New Report Shows Why Owning a Resale Clothing Franchise is Smart Business

The concept of shopping for clothing continues to evolve rapidly and resale is at the center of the evolution. Nowhere is this more evident than within thredUP’s recently-released 6th Annual (2018) Resale Report. “There is a powerful transformation of the modern closet happening and resale is a key driver,” proclaims Co-Founder and CEO James Reinhart.

While transformations are fun to watch, it is more exciting to participate in and profit from them. Owning a resale clothing franchise is a great way to participate in (and profit from) the compelling transformation in retail.

Here are five great reasons to own a resale clothing franchise — supported by findings within the thredUP report:

1)  PARTICIPATE IN AN EMERGING LIFESTYLE

Consumers love deep discounts more than ever, and the hunt for a bargain and a great variety of products to choose from. Of all retail categories, this is most relevant in apparel — particularly upscale resale. thredUP surveyed 2,000 women in early 2018 and found that 71 percent plan to spend more on resale shopping over the next five years. Ironically (or not) this is equivalent to the number who plan to spend less time in traditional department stores. Resale exposes consumers to brands they might never have come across before or might never have been able to afford. It also provides an unparalleled thrill of the hunt and shoppers love it. The old notions of dark, musty and dusty secondhand stores are in the past.  Consumers of all generations are beginning to enthusiastically embrace resale and starting to live it  consciously making purchase and sale decisions within this new paradigm. NTY Franchise Company is uniquely positioned to help entrepreneurs participate in this emerging lifestyle.


2)  PROFIT FROM TREMENDOUS INDUSTRY GROWTH

Resale is growing exponentially faster than any other retail category and is expected to reach $41B by 2022 from $20B currently — with apparel by far the largest component. Resale is going mainstream and there is not much that will stop it. According to thredUP, 44 million women shopped secondhand in 2017 versus 35 million in 2016 — a stunning 26 percent increase. One in three women shopped secondhand in 2017 alone; while the percentage of used items in thrifters’ closets is projected to grow to 40 percent by 2022 from 24 percent 2017 (which more than doubled from 11 percent in 2012). Most notably, resale shoppers plan to buy two times the amount of used clothing over the next five years than they currently do. There are not many industries with this momentum and growth trajectory. Owning a high-return resale clothing franchise such as Clothes Mentor is a great way to profit from it.

3)  RIDE THE GREEN REVOLUTION

“Fashion is the second-most polluting industry in the world” Emily Farra, Editor of VOGUE, preached in a widely publicized article in October 2017. This reality has been compounded by fast-fashion where styles are rushed to market with little regard for the environment and how short the item’s lifespan will be. thredUP notes that if every garment was given a second life — retail industry waste, emissions and water usage would be reduced by 73 percent. Top designers are becoming increasingly aware of implications of the rampant Throw-Away Culture. They are evolving more toward Circular and Sustainable fashion, where clothing is built to last much longer so it’s able to easily have a lifespan beyond one individual. Similarly, individuals are now embracing this concept and are increasingly motivated to recycle their clothes and purchase secondhand clothing themselves. Owning a resale clothing franchise — like highly successful NTY Franchise Company brands such as Clothes Mentor, Children’s Orchard and NTY Clothing Exchange — is a great way to ride the green revolution that is gaining momentum and here to stay.

4)  CAPTURE THE MILLENNIAL MOVEMENT

Everyone loves to comment on the millennial generation and their often complex ideologies. “They are wasteful… but hate to waste,” jests thredUP in discussing millennials’ complicated shopping habits. The report details how 18- to 24-year-olds are the most impulsive shoppers (and the most likely to discard an item after 1 – 5 wearings). At the same time, the large majority of millennials prefer to buy environmentally-conscious brands; 40 percent shopped resale during 2017, and 35 percent are likely to switch to thrift to go green (versus the average consumer at 27 percent). Millennials are often difficult to reach, but upscale resale is reaching them, and their embracement of this lifestyle will be passed down to their children as they are brought up within it. Owning a resale clothing franchise like NTY Clothing Exchange — with a primary target demographic of teenagers and young adults — is a great way to capture the millennial movement.

5)  LEVERAGE PROVEN BUSINESS MODELS

Opening a retail business has traditionally been a daunting task — particularly for early entrants in resale. Luckily those days are over, and now entrepreneurs can leverage time-tested, high-return, proven business models developed by a seasoned industry veteran like NTY Franchise Company.

