How to Transition to an Entrepreneur | FranFinders
Initially, most investors cannot quit their jobs cold turkey, while taking the plunge into business ownership. So we recommend that you consider transitioning out of your job when your part-time income can replace your full-time employment.
Here are a couple ideas you can explore while working your full-time job and earn a sideline income. They are all approved for SBA lending, which is attractive to most investors because the bank will finance up to $150K unsecured, as long as your credit score is 680 or higher and you inject 10% of unborrowed funds towards the investment.
Idea #1: Healthy Vending—we represent a company that you can begin with 3 machines for under $30K and they can be financed by the SBA lender, with a 10% cash injection towards the loan amount.
This company will locate the machines and they target hospitals, schools and corporations with at least 100 employees. Once the locations are determined, you can view the sites and confirm if they are viable for you. The machines accept credit and debit cards and cash. Once the cards are swiped for payment, the monies will be deposited into your operating account.
This company provides 3 days of training and the machines are warrantied. Additionally, you are selling healthy snacks, drinks and entrees, replacing junk food machines and helping Americans stay healthy.
The 2nd business idea is ATM vending. This franchise company will also locate your machines and they provide a week long training class. This franchisor will target large hotels, theaters and place the machines in locations that attract heavy foot traffic. The investment level is around $40K and this franchisor has been in business since 1996.
I personally like vending and have had some experience in this industry. When our kids were very young, my goal was to earn just $500 per month. We started our business with just 10 machines, and had a locating company help me find great sites to place our machines. Within 1 year, we had over 100 machines and within 2 years we owned and operated 250 machines.
When I emptied the machines, I had to dolly the coin into the bank. I really liked this business because I was able to stay at home with our kids, make money and have the flexibility of being there for my family. When the kids were of school age, I sold the business for a decent profit and learned so much from that experience.
Vending businesses are easy to operate and it may be the perfect opportunity for you to transition out of your full-time job.
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Sue Bennett is the Co-Founder of FranFinders, a franchise consultancy and funding group.
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