Franchising.... Starting your own business!"The most gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. part of our job at JAN-PRO is helping others succeed through franchising. Our program enables people from all walks of life to achieve financial freedom through our proprietary systems, procedures and programs. JAN-PRO's program is synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. in the sense, the better the Unit Franchisees performs, the better the Master Licensees do and the better the parent company does. This means that all the incentives are aligned properly." Dennis Jarrett, Executive Vice President, JAN-PRO International A key challenge to entering the world of entrepreneurship en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. has always been the access to capital. Certainly this business environment does not lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the significance of this challenge. In addition to lending programs that most franchisors provide, there are a number of other sources that should be investigated. There are a growing number of banks and venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] that have earmarked funds for minorities and women interested in owning a franchise. Start by contacting your state economic development office to find out what financial resources are available in your area. Doing the diligence to secure capital could indeed make a difference in the time it takes you to realize your career goal and in fact influence the timeline
Timeline may refer to:
In as much as franchising has historically presented an attractive and lucrative career option for African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. business professionals looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a change from corporate America, the trend to become a franchisee is greater as a result of the current economic climate. While franchising in and of itself does not end obstacles that otherwise competent and capable minority entrepreneurs face, it does provide the African American business professional with an established route--roadmap or proven template--for entrepreneurial success. It is the consensus of many large franchisors that African Americans with strong business backgrounds tend to do well as franchise owners. Combined with their passion for and commitment to success is their strong business training. The end result is a qualified and motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo business leader armed for success in an extremely competitive economic environment. Contact franchisors directly but shop wisely. Determine beforehand how much you can afford to invest and where to obtain financing. Careful investigation prior to purchasing a franchise also necessitates understanding the 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. , which provides a significant amount of information on that given company. Inquire in·quire also en·quire v. in·quired, in·quir·ing, in·quires v.intr. 1. To seek information by asking a question: inquired about prices. 2. about that company's training and support provided, assistance in finding and developing a location, and the sources of inventory and supplies. Research the company's growth and prospects for future growth. Although a number of franchisors across many industries are extending the invitation to African American professionals to become franchisees, it is the perspective entrepreneurs' responsibility to do the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The diligence must include: Increasing your knowledge of the industry (franchising generally and the specific industry), assess your skill set objectively, carefully consider the region of the country you believe (based on your expertise and the franchisor's success in the region) you can be most profitable and hire experts, at the top of that list must be a franchise lawyer and a franchise accountant. GOLDEN CORRAL Golden Corral is a family-style restaurant chain that features a large buffet and grill offering 150 hot and cold items, a carving station and their Brass Bell Bakery. It is a privately-held company headquartered in Raleigh, North Carolina, USA. FRANCHISE CHIEF: "IF YOU SNOOZE, YOU LOSE!" Golden Coral Golden Corral, one of the nation's fastest-growing major restaurant systems, granted a record 72 new market franchises in 2003. "Golden Corral awarded new franchises last year at the rate of about one every 3.5 business days," notes Larry Tate, Senior Vice president of Franchise Sales. "We believe in the old adage, 'If you snooze, you lose,'" he says, adding: "Unfortunately, some qualified franchise prospects can't reach a decision after they've confirmed the availability of a specific market; and when the call back later, they're disappointed to find that the market has been sold." The strong performance of the Golden Corral system is what attracts prime candidates for franchises. System-wide sales in 2003 were $1.247 billion, the twelfth straight record year. Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. increased 3.9 percent in 2003, trending upward during the year and capped by a 5.7 percent gain in the fourth quarter. Another record was set in 2003 when 54 Golden Corral restaurants achieved sales of more than $4 million, including nine above $5 million and one which broke the $6 million mark for the first time in the system's history. Golden Corral's growth is driven by its franchise community. At year-end 200S, there were $45 franchised restaurants and 122 company-owned units in the system, for a total of 467. "The Golden Corral success story gives us an edge over many other franchisors," Hr. ]ate says. "We're telling that story in many leading publications, such as BLACK ENTERPRISE, and we're talking directly to prime candidates at events like the BLACK ENTERPRISE Entrepreneur entrepreneur (än'trəprənûr`) [Fr.,=one who undertakes], person who assumes the organization, management, and risks of a business enterprise. Conference. There's a great talent pool in the African American business community and we've put a high priority on recruiting there." Choice Hotels Choice Hotels International is one of the world's largest hotel franchising companies with over 5,600 hotels open and under development worldwide. The company franchises under the Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. , MainStay Suites Mainstay Suites is a brand of mid-priced extended stay hotels franchised by Choice Hotels International. Mainstay Suites hotels provide comfortable and affordable accommodations to extended stay travelers as well as provide many amenities to its guests. , Econo Lodge Econo Lodge is an economy motel chain based in the United States. Econo Lodge is the second largest brand in the Choice Hotels system. It is one of the best known names of its category and provides affordable rooms to budget travelers. and Rodeway Inn Rodeway Inn is an upper-priced economy chain of motels in the United States and Canada. Rodeway Inn is a brand of the Choice Hotels group. There are over 150 locations in North America. brand names. With over 50 years of successful hospitality and franchise development experience, we understand what it takes, to succeed and how to get t here. Choice Hotels is focused on providing franchisees with a solid return on investment by offering a proven portfolio of hotel resources ... All designed to help you create and maintain the best hotel for your unique needs, Choice Hotels international provides you with: * Powerful reservation delivery via 800.4CHOICE and chokehotels.com. * Effective property management systems which ensure that your hotel operates at its most cost-efficient. * Strong national marketing and advertising. * New hotel services to assist you with every detail of opening your hotel. * Ongoing training to ensure you and your staff are always up to speed on the latest principles and practices in hospitality. * Continuous field support through your personal Franchise Service Director. And, Choice Hotels currently is offering a program to attract African American, Hispanic and Native American entrepreneurs to the world of hotel ownership. Subject to certain terms and conditions, we will provide up to $125,000 in incentives for a new, converted, or relicensed midscale brand hotel or $50,000 for a similarly franchised economy brand hotel. We are committed to recruiting new minority franchisees and invite you to join the Choice Hotels family. For more details regarding this incentive program and applicable terms and conditions, or to learn more about franchise opportunities with Choice Hotels International call 800.547.0007, visit choicehotelsfranchise.com or email us at franchise sales@choicehotels.com. Bakers of Superior Quality * Hardo Bread * Buns * Patties * Etc. 3958 PARK AVENUE, BRONX, N.Y. 10457 * 718-655-7878 * FAX 718-583-1883 Golden Krust Golden Krust Caribbean Bakery and Grill Grill may refer to: In food:
In 1996 Lowell Hawthorne decided to parlay An open programming interface (API) to a service provider's network (the network operator), developed by the Parlay Group (www.parlay.org). By enabling the customer's application to talk directly to the network, it allows the end user to have greater access to network information as well the success of Golden Krust into franchises, becoming the first and only Caribbean baked goods producer to hold tilts distinction. Today, Golden Krust Caribbean Bakery and Grill operates a chain of 75 stores in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Connecticut, Pennsylvania and Florida. There are currently 6 other stores under construction and the company plans to open an additional 250 stores within the next five years as it moves from being a segment industry to a major player in the quick service industry. The success of Golden Krust has led the company to be featured on Fox 5 News, New York Views on WABC-TV-Channel 7, New York One and on CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. . Extensive features have also been written about the company in Forbes Magazine, New York Times, Now York Daily News, Emerge, BLACK ENTERPRISE Magazine, Crains New York Business Magazine and several local and community newspapers .In 2002 Lowell Hawthorne was named Entrepreneur of the Year for the In-State area by the accounting firm Ernst & Young. BLACK ENTERPRISE Magazine named Golden Krust as one of the "Top 100 National Black-owned Companies" in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and it] 2003 the company made EntrepreneurMagazine's list of top 500 franchise opportunities. Franchise Fees: $25,000 Total Initial Investment: $148,000-$380,000 We provide training, field service, manuals detailing operations, design/constructions, site