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Digg it UP - Buyer Beware
Is it possible for a mobile oil change business to do ten vehicles per day just starting out? Many people going into the Oil Change Business, as independent small businesses base their business plan and risk their capital on the assumption that they can do ten vehicles a day at a pure profit of $15.00 to $18.00 per service or vehicle.Many people believe that they can indeed do 10 vehicles per day, yet they must also consider that, during this time they will need to be getting their efficient routine down, constantly searching for new business and worrying about making sure they have the proper inventory of air, oil and gas filters on board. Additionally they will be driving around a lot and at $3.00 per gallon there is more cost to consider. One new entrant to the market place stated:“If I could change 10 vehicles a day at a$15.00 profit x 4 days I would double my current salary at wall mart.”Indeed, you mi
The Internet is a new tool in which making money is a very real thing. People have been told that the Internet is a place where they can make money without working to hard and without spending much money. Your will need your own PC, a telephone line and Internet access account from your local Internet Service Provider. One prevailing Internet myth--now soundly debunked has been that once people discover your website, the money rolls in.One thing you can count on is that you won’t become a millionaire overnight, unless you have an idea for the next super site like eBay or Google that takes cyber space by storm. Links are the way to do this, and the theory is not complicated; the more links that you have to your site with keywords relating to your site, the better your ranking.So, rather than competing with companies that have been around for many years and may have greater advertising and financial resources than y
Franchisees Story 1
Andrew Austin: Franchisee 12 years
I Purchased Bakers Delight Rozelle NSW from Bakers Delight Holdings for $ 320,000 with a verbal conformation that the profit was around $80,000 per year which seemed fair at the time. We went into the business earlier then we expected due to them not having a operator to run the business, and a promise from Bakers Delight that the paperwork on the profits would be passed on to us from head office in Melbourne (we ended up with no figures on the profits.). From the first day of business the shop was running at a massive loss and when I questioned Bakers Delight on the subject firstly I just received excuses then later on the breaches started arriving some of which were just made up and made no sense at all. At one point I became so desperate I asked Bakers Delight to buy back Rozelle for just $100,000 so we could keep our profitable Avalon store. I tried to get legal help through several lawyers however Bakers Delight made sure that the whole process was extremely expensive with legal fees beyond $30,000 just to get to mediation. The other problems we had wi
Bookkeeping is one of the most vital aspects which can spell the success of any business venture. Running a business venture is not child's play, you must be aware of all the different aspects related to this. Bookkeeping is not a task which can be dealt by anyone; you need a specialist to do the work for you. For people having business concerns in New Jersey, bookkeeping can be easily taken care of by several professionals who are qualified to do the work. Whether it is in New Jersey, New York or any other city bookkeeping is one task that has to be handled by an expert. This is because only an individual who is an expert will be able to deal with all the different works related to bookkeeping and accounting or any other financial activity.A person sets up a business to earn profits and not to deal with all the small nuances associated with bookkeeping. The first thing which you have to take care of about bookkeeping
Andrew Austin: Franchisee 12 years
I Purchased Bakers Delight Rozelle NSW from Bakers Delight Holdings for $ 320,000 with a verbal conformation that the profit was around $80,000 per year which seemed fair at the time. We went into the business earlier then we expected due to them not having a operator to run the business, and a promise from Bakers Delight that the paperwork on the profits would be passed on to us from head office in Melbourne (we ended up with no figures on the profits.). From the first day of business the shop was running at a massive loss and when I questioned Bakers Delight on the subject firstly I just received excuses then later on the breaches started arriving some of which were just made up and made no sense at all. At one point I became so desperate I asked Bakers Delight to buy back Rozelle for just $100,000 so we could keep our profitable Avalon store. I tried to get legal help through several lawyers however Bakers Delight made sure that the whole process was extremely expensive with legal fees beyond $30,000 just to get to mediation. The other problems we had w
Many entrepreneurs have preconceived notions about taking their company public, most of which are not accurate. Nine little known facts:1. You do not need a brokerage firm or investment banking firm to take your company public.Many companies opt to go public through a direct public offering. In these registered public offerings, a private company follows the same rules and regulations that are followed by companies who go public with an investment banking firm.2. You do not need to go public through a reverse merger.Many companies falsely believe that they are too small or are not interesting enough to go public so they decide to go public through a reverse merger transaction. The truth is that virtually any company can go public through a direct public offering.3. You do not need to give up control of your company.Senior executives of small to medium size companies believe that they w
Business-minded people gravitate towards franchises because of their pre-existing success. Some may label ‘success’ as opening more franchises than originally thought, but is there a ceiling to put on ‘success?”-We think not!Break the MoldThe initial steps franchising involves continuing the success of the original, but why stop there? An innovative franchiser will look for ways to break the mold and grow in more positive directions. Though certain pre-existing formulas for success can be kept, this convenience should not dissuade the franchiser from being individualistic and a standout. The world would be less interesting if it was predictable and unchanging and consumers view the world of business in the same manner.Be A Smooth OperatorGreat ideas only stay that way unless it can be realized into your business. Reputation is a huge advertisement that helps to make or break a franchise. Obviou
The storyA few weeks ago, I met Chris* at a networking event. We chatted about what his company was doing and what my business was all about. He quickly realized that his company's online solutions could be beneficial for us and said, "Charlie, we should really meet soon so that I can show you our solutions that can lead you to more business." We had fairly good rapport and my company was then currently considering improvements to our online approach, so I was willing to respond to his suggestion.A few days later, Chris called me and we set a meeting. During the meeting, he showed me a brochure with all his company's solutions and kept asking whether this or that solution would be of interest to me.We finally nailed down one area of immediate interest and three areas for future consideration out of the list of around 10 solutions. Then I asked a few technical questions that Chris could only partially answer
Up until this point I had a very successful business in Avalon but due to the financial pressure Rozelle placed on us we put both stores on the market. The store remained on the market for 3years with no intrest, a large problem I am assuming is due to the fact that Bakers Delight controls the sale of shops as all there stores are sold internally. We gave up on trying to sell in May 2006 and placed the company into liquidation. Bakers Delight used a clause in the franchise agreement that gave them the rights to leasing the shops out for six months. Bakers Delight closed down Rozelle (they wanted no part of a unprofitable business) and 6mths later purchased Avalon for exactly half the amount that I purchased the business for. It was not until recently that I was made aware that Bakers Delight were forced by lawyers to buy Rozelle from the original franchisee they had sold it to using a ‘buy back’ clause in the franchise agreement(subsequently that clause has now bee
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