I am a teacher interested in acquiring a fast food franchise. I have good credit. My yearly salary is around $50,000 before taxes. What steps would I need to take in order to get a franchise?
2007-05-22 11:23:52 · 11 answers · asked by Anonymous in Business & Finance ➔ Small Business
You can contact Subway and they will tell you what you need. Here's a hint.................you need at least 100K in the bank. That's to even get the paperwork from them. Unless owning a subway shop is a dream of yours you should rethink your decision. If your just looking for income and lifestyle there are a lot easier ways to create it. Here are some sources below to help.
Good Luck!!
2007-05-22 11:50:04 · answer #1 · answered by the griffin 4 · 1⤊ 0⤋
Generally you need about 300K in liquid assets to get a reasonable franchise. You can get a loan, but you would need at least a home for collateral, and they may want you to sign over any stock or other securities you have. With an initial investment of 30-50K you can start other types of small businesses such as a yogurt place or small coffee bar. There are affordable franchises (such as Curves) but the upside is not as great as a Subway or other popular fast food. Check out all of the franchise-related publications at your local book store, they will have cash requirements for each.
2007-05-22 11:29:16 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I think that Subway might be shooting for the stars with that salary but if you would be willing to pool your interests with some other investors, perhaps other teachers, you might be in good shape.
Before I buy any franchise I always checkout the information available at FranchiseGator.com. The site has a lot of good information about pricing and how to make something work, even a longshot. It's worth you checking out.
The link is: http://www.franchisegator.com
I hope it is as helpful to you as it was to me.
Best,
Jennifer Sands
2007-05-23 07:32:15 · answer #3 · answered by Jennifer S 2 · 0⤊ 0⤋
Pool your money with other investors and form a Limited Liability Company, or an S Corporation, or a C Corporation, and through that entity acquire a franchise.
But do your research on franchising first. And make sure that your group of investors are experienced investors who know about business.
2007-05-22 12:03:46 · answer #4 · answered by Q 6 · 0⤊ 0⤋
Your a Teacher and your asking this question.....
I hope your not an economics teacher... thing of the children.
Well back to the answer. I suggest you try to rent a stall in the Mall and set up a drinks stand hire two people to run daily operations. Quiet on the weekdays busy on the weekend. If you get it going after all expenses $1k a month.
Or you open up a hot dog stand outside say home depot. Frys Electronics, Best Buy, buy hotdogs for a dollar at the market upsell with drinks and chips $3.50. should make $300 -$ 400.
You get my drift.
2007-05-22 15:07:55 · answer #5 · answered by Derek 2 · 0⤊ 1⤋
Do you have any savings? Assuming that you do and if your credit rating is good, did you try the Small Business Association in your area. There are many government programs that encourage small businesses and will give you a low interest loan to start you off.
Good luck to you!
2007-05-22 11:30:46 · answer #6 · answered by Sr. Mary Holywater 6 · 0⤊ 0⤋
Companies that offer franchise opportunities have a franchise link on their website. Start there.
2007-05-22 16:03:03 · answer #7 · answered by jdkilp 7 · 0⤊ 0⤋
I might be able to help.
My group of investors offer both secured and unsecured loans for personal and business loans. We utilize both traditional banking firms and private funds.
Contact me if you want to connect.
skip724@gmail.com
2007-05-22 14:50:13 · answer #8 · answered by Peter P 2 · 0⤊ 0⤋
I think you need to make more money than that to get a franchise started...
2007-05-22 11:27:00 · answer #9 · answered by Felicia 4 · 0⤊ 2⤋
It depends on your liquid net worth and credit more than income.
2007-05-22 12:22:17 · answer #10 · answered by tom m 4 · 0⤊ 0⤋