20 best franchising opportunities: are you ready to own a proven business? Here's our list of the most promising franchises.MARCIA MICKLE'S DECISION TO OPEN AN Athlete's Foot athlete's foot: see ringworm. athlete's foot Form of ringworm that affects the feet. In the inflammatory type, the infection may lie inactive much of the time, with occasional acute episodes in which blisters develop, mostly between the toes. retail store with her husband, Fred, had nothing to do with athletic footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). . It was the business aspect. "For me it was really about what's the return on our investment," explains Mickle 38, who also felt the franchise opportunity was something her community would benefit from. "At the time, we didn't have any shoe stores where you could get real technical shoes or fashion gym shoes gym shoes Noun, pl same as plimsolls gym shoes npl → zapatillas fpl de gimnasia gym shoes gym npl → chaussures in our local area. So it was something that our community needed," says Mickle. "It was something that the market could support and, frankly, it was something we had the money to get into." Even though the Mickles qualified for a Small Business Administration loan in December 2003, they had to use $300,000 of their personal savings to pay for The Athlete's Foot fee, buy inventory, and pay bills. Mickle says she is thankful thank·ful adj. 1. Aware and appreciative of a benefit; grateful. 2. Expressive of gratitude: a thankful smile. they had the money to fund the initial startup phase. The SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government , which is primarily a guarantor guarantor n. a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. (See: guarantee) GUARANTOR, contracts. He who makes a guaranty. 2. of loans made by banks and other private institutions, didn't issue the check until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 2004, when the store opened in the newest shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Elk Grove, California Elk Grove is a city in Sacramento County, California, located just south of the state capital of Sacramento. State population estimates place the city's population at 136,318 as of January 1, 2007. [2]. . "The store was open before we got our money from the SBA because they required us to have a certificate of occupancy A document issued by a local building or Zoning authority to the owner of premises attesting that the premises have been built and maintained according to the provisions of building or zoning ordinances, such as those that govern the number of fire exits or the safety of ," says Mickle, who was frustrated frus·trate tr.v. frus·trat·ed, frus·trat·ing, frus·trates 1. a. To prevent from accomplishing a purpose or fulfilling a desire; thwart: by the SBA loan application process. "Well, you can't have a certificate of occupancy unless the store is open. We are much better armed for the next loan that we go to get from them." The Athlete's Foot is the largest franchisor of athletic footwear in the U.S. with 248 domestic units, 56 of them black-owned. Mickle says business is better than they could ever have imagined, and her location generated $95,000 in the first two and a half months it was open last year. "I have an operations manager See datacenter manager. from The Athlete's Foot, sort of a mentor that is assigned to us. He is really big on what we call 'Open to Buy,' which is a spread-sheet that will help you predict how much money you actually have to spend in each category based on sales and projections." Mickle projects that sales will reach $600,000 in 2005. Mickle was well-suited to handle the operations and management responsibilities of the business, including hiring and firing staff workers. Those were skills she learned in her former position as a Procter & Gamble manufacturing plant manager. Before making the final purchase decision, the couple researched a number of franchise opportunities that appealed to them. Fred, 43, a Western region director at ACT (American College American College is the name of:
Mickle says it makes good business sense for The Athlete's Foot to tap into the increased purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of minority communities. "Athlete's Foot, somewhere down the line, made a strategic choice that black people were better suited to own some of the stores in the urban areas and that there is a lot of money to be made off of shoe stores in those areas because our children will oftentimes of·ten·times also oft·times adv. Frequently; repeatedly. Adv. 1. oftentimes - many times at short intervals; "we often met over a cup of coffee" frequently, oft, often, ofttimes spend their money on shoes and clothes." If the majority of franchisors are recognizing the benefits of this strategy, it will bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for minorities, women, and young entrepreneurs looking to enter the marketplace as franchise owners. Each year, BLACK ENTERPRISE compiles a list of top franchises that offer the best opportunities for African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. (see B.E.'s 2005 Franchise Honor Roll honor roll n. A list of names of people worthy of honor, especially: a. A list of students who have earned high grades during a specified period. b. A list of people who have served in the armed forces. ). To help prospective franchisees identify the right business, the BE Research division conducts a national survey of more than 400 members of the International Franchise Association, a trade organization in Washington, D.C. From there, we identified companies that have the most affordable startup costs and offer the best opportunities for African Americans. The survey includes the following criteria: a significant number of African American franchise units, startup costs, revenue growth projections, and minority franchise outreach Outreach is an effort by an organization or group to connect its ideas or practices to the efforts of other organizations, groups, specific audiences or the general public. programs. This year's list represents our editors' choice of the top 20 franchise opportunities. They are the best prospects across a range of the hottest industries. Franchising is not a new concept. