Rebuilding Michigan Through Franchising
Juggling work and a degree is no easy task. But that didn’t stop Timothy Rice, a serial entrepreneur and owner of multiple franchises. He studied at the University of Michigan for over 10 years to earn a degree in consumer behavior, economics, and public relations. Upon graduating in 2005, Rice entered the corporate world, but quickly found that it was not a match with his skills or his lifestyle.
His prior experiences as a manager at Krogers and Northwestern Mutual helped him discover his love for sales, he decided to become an independent business owner. “You are capable of doing the right thing when you are the owner and have the ability to make a change”, he said. An entrepreneur at heart, Timothy eventually launched multiple businesses including a laundromat and tailor.
As an experienced business owner, Rice realized the value of owning a franchise. While initially expensive, considering the franchise fees required, franchises are usually much easier to kick off. Since the business model and pre-marketing would have already been taken care of, the long term returns were more than worth the investment. The opportunities and expanded network with other franchisees made Rice believe it was worthwhile to buy a franchise.
Rice had wanted to own a franchise since he was in his 20’s. He believed that franchise businesses would help enrich his community by helping retirees earn money, and giving young people valuable exposure to the business world.
He had noticed that many of the locals who excelled in school and in their careers tended to leave Michigan for better opportunities elsewhere. This effect was amplified after the recession in 2008. Rice saw that fewer and fewer potential business owners were left to provide vital services to the community, and job creation was stagnating. “I wanted to rebuild South East Michigan. It’s not just about buying the franchise and making the money, it’s about rebuilding the community.”
Just as a 10-year contract was up on his last business and Rice had begun to consider making changes in his life, he received a series of emails from FranchiseHelp, that introduced him to several franchise opportunities. “The emails came at a perfect time,” he recalled.
After considering several industries and investment levels, Rice found his match in two different franchises: Transworld Business Advisors (part of United Franchise Group) and Mr. Appliance (part of Neighborly). He reached out to several existing franchisees before making his decisions, and credits their positive reviews and advice as a major reason he decided to open his own. In the end Rice invested in both franchises, starting with Mr. Appliance.
Today, with multiple businesses under his belt, Rice hopes to buy more franchises, potentially other franchises in the UFG or Neighborly systems. He has been conducting interviews for employees in his franchise, and hopes to provide more business opportunities to the students in Michigan, eventually expanding the local talent pool.
The grand opening of his Mr. Appliance location took place in November 2018.
Franchising and the Economy Infographic
In all the talk about deficits,unemployment, and the precarious state of our nation's economy, one of America's most powerful engines for recovery is often (and foolishly) excluded from the conversation -- a classic case of missing what's right under our nose. Developed and perfected right here in the U.S., the franchise business model represents the ideal blend of national heft and local business, accounting for hundreds of thousands of stores, millions of jobs, and billions in annual output.
Profiling the Best Burger Chains in America
Once upon a time, Americans had two options to alleviate their beef binging desires: visit a fast food jointor go to a traditionalsit-down restaurant. The former often offered sub-par meals, while the latter required too much of a commitment of both time and money. The people demanded a happy medium, where they could be chowing down on quality eats within minutes of ordering.
The Best States for Business
Should you really go west, young man (or woman)? Several news sources claim that they have found the best states for business development by constructing clever point value ranking systems. We analyzed them and figured out the top five states that are truly the best of the best to start a new business in.