GayFranchise.com: Out to Buy a Business
“Take calculated risks. That is quite different from being rash.” — George S. Patton
Anyone who knows me knows that I have threatened to buy a Quiznos franchise for years. I’ve attended seminars, interviewed franchisees and befriended the sweet Indian couple that owns the location on Newport Blvd. Every time I stop in, the husband always inquires if I’m ready to buy them out.
I speculate that’s a bad sign… although he claims business is good and has grown every year for the last five. They’re in their mid-fifties and I get the sense that it’s a bit of grind. They work hard or so it seems as I watch them while I wait for my Turkey Ranch & Swiss to exit the toasting conveyor. Food service is not for the faint of heart.
I haven’t taken the plunge and will probably keep my corporate job for years to come, but that still hasn’t prevented me from trolling the franchise sites to whet my entrepreneurial appetite. I’ve written about my dreams in the past and even offered up a few franchise horror stories, but I still believe that in order to be wealthy and retire rich, I need to generate additional income streams outside of my employee earnings.
I’m on my way with owning income producing rental properties, but buying a business is part of my plan. Franchises can be tricky though. On one hand, chances of success improve because you’re buying a proven formula and you can focus on execution. However, that proven formula will cost you in franchisee fees and you’ll lose some of your autonomy as a business owner. Evaluate the pros and cons and do your research.
Here are two things I’ve learned along the way. 1. Buy multiples. You’re not going to get rich on one franchise; you need to buy multiple units. 2. Don’t be an absentee owner. Be an owner-operator. That’s the clincher for me: I’m not quite ready to give up my career at this point to make sandwiches. But that day could come.
In the meantime, here’s something else to help with your research. GayFranchise.com is a new site that is an online franchise directory established in part to assists self-identified LGBT business professionals in becoming successful franchisees.
The site offers a comprehensive Franchise Directory that includes a company history, training, qualifications and the company’s diversity statement. The site is still in start-up mode (the list of companies is short) but as they grow and add franchisors to the list, they will also include capital partners, attorneys and consultants to guide beginning franchisees to success.
Grant Courtney, one of the Co-Founders of GayFranchise.com, recently said, “Until now, the GLBT community has gone virtually unrepresented in the franchise industry. We are seeking to change that pattern by linking forward-thinking franchisors with one of the most lucrative markets in the U.S. economy today.”
This is good to know when I finally decide to make my move.
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