The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Franchising my offline store, could use some tips

Arthur Redline

Bronze Contributor
Read Millionaire Fastlane
Dec 14, 2017
The Netherlands
Hi guys,

While it is not in my nature to ask questions before acting, I am doing this one because of ambitions instead of money. It is more of a challange that I love to take on, than a necessity for me. I think I would create businesses to solve problems long after I am retired. I earn enough money so that is not my motivation, but I am driven to make a difference and help thousands instead of hundreds. What I want is the whole country to enjoy a good store like mine.

If you did not read my other threads, here a short version. I have a second hand bicycle store that runs like crazy. And in my city I have a monopoly on the market that I am in. For me it is succes and I want all the cities in mij country to enjoy a store like mine.

So my plan is to expand through every city in the country with having a store like mine. And I have tought about it and I think the best way is to franchise it.

I already have a lot of information on paper. But I do not know a lot (yet) about franchising and the practical challanges that come with it. I can imagine some challanges. But I would love to get a second tought about this idea, and what to look for and not to look for.

So if you have eny experiance about franchising and tips, I would love to hear them.

-For example, I know what kind of people I need to open a store like mine. But I do not know where I can find these people (yet), tips on that?

-An average month revenue for the first year is 5 digits income a month. I am thinking of asking a startup costs of 3 months of profit. The reason I do not want to make the entrance fee cheap is because I am afraid that people who do not take it seriously will enter and waste my time. I figure If someone pays a good amount of money they have tought about it well and really want to go for it. The starting fee will include a 2 months training in my store + a lot of help, tips of finding the right store at the right location etc. I want to help with the whole thing.

-As a montly fee of entering my franchise I want to ask 10% of the monthly revenue.

Those are the important building blocks for now and as I learn more I will post the new findings as well to grow the plan here.

So if you guys have any other tips to improve my plan, I will gladly receive them.

Thanks in advance.

Don't like ads? Remove them while supporting the forum. Subscribe.

Sponsored Offers

  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Finally took the plunge. I hate, hate, HATE spending money, but if FSL delivers on even half of...
MARKETPLACE 7 Days To Freedom: From Wantrepreneur/Wage Slave To Freelancer
I attended the live session, really loved it! It gives some useful and practical tips on how to...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Three things: 1. Discord Chat is open. Click here for free access. 2. New YouTube Channel...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
If there’s one thread I see repeated over and over again on the forum, it goes like this: “I...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Thanks for clearing that up. What do you recommend for those who are still in the process of...

Forum Sponsor

Over 100 Fastlane Students
More Details...

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom