Update: Phil Mettra, marketing veep at 3 Day Blinds, e-mailed me to say that this post should make clear that his company filed for chapter 11 protection in federal bankruptcy court in order to work out its finances to stay in business. Fair enough. Here’s a link to our previous story about the filing as well as a post about 3 Day Blinds closing 59 stores.
He also claims Budget Blinds is making its pitch to current 3 Day Blinds employees. Budget Blinds says it’s targeting former employees.
Budget Blinds in Orange is using the struggling economy as an opportunity to grab market share both from independents and competitors.
The window covering franchisor is sweetening its deals to attract new franchisees, former employees of bankrupt
3 Day Blinds and military veterans.
For new franchisees: Sell $750,000 in the first three years in business and Budget Blinds will refund the franchise fee of $14,950 by way of not having to pay royalties for 10 months. This offer ends 12-31-09.
The sales reported in financial documents for the average Budget Blinds franchisee is $354,000 annually.
For former 3 Day Blinds employees: Sign up to be a Budget Blinds franchisee before the end of 2008 and get “preferred financing” of as much as $60,000.
The standard financing of $24,950 at 10% for two years has also been sweetened to $35,000 at 10% for five
Shirin Behzadi
years.
For honorably discharged military veterans: A discounted franchise fee. If the veteran pays cash, the discount is $14,950; if he finances the investment, the discount is $7,500. And the deal is available to spouses of veterans as well.
“”We always try to be innovative. When the economy is not that great, we asked, ‘Why would someone not buy a Budget Blinds franchise,’” said Chief Financial Officer Shirin Behzadi. “Financing in general is hard to come by. We thought this proposal will combat some (franchise purchase) jitters.”
Budget Blinds is part of Home Franchise Concepts, which also includes Closet Tailors. Its long-time goal has been 1,500 franchises. As of September it had 1,030.
“We hope these initiatives will keep our momentum going,” Behzadi said.
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[...] companies 24 O.C. companies make North America’s fastest growth listBudget Blinds plans aggressive expansion despite economyO.C. attorney makes ‘most dependable’ litigators list in ForbesO.C. pacemaker firm get venture [...]
[...] Budget Blinds plans aggressive expansion despite economy [...]