We’ve previously written about the possibilities available for Texans interested in owning a food franchise. New Jersey is another state that now seems to be warming to the financial potential available through franchising in this difficult economic market.
The Newark Star-Ledger has a new article on the expansion of franchising in the Garden State. In NJ alone, there are 20,000 franchise establishments, which are valued at about $25billion. As we have said over and over, finding funding remains a huge challenge, but if you have enough capital to get that business up and running, there’s no limit to what you can achieve.
Take Rob Cox, who’s profiled in the story. At the height of the boom, Cox, a former trader, brought in $100,000 for his company Citigroup in one day. Cox took a buy-out from his company and is now about to open a frozen desserts franchise in Jersey City. He hasn’t opened his doors yet and he’s already considering expansion.
"I have ambition," he said. "I'm going to try to be number one in the nation."
The story also speaks with Raj Patel, who worked in the automotive industry in the early-90s, only to see the writing on the wall. He turned to franchising and he and his wife Navina have owned and sold five Dunkin' Donuts, a Blimpie and a McDonald's. They’ve made profit every time.
Raj has now turned his focus to burritos. At peak hours, he is selling 150 burritos in an hour in his Mount Laurel store.
The bottom line, as ever, is that franchising works. New Jerseyan’s interested in a franchise opportunity need only follow this link to find the opportunity for them.