(Black Enterprise) — When Maxine P. Gill was laid off from her job as a sales and marketing director for Comcast Corp. in 2008, she decided to explore her longtime dream of entrepreneurship. “I always knew I wanted to own my own business,” she says. After considering a rib restaurant venture with a business partner, she decided to look into franchises instead since they have a structure and support system already in place.
While sorting through opportunities with a franchise consultant, the 48-year-old quickly learned that franchise costs ran from about $50,000 to $200,000. She was particularly drawn to home-based opportunities because they tended to be on the lower end of the cost spectrum, which would allow her to start small and grow her business over time. Using about $80,000 in savings to cover startup costs that included the $35,000 franchise fee, Gill purchased a College Nannies & Tutors franchise that provides nanny and tutoring services in October 2008. She officially opened College Nannies & Tutors of Bethesda in February 2009. Her territory consists of the Maryland cities of Bethesda, Chevy Chase, Rockville, Potomac, and Cabin John, and also Washington, D.C.