Steve Magat leaped into franchise ownership in 2009.
After getting laid off in August from his job as a production manager at Capital One Financial Corp., Magat decided he wanted to go into business for himself. He didn’t see much growth potential at a big company.
But he didn’t want to go down the trial-and-error route.
So, after doing a lot of research and consulting a variety of people, Magat decided to buy a Tutor Doctor franchise, which cost him under $50,000. His franchise, which provides in-home academic tutoring, opened in November.
“I hope by the end of next year, I’ll be profitable,” he said. “I hope to be able to take money out of the business by March or April.”
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Photo: Eva Russo / Times-Dispatch.