selection and site approval. Franchisor reviews and makes recommendations regarding the franchise lease. Start your information process by visiting us online at www.goldenkrustbakery.com and fill out the pre-application form or call us at 718.655.7818. Merry Maids Securing capital to start a new franchise can be one of the most important steps the owner of an advent business faces. Depending on the type and size of franchise, start-up costs can reach into the several hundred thousands of dollars. The start-up costs for a Merry Maids franchise are generally lower than that necessary for restaurant or automotive franchises, but still require the prospective owner do his or her financial diligence. Franchising provides new owners a good business model, but is certainly not a guarantee that everyone will succeed in their business venture. Under capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. can be a recipe for failure in the opening of a new business. There are several routes to explore and Merry Maids suggests that all be thoroughly investigated. Certainly prospective owners who have a close working credit relationship with local banks should explore those avenues, as well looking into the availability of 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 loans. Merry Maids has an additional source of credit available to qualified applicants through Service-Master Acceptance Company (SMAC SMAC Sid Meier's Alpha Centauri (game) SMAC Sorbitol MacConkey Agar (clinical microbiology laboratories) SMAC Second Mitochondria-Derived Activator of Caspases (apoptosis; hematology) ). By going through SMAC, new owners are able to finance up to 80% of the franchise fee, assuming they meet all credit criteria. Although there are several options open to all new Merry Maids franchisees, over 80% of them opt for SMAC financing. One of the major reasons they do is that Merry Maids and ServiceMaster have intimate knowledge of our service business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , something that most other lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in do riot possess. A new Merry Maids franchise license sells for $27,000 and it is recommended that the prospective owner(s) have at least another $25,000 available to help grow the new business as quickly as possible. Assuming a 20% initial down payment for the franchise fee, around $30,000 in liquidity is required to open a Merry Maids franchise. In any case, thoroughly investigate all avenues of capital for your new business so that when the final decision is made, you are able to bit the ground running and to do so for the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. . For more details, please call us at 800-798 8000 and find out why we always say "it's a great day at Merry Maids." JAN-PRO If you've always wanted to run your own business, but weren't quite sure how to start, you need to talk with JAN PRO Cleaning Systems. Since 1991, JAN PRO has given individuals and families the opportunity to gain financial independence and unlimited growth potential by joining the premiere company in the commercial cleaning industry. Combining sound business practices and innovation, JAN-PRO's franchise program is designed to assist you every step of the way and in every aspect of business. You become your own boss through the guidance and support of air established franchise organization. Two years ago, Nelson Bowden, age twenty-nine, decided to go into business for himself and looked into franchise cleaning companies. "I chose the commercial cleaning industry because it's recession-proof. And, I chose JAN-PRO for two reasons-their initial overhead was considerable lower and the support they promised was superior when compared with other franchise options in the industry," Nelson said. From the start, Nelson knew he made the right decision. "JAN-PRO has helped me tremendously by providing the business functions that I needed in order to operate a successful business. JAN-PRO handles the billing, sales, customer service follow-up and they provide me with ongoing training." In the past year. Nelson's JAN-PRO franchise has grown from $5,000 to a current volume of $104,000. "By the end of 2004, I expect my business to grow to a minimum of $200,000. Becoming a franchise owner with JAN-PRO was the best decision I ever made," claims Nelson. Ranked in Entrepreneur's January 2004 "Franchise 500" issue, as one of the Top 25 franchises in the nation, JAN-PRO is also one of the top five fastest growing franchises. JAN-PRO welcomes and supports minority franchises. Sixty-percent of the company's 3,000+ franchises are owned by minorities. Nelson Bowden changed his life with JAN-PRO PRO. You can, too. Call toll-free F866-355-1064 today, or visit us at www.jan-pro.com. Jan Pro International 4260 West Brooke Drive, Suite 111 Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. , III. 60504 Phone: (866) 355-1064 Fax: (603) 978-0777 dennis.jarrett@jan-pro.com www.jan-pro.com RESOURCE GUIDE * GE Capital Equipment: www.SCEcorp.com/COMequip * Small Business Administration: www.sba.gov * Commerce Department's Minority Business Development Association: www.mba.gov * National Minority Franchising Initiative: www.minorityfranchising.com * Black Enterprise Magazine: www.blackenterprise.com * FranCorp: www.francorp.com |
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