NTY Franchise Company specializes in working with entrepreneurs at every stage of establishing one of several national resale clothing franchise brands. These stages include: Research & Discovery; Business Planning; Store Location & Leasing; Financing; Design & Build-out; Point of Service Software & Systems; Coaching & Managing; and Marketing.

At the center of NTY Franchise Company’s successful business models are its relentless focus on 1) Bright, clean and fresh-aired stores; 2) Smart store layouts; 3) State-of-the-art inventory managing, pricing and point of sale cloud-based software systems; and 4) a firm grasp on all the “big data” needed to make wise purchase and sell decisions throughout the day — every day. While all of this sounds fairly obvious, it takes decades of experience to actually put the strategies, systems and discipline in place to truly be effective (and deploy it) at scale. NTY Franchise Company has this experience and discipline — and the high returns from their average franchise units prove it.

ABOUT NTY FRANCHISE COMPANY

Founded in 2006 and located in Minnetonka, Minnesota, NTY Franchise Company is a pioneering and highly-experienced force in the rapidly growing category of upscale resale. It is the umbrella organization for three proven national resale clothing franchise brands: Children’s Orchard (kids clothing franchise); Clothes Mentor (women’s designer clothing franchise); and NTY Clothing Exchange (teens and young adults clothing franchise). NTY also has two other successful national franchise concepts: New Uses (household furniture, décor, appliances franchise) and Device Pitstop (electronics repair and resale franchise.

To learn more about NTY Franchise Company — and the lucrative opportunities in upscale resale franchising — explore our main page or feel free to just give us a call (952)-923-1223.

Why Women Franchise Owners Left Their Careers to Buy a Resale Clothing Franchise

WHY WOMEN FRANCHISE OWNERS LEFT THEIR CAREERS TO BUY A RESALE CLOTHING FRANCHISE

It takes more than a leap of faith for a woman to jettison her former career and buy a clothing franchise. It takes guts, hard work, and the right timing. But it happens, and the rewards can be far greater than the risk. Several NTY Franchise company franchise owners have followed their passion to a career in women’s fashion, and they’ve never looked back.

Pharmaceuticals to Fashion

Chris Barnett is nearly 50 and had worked for years as a partner in a law firm before becoming an executive director at a large pharmaceutical company. Five years ago, however, she and her attorney husband Stephen decided they wanted to do something to show their daughter what they truly believe in, and it wasn’t the corporate grind.

“We believe in women helping women,” Chris explains, so they purchased their first Clothes Mentor women’s clothing franchise in Pennsylvania. “Our franchise enables our 10-year-old daughter (Eliza) to see women cheering each other on.” The business model intrigued them: The store purchases designer clothing and upscale fashion from local women, then re-sells the items at a fraction of retail prices to customers who appreciate the value. Everyone wins.

The couple knew they wanted to teach Eliza the value of a dollar. To do that, they show her how women save money at their store by purchasing gently-used, name brand clothing at a much lower cost than they’d pay at the mall. The Barnett’s also enjoy practicing the “mentoring” aspect of their Clothes Mentor franchise. “Stephen is good with development,” Chris says, “and he works with the young team members to help build their portfolios.”

In addition, the couple relies on the mentoring and support they get from NTY corporate directors. In fact, they liked the concept so much, they now own two Clothes Mentor women’s clothing franchises, in Westchester and Springfield, Pennsylvania.

From the Classroom to the Dressing Room

While Chris and Stephen left high-powered careers, 52-year-old Angie Geldert gave up a 20-plus year career as an elementary school teacher to purchase a Children’s Orchard kids’ clothing franchise in Murfreesboro, Tennessee. She and her accountant husband Jeff had moved from Minnesota, where the education system was much different. After teaching for a year in her new town, she felt ineffective in the classroom and needed a change.

“I wanted to still be part of the community, help people, and still have contact with families and kids,” she recalls. The Children’s Orchard franchise was the perfect fit, offering her the connections she craved, as well as opportunities for a first-time franchise company owner to learn quickly.

“A competitor moved in down the road and opened two weeks ahead of us,” Angie says, “so there were unforeseen challenges at startup.” She had to figure out a way to stand out in her town’s growing children’s upscale resale market. She credits the NTY corporate structure with helping her feel supported at every turn. “Through my discovery process, other ladies were so willing to give me information to help start and grow the business,” she remembers. “I felt we had a safety net, from corporate and from other franchise owners.” She also doubled down on customer service and educating her staff, which has paid off in impressive sales growth each month.