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the IFA Immunofluorescent assay (IFA) A blood test sometimes used to confirm ELISA results instead of using the Western blotting. In an IFA test, HIV antigen is mixed with a fluorescent compound and then with a sample of the patient's blood. , there are more than 767,483 business establishments in all domestic franchise systems (owned either by franchisors or franchisees), that employ almost 10 million people, with direct output close to $625 billion, and a payroll of $230 billion, Becoming a franchisee begins with deciding which franchise you want to operate. Start by taking some personal inventory. Determine what level of investment you are willing to make and possibly lose. No matter what venture you pursue, there's always risk involved, so make sure you are in a solid financial position to make the purchase. Once you find a franchise you like, review the company's Uniform Franchise Offering Circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. . A UFOC UFOC Uniform Franchise Offering Circular contains information about the franchisor, their system, and copies of their agreements. Before signing on the dotted line, have a lawyer review the document. So where are the hot spots hot spots acute moist dermatitis. in franchising? Fast food, for the most part, ignores economic trends, performing well in any environment. Commercial cleaning services remain a hot area as companies look to keep costs low. To save on payroll and escalating healthcare costs for full-time employees, these businesses outsource their janitorial needs. For that same reason, staffing services are also continuing to ride the wave of this trend. Low interest rates continue to heat up the real estate market, to the benefit of home inspection franchises. The overall economy continues to stagnate stag·nate intr.v. stag·nat·ed, stag·nat·ing, stag·nates To be or become stagnant. [Latin st , prompting individuals concerned with job security to spend less on big-ticket items big-ticket item Managed care A popular term for an expensive therapeutic or diagnostic procedure such as automobiles, and auto repair companies reap the rewards. The aging baby boomer baby boomer also ba·by-boom·er n. A member of a baby-boom generation. Noun 1. baby boomer - a member of the baby boom generation in the 1950s; "they expanded the schools for a generation of baby boomers" boomer generation means that this country will have a huge senior population over the next two decades, which is why Comfort Keepers, a provider of home care and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. solutions for seniors, made our list. One of the great things about franchising, according to IFA President Matthew Shaw, who was appointed to the position earlier this year, is that it's highly adaptable a·dapt·a·ble adj. Capable of adapting or of being adapted. a·dapt  a·bil to new industries and new kinds
of business, allowing you to franchise virtually anything. "If you
say, 'I'm a great entrepreneur and I have a great concept for
providing home healthcare and I'd like to franchise this
business,' well, there is no barrier to entering that marketplace
and it would be relatively easy," explains Shaw.A FAMILY AFFAIR Family businesses have always been popular. Teaming up to open a Golden Krust franchise occurred to Richard Gore and his two sisters while having supper Supper is the name for the evening meal in some dialects of English - ordinarily the last meal of the day, usually the meal that comes after dinner. The term is derived from the French souper together one night. Gore's older sister, Loiett, who wanted to start her own business, brought the idea to the table. "We were actually discussing another business venture and we were having a Golden Krust meal at the time," recalls Gore. "That's how we decided to look into this. It was just an idea that we floated out there after sitting down and working on another business venture. We said, 'Let's look into Golden Krust'." The diverse experiences of each family member and the influence that family values family values pl.n. The moral and social values traditionally maintained and affirmed within a family. have on a business are some of the reasons families and franchises work well together. "My sisters and I have varied backgrounds in terms of our business experience," explains Gore, whose younger sister, Lana Kay Gore-Webb, 39, also helps manage the Orange, New Jersey-based Caribbean bakery and grill. Loiett, 42, a former director of marketing at Viacom in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , used her marketing skills for everything from writing the business plan to promoting their Golden Krust location. "I have a business background myself," says Gore, 40, who enjoys cooking, but not enough to occupy the kitchen at his store. "We thought that we would bring all of this together, along with my passion for cooking," he adds. "I figured that this would be sort of a perfect blend of all of those items." The Gores have generated $140,000 in revenues since they launched their Golden Krust venture this past May. But the New Jersey-based franchise wasn't the family's first choice. They were looking at multiple stores, not just one store. "We are trying to see if we could get another store off the ground," Gore says. "We were not looking at New Jersey. We were focusing on New York City at the time. But someone's financing fell through, and Golden Krust approached us and asked if we were interested in looking at that particular store. So we went back into the huddle, came up with the necessary funds, and said, 'OK we'll do it.'" Even though they were approved for a bank loan, the Gores opted to use their combined personal savings of $160,000 to create the needed capital. Their startup costs for the store were approximately $210,000, which they used for the fee, inventory, equipment, and supplies. Golden Krust Caribbean Bakery and Grill's popular Jamaican-style beef patties, Jerk jerk (jurk) a sudden reflex or involuntary movement.jer´ky Achilles jerk , ankle jerk triceps surae reflex. biceps jerk see under reflex. chicken, and Caribbean cuisine Caribbean cuisine is a fusion of African, Amerindian, French, Indian, and Spanish cuisine. These traditions were brought from the many homelands of this region's population. make it a much sought after franchising opportunity. The black-owned food service company is ranked 62 on the BE INDUSTRIAL/SERVICE 100 list, with $58 million in sales in 2004. Golden Krust, which celebrated the opening of its 100th store this summer, has 95 black-owned units. Small businesses are known for being integral parts of their communities, bringing strength to the local economy. Take a look at many franchise concepts and you will find franchisees providing jobs within their local communities. "We hire people from the community, in as much as we want to give that feeling of community," says Gore. "That's the whole purpose. We're in a neighborhood." His next push is to reach out to some local churches to offer assistance with some of their community events. "We have a lot of ideas that we want to explore and it's all a matter of timing," explains Gore, who constantly seeks ideas on how to establish closer ties with local residents. Mickle's Athlete's Foot store is no exception. She hired seven students from local colleges and high schools that have work-study programs Noun 1. work-study program - an educational plan in which students alternate between paid employment and formal study didactics, education, educational activity, instruction, pedagogy, teaching - the activities of educating or instructing; activities that impart . Mickle notes that the students attend classes that teach them how to interview, how to conduct themselves while they're at work and how to keep track of the time that they worked. Mickle praises the program because "you have another adult in their life that is reinforcing why basic timeliness, grammar, and how you conduct yourself is important."
