For 25 years, John Finn, a stockbroker, and his friend John Lucchese fantasized about opening a business together while they carpooled to the New York Stock Exchange. While they don’t know what business they wanted to be in, they did know that they wanted to stay put in the New Jersey suburbs and not uproot their families. So, they contacted a franchised broker who presented a number of local options in different industries. In mid-2007, Finn and Lucchese pooled $150,000 in savings and opened a Synergy HomeCare franchise, a non-medical home health care supplier of persona in-home aides who run errands, cook and do other chores for elderly clients and people who are disabled. The business broke even six month later.
Finn’s tip: If you don’t have a specific vision, but want to own your own business, hire a franchise broker.