Opinions expressed by Entrepreneur contributors are their own.
It seems that no matter how hard college entrepreneurs work, they always encounter the same dilemma: Big plans for growth, and a short supply of time and money.
Franchising 101: Nick's Top Tips 1. Be marketable: Your concept needs to be unique, or at least differentiated from the competition. Just adding the word "College" to your name is a start. 2. Provide adequate returns: A franchisee is going to pay you 4% to 8% in royalty fees, and they need to be able to make a return of 15% to 20% on top of that. 3. Establish credibility: You need a track record of profitability and ideally some good press or public recognition. 4. Set up a good system: You need documented operating procedures and the ability to teach someone to run their franchise within three months. |
But Nick Friedman, co-founder of College Hunks Hauling Junk, hit on a brilliant solution: Franchise your business.
