Serious question

[ltz400dave]

Ok im 32 and going threw a time in my life where im sick of the scum bag bastard who i work for (my uncle) and looking into owning my own business. Me and nikki are looking into a franchise of a frozen yogurt shop here in town, it is a booming business 2 towns over and always real busy. its a 1 time franchise fee of about 30k and no royalties or monthly franchise fees. its a one time start up fee and every thing else you make is profit, but to be able to get this 30k im going to have to get a equity loan on my house since its a third party lending franchise. my question is, to every out there in the SC world, is there any one who owns there own franchise? how did you go about it? how is it working out for you. or maybe even in general, you have your own business non franchise, how is every thing working out for you and how long did it take to start making profits? please every one and every one who can chime in please do... IM SO LOOKING FORWARD TO TELLING MY UNCLE TO EFF OFF !!!!!

[Jkolb]

I wish I could help you out, Frozen yogurt is going crazy around here, it wasnt til a year or maybe 2 ago now I am starting to notice them everywhere! Good luck. I hope you can do it successfully.

P.S. I say "serious question" by dave and just kinda started laughing and was like well here we go what now. hahaha

[dtfm33]

$30K in franchise fees. What about build out costs? Permits, start up supplies, Mixers, freezers, Waffle Cone makers, Cash registers, Signage, advertisement costs, Food handling permits, uniforms (If required) etc....

I have a good friend who did this same thing with a Marble Slab franchise. (Like Cold Stone) He had $70K in franchise fees and another $70K in build out and start up costs. Not trying to scare you off, just Do your homework!

[jetmech25]

My mother has owned her own business for over 30 years now and always said you'd never get rich working for someone else. Then again, she still isn't rich.

Is the franchise necessary? Find out the specifics and hopefully you aren't paying $30k just for their name. Another plus, see if they offer franchise fee discounts to vets, lots of 'em do, and find yourself a vet to go partners with ya.

[ltz400dave]

Originally Posted by dtfm33

$30K in franchise fees. What about build out costs? Permits, start up supplies, Mixers, freezers, Waffle Cone makers, Cash registers, Signage, advertisement costs, Food handling permits, uniforms (If required) etc....

I have a good friend who did this same thing with a Marble Slab franchise. (Like Cold Stone) He had $70K in franchise fees and another $70K in build out and start up costs. Not trying to scare you off, just Do your homework!

well in the frozen yogurt franchise, there is only 1-2 big machines that have about 10 different dispensers, 1 for each flavor and the 50k<--- my bad i didnt read fully lol is for the merchandise that is supplied to you for the business, every thing you need to run it. the rest is, you find a unit for rent and you have to pay rent monthly and salary for workers and the products to make the yogurt. the net income is between well here read
YoFresh Yogurts Cafe - Ice Cream & Smoothies Franchises - Food & Restaurant Business

[ctnstabber]

It would be hard for me to say anything about the Yogurt business.
I have owned my business for 12 years
I'm a locksmith and don't have any employes to have to worry about
Such as taxes, paychecks, Insurance,and I'm sure there is other stuff
Just myself and the cost of Insurance and business supply's
and maintaining the work van
I just got a new machine that cuts keys it cost $6625.00
I spend about $300.00 a week on supply's and fuel
There is cost's that come up that are not expected

Just think long and hard about it best wises to you

[ltz400dave]

Originally Posted by ctnstabber

It would be hard for me to say anything about the Yogurt business.
I have owned my business for 12 years
I'm a locksmith and don't have any employes to have to worry about
Such as taxes, paychecks, Insurance,and I'm sure there is other stuff
Just myself and the cost of Insurance and business supply's
and maintaining the work van
I just got a new machine that cuts keys it cost $6625.00
I spend about $300.00 a week on supply's and fuel
There is cost's that come up that are not expected

