Jeff Young says:
Considering franchise concepts outside your area of interest or expertise requires insight into and an understanding of various business models. Running a Trade Secrets store and selling beauty products, Russell may take some good-natured ribbing from his female clientele (as a former owner of a candy store and nutrition stores, I can relate), but really, retail is retail, no matter the product.
Russell wanted to find a business that would provide a balance of work and family time. As a multi-store owner, he has more flexibility—e.g. to take extended vacations—knowing he has trusted employees to work the stores. Also, when the time is right to sell, he will find his retail franchises will earn a premium in comparison to service franchises.
Russell really found the needle in the franchise haystack. It is rare to find a retail concept in March and open in June! There is a lot of work in finding a location that fits the franchisor’s criteria, negotiating and executing a lease and designing, building and stocking the store. This cannot all happen in just a couple of months, so kudos to Trade Secrets for having a true ‘turnkey’ operation for Russell.
Franchisors often look for strategic locations and begin construction. If they find a franchisee candidate during the process, they can have that location open as a franchise; if no candidate is found, the store can open as a corporate location and may be sold to a franchisee in the future.
This is why franchisors can sometimes get people like Russell set up in a retail business in only three months. Luck and timing are everything!
Name: Russell Arthurs
Franchise: Trade Secrets
In business since: 2005