Some great things about franchising: the franchisee's stake in the business can make for a superb incentive; the franchisor's already-proven business model alleviates the franchisee of much leg work; and essentially, the risk is shared.
These were undoubtedly among the pluses weighed by an auto industry veteran who has plans of opening a specialty furniture store in Birmingham. Michigan residents may remember seeing House of Denmark stores for a number of years, but those stores closed just before the recession hit. Now a franchisee with experience in business development and international markets intends to fill the Detroit area's Danish furniture gap.
BoConcept is a retailer that specializes in accessories and furniture with a modern Danish design, and the franchisees of the Birmingham store -- a husband and wife team -- have planned a soft opening later this month, with a grand opening planned for Oct. 5.
The store will be housed in a 6,800-square-foot space on South Old Woodward Ave. in downtown Birmingham. An article in Crain's Detroit Business offers a look at what the interior of the store might look like: a bright, open space ideal for showcasing the characteristic simplicity of the BoConcept furniture.
The franchisee's previous work includes serving as vice president of Stoneridge Asia Pacific, which designs and manufactures electronic components and systems. He also spent 27 years in the automotive industry.
This franchise story is similar to others throughout the country. People spend years in various industries and professions, and later in life it becomes possible to make certain business maneuvers that allow for a significant reduction of risk, such as with franchising.
It has become relatively common for people approaching retirement to invest in a franchise to maintain a level of income for the duration. But as with any type of business, there is the possibility of disputes and litigation, and franchisees and franchisors alike would do well to take the necessary legal steps to protect their interests.
Source: Crain's Detroit Business, "Danish furniture franchise BoConcept opening in Birmingham," Sherri Welch, Sept. 19, 2013