-I-go and thats worked fine while I'm the only employee but I woudln't know the first thing about operating a business with employees (when it comes to taxing them, benefits, etc) and I don't have the tools I need to expand my business to a full time gig. I had an initial consult with the VP of a small franchise today and, while I'm sure he has a great sales pitch, there are a lot of benefits to franchising that take the what-ifs out of making this a full time gig. Not to mention having support when I have questions and someone who is to some extent invested in my success. I'm feeling cautiously optimistic that I've finally found what i've been looking for and this is my chance to branch out on my own and move away from the corporate world. I'd really love to hear others experiences, good and bad.

In Cincinnati, there is a business called FranNet, which is a franchise which sells franchises. I know the original franchisor, and also the current franchisor. I have also met competitors- they have personality profiles they do to identify franchises for specific types of people (most franchises are not restaurants- think HR block, office space, home inspectors). I also know one franchisee really well (I use her services for office space). Not for me, I prefer to blaze my own trail, but there are people out there which make a living at this.

[drewc]

I have plenty of experience with franchises. 7-elevens, food places, etc.

A franchise usually come with pretty good support. If it is a good company, they will be able to assist with all the taxes and employee stuff.