ShapeXpress franchise owner Linda Rankin never intended to own her own business but that changed when out-of-town fitness center owners asked her if she would be interested in purchasing the existing business. An advocate of physical fitness, Linda was already working out at the center and even started to help others with their work-outs. She accepted the offer to purchase the business and entered the world of franchise owners.
Rankin enthusiastically shared her experience and lessons learned at a recent conference of the Women’s Business Center of Rural Enterprises of Oklahoma, Inc. (REI). She pointed out that franchise royalties are due every month, whether you have been profitable or not, but good support systems are a plus. She also told attendees never to close an existing business until you are absolutely ready, making sure automatic billing and credit card needs are set up properly before a new business is launched. She also employed an accountant at first but as dictated by the economy, Rankin said she knew she needed to make a change so she enrolled in the QuickBooks classes offered by the Women’s Business Center and now does all her own bookkeeping. “Take advantage of all the training that’s available,” Rankin told the audience. “The QuickBooks class solved my problem and saved money that I could reinvest into the business.”
Another lesson quickly learned, said Rankin emphasized – you must be committed to spending lots of hours at your new venture. Extraordinary customer service with personal touch are also a “must” for Rankin and at ShapeXpress, customers can expect to celebrate their progress, participate in contests and even receive small, affordable gifts for every holiday or special occasion.
Alvina Ralls, Indian Territory Art Gallery, Durant shared her ups and downs in starting not just one business, but three, the art gallery, frame shop and a specialty events facility.
Ralls and her friend, Jane Semple Umsted joined their talents and efforts to establish the Indian Territory Art Gallery in a location laden with history. The ladies have transformed this historical site into an art and gift gallery featuring hand-made jewelry, original paintings, sculptures and pottery.
“Everything I know I learned in workshops sponsored by the Women’s Business Center,” Ralls said. “That includes developing a business plan, web site, mission statement, and I was desperate for a QuickBooks course.”
Ralls also shared some of her “pitfall experiences” like being sure you have a handle on your start-up costs including equipment, inventory, marketing and securing the best suppliers. She also encouraged attendees to add 15-20 percent to salary expense for employees to cover social security and unemployment taxes that are a responsibility of the business.
“I would absolutely encourage others to attend the Women’s Business Center workshops and networking events. I just can’t place enough value on them,” said Ralls.
Women’s Business Center services are available from two locations: Durant and Oklahoma City. Workshop topics range from business and marketing plans, business taxes, web site development, doing business on the Internet, social media marketing, Facebook and Twitter, accounting, business financing opportunities and many other business related seminars. The Women’s Business Center is funded in part by the U. S. Small Business Administration. Visit www.ruralenterprises.com for a workshop near you.