franchises

Get Started With Your Startup!

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They’re on startup No. 3

serial entrepreneur polina raygorodskaya

I started my first company, Polina Fashion, as a sophomore in college, it was a beauty and fashion public relations firm. I ran that business for seven years, and only stopped when I started my third company, Wanderu, a travel site that coordinates bus and train travel.

In between I also started Boutique Week, a company that organized semi-annual discounted sales at boutique stores across the country. It was definitely my biggest failure, but I also learned so much. I had bootstrapped Polina Fashion 100% and that’s what I thought we would do with Boutique Week.

We grew really quickly; we had 100 boutiques participating in four cities and just two of us doing the work. We needed more people and more resources. At the same the time my partner and I weren’t getting along, our personalities didn’t mix.

After two seasons we decided to separate and shut the business down. When I started Wanderu, my new business partner and I bootstrapped the prototype and we were working with no salary because we believed in the product.

Related: What I gave up to start my business

But we also knew that we needed funding to grow as quickly as we wanted. Our initial funding helped us hire the rest of our team, there’s now eight of working full-time and four part-time. We’re still in our beta phase, which is just covering the Northeast, but we plan to be in the U.S., Mexico and Canada by the end of the year.

NEXT: Best advice: Keep money in the company

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Article source: http://money.cnn.com/gallery/smallbusiness/2013/06/25/serial-entrepreneur/index.html?section=money_smbusiness

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Wednesday, June 26th, 2013 Get Motivated!, Self Employment Ideas Comments Off

Domino’s Franchises

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The Domino’s Pizza dream: Deliveryman to store owner

dominos pizza deliveryman owner rob cookston

Rob Cookston went from Domino’s Pizza deliveryman (left) to manager in 1989. Today, he owns 18 Domino’s franchises.

Twenty-five years ago, Rob Cookston got his start delivering Domino’s pizzas from his cherry red Volkswagen Beetle. Today, he owns 18 of the chain’s franchises.

“I was 19, not in college and looking for money,” he said. “I worked my way up the Domino’s system. That’s the American dream.”

It’s a common story among Domino’s Pizza (DPZ) workers: 90% of its franchises are owned by former deliverymen or entry-level workers, according to Tim McIntyre, a Domino’s spokesman. About 4,500 of the pizza chain’s U.S. stores are run by franchisees, while the company operates nearly 400.

Right off the bat, Cookston was bringing home about $500 a month as a deliveryman — pretty good money for a teenager in 1987 still living at home with his parents in Virginia.

Still, Cookston was drawn by the potential of doing a lot better. Just seven months into the job, he heard that store managers got paid upwards of $100,000 a year.

But it was when he saw his franchise’s owner driving a yellow Ferrari — a similar model to the one featured in the popular television show “Magnum P.I.” — that he enrolled in the manager training program.

Related: I work 70 hours a week

He learned how it’s done at a Domino’s Pizza store — from basic restaurant skills like saucing 50 pizzas in an hour and massaging dough so it doesn’t harden into “hockey pucks,” to accounting tasks like managing payroll.

After two years, he moved out of his parent’s house and started as a manager-in-training at a Domino’s in Reston, Va. He made $89,000 in his first year.

The store had five phone lines, each of which had to be answered every time it rang. All orders had to be delivered within a half hour.

“It was a big challenge. I wanted to quit at times,” he said. “We’d take turns giving each other shoulder massages we were so wiped out.”

Soon, Cookston was managing six stores. But it wasn’t enough. He was desperate to become an owner and run his own Domino’s Pizza franchise.

According to Domino’s spokesman McIntyre, managers are eligible to go through specialized training called franchise management school after a year in the position.

Five years after he became a manager, Cookston borrowed money from his parents and grandparents and bought his first Domino’s franchise on 23rd Street in New York City in 1994.

For the next five years, the newly-minted store owner lived in the basement of another Domino’s branch in the city and saved enough to buy two more locations. At the time, he was making about $200,000 a year.

By 2000, he expanded into Connecticut and Long Island, buying and selling stores along the way. All told, he has owned and operated 32 stores, including some of the busiest Domino’s locations.

He’s been able to pay it forward, too: Seven of his own deliverymen have gone on to become store managers.

Cookston said he now lives “insanely comfortably” with his wife and two daughters in Connecticut.

He never did get that yellow Ferrari. He settled for a 1967 blue Corvette.

“Domino’s taught me everything about hard work and what it takes to run a business,” he said. “I believe if you can make it at Domino’s, you can make it anywhere.” To top of page

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Article source: http://money.cnn.com/2013/04/24/smallbusiness/dominos-deliveryman/index.html?section=money_smbusiness

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Sunday, April 28th, 2013 Get Educated!, Get Motivated!, Self Employment Ideas Comments Off

Start Your Own Business!

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I started a business after 60

Likes being around people

Six months after Ed DeSoto retired, he had a a stark realization: “I had mastered the TV remote control,” he said. But, “I couldn’t be like this any more. I needed to be in contact with people,” he said.

So in 2007, DeSoto and his wife opened a specialty store that sells a variety of premium olive oils, balsamic vinegars and coconut oil. “I’ve always been a salesman,” he said. “I’ve never owned my own business before but everything fell right into place.”

DeSoto said he enjoys the daily chitchat with his customers, and the challenge of growing his business. “It’s hard work. But at my age I don’t want to work too hard,” he said. “I have to remember to take some time off, too.”

NEXT: Not ready to slow down

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Article source: http://money.cnn.com/gallery/smallbusiness/2013/03/20/startup-over-60/index.html?section=money_smbusiness

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Monday, March 25th, 2013 Get Educated!, Get Motivated!, Self Employment Ideas Comments Off

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