Affordable Franchises

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and conditions under which the franchise relationship can be terminated or renewed, and how many franchisees have left the system during the past few years

  • The financial condition of the franchisor and its system
  • Source: The International Franchise Association, www.franchise.org

    WOULD YOU RATHER
    GIVE OR TAKE ORDERS?

    As a franchisee, part of what you’re paying for is the franchisor’s system and knowledge. Following the formula means following the rules, working within the system, and running your business according to an agreed-upon plan. In their book, Franchising for Dummies, Dave Thomas, founder and CEO of Wendy’s International, and Michael Seid, a leading expert on franchising, advise new franchisees to ask themselves the following questions:

    • Can you follow somebody else’s rules, even when you think you have a better way? (If not, independent business ownership may be a better fit for you.)
    • Do you think you can change the franchisor’s system after you are on board? (If the answer is yes, again, independent business ownership might be a better choice.)
    • Do you think that your local market is different from all others in the system and that the franchisor will modify the system just to suit your needs? (They may, say Thomas and Seid, but if you’re counting on it, try an independent business instead.)
    • Can you trust (with some honest skepticism) that your franchisor is working for the benefit of the entire system–even when his or her decisions do not necessarily go your way? (If so, franchising may be just the ticket.)
    • Are you willing to share financial information and provide required reports each month? Are you prepared to accept coaching and advice on business practices from your franchisor’s field staff? (If so, franchising may be the right choice.)
    • Do you have the personal drive to be a great operator? (If so, then franchising may be for you.)

    Source: Dave Thomas and Michael Seid, Franchising for Dummies, IDG Books Worldwide Inc., Foster City, California. Copyright (c) 2000.

    5 FRANCHISES: $10,000 — $50,000

    Company

    Type

    Black-
    Owned
    Units

    Domestic
    Franchise
    Units

    Fee

    Start-Up
    Costs

    2000
    Average
    Sales/Units

    Coverall Cleaning
    Concepts
    500 W. Cypress
    Creek Rd.,
    Suite 580
    Fort Lauderdale, FL
    33309
    954-351-1110
    Commercial
    Cleaning
    2,316 5,739 $6,000-
    $32,200
    $6,300-
    $35,900
    $31,500
    Molly Maid Inc.
    3948 Ranchero Drive
    Ann Arbor, MI
    48108
    800-665-5962
    Residential
    Cleaning
    14 280 $6,900 $50,000 $431,000
    Liberty Tax Service
    4575 Bonney Rd.,
    Suite 1040
    Virginia Beach, VA
    23462
    757-493-8855
    Retail Income
    Tax
    Preparation
    17 306 $20,000 $33,050-
    $44,100
    $60,000
    Kumon North
    America
    Glen Pointe
    Center East
    300 Frank
    Burr Blvd.,
    2nd Floor
    Teaneck, NJ
    07666
    201-928-0444
    Education/
    Learning
    Center
    40 992 $1,000 $3,500-
    $16,000
    N/A
    ECW Corp.
    10132 Colvin
    Run Rd.
    Great Falls, VA
    22066
    703-759-2556
    Computer
    Education for
    Children and
    Teachers
    9 93
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