B.E's 2005 Franchise Honor Roll
Black-
Owned
Company Type Units
Budget Franchises
Coverall North America Commercial Cleaning 2,981
561-922-2500
www.coverall.com
Decor & You Interior Decorating 8
800-477-3326
www.decorandyou.com
Service Master Clean Commercial Cleaning 85
901-597-7574
www.servicemaster.com
The Home Team Inspection Service Home Inspection 10
800-598-5297
www.hometeaminspection.com
Colors On Parade Automotive Repair 5
843-347-8818
www.colorsfranchise.com
Liberty Tax Service Tax Preparation 107
800-790-3863
www.libertytax.com
Comfort Keepers Non-medical Home Care 63
937-264-1933
www.comfortkeepers.com
Moderately Priced Frachises
Meineke Car Care Centers Automotive Repairs 19
704-377-8855
www.meineke.com
U.S. Lawns Inc. Commercial Landscape 7
407-246-1630 Management
www.uslawns.com
Geeks On Call Tech Services 24
757-466-3448
www.geeksoncall.com
The Entrepreneur's Source Business Consulting 5
203-264-2006 Services
www.theesource.com
Subway Food Services 217
800-888-4848
www.subway.com
High-End Franchises
Express Personnel Services Staffing and Executive 10
877-652-6400 Services
www.expresspersonnel.com
Smoothie King Food Services 30
504-467-4006
www.smoothiekinq.com
Golden KrustCaribbean Food Services 95
Bakery and Grill
718-655-7878
www.goldenkrustbakery.com
Cottman Transmission Systems L.L.C. Automotive 6
800-394-6116 Aftermarket
www.cottman.com
The Athlete's Foot Retail Athletic 56
770-514-4743 Footwear
www.theathletesfoot.com
Carvel Food Services 10
404-255-3250
www. carvel. com
Williams Licensing Co. Food Services 12
(Williams Chicken)
214-371-1430
www.williamsfriedchicken.com
Church's Chicken Food Services 148
770-350-3800
www.churchs.com
Domestic
Franchise StarUp
Company Units Costs
Budget Franchises
Coverall North America 7,557 $6,200-$32,200
561-922-2500
www.coverall.com
Decor & You 68 $14,000
800-477-3326
www.decorandyou.com
Service Master Clean 3,000 $18,968-$102,316
901-597-7574
www.servicemaster.com
The Home Team Inspection Service 375 $19,950-$49,050
800-598-5297
www.hometeaminspection.com
Colors On Parade 240 $30,000
843-347-8818
www.colorsfranchise.com
Liberty Tax Service 1,431 $41,800-$52,400
800-790-3863
www.libertytax.com
Comfort Keepers 490 $45,000-$68,000
937-264-1933
www.comfortkeepers.com
Moderately Priced Frnchises
Meineke Car Care Centers 842 $55,000-$68,000
704-377-8855
www.meineke.com
U.S. Lawns Inc. 136 $58,000
407-246-1630
www.uslawns.com
Geeks On Call 332 $60,000
757-466-3448
www.geeksoncall.com
The Entrepreneur's Source 289 $85,000
203-264-2006
www.theesource.com
Subway 18,418 $91,000-$220,000
800-888-4848
www.subway.com
High-End Franchises
Express Personnel Services 479 $120,000-$170,000
877-652-6400
www.expresspersonnel.com
Smoothie King 382 $127,500-$239,000
504-467-4006
www.smoothiekinq.com
Golden KrustCaribbean 100 $150,000-$215,000
Bakery and Grill
718-655-7878
www.goldenkrustbakery.com
Cottman Transmission Systems L.L.C. 400 $200,000
800-394-6116
www.cottman.com
The Athlete's Foot 248 $225,000-$400,000
770-514-4743
www.theathletesfoot.com
Carvel 503 $300,000
404-255-3250
www. carvel. com
Williams Licensing Co. 57 $300,000-$800,000
(Williams Chicken)
214-371-1430
www.williamsfriedchicken.com
Church's Chicken 1,236 $350,000-$750,000
770-350-3800
www.churchs.com
2005 FRANCHISE LIST RANKED ACCORDING TO STARTUP COSTS
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