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Wednesday, December 31, 2008
Get Inked at Cartridge World
Some entrepreneurs strive to do something that's never been done. Others, motivated by the freedom that comes with owning their own businesses, turn to franchises. But what if you could have the best of both worlds--do something not many others are doing and own your own business?
In 1992 in Australia,Cartridge Worldfounder Bryan Stokes responded to a newspaper ad offering $75 for every 15 minutes of refilling laser printer ink cartridges. A few years later, he created a business out of the concept and decided to franchise the idea. Cartridge World now has more than 1,650 stores worldwide and, more important, no significant competitors.
"The value lies in the operation and support from the entire group," says Bob Moglia, vice president of real estate development for Cartridge World, whose operations for its 1,000 U.S. franchises are based in Emeryville, Calif. The company, Moglia says, has the most comprehensive training program in the United States, with an 8,000-square-foot training facility, a video library and an 800 number for immediate assistance. Marketing support is also directly available, with many advertising pieces on a shared website that's updated frequently.
Despite the technical nature of the business, Moglia says the real key to being successful as a Cartridge World franchisee is to be someone who's sales-oriented, has the ability to effectively network and feels comfortable talking with people. He says people with experience in inside or outside sales in the corporate world are good candidates, provided they bring a sense of community with them.
"The most successful franchisee is one who can engage the public--an individual who is known in the community, has ties locally and can work within the local chamber of commerce and other business groups." Moglia says.
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Not everyone has the financial ability to own and rent out multiple houses for extra income. And even fewer people want to deal with late night calls from tenants crying about their broken oil burner. Well, thanks to real estate investment trusts, or REITs, you don't have to deal with the stresses of being a landlord to make money off of the real estate market.
A REIT is any entity that pools money from a group of investors to buy different kinds of real estate or real-estate-related assets, such as buildings or mortgages on buildings. It uses the income from rent and loan interest to pay out a steady monthly dividend to its investors.
There are three types of REITs. The most common one is an equity REIT, which simply buys buildings and generates revenue from the rent it charges. Mortgage REITs loan out money to owners of real estate for mortgages or buy existing mortgages to collect interest, which is then paid out to the REIT's investors. Finally, there are hybrid REITs, which are a combination of mortgage and equity REITs.
REITs can be public or private. Public REITs are bought and sold just like stocks and are listed on exchanges, while private REITs can only be bought through direct-participation programs. With private REITs, the investors are actually part owners of the real estate rather than just shareholders of the REIT corporation. They can't sell shares and they typically have to keep their money tied up for eight to 12 years. However, there's the benefit of less volatility since the market can influence public REITs.
One potential drawback to REITs is how they are taxed. While qualifying equity dividends are normally subject to only a maximum of 15%, the dividends from REITs are taxed as regular income, which could be much higher -- depending on how much money you make.