It’s truly a family business, with Jeff doing the books and Angie and her college-age daughter running the store. Angie sets the schedule, giving her the flexibility, she needs as a busy working mom. She is available to drive her daughter to doctor’s appointments and has time to shop for groceries and hobnob with customers she runs into in town. She believes opening the Children’s Orchard franchise has helped her family acclimate to their new neighborhood — and become a valuable part of the Murfreesboro community.

Mom and Mentor   

For 29-year-old Jade Moore, graduating from a bible college eight years ago brought about an epiphany that led her to purchase a Clothes Mentor franchise. She thought she would become a church staff member, but a visit to a resale clothing store prompted her to take a totally different career path.

“I saw the opportunity to own this franchise as a blessing,” Jade confesses. “We wanted to fulfill a need for a resale store in our area.” She and her mother loved the concept of bringing upscale and designer fashions to Little Rock, Arkansas. Her parents helped her with her initial investment, but Jade’s hard work and perseverance made the business a success. So, what’s her secret? “We buy for every type of customer: business women, stay-at-home moms, plus-size and even pregnant women.” That’s a policy Jade herself appreciates; because this mother of three is expecting her fourth child in a few months — and yes, she’s a Clothes Mentor customer!

The NTY corporate philosophy has an even deeper meaning for Jade. “Clothes Mentor helps support the woman who is comfortable in her current body,” she explains, “and those going through transitions such as a weight loss journey.” It’s that positive reinforcement for all women, plus a dedication to staying on the cutting edge of fashion, that keeps her excited about coming to work.

Jade is confident her staff doesn’t miss out on any type of style, even though Little Rock has not yet attracted large, big-name boutiques. “We don’t have big designer stores like Chanel or Louis Vuitton,” she says. “But when we do get those kinds of high-end items in the store, it’s a serious treat for our customers!” She says her recurring social media bursts and great word-of-mouth advertising keep her customers apprised of every exciting new arrival. They get designer fashions at resale prices, and those higher-end items often sell quickly.

Despite her early success as a Clothes Mentor owner, this multi-tasking mom hesitated when her father suggested she purchase a Children’s Orchard franchise for Little Rock. She worried she might not have the time and energy to devote to two business while she and her husband were raising their young family. “But we got a great location right next to Clothes Mentor and it’s great for me and my children” she admits. She opened her kids’ resale franchise in April of 2017 and is excited to see the items customers bring in for purchase. The Moore’s had sold all of their baby items after their youngest turned two. Now, Jade can purchase everything she needs, gently-used, for her new baby. And best of all, she says, she can sell back all of the clothes, toys and gear to Children’s Orchard when she no longer needs them!

Jade, Angie and Chris come from diverse backgrounds, but they all share a love for their new career in upscale resale. Each woman followed a dream to fashion a balanced life for her family and help her community in the process. Each works hard to keep her store running smoothly. And each one says she’s happy she made the choice to leave her past job behind and create an exciting future with her NTY Franchise business.

Interview with COO Chad Olson Featured in USA Weekly

If you could go back in time, what business advice would you tell your younger self? Chad Olson, COO of NTY Franchise Company, shares what he has learned and more in this excerpt from USA Weekly.

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.

Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.

Below is our interview with Chad Olson, COO at NTY Franchise Company:

What does your company do?

NTY Franchise Company Founded in 2006 by Ron Olson, NTY Franchise Company is the gold standard in resale franchising companies. NTY franchises five brands, all with a different focus: Clothes Mentor, Children’s Orchard, Device Pitstop, New Uses, and NTY Clothing Exchange. The brands are all resale-based and cover women’s designer fashions, children’s apparel and accessories, furniture and household goods, electronic sales and repair, and clothing for teens and young adults. All are great business opportunities with cutting-edge technology, unmatched support, and lucrative resale franchises. NTY Franchise Company has helped individuals to establish resale stores throughout the United States in many communities, and it has territories available to develop nationwide.

What is your role? What do you enjoy most about your role?

I am the COO of NTY Franchise Company. What I enjoy most about my role is working through the different challenges and opportunities that arise every day. There is constant problem solving and coaching opportunities and I am fortunate enough to hopefully make a difference. Our franchisees have invested a lot of money to open their business, achieve their goals of being their own boss and generate success. The thrill for me is having the opportunity to help them realize these goals.

 

Click here to read the full article on usaweekly.com.

What Makes a Good Franchisee?

So “what makes a good franchisee” you ask?

