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Old 19th October 2008, 10:29 PM   #1
TipMe20
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Default "Pressed For Time" Franchise...any Thoughts??

I'm considering buying into the Pressed For Time company at 25 years old. I'd be taking a loan to startup, and am just wondering if anyone has ANY thoughts about it, whether from consumer or service provider standpoint. I have no previous business experience, but have about 5 years in the restaurant business and consider myself to be very very good at customer service. Low startup costs, very low monthly maintenance costs, this seems like a pretty decent business for a first time business owner. I'm excited about it, but I haven't been able to find a whole lot online about it. Please respond with any input. Thanks!
-David

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Old 22nd October 2008, 03:49 PM   #2
Peter Bowen
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Hi David,

A franchise is worth buying if it offers a real competitive advantage. Do they own some technology or business process that someone else has (think KFC's recipe).

Most domestic service franchises do not offer sufficient competitive advantage to justify their prices. How hard would it be to duplicate what they're doing? Is that worth the franchise fee and the ongoing royalties?

Caveat Emptor

Cheers

Pete

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Old 27th October 2008, 11:08 AM   #3
TipMe20
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Pete, thanks for taking the time to write. Profit is made by the price cuts negotiated with the dry cleaner, shoe repairer, etc. There is no additional cost for the consumer, it is considered a "free" service. They've been in business for 20-25 years with over 100 other franchises operating. They provide all the business management software, ongoing training and support, and after calling over twenty people on the list of franchisees, every single person told me they love it and are incredibly happy they decided to get into it. Four day work week, holidays off, essentially no overhead (van payment).

If I had ANY experience in business, I would consider trying it out myself. But with only a 30K buy-in, and 6% royalties, as my first business, it seems to be a pretty decent proposition.

I like the reminder service you offer, if I ever make a decision on this, I'll keep you in mind.

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