From the Air Force to a Tea Franchise
{{#rendered}} {{/rendered}}Franchise Players is Entrepreneur's Q&A interview column that puts the spotlight on franchisees. If you're a franchisee with advice and tips to share, email franchiseplayers@entrepreneur.com.
After leaving the Air Force, Karen Laban has pursued a mix of careers that, at first glance, seem hardly related. Laban served as a certified public accountant for 13 years, as well as partnering with her husband to run a continuing education home study business. Five years ago, she switched gears and opened a Spice & Tea Exchange in West Monroe, La. Here is what she has learned.
Name: Karen Laban
{{#rendered}} {{/rendered}}Franchise owned: The Spice & Tea Exchange in West Monroe, La.
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How long have you owned a franchise?
{{#rendered}} {{/rendered}}Since September 2010.
Why franchising?
I always wanted to open a spice store but was at a loss as where to start. Buying into a franchise gave me the opportunity to run my own business without the hassle of having to develop the structure or vendors.
{{#rendered}} {{/rendered}}What were you doing before you became a franchise owner?
I served in the U.S. Air Force for eight years. I was a certified public accountant for a land development/residential construction company for 13 years in Central Pennsylvania. I also continue to partner with my husband in a continuing education home study business founded in 1996 called Laban’s Addiction Specific Trainings.
Why did you choose this particular franchise?
{{#rendered}} {{/rendered}}I was introduced to the products by a friend when I resided in another state. Upon returning to my hometown, I decided to open a store.
How much would you estimate you spent before you were officially open for business?
Around $200,000.
{{#rendered}} {{/rendered}}Franchise Fees - $30,000
Site development/Buildout - $100,000
Start-up Inventory - $25,000
{{#rendered}} {{/rendered}}Furnishings/Computers - $15,000
Legal/Administrative $5,000
Cash Reserves - $20,000
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Where did you get most of your advice/do most of your research?
From the franchise coordinator as well as doing a site visit to a franchise that had been open for over a year.
{{#rendered}} {{/rendered}}What were the most unexpected challenges of opening your franchise?
Understanding retail trends and managing inventory!
What advice do you have for individuals who want to own their own franchise?
{{#rendered}} {{/rendered}}Research and understand your market. You can follow your passion by setting realistic goals.
What’s next for you and your business?
We just relocated to a more visible location for our area and within a month we are already seeing an increase in our customer base.
{{#rendered}} {{/rendered}}Related: Why Knowing What Was 'Under the Hood' at This Franchise Convinced Me to Become a Franchisee