The September 2006 issue of Working Mother magazine features a pair of entrepreneurial moms who started not only their own business, but have come up with a family-friendly business idea others can get into at a fairly affordable rate. Julie Burleson and Suzy Nettles, shared their thoughts about the creation of their business, Young Chef's Academy, which is based in Waco, Texas; as did Gary Findley, former president of Curves and now of the Findley Group.
Why did I enjoy this piece so much? They gave great tips, and their business is educational and fun for kids. (Hey, it's the homeschooling momma in me; what can I say?) If you're considering buying into a franchise and you want your kids to be able to be involved, this one might be worth looking into. They project that for 2007 there will be 250 franchises across 30 states, with a gross income of $5 million. The franchise fee is under $30,000, can supposedly be started with only part-time work or a limited staff, and can eventually be expanded with a second kitchen or an additional territory (or three).
They also offered some great tips for anyone considering franchising their business idea, including these:
- Offer memberships, not just one-time parties or experiences
- Brand yourself with appealing, useful products
- Study your own kids to see what really works and what really flops
Findley offers suggestions too, such as:
- Find your niche: He says growth areas include beauty and fitness, the children's market, pets, and more.
- Brush up on those people skills!
- Have a mission -- a reason for what you do
- Be systematic. Franchises succeed because franchisees can walk into a streamlined system that works, and works well.
- Consider using a franchising consultant. They'll take a cut of the profits, but they'll do a lot of the "grunt" work for you.
- Do your homework. Remember, due diligence is your responsibility, folks! Caveat emptor -- especially if you're buying the entire business, not just one product or service.
Comment Preview