Jeff Elgin has almost 20 years of experience franchising, both as a franchisee and a senior franchise company executive. He's currently the CEO of FranChoice Inc., a company that provides free consulting to consumers looking for a franchise that best meets their needs.
What are the major hurdles one must overcome when starting a franchise?
Also, what advice do you have for a, '05 college grad (finance major) who is looking to start franchising? I am 24 years old and I work for a major financial institution in the Philadelphia area making 50k a year. I currently have no debt and I live at home with my parents. I have a credit score hovering around 750. I have roughly 20k in my bank account and roughly 7k in other investments. I am interested in starting a franchise in the Philadelphia area. I am trying to pinpoint the right franchise in my area within my budget. I'm currently researching Subway and Rita's Water Ice.