Watch this quick video featuring our VP of Franchising, Jim Wollman, and find out some of the key characteristics that NTY Franchise Company looks for when partnering with franchisees to grow one or more of our successful resale businesses.

Video: What does it take to own an NTY Franchise?

Do you have the skills and traits mentioned in this video? If so, you would make a fabulous franchisee with any of our five resale brands: Children’s Orchard, Clothes Mentor, Device Pitstop, New Uses and NTY Clothing Exchange!

Still don’t know if you have what it takes, or curious which of our resale brands is the best fit for you? Take our successful franchise owner quiz!

What Makes a Good Franchisee Video Transcription

Do you prefer a text version of the video or want to follow along while you watch? Then check out the full transcription below! 

There is no “best age” to start a business

Jim: We attract people of all ages- from people in their twenties to their sixties and everything in between. People come from all kinds of backgrounds and work experiences too.

Most importantly, we are looking for people with energy and personality. That’s what makes a good franchisee. We can’t teach you how to be a cool person to work for so you need to come to the table with those things that will really help you be successful in these businesses.

Some characteristics of successful franchise owners

Also important are transferable skills. If you had previous successes in your career, then you have transferable skills and that’s good.

What I’m talking about here are previous management experience, staff oversight, budgeting, and communication skills. Those are important because we are going to teach you how to maximize your business and you are going to use those skills to execute and make yourself a successful franchise owner.

NTY Franchise Company’s Proprietary Point of Sale System (POS)

We also need people that appreciate what computers and technology can do because we use it heavily to measure and manage and improve our businesses to the maximum potential. We have proprietary point of sale systems that will help you with inventory turn rates, cash flow management and with employee efficiency.

Our Franchise Loyalty Programs

We have trigger based customer loyalty programs, just like the big business out there. We are using technology to attract, retain, and bring in more customers, and more customers more often. So an embrace of the use of technology is very important. You don’t have to be an IT professional, but you do have to be comfortable with computers.

We are also looking for people who are smart enough to realize that you don’t know what you don’t know and you can really benefit from a shortening of the learning curve. This not only helps you to avoid costly financial mistakes, that one is easy to understand, but what a lot of people don’t think about is that mistakes cost time.

We teach you how to run a successful franchise

We know People want to get going and get moving, become more successful more quickly, and we can help you with that. We are not looking for people who are so entrepreneurial that they want to just change everything coming right out of the gate.

We have a very proven pathway. We have all of the knowledge, training and support that makes up our proven and well-worn operating system. So we know that if you use our tools, use our systems, and execute that you will greatly improve your chances of being successful.

Successful franchise owners “wear all the hats“

A lot of people come from corporate America to begin their business for the first time. Of course we can help you there, but your background says that you wear a big hat and are a specialist and good at what you do.

This may be more narrowly defined in Corporate America. The thing about small business America is that you have to wear all the hats. The good news is that they are really small hats. And we are going to help you in areas that you aren’t as strong in and in other disciplines that you don’t feel as comfortable with. So having this ability to realize that it’s about you and wearing all the hats is an important thing for you to be able to realize and appreciate when you get into a franchise business.

Couples make great franchisees

Now this brings up the question-what are the most common profiles that make up our franchise business? One of the most tried and true profiles for us are couples. Where one covers the household expenses, the overhead, and so on. While the other gets the business up and running and started. Often times with love, opposites attract and they usually have different skill sets, but when you mesh those together they make a very good one hundred percent.

Hands off franchise investors

Another type of profile that has worked well for us are partnerships where you have one financial backer who is a little more hands-off, and another operational partner who is going to be the face of the business and run the business on a day to day basis. An example of this could be an adult with an adult child. Now in our soft line brands, apparel, we do have men who do these businesses and usually what they will do is hire a female manager who has prior retail experience. Conversely in our tech businesses, we have very successful women running our device pit stop. We really do get people of all walks of life and who are given a proven business operating system to follow.

Going solo: solo franchise ownership

Now, the one exception to what I just said is for those who are coming into the business solo. The one other thing that you have to think about is that if this is going to be your new business you may decide to run the business yourself and maybe take that managers salary for yourself in the early stages until you build the business out. But just to be safe, we would encourage you to at least have one year of household expenses tucked away in reserve as working capital above and beyond the initial investment of opening up the business which is covered on our website as well.

-end- 

So there you have it, now you know what makes a good franchisee. Think you have what it takes? Then contact us now to schedule your free consultation!

