About Stephanie Chandler - Author and Small Business Expert Expertise I am a professional speaker, business owner, and the author of two books: "FROM ENTREPRENEUR TO INFOPRENEUR: MAKE MONEY WITH BOOKS, EBOOKS AND INFORMATION PRODUCTS" and "THE BUSINESS STARTUP CHECKLIST AND PLANNING GUIDE." I can answer a wide variety of questions including business startup, marketing online or offline, creating information products (books, eBooks, etc.), and everything in between. Visit my website for additional resources for entrepreneurs: http://www.BusinessInfoGuide.com
Experience I am the author of two books:
"FROM ENTREPRENEUR TO INFOPRENEUR: MAKE MONEY WITH BOOKS, EBOOKS AND INFORMATION PRODUCTS"
"THE BUSINESS STARTUP CHECKLIST AND PLANNING GUIDE: SEIZE YOUR ENTREPRENEURIAL DREAMS!
I am also the founder of Business Info Guide.com, a directory of free resources for entrepreneurs, and the owner of Book Lovers Bookstore (http://www.BookLoversCafe.com) in Sacramento, CA.
In 2003 I fled an 11-year career in the Silicon Valley to pursue my entrepreneurial goals. I couldn't be happier with my decision!
I have read dozens of business and marketing books and handled every aspect of launching my store and web business. I wrote a 42-page business plan with a pro-forma, negotiated a lease, made property improvements, acquired inventory, developed a marketing strategy and continue to develop new business strategies daily. It is challenging and rewarding to own a business and too many fail from lack of planning and under capitalization.
I am a great proponent of small business and a supporter of people like me who have found the courage to take this very big leap of faith. I love to network with other business-minded people and look forward to hearing from you.
Publications Entrepreneur Magazine, Home Business Magazine, Small Business Opportunities Magazine, Comstocks, Prosper, Business Journals and dozens of others.
Expert: Stephanie Chandler - Author and Small Business Expert - 5/10/2005
Question Myself and a friend of mine are looking into starting our own business. We have looked into franchising and are now thinking about starting something on our own. I am graduating college in a month and have no experience in running a business other than an internship I had last summer for a car rental company. My major however, is in business management so I do have a knowledge of the subject. I was wondering which you think might be a better way to go for me - franchising or starting my own. I also was looking for some good resources that I can check out as far as looking into local laws and restrictions regarding starting a business. I would like to know more specifics as far as numbers goes and how much can I expect to earn. I know this is very vague and you will need a lot more information from me so I will give you a little background about it. The franchise idea was to franchise a Jimmy John's sandwich shop that would be connected to a sportsplex that my friends brother is building. This sportsplex will house various leagues for sporting events. The other plan - starting up our own hot dog/burger/sandwich shop is what we have been leaning toward doing now, just to avoid some of the franchising costs. Some input or suggestions on these ideas would be very appreciated. Also, any advice you can give me on the best ways to secure bank loans, and any information you can give me on ways to secure funding would help. I am very eager to learn as much as I can about anything dealing with this and, again, your help would be greatly appreciated. Thank-you.
-Niall
Answer Hi Niall,
Wow, you have a lot of decisions to make! But I commend you for doing as much research as you can first- a very important factor in building a successful venture. Now to answer your questions:
-I'm not sure where you are located, but you can find business license requirements and resources for all fifty states at: http://businessinfoguide.com/regional.htm
-Franchising vs. starting your own business is really a matter of preference. With franchising, you aren't in complete control. You have the advantage of a brand name and operations procedures, but the disadvantage is that you still have to answer to a corporate office and send back a percentage of your profits. Many franchises are only lucrative if you own multiple locations so be sure to research this idea thoroughly.
-Starting your own food business will require a lot of work and without experience, I would worry a bit about what you are getting into. Have you thought about enlisting a partner who has food biz experience? Or working in a restaurant for awhile? The hours are long and you have to deal with health dept requirements and food spoilage issues. Make sure you enlist some experts to help you! You might also want to join some trade associations so you have access to resources and people in the industry. For food biz startup resources, check out: http://businessinfoguide.com/regional.htm
-Getting financing- You will need a thorough business plan and some assets (a home or property). The banks will also want you to be able to invest a significant portion of the overall budget. Business grants are usually small and probably won't be enough to provide seed money for a food business. The SBA does have programs to help small biz owners get funded. For more info, check out: http://businessinfoguide.com/money.htm
Have you considered buying an existing business? It can often be easier to obtain financing when buying an existing business because the bank will see the track record and feel more assured that it will be profitable.
I would also suggest that you start reading as much as you can! Pick up business books, magazines and visit the entrepreneur websites like businessinfoguide.com, ideacafe.com, and entrepreneur.com. The more your study, the more prepared you will feel to start your venture.
I hope this helps you get started. Feel free to write back if you have more questions. Best of luck to you!
