Posted on: 08-02-06 17:14:24
if u r thinking about small bussiness in Toronto area with that 10 to 20K amount investment. Forget it man... rent is too much in GTA.
I have some good options. Send me email if u r interested to discuss.
Quote:
Orginally posted by Janmeja
I would truly stay away from franchises. they take all the money you have. and you end up working for nothing. unless you have a tim hortons. but they ask for 1/2 mill for the franchise.
When you start a business you should have survival money for at least a yr. or if your spouse has a good job. have you thought about a gas station. they put up evrything. all you do is manage it.
So what is the difference between a franchise and putting up a gas station for say Esso or Petro Canada? Don't the franchises also put up everything and all you do is manage?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Returns on gas station is less as compared to franchise, say tim horton.
But with tim horton, you pay about half mil, and get lease for 10 + 10 years. So before u start making profit, u have already paid and after lease the place and property belongs to tim horton.
With gas station, u can buy the property and operate the business. Even u manage business at par, u can pay off the loans and the investment lets say in 10 years ( considering 15-20 % profit PA). In the end u have the place and property as ur own. Increase in property value is also added profit.
Gas station business is not worth, if u r renting the business on lease. In that case it is like self employment and u working to pay the rent.
Hi Faisal,
You may like to find a small business where owner is planning to retire in some years. Join him as junior partner. You will learn the business and he will be benefitted by your help. Honest hard work would go a long way in this.
Best of luck.
I hae seen on this board that everyone talks about franchise of tim Hortans - as if all they need is money and if they had that, they would get the franchise. Very few people realise or know that they require you to put in only about 30-35% and the rest is financed (loans are in your company's name but the franchisors have arrangements to get the loan for you). They do their due diligence before the first stage approval of the franchisee and then only if you are close to someone in the organisation or somehow have some connections, can you get the franchise.
I have a first stage approval since begining of 2002 - but it seems that the right location for me has still not been found by them. Ofcourse, I chased them for the first year and not thereafter, but it was because I was only talking to them 'officially' - only to the franchise manager - who basically is even slow to return your calls afer leaving messages on voice mail.
Getting approval and final location for a franchise is more difficult - not running the business. And I don't think that franchise business is bad. Yes, the first outlet only gives you a manager's salary, but it gives an opportunity to grow into a real businessman when you take up more and more outlets (and that is why it is difficult for a new person to enter the market since existing franchisees are offered the sites first).
I personally know a Irani guy who came to Canada about 8-9 years ago, and today owns 4 outlets of Pizza-Pizza. Yes he works hard - because while 3 of his outlets are in Toronto-York, one is in Hamilton! However, he has a custom made house of 9,000 sq ft in Woodbridge - a nice and elite locality, which he is now changing just after 1.5 years since his daughter's school is far from that place (they did not change the school when they changed their house). Another guy I know owns 3 outlets of Taco Bell and 2-3 of another franchise, and rolls in millions!
So guys, if ANYONE of you can get ME a franchise for Tim Hortans, I will take it as you being the business partner........you need not invest more than $10K as a commitment!
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Chandresh,
I heard that Timmis requires atleast one year of experiance in Tim hortion to have franchisee.isnt it?
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