Much has been made of whether or not this is a good or bad time to open a franchise. What have you decided?
- I don't think there's a good time or a bad time to open a restaurant…but if you do your job well, you'll do well. People want to get cared for in a recession.
- Everyone knows the prevailing wisdom about the restaurant business: It's a bad bet, notorious for failure, with three out of four places closing within the first three years. However, studies have found the risk of closing is the same in good times and bad, according to the New York State Restaurant Association.
- The upsides to a down economy make it a risk worth considering. Rents have dropped by as much as 66 percent in prime locations, and landlords are actually offering abatements.
- It's a good time because you can get into a space really, really reasonably…a nice-size space that five years ago was $5,000 or $6,000 a month is now $2,000.
- Restaurant owners have also gained the upper hand in negotiations with service providers from upholsterers to contractors, who are strapped for cash and anxious for jobs. There are "deals" to be made on staff too. Says Hoffman, A chef who wanted $100,000 before may now deal for as little as $35,000. It depends on the players involved.
- There are tremendous opportunities to get into the business now--if you're capitalized, you're smart, you know what you're doing and you're committed to service.
What holds true for restaurant businesses in Kansas City, Dallas, Philadelphia and Miami is also a perfect fit for the residential home cleaning business. After all we sell services to the same clientele. The main difference is you don’t need to invest $500K or more to open a professional maid service. Our upfront costs are much more affordable for new home cleaning franchises. You’ve Got MAIDS is selling maid service franchise territories in Atlanta, Jacksonville, Pittsburg, Tampa, Birmingham & Nashville. You’ve Got MAIDS publishes anticipated opening cost on their web site, www.youvegotmaids.com, for your perusal.
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