Hey all, sorry for the long post but here goes:
**First off, a disclaimer. This isn't meant to be a sales pitch for my business. If it comes across that way, please feel free to remove it or let me know and I'll change it up. I'm genuinely curious about what I'm asking.
I've posted only a couple of times in the past here, mostly about my business and it's progress. I started a small business in 2013 and have grown from a first year revenue of $7,000 to a 4th year revenue of over $80,000 and was even able to pay my self a salary of almost $50,000 (before taxes) this year.
Now that I feel like I've ironed out all the kinks and really nailed down a process for how the business runs, I want to start to look into franchising it, but don't know the first step into doing so! I have absolutely no idea what to charge for a franchise, royalties, legal aspects of it, if it's even the right time, literally absolutely nothing! I'm sure with all the great business minds on these forums, someone has to know someone who is a good franchising consultant, and that's really what I'm looking for.
A little about the business:
-It's a seasonal business: It's a total of about 6 weeks of VERY hands on, physical work, then takes a downturn for the rest of the year. So, it could have some appeal to someone who's looking for a good side gig that has the earning potential of a full-time job, or someone satisfied making between $50,000-$80,000 for only a couple months of work throughout the year.
-It almost immediately requires either hiring an employee, contracting some labor out in the busy times, or just going in on the business with more than 1 person. But overall, overhead is very low. I personally don't own any of the equipment I use, just rent it during the busy times, which is A LOT more cost effective in my case.
-It's pretty easy to replicate, which could be good because it's easy to scale, but also bad because of potential competition. However, I honestly feel like I have the process down better than any competitor I've come across.
-I feel like a potential franchiser could be making a profit of $40,000-$60,000 within 2 years of owning a franchise, just based on my experience. That's about where I was at after I really got serious and had it running correctly.
Thanks everyone, and I sincerely appreciate any advice you can give me.
**First off, a disclaimer. This isn't meant to be a sales pitch for my business. If it comes across that way, please feel free to remove it or let me know and I'll change it up. I'm genuinely curious about what I'm asking.
I've posted only a couple of times in the past here, mostly about my business and it's progress. I started a small business in 2013 and have grown from a first year revenue of $7,000 to a 4th year revenue of over $80,000 and was even able to pay my self a salary of almost $50,000 (before taxes) this year.
Now that I feel like I've ironed out all the kinks and really nailed down a process for how the business runs, I want to start to look into franchising it, but don't know the first step into doing so! I have absolutely no idea what to charge for a franchise, royalties, legal aspects of it, if it's even the right time, literally absolutely nothing! I'm sure with all the great business minds on these forums, someone has to know someone who is a good franchising consultant, and that's really what I'm looking for.
A little about the business:
-It's a seasonal business: It's a total of about 6 weeks of VERY hands on, physical work, then takes a downturn for the rest of the year. So, it could have some appeal to someone who's looking for a good side gig that has the earning potential of a full-time job, or someone satisfied making between $50,000-$80,000 for only a couple months of work throughout the year.
-It almost immediately requires either hiring an employee, contracting some labor out in the busy times, or just going in on the business with more than 1 person. But overall, overhead is very low. I personally don't own any of the equipment I use, just rent it during the busy times, which is A LOT more cost effective in my case.
-It's pretty easy to replicate, which could be good because it's easy to scale, but also bad because of potential competition. However, I honestly feel like I have the process down better than any competitor I've come across.
-I feel like a potential franchiser could be making a profit of $40,000-$60,000 within 2 years of owning a franchise, just based on my experience. That's about where I was at after I really got serious and had it running correctly.
Thanks everyone, and I sincerely appreciate any advice you can give me.
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