July 22nd 2024.
In 2018, BLACK ENTERPRISE introduced its readers to HaKika Wise, the visionary and driving force behind the Kika Stretch Studio franchise. Since then, Wise's brand has grown exponentially, with six locations now spanning across four states. But her success doesn't stop there. Wise has set her sights on helping other small business owners achieve their dreams of franchising by converting their businesses into lucrative franchises.
This ambitious endeavor has come to fruition with the launch of Black Box Franchising, a partnership between Wise and fellow entrepreneurs Daren Hawthorne and Jae Sims. Hawthorne will serve as president, while Sims will take on the role of COO. Together, they have developed an innovative program that empowers Black entrepreneurs to transform their small businesses into thriving franchises, all at a cost of less than $40 a day. Intrigued by this groundbreaking concept, BE sat down with Wise to learn more about Black Box Franchising and how it is revolutionizing the world of franchising for small business owners.
When asked what inspired her to focus on helping small business owners become franchisors, Wise revealed that she was deeply troubled by the high rate of small businesses permanently closing their doors. Witnessing the demise of these passionate entrepreneurs and their hard work was heartbreaking for her. This drove her to find a sustainable solution that would not only help these businesses survive, but also allow them to thrive. She recognized that many small businesses struggle with overwhelming operational costs, market uncertainties, and the isolation of running a business alone. This is where franchising came into play as a powerful solution. By converting small business owners into franchisors, Wise is giving them the opportunity to expand their reach and stabilize their operations through a proven, scalable model.
But at Black Box Franchising, they do more than just help businesses become franchisors. They also provide a comprehensive course that educates entrepreneurs on the ins and outs of franchising. This includes everything from legal and operational frameworks to branding and scaling strategies. Wise believes that this knowledge is crucial for the success of any franchisor, as she herself encountered a significant gap in understanding when she was in the process of becoming one.
What sets Black Box Franchising apart is their belief in the power of community and shared success. By integrating small businesses into a larger network of franchises, they create a support system where knowledge, resources, and successes are shared. This collaborative approach significantly reduces the isolation and pressure that small business owners often face.
When asked about the services offered by Black Box Franchising that make it possible for small businesses to become franchises at an affordable rate, Wise explained that they focus on teaching the art of branding and scaling through franchising. Additionally, they have added a built-in course that educates entrepreneurs about the world of franchising and the responsibilities of being a franchisor. For Wise, it's all about using Black Box Franchising to educate and uplift small businesses across America.
Black Box Franchising offers a comprehensive suite of services designed to transform small businesses into successful franchises. These services include Branding and Marketing Support, Franchise Development, Training Programs, Financial Guidance, Community and Certification. And while this may seem like an expensive endeavor, Black Box Franchising makes it affordable through strategies such as Economies of Scale, Streamlined Processes, and Technology Integration.
Wise also stressed the importance of business owners understanding the key considerations before embarking on the journey of becoming a franchisor. She listed ten elements that are crucial to consider, including having a proven business model, providing comprehensive training and support, understanding legal and regulatory requirements, having the required financial investment, maintaining brand consistency, effective marketing strategies, operational systems, community and culture, long-term commitment, and risk management. By carefully considering these factors and preparing thoroughly, business owners can set themselves up for success as franchisors. At Black Box Franchising, they guide entrepreneurs through each of these critical steps, providing the expertise and support needed to build a thriving franchise network. Their mission is to help businesses scale sustainably, creating lasting success and opportunities for growth.
BE congratulated Wise on the success of Black Box Franchising and asked how long it takes for a business to go from independent to franchisor using their program. Wise shared that they currently have nine emerging franchisors in their pipeline, each with a unique story and potential. While the timeline can vary depending on several factors, Wise estimates that it takes around six to 12 months through the Black Box program. And to make their services accessible to businesses at different stages of development, they offer flexible payment plans and financing options. Their team also provides ongoing financial guidance and support to help entrepreneurs navigate the complexities of franchising without overwhelming their budget.
BE also inquired about other services offered by Black Box Franchising. Wise revealed that their mission extends beyond converting businesses into franchises. They also offer franchise placement services, connecting franchisors with qualified candidates to join their network. This not only benefits the brands, but also creates opportunities for aspiring entrepreneurs to own and operate successful franchises, promoting economic empowerment within communities. In addition to franchising services, Black Box Franchising offers a range of business support services, including Business Development, Branding and Marketing, Training and Education, Financial Planning and Management, Franchise Sales and Matching, Trademark Services, and Community Building. By providing these diverse services, Black Box Franchising ensures that businesses have the comprehensive support they need to achieve their full potential, whether they are looking to franchise or simply strengthen their existing operations.
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