Too often, business success stories present journeys of people with ideal backgrounds, the right credentials, and laser beam focus on a singular mission. These narratives portray individuals who’ve done all the right things to land where they are. It’s an unattainable standard for most. As a result, many of us have internalized the belief that acquiring wealth through business ownership is achievable only for a select “other” — people more polished, more primed, and more worthy than us.
It’s a false and often harmful notion. The path to success is rarely linear. The reality is, if business success were limited to those who’ve flawlessly navigated life, there would be no thriving businesses. It’s why diverse representations of entrepreneurial success are essential and why Tarji Carter, President and Founder of The Franchise Player, leads with her background and purposefully incorporates her testimony into her leadership. “I was a single, unwed mother at the age of 19. I never went to college. Carter said. “I’ve earned through my works.” And indeed, she did. Through a whirlwind of uncharted events — including an early career in hotel hospitality, which led to a chance meeting with a Hollywood executive, opening the door to a stint as executive assistant to Tyler Perry — Carter was divinely positioned at the right places at just the right time.
Her trajectory into entrepreneurship was not part of some calculated plan. On the contrary, a fateful meeting with Dwayne Tanner, Senior VP of franchising for Cinnabon Corporation, led her to a career shift in franchise sales. “I had never even heard the word franchise before in my life. That’s how I know it’s God because I didn’t even know this existed,” Carter said. Carter would go on to serve as Director of Franchise Development for brands including Dunkin’ Donuts, Wingstop, and Bojangles. She’s long since surpassed the statistical projections for a 19-year-old, Black single mother who took a job in hospitality to provide for her child. “My son is an adult now,” she said, beaming with pride. “He’s a college graduate, father of two, husband — all the things.”
Today, the founder of a groundbreaking initiative dedicated to increasing the presence of Black-owned franchises nationwide is paying it forward. Her company, The Franchise Player, provides education, resources, and opportunities to aspiring franchisees and small business owners — many of whose stories mirror her own. For ESSENCE, I spoke with the inspirational business leader to glean expert advice for those contemplating franchising as their next career move.
Start Small, Dream Big: A Strategic Approach to Franchise Success
When exploring franchising trends, Carter recommends starting with smaller franchises as a strategic move for prospective entrepreneurs.
“Companies like, say — Ben & Jerry’s or Smoothie King, or something that doesn’t have a very complex menu, are ideal for newcomers,” she said. With smaller franchises, you get hands-on experience, actively participating in day-to-day operations. It’s a great foundation.
What’s more, the lower initial investment required by smaller ventures makes them more financially accessible, reducing risks associated with entering the franchise business.
Starting smaller allows beginners to gain experience in a lower-risk market, setting the stage for future growth.
Passion vs. Numbers: Tailoring Franchise Choices to Individual Goals:
Choosing the right franchise requires a delicate balance between personal interests and profitability. While pursuing a business aligned with your passion can enhance motivation and satisfaction, ensuring a viable business model and market demand for the chosen venture is critical.
When selecting the right franchise for you, Carter advises giving precedence to franchises with proven profitability, robust support, and pertinent training. Evaluate how your skills align with franchise requirements and consider long-term scalability.
Carter says that researching market trends to gauge sustainability is critical: “Pay attention to the businesses that were able to thrive during the pandemic. Look at businesses that are recession resistant.”
In addition, seeking insights from current franchisees is vital to understanding day-to-day operations. The goal is to harmonize your passion with financial considerations, choosing a franchise that fulfills personal aspirations while promising a solid return on investment.
Navigating Franchise Fees: Upfront Costs to Be the Boss
Carter says understanding the financial landscape is paramount for those seriously considering becoming franchisees. “The investment to establish a franchise location spans a spectrum, generally between $350,000 and $750,000,” she said. “This includes leasehold improvements, real estate build-out, equipment, furniture, signage, and all of that.”
Prospective franchisees must meet specific qualification criteria — a predetermined amount in liquid cash, a requisite net worth, and a specified credit score are standard. “Depending on the brand, franchise fees from $10,000 up to $90,000, paid upon signing the franchise agreement,” she said. However, fees and ongoing monthly royalties contribute to the comprehensive support structure provided by the franchise brand, including essential services such as operations, marketing, and real estate support.
While some may question the apparent costs, Carter says the intrinsic value lies in the extensive expertise and assistance the franchise brand offers, turning it into a strategic investment that mitigates risks and propels the venture toward success.
The Power of Brand Recognition
Undoubtedly, the most significant advantage of franchising is the brand recognition that comes with it. “It buys you immediate trust, a proven track record, and credibility with consumers,” she said. For franchise owners, it’s a significant advantage over starting an independent business since consumers are more likely to choose a recognizable brand over one unknown.
Further, brand recognition streamlines marketing efforts for franchise owners who can leverage the established brand’s advertising and promotional strategies. This saves time and resources and ensures a more effective reach to potential customers.
Overall, the power of brand recognition in franchising serves as a competitive edge, accelerating the ramp-up period and laying a solid foundation for success and growth.
Tarji Carter’s remarkable story, from an unexpected start to becoming a trailblazer in the franchise industry, emphasizes the diverse routes to success. Her insights provide a roadmap for aspiring entrepreneurs on the value of starting small, aligning passion with profitability, and leveraging the power of established brands to achieve entrepreneurial success. Everybody’s path is different. There are many ways to earn, to learn, to grow, and be successful,” Carter said. “It’s all God,”