If you’ve got the entrepreneurial spirit you may be considering your options when it comes to starting a business from scratch or franchising an established business. Costs for both are a factor, as well as safety and support. Those of us at Kitchen Solvers want to help you understand your options, and provide solid reasons for choosing a franchise with us.
Buying a Franchise vs. Starting Your Own Business
The first decision you have to make is what you want to do. Buying a franchise or starting a business without an interest or passion is the quickest way to burn the candle at both ends. Not only that, but the first several years you’re working for pennies as you develop the business. You need passion to keep the business going when things get tough, whether it’s a franchise or your own.
Once that’s decided, look at the benefits of both a franchise and owning your own business. First of all, there are start-up costs for both options. You can expect to put in your own money, and possibly even take out a loan to get the funds you need. Franchises give you an opportunity to be a part of a proven business model, a community of support, and established systems. That said, there isn’t as much creative freedom because franchises have an established business model. Starting your own business does give you more creative freedom, but it’s also more taxing because you have to figure everything out yourself.
The pros of buying a franchise are that it comes with a detailed marketing plan, corporate support, brand awareness, training, and bulk buying power. The pros of opening your own business are flexibility, freedom to choose products and services, and control of operating systems. As you can see, you get more bang for your buck with a franchise.
About Kitchen Solvers
Our company provides custom and pre-built and custom cabinetry, new countertops, tile backsplashes, kitchen design and kitchen accessories. If you have a passion for woodwork, cabinets, countertops, a flair for design, and a passion for working with people, we could be a perfect fit. .
Information on Start-up Costs
It’s no secret that starting a business costs money. Purchasing into a franchise system helps start-up business owners get a much bigger bang for their dollar. An established brand, proven operational systems, and ongoing marketing, business management, sales and installation support are a few of many reasons why. and franchises are more expensive than starting your own business. We estimate that potential franchisees can expect to invest anywhere from $43,000 – $86,000.
The initial franchise fee is $25,000, but we give veterans a 50% discount on that fee. The ongoing royalty fee is 6%, and the franchise agreement is a contract for 10 years minimum with the option to renew at the end of the agreement. To buy a franchise with us, you need a net worth of $100,000 or more and liquid cash available of $40,000. We have found this to be the best scenario when starting a new business, and it shows financial responsibility as well as ownership.
You can operate Kitchen Solvers franchises from your home, but overtime, with the right resources, and with guidance and support from Kitchen Solvers transitioning into a storefront is an exciting and realistic goal.
You can run our franchises with 1-2 people. We provide training installation training, sales, and marketing, and bookkeeping to make your business efficient and profitable. Of course, it does help to have one person on sales and installs and another person keeping track of the books. We found that this model greatly increases productivity and often leads to more than one location. Keep in mind that if you have employees, we do not provide benefits nor do we handle payroll.
Our business model typically starts as owner-operator. Under this structure the franchise owner is very active in day to day operations, including sales, installation, marketing, ordering, and general operational tasks. We have found that having a the owner actively engaged in overall operations is extremely important to a franchisees success.
Once you’ve purchased a franchise from us, we provide a 10-day training program. The first week of training includes business management, business operations, marketing, and sales. The second week concentrates on installation. In addition, Kitchen Solvers provides an 8 week prelaunch program that insures a franchise owner has the knowledge and confidence to start the business successfully. So, check out our website at kitchensolvers.com, and contact us today so we can help you invest in your future.Back