Upcoming Seminars to Learn About Franchising and NTY

franchising seminar attendees

NTY Franchise Company will be discussing our innovative franchise opportunities in person at the following seminars presented by the Franchise Consulting Company (FCC).

Hear firsthand from our VP of Franchising, Jim Wollman, about what makes our five resale brands special and our business model successful.

Upcoming Seminars

March 16: Santa Clara, CA, hosted by Rick Morgin. 

March 18: Los Angeles, CA, hosted by Stephen Winterrowd and Lauren Grant. 

March 29: Fort Lauderdale, FL, hosted by Cliff Fostoff.

Hope to see you there!

5 Reasons Why NTY Franchises are Sustainable Businesses

Selecting a franchise is a big decision. That’s why it’s important to choose one that will stand the tests of time and the economy. Here are five reasons why NTY franchises are sustainable businesses:

1. Resale

All five NTY franchises are resale businesses. By its very nature, resale is sustainable. Take the company’s flagship brand Clothes Mentor, for example, which started franchising in 2007 when the U.S. economy was on the verge of a recession. Within the following few years, when other retail stores were struggling, Clothes Mentor stores were thriving. The downturn created an even bigger demand for the resale niche that has continued to grow as the economy improves.

2. Green Concept

Franchisees that partner with NTY and customers that shop our stores value the reuse of quality goods. NTY stores buy products from customers for cash on-the-spot, which puts money back into the pockets of people within the community. This, in turn, helps the planet by extending the life of great clothing, shoes, furniture, toys, electronics and more and keeps those items out of landfills.

3. Customers Love NTY Products and Services

Just like they love making money by selling items to NTY Franchise stores, customers love saving money by shopping with us, too. Our point-of-sale software features a sophisticated buy matrix, which helps NTY Franchise stores price their high-quality merchandise at approximately 70% less than the original retail price. That great value and seeing new items on the floor every day keeps shoppers coming back.

4. Profitability at Store Level

Our proprietary point-of-sale system also helps stores stay on course for achieving high gross margins of approximately 60%, which translates to a faster return on investment, greater profits and the opportunity for rapid growth to multi-store businesses. The following is a snapshot of the return-on-investment numbers for franchisees with our Children’s Orchard brand.

Return on investment numbers for Children’s Orchard:

children's orchard top store sales 2015Children's orchard average store sales 2015

5. Accessible Corporate Team and Franchisee Network

With 200 stores open across all brands, NTY has developed a strong franchise support system that starts with a highly experienced management team. In addition, we have a large and diverse network of franchisees that are easily accessible for validation during the franchising process as well as ongoing support in the form of idea sharing, franchise advisory councils (FACs), potential advertising cooperatives, comradery and more.

Click on the brand logos at the top of this page to find out more about NTY’s five franchises.

 

*$648,342 is the average net sales of the 5 stores included in the top 25% of all 21 Children’s Orchard® stores in operation for entire calendar year ended December 31, 2015. Of the 5 stores included in the average net sales for the top 25% of all stores, 2 stores (40%) met or exceeded the average net sales. There is no assurance, however, that you will do as well. See Item 19 of the Children’s Orchard® Franchise Disclosure Document dated April 26, 2016, for more information.

Franchising is Smart, and Entrepreneurs are Catching On

Check out this article from altoonamirror.com about why franchising is a smart business move. For one, it allows you to build your own business with the support of a proven system. Learn more:

Honey Baked Ham franchisee, employee and customer
Mirror photo by J.D. Cavrich.

Franchises gaining in popularity

By Walt Frank

After his family business was sold, Mike Folcarelli said he was “looking for something to do.”

So in 2014, Folcarelli opened a HoneyBaked Ham Co. and Cafe franchise in the Pleasant Valley Shopping Center.

“I thought at my age (49 at the time), this was the best way to go, instead of starting something from scratch. They have proven marketing and brand recognition,” Folcarelli said. “I looked at others (franchises), not just in the food business. I just decided on this — it just fit my lifestyle.”

Mike Burgmeier worked at the Greenwood Meadows while in high school and college.

“I have an entrepreneurial flair. I knew I always wanted my own franchise,” Burgmeier said.

Burgmeier is the franchise owner of the Chick-fil-A restaurant set to open in March at 106 Sierra Drive, the site of the former Montezuma Mexican Restaurant.

