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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.