Business Opportunities Weblog

October 16, 2006 by Rich Whittle | 1 Comment

Small Biz Mentor:

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, a cooking school for kids.

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.

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
• 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.

Photo by youngchefsacademy.com.

In Ideas | 1 Comment
Tags: Franchising, Startup