Dani Cone launched the Cone & Steiner convenience store in 2014, following in the footsteps of her great-grandfather, who opened a similar business in Seattle more than 100 years ago. Cone & Steiner now has three locations, and Cone has introduced an online ordering service.
Starting a business with your spouse presents a number of risks, but aspiring entrepreneurs can take steps to mitigate these concerns. It's important to understand your worst-case scenario and plan ahead in case your relationship hits a rough patch, experts say.
Buying an existing business can be a smart path to entrepreneurship, because all the necessary components are already in place. "From there, [entrepreneurs] can mold their companies to fit their style," writes Walker Deibel, author of "Buy Then Build."
A&W is comfortable with a patient approach to growth, with CEO Kevin Bazner noting that the brand paused development after 2017. Now, however, the company has multiple restaurants in various stages of development and recently opened a location at the new Jewel Changi Airport in Singapore.
Franchise employees have the opportunity to gain insights that can be valuable if they later become business owners. "There's no question that from a technical aspect, I definitely have a leg-up on a franchisee that has bought in without any prior experience," said Darrin Baker, franchisee for Restoration 1.
When it comes time to expand, some franchise entrepreneurs choose to branch out into new industries to diversify their holdings. "[R]esearch the landscape and make a decision at the outset whether you want to expand within your existing industry or if your infrastructure can support a different franchise segment or business mode," writes Carty Davis.
The Department of Labor's recent joint-employer proposal could help franchises to provide more support to their franchisees in several vital areas, write IFA President and CEO Robert Cresanti, CFE, and FASTSIGNS International President and CEO Catherine Monson, CFE. "It will enable businesses to once again provide franchisees with expert assistance on sexual harassment policies, along with a variety of other important issues," they write.
Though women such as 23andMe's Anne Wojcicki and Accompany's Amy Chang have proved their worth in STEM fields, they consistently receive less funding than men. Some women entrepreneurs who enter accelerator programs in STEM find themselves outnumbered and their ideas less respected from male counterparts, but this exclusivity hurts business investors in the long term.
The term work-life balance implies women should live separate lives in each of these areas and that an employer is responsible for prioritizing the employee's time, writes Kara Hamilton. Instead, she says women should aim for work-life fulfillment and writes, "Identify life goals -- personal and professional -- and choose what the essential building blocks are to achieve your version of work-life fulfillment. This could be family time, self-care, continuing education, networking, personal time, traveling, or whatever fills you with purpose."
Food delivery startup Postmates has expanded its services into 1,000 additional cities since December as it heads toward an initial public offering. The company says about 70% of US households have access to its services.