How I Bought My First Franchise With a Tax Refund Coffee News' affordability was what first drew Lisa Shaw to the franchise.

By Kate Taylor

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

Franchise Players is Entrepreneur's Q&A interview column that puts the spotlight on franchisees. If you're a franchisee with advice and tips to share, email ktaylor@entrepreneur.com.

One thousand dollars from a tax refund was all Lisa Shaw needed to buy her first franchise license and become a Coffee News franchisee. While it has become more expensive to purchase a franchise license of the advertising publication in the last 15 years, Shaw's involvement in the franchise has only deepened. Today, she runs Coffee News franchises in Indiana and Tennessee. Here's what she has learned.

lisa-shaw-coffee-house-tax-refund

Image credit: Lisa Shaw

Name: Lisa Shaw

Franchise owned: Coffee News in the states of Indiana and Tennessee

Related: Stepping Out of My Comfort Zone as a Beef Jerky Outlet Franchisee

How long have you owned a franchise?

After attending a Coffee News International Conference in January of 2001, I couldn't wait to get started! I purchased my franchise March 1, 2001.

Why franchising?

A franchise has provided me not only the framework of an established business model, but also a family of other business owners with whom I can network and socialize

What were you doing before you became a franchise owner?

From the time that I was old enough to have a job, and until I began my career as a Coffee News publisher, I have held several positions and careers in many different fields, including banking, real estate sales, investment services, golf, restaurant, retail, and wholesale sales!

Why did you choose this particular franchise?

The main reasons that I chose to own a Coffee News franchise are that it was so affordable, and that I could also work from home and be my own boss. I purchased my first licenses with a tax refund!

How much would you estimate you spent before you were officially open for business?

I initially purchased two licenses to publish. Back in 2001, a Coffee News license could be purchased for only $1,000! The only other expenses were display stands to place in the distribution locations, business cards, invoices and other miscellaneous items. I easily spent less than $5,000 before I opened for business.

Related: Tapping Into My Creativity as a Bottle & Bottega Franchisee

Where did you get most of your advice/do most of your research?

I sought business counseling from my local chapter of SCORE, and I also reached out to the Indiana Small Business Development Center. But the best support that I received was from other, more-established Coffee News franchisees

What were the most unexpected challenges of opening your franchise?

Cash flow was my biggest challenge. All my life I had always gone to work and collected a paycheck on a regular basis. I didn't understand that, as a business owner, it was all up to me now. I began with no working capital, so I waitressed part-time to help get my business up and running.

What advice do you have for individuals who want to own their own franchise?

Stay the course. It may get difficult at times, but always keep in mind the reasons that motivated you to own your own business. Work your way through the tough times.

What's next for you and your business?

For now, I will continue to build and grow my businesses in Indiana and Nashville. In the next couple years, begin publishing Coffee News in Florida. After that, sometime in the next 10 years, I hope to begin a small Coffee News business in Mexico.

Related: Why Painting Is Personal for These Franchisees

Kate Taylor

Reporter

Kate Taylor is a reporter at Business Insider. She was previously a reporter at Entrepreneur. Get in touch with tips and feedback on Twitter at @Kate_H_Taylor. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

This Gen Zer's Stylish Side Hustle Earns About $20,000 a Month and Paid Off His Parents' $200,000 Debt: 'I Enjoy the Hands-Off Nature'

Ray Cao went from working as a barista for $8 an hour to being a successful seller on online marketplace StockX.

Business News

Make $177,566 With No Experience in 3 Months: A Popular Online 'Side Hustle' Course Is Under Investigation After Customers Complain About Its Deceptive Claims

"All you need is a phone, a laptop, wi-fi and one to three hours a day," one affiliate marketer said in a video posted to social media.

Business News

7 Shocking AI Trends for 2024 That Will Leave You Speechless

Make sure these trends are on your radar.

Business News

Tennessee Just Passed a New Law to Protect Musicians From a Growing AI Threat — And Even Taylor Swift Has Been a Victim

Tennessee is the first U.S. state to pass legislation protecting music industry professionals.

Business News

'A Lobstrosity': Social Media Is Losing It Over Martha Stewart's Latest Meal Posting

The 82-year-old caused quite a stir on Instagram this week.

Business News

This Retailer Is the Latest to Remove a Major Feature From Its Stores Due to Rising Theft

Five Below CEO Joel Anderson addressed the company's plans to combat theft in an earnings call earlier this week.