April 19, 2013 Category: Business, Entrepreneurial Endeavors & Related Matters
Entrepreneurs consist of more than just people who come up with completely original business ideas of their own. Sometimes they are people with business skills which they choose to apply to an already existing business model. This type of entrepreneurship is known as franchising , which entails obtaining the appropriate permission to use another entity’s business model in order to open one’s own business to service a certain territory or location. One couple in Michigan decided to go this route when opening their own moving company.
The couple was looking for a business which they could open up and eventually leave behind for their children to operate. They heard about a moving coming called College Hunks through some relatives who had invested in the company a few years previously. The company’s business model entails recruiting personnel from college campuses in order to help move, load and haul furniture and other household items for paying customers.
After falling in love with the concept and the marketing angle of the company, the couple decided to open their own franchise in Michigan. The pair believes that the business model fits their values, vision and what they had in mind when they were envisioning opening a new family business. They were also attracted to the business model because they believed their locale held an unfulfilled demand for this type of service, therefore providing a potential for significant profits.
Along with implementing the business model and utilizing the preexisting marketing angle, the couple in Michigan must also make sure the legal agreement with the franchisor is properly laid out. This will ensure that both parties receive what they agree to in their franchising agreement. Carefully drafting all of the proper legal contracts and other documents is essential to avoid any misunderstandings and potential future lawsuits.
Source: mlive.com, ” ‘College Hunks’ moving and junk removal franchise opens in Flint ,” Jeremy Allen, March 26, 2013