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I do microlending through Lending Club, own a Pawn shop (which is managed day-to-day by someone else), and own a Great Clips (Sounds silly, but, again, managed

by imroot 7y ago

I do microlending through Lending Club, own a Pawn shop (which is managed day-to-day by someone else), and own a Great Clips (Sounds silly, but, again, managed by someone else).

awinder 7y ago
I’ve become increasingly curious about things like owning a ____ franchise (mostly from watching this fantastic location by my house go through a revolving door of poorly-run franchises and wondering “I bet you could make some money if you just ran the place right”). So this doesn’t sound silly to me in the slightest. But I am curious if you would indulge my curiosity, how’d you come to decision to pursue such investments and what’s it been like to own it?
- imroot 7y ago
  I just know that I needed to diversify what I had -- and, it was between buying a Great Clips franchise or opening up a pizza joint.
  - sh87 7y ago
    My conversation about owning a similar "utility" store with SO came to grinding halt at "We'll talk once you find someone who's actually done this". Well, now I do! Thank you ! Would you please share some details; how you started, what it took time and money wise, what to avoid, what really matters. It may seem silly to you but I really need this. I'm willing to communicate offline/in-person/chat/phone whatever works for you. You will not believe how hard it is to find someone who's done what you have.
xur17 7y ago
How did you get into the second 2? I've always been curious about purchasing a physical, but never known how one goes about it.
- imroot 7y ago
  The Pawn shop was my Father-In-Law's idea, but, it requires a LOT of paperwork (including getting your FFL Type 2), a lot of regulatory stuff (retaining DL's and video on all transactions, reporting to regional fusion centers), and a lot of time (it was probably 18 months before we were profitable). The Great Clips was just a chance thing -- Sport Clips didn't seem like it was up my alley, and it's also located in Eastern Kentucky, where not a lot of people go for $70+ haircuts. Existing owner wanted out of his franchise agreement, and I was more than happy to purchase it from him. Eventually, I might try to market and sell the Pawn Shop's POS that I wrote for it, but, that's years down the road.

by imroot 7y ago

I do microlending through Lending Club, own a Pawn shop (which is managed day-to-day by someone else), and own a Great Clips (Sounds silly, but, again, managed by someone else).

awinder 7y ago

I’ve become increasingly curious about things like owning a ____ franchise (mostly from watching this fantastic location by my house go through a revolving door of poorly-run franchises and wondering “I bet you could make some money if you just ran the place right”). So this doesn’t sound silly to me in the slightest. But I am curious if you would indulge my curiosity, how’d you come to decision to pursue such investments and what’s it been like to own it?

imroot 7y ago
I just know that I needed to diversify what I had -- and, it was between buying a Great Clips franchise or opening up a pizza joint.
- sh87 7y ago
  My conversation about owning a similar "utility" store with SO came to grinding halt at "We'll talk once you find someone who's actually done this". Well, now I do! Thank you ! Would you please share some details; how you started, what it took time and money wise, what to avoid, what really matters. It may seem silly to you but I really need this. I'm willing to communicate offline/in-person/chat/phone whatever works for you. You will not believe how hard it is to find someone who's done what you have.

xur17 7y ago

How did you get into the second 2? I've always been curious about purchasing a physical, but never known how one goes about it.

imroot 7y ago
The Pawn shop was my Father-In-Law's idea, but, it requires a LOT of paperwork (including getting your FFL Type 2), a lot of regulatory stuff (retaining DL's and video on all transactions, reporting to regional fusion centers), and a lot of time (it was probably 18 months before we were profitable). The Great Clips was just a chance thing -- Sport Clips didn't seem like it was up my alley, and it's also located in Eastern Kentucky, where not a lot of people go for $70+ haircuts. Existing owner wanted out of his franchise agreement, and I was more than happy to purchase it from him. Eventually, I might try to market and sell the Pawn Shop's POS that I wrote for it, but, that's years down the road.