Hobby Store Franchises?
04-10-2010, 01:42 AM
#253
UNCLUB OWNER
Thread Starter
Join Date: Jul 2007
Location: Oklahoma
Posts: 4,406
Originally Posted by Lieutenant Loughead
Hey guys,
I've decided I'm tired of working for incompetent people, working my butt off and stressing over my job, while they earn $100,000,000 per year (that is an actual number -- the company I work for earned $100 million per year, the last two years in a row).
I want to be my own boss, and have decided to pursue my passion -- Remote Control.
Now, if I open my own store, under it's own name, I figure I won't have any income for several months (years?), and the store will be out of business shortly thereafter. However, if I pay the cash for a franchise, I'm (almost) guaranteed success...
So, what are some RC hobby store franchises? I can only find two:Are there others?
Also, I look forward to talking with anyone who has ever traveled down this same road.
I've decided I'm tired of working for incompetent people, working my butt off and stressing over my job, while they earn $100,000,000 per year (that is an actual number -- the company I work for earned $100 million per year, the last two years in a row).
I want to be my own boss, and have decided to pursue my passion -- Remote Control.
Now, if I open my own store, under it's own name, I figure I won't have any income for several months (years?), and the store will be out of business shortly thereafter. However, if I pay the cash for a franchise, I'm (almost) guaranteed success...
So, what are some RC hobby store franchises? I can only find two:Are there others?
Also, I look forward to talking with anyone who has ever traveled down this same road.
However, I'm still considering the hobby store idea. I have a couple of irons in the fire, and just waiting for a "good deal".
04-10-2010, 04:27 AM
#254
Crash Test Clown!!!
Join Date: Sep 2009
Location: Boyd, TX
Posts: 299
Originally Posted by Lieutenant Loughead
What a difference two years makes... I found a new job, have a series of bosses (four levels high) who like me, and my hard work is truly appreciated. In the last 3 months, I have been given bonuses and a raise that is equivalent to almost 15% of my salary -- I truly feel appreciated now.
However, I'm still considering the hobby store idea. I have a couple of irons in the fire, and just waiting for a "good deal".
However, I'm still considering the hobby store idea. I have a couple of irons in the fire, and just waiting for a "good deal".
???
03-01-2011, 02:06 AM
#260
UNCLUB OWNER
Thread Starter
Join Date: Jul 2007
Location: Oklahoma
Posts: 4,406
Well guys -- the deal finally fell through. I made a run at a local brick and mortar hobby shop in town that was going out of business. I spent a week getting the LLC all set up, tax permits in place, talking with Horizon Hobbies and the property management company...
I spent the weekend in the store doing a physical inventory -- I learned a lot about the products, the point of sale system, and how FEW people were turned away from the store on Saturday and Sunday.
Mostly, I learned that I like spending time with my family, instead of being in a retail store all weekend long...
The owner made promises that he retracted when I showed up with the money. The computer system contained two costs for each item (they wanted to use the higher "average cost", and I wanted to use the lower "last purchase cost"). The store needed a LOT of work -- honestly, it would be easier to start from scratch...
...and I already have all the contacts, legal documents, vendors set up, etcetera.
This was an extremely valuable lesson -- and it didn't cost me anything!
EDIT --> Okay, it cost me about $300 for the web site, LLC set up, tax license, gasoline, and a window decal I had made. But that's really inexpensive compared to the mistake I almost made when I nearly bought that hobby shop!
I spent the weekend in the store doing a physical inventory -- I learned a lot about the products, the point of sale system, and how FEW people were turned away from the store on Saturday and Sunday.
Mostly, I learned that I like spending time with my family, instead of being in a retail store all weekend long...
The owner made promises that he retracted when I showed up with the money. The computer system contained two costs for each item (they wanted to use the higher "average cost", and I wanted to use the lower "last purchase cost"). The store needed a LOT of work -- honestly, it would be easier to start from scratch...
...and I already have all the contacts, legal documents, vendors set up, etcetera.
This was an extremely valuable lesson -- and it didn't cost me anything!
EDIT --> Okay, it cost me about $300 for the web site, LLC set up, tax license, gasoline, and a window decal I had made. But that's really inexpensive compared to the mistake I almost made when I nearly bought that hobby shop!
03-01-2011, 03:10 AM
#261
Some Assembly Required
Join Date: Feb 2006
Location: Nashville, TN
Posts: 12,070
Guy, that deal falling through may be a blessing in desquise. Like you said, once you get deeper into the business, you learn a lot that doesn't show on the outside.
A few years ago, my wife and I had an opportunity to buy a local Sears franchise. We were very serious about it and knew the owner. On the outside, things looked really nice and it appeared to be a well run and profitable business (according to the owner). Fortunately, I have a background in business operations and my wife has been a corporate auditor and financial analyst. Once we got into the books, we soon realized that even though it did make a small profit, we would have been working our tails off virtually every day, evening and weekend to make less money. Basically, all work and no play. We decided it wasn't worth it. There are definitely pros to working for yourself, but there are also cons. You pretty much said it all when you said you wanted to spend time with your family. A start up business can put a real strain on that if you're not careful. On the flip side, it can also be very rewarding too. Good luck with which ever way you go on it.
A few years ago, my wife and I had an opportunity to buy a local Sears franchise. We were very serious about it and knew the owner. On the outside, things looked really nice and it appeared to be a well run and profitable business (according to the owner). Fortunately, I have a background in business operations and my wife has been a corporate auditor and financial analyst. Once we got into the books, we soon realized that even though it did make a small profit, we would have been working our tails off virtually every day, evening and weekend to make less money. Basically, all work and no play. We decided it wasn't worth it. There are definitely pros to working for yourself, but there are also cons. You pretty much said it all when you said you wanted to spend time with your family. A start up business can put a real strain on that if you're not careful. On the flip side, it can also be very rewarding too. Good luck with which ever way you go on it.
03-02-2011, 01:21 AM
#262
UNCLUB OWNER
Thread Starter
Join Date: Jul 2007
Location: Oklahoma
Posts: 4,406
LOL -- got a counter offer from the hobby store owner today. Unfortunately, he lost his chance to sell his store -- the money is with my father over 600 miles away, and put back into the stock market investment account.
Even so, I wouldn't have taken his deal. He's really overvalueing his assets, and trying to stick me with all his liabilities.
At this point, I'll wait for him to go out of business and open up a new shop in the same location. I've already made a deal with the property management company -- they'll put down new carpet for me for FREE. So, I've already saved $2,500.
Even so, I wouldn't have taken his deal. He's really overvalueing his assets, and trying to stick me with all his liabilities.
At this point, I'll wait for him to go out of business and open up a new shop in the same location. I've already made a deal with the property management company -- they'll put down new carpet for me for FREE. So, I've already saved $2,500.
05-04-2011, 03:34 AM
#266
UNCLUB OWNER
Thread Starter
Join Date: Jul 2007
Location: Oklahoma
Posts: 4,406
I've heard a rumor that the old hobby shop is in it's final two weeks of business. Perhaps I can open the store in a month or so...
On a different note, I introduced a new pilot to my local flying field today. My boss' boss (two supervisors above me) and I drove to the field during lunch today, and he flew my old Stryker. I think we may have him hooked!
It's truly amazing what a difference your boss can make in your career happiness factor. My old boss was a fisherman... BORING!
On a different note, I introduced a new pilot to my local flying field today. My boss' boss (two supervisors above me) and I drove to the field during lunch today, and he flew my old Stryker. I think we may have him hooked!
It's truly amazing what a difference your boss can make in your career happiness factor. My old boss was a fisherman... BORING!
