Being one’s own boss is not an easy path, but it can be an extremely…
People dream of entering the world of entrepreneurship. They love the idea of being the boss and balancing their life more evenly between work and play. These same people begin to re-think their plans as they realize the statistically high rate of failure for start-ups.
If you are one of these dreamers, you have probably been through the let-down phase of understanding the risks associated with starting the business you want. Understanding the risks starts you looking for ways to minimize the danger. Enter the idea of buying a sign franchise.
As someone who’s worried about possible failure, a franchise offers you several significant benefits within the framework of a proven business system. One example that clearly illustrates the differences between starting from scratch or buying a franchise is the sign business.
Costs and Benefits of Opening a Sign Business
Think about the products and services you will need to open a sign business. You will need to hire an attorney, an accountant and build a relationship with a lender. You’ll need to find a real estate agent to help you scout locations.
The list of equipment necessary to operate a sign business is extensive. The following items are just a small sampling of what you’ll need and how much they’ll cost:
- Plotters and cutters: $5,000
- Squeegees: $1,000
- Knives: $1,000
- Various wraps: $2,000
- Exhibit displays: $5,000
- tools: $2,000
- holders: $1,000
- Laminator: $15,000
- Location deposit: $1,000
- Three-month lease payment: $3,000
- Office furniture: $1,500
The total is just under $40,000 and does not cover the costs of professional services or the liquid capital you will need to meet unknown demands. The operating reserve should be in the area of $30,000 to $40,000. You must also keep in mind that you still have to go out and beat the bushes to drum up business.
The primary benefit of opening this type of enterprise is that you are free to operate however you wish. You make the rules, you are the boss and the outcomes rest squarely on your decisions.
Costs and Benefits of Buying a Sign Franchise
Signarama is a company that began in the mid-1980s. They began selling franchises in 1987. In 2014, Entrepreneur Magazine named Signarama the number-one sign franchise, and the company’s mission is to maintain its high standards and rankings in the industry.
To be considered for a Signarama franchise, you will need to invest approximately $160,000: $49,500 franchise fee, $49,500 liquid capital and $49,500 net worth. After your franchise is up and running, you are also responsible for a 6 percent royalty fee to the company.
What you get for your investment is training, support and partnership with a known brand. Your training includes two weeks in-house at the corporate offices, one week on-the-job training with an experienced person and two weeks’ marketing training in your new store with an advisor.
The support doesn’t end when your training is over. Signarama is as dedicated to your business as you are. Marketing, finding the best location, setting up your store, technical assistance, support staff and recognition programs — you manage your business your way, but with a strong foundation of experience and support behind you.
If you’d like to know more about the Signarama opportunity, request their franchise brochure, available for free.