Just think long and hard about it best wises to you

you and dtf make very good points, i was always told you have to spend money to make money. maybe i should think of a self business rather then franchise. i have pretty much every trade under my belt, im a man of many trades and can do anything, NOW including ATV repair. lol i believe that what ever i do, i will do my best and try to over come any problems with the most care. im going to try to figure this out. i really wanna get out of the life i live now (WORK NOW IS LITERATELY KILLING ME) Now i have to choose a life path. one that will bring me happiness and money. GOD I SOUND SO GAY

[jetmech25]

Once your homework is done, you'll need a solid business plan in order to get loans and grants like this one:

National Association for the Self-Employed ? Business Benefits, Educational Resources and Access to Health Insurance for Small Businesses and Startups

I was the single employee of a side business and the owner applied for this grant and got it. They also choose one grant recipient each year as the most promising business and award them 25 grand and we won that, too. In a nutshell, they gave us 30k! Too bad the owner is an idiot and is now struggling to survive.

[spooln1]

What ever you do Dave, realize that you are no longer on a fixed income. For Instance my dad is a Professional Electrical Engineer. Back around 1999 he decided to quit his job with GE and go out on his own. His first year consulting his pay went up to $300,000 and he I guess assumed life was going to be this way for now on. He started living that lifestyle and took out some loans for some nicer cars and what not. Well the next couple years he only made $100,000 yes I know still a lot of money but it was a drastic hit when you were already living the $300,000 lifestyle. He ended up losing the house, His truck, and had to file for bankruptcy, he was forced to drive a old beat up $1500 explorer for quite a while to get back on his feet. It was a rough time. He learned a lot from it and he is back on his feet and very successful again. He now knows that when you work for yourself, you are never guaranteed a paycheck, So don't live like you are on salary. Make sure you have a good savings to get you through the down times. Good luck to you. Also from what I have scene as far as successful self owned businesses. They normally consist of a special trade and not a fad. Yofresh yogurt kinda sounds like a fad to me. Where as a locksmith, mechanic, plumber, electrician, etc.. etc... Are the ones that I normally see succeed for a lifetime. Good Luck and be smart.

[dtfm33]

I see where it says no royalty fees. I also see alot of cups and items that have the corporate name on them. There are your royalty fess. Ask them to send you more info. I'll bet you have to contractually use the corporate logo cups, napkins and other items which have to be purchased from them. Just get as much info as possible and have a lawyer read it over.!

[jetmech25]

I'd just open Dave's Yogurt Shack if it was me. Then, once that's doing well, open a Starbucks next door.

[ltz4-rum]

I owned a pool building business here in Florida and did very well until the recession. I'm now back in corporate america and it's not bad. Why not get another job and then take your time and do your homework. There is more to opening up a business than having enough money. You need to look at the demographics or what and who will be your competitors. Why a yogurt shop? Why not something you enjoy or are good at? Don't get so focused on leaving your job that you jump into something you'll regret later. NEVER make a potential life changing decision while your mad! Take time and think it thru. Good Luck and God Bless!

[ltz400dave]

I get paid very well, and nobody will hire me for what I need to survive. I need at least what I'm making and that is REAL RARE. I thought about another job but my own is basically my only option as far as pay wise. I can't afford a pay cut

[jetmech25]

Not sure exactly what it is you do, but if you can't go off on your own and be a competitor to your current job, then maybe consider asking your uncle if he wants to expand and run 2 teams with you as a team lead.

There'd be a raise involved for you and you only rarely cross paths with him, yet he makes more money. Win-win all around.

[ltz4-rum]

I'm not sure what kind of money we're talking about, but there is no guarantee that you will even make a profit the first few months or even the first year. That's the real truth behind starting a business. I would say if you can't afford to live on, let's say 1/2, of what you're currently making, then this might not be the best time to start a business.

I was fortunate to have some working capital when I started my pool business. I didn't begin to "make" money until after the second year. Please sit down and think about this venture. Look at the statistics on "food service" business'. They are the highest risk business to start and most financial institutes won't even consider a business loan w/o massive calateral. (home, investments, etc.)