“I started to pursue this in 2013. I looked at several other types of franchises, but I wanted to be in the food retail industry. Chick-fil-A is dedicated to customer service. Their core values and my core values lined up,” Burgmeier said. “I am pleased I have the ability to bring in a franchise like Chick-fil-A, which does tremendous things for the community. It will be a nice place for people to sit down and enjoy a good product. I am excited about that.”

Between 12,000 and 15,000 new franchise businesses open every year in the United States, or between 30 and 40 per day.

There are an estimated 733,000 franchise business establishments in the U.S., meaning about 3 percent of all businesses are franchises, and franchise businesses employ about 7.6 million people directly, said John R. Reynolds, president of the Franchise Education and Research Foundation.

Reynolds said the franchising industry has averaged about 2 percent to 3 percent growth per year in the past few years.

Franchises are very popular these days.

“Franchises are popular because they provide business owners with a systematic approach to owning and operating a business that provides branding, marketing, training and support. It combines the resources of the franchisor and franchisees in the network to get a multiplier effect,” Reynolds said. “Many people buy into a franchise because they want to go into business for themselves, but not by themselves. Being part of a franchise system gives them advantages of not going it alone.”

Judy and Anthony Branda have owned the Greenwood Meadows franchise for about nine years.

“My husband had talked to the people who owned it and told them if they ever wanted to sell it, to let us know. We thought it would be a fun business to get into; when people come in for ice cream, they are happy,” Judy Branda said.

Melvin Milne has owned the Budget Blinds franchise in Altoona for nine years, and the one in State College for five years.

“I was in the construction business. I normally worked for someone else and this was a way to get started; a franchise helps you jump-start a business,” Milne said. “I’ve been in this nine years. The economy was not the greatest when I started. It was difficult at first, but the last couple of years it has been nothing but referrals and repeat business.”

David Rosen is the owner of the Griswold Home Care franchise in Hollidaysburg. He also owns two other Griswold franchises.

“I was a do-it-yourself type of person and I wanted to be more of a franchise person. I liked the idea of partnership. The company was moving in the right direction, and I felt it was a solid company,” Rosen said. “Partnerships bring some expertise and help you achieve success. For me, I really liked the mix and felt it was a good fit.”

Owning a franchise has advantages.

According to the International Franchise Association, owning a franchise allows you to go into business for yourself, but not by yourself. A franchise provides franchisees with a certain level of independence where they can operate their business. A franchise provides an established product or service that might already enjoy widespread brand-name recognition. This gives the franchisee the benefits of a pre-sold customer base that would ordinarily takes years to establish. A franchise can increase the chance of business success because it is associated with proven products and methods. Franchises also offer consumers the attraction of a certain level of quality and consistency because it is mandated by the franchise agreement.

“You have a proven product and the system is in place. You don’t have to re-invent the wheel, just follow the system and try to improve on it in your local market. It comes down to hiring the right people and training them and serving the customers,” Folcarelli said.

But there can be some disadvantages to owning  a franchise.

The franchisee is not completely independent. Franchisees are required to operate their businesses according to the procedures and restrictions set forth by the franchisor in the franchisee agreement. These restrictions usually include the products or services which can be offered, pricing and geographic territory, according to the IFA.

“You have to recognize that you don’t have the luxury to mess with branding and changes,” Rosen said.

Owning a franchise can take a lot of work.

“You do put in a lot of long hours. In this small business, you are the HR guy, the purchasing guy, the sales guy. There is a lot more responsibility than at a larger company. You wear all of the hats,” Folcarelli said.

It is important to do your research before purchasing a franchise.

“Do your homework on any franchise. There are good ones, there are bad ones, there are great ones and horror stories out there,” Milne said.

The first step is to develop a business plan.

“There are many franchise businesses to choose from. What are the types of businesses that appeal to you that also meet your personal and financial goals in your business plan? Lastly, get advice from a qualified franchise attorney before accepting any franchise offers or signing any franchise agreements,” Reynolds said.

“Check out the company as a whole, its financial situation, how long they have been in business, what kind of talent do they have. Talk to other franchise owners to see if they are willing to talk to you about the franchise. Talk to new ones and others who have been in it for three to five years to get their perspective on the franchise,” Rosen said. “I looked at four or five organizations; Griswold emerged for me. I liked its vision and mission of serving people.”

Reynolds said it is not difficult to get a franchise.

“There are franchises available for less than $100,000, and others for more than $1 million. It’s important to consider a franchise business that meets your personal and financial goals and plans,” Reynolds said.

Click here to see more from altoonamirror.com.