Twenty-five year old Mike Racz is battling the credit crunch and succeeding. Already a franchisee of three Domino’s Pizza stores, he plans to open another three this year, in Stockton-on-Tees, Washington and Sunderland.
Born and educated in Hungary, Mike moved to the UK in 2004 and began working at his local Domino’s Pizza - after just two months he was made assistant manager, and then area manager within a year.
He says: “I wanted to be my own boss and was set on owning a store but, at 23, the financial outlay required was beyond my means so I partnered with Roland, the store supervisor I had hired.
“When I weighed up starting from scratch versus buying into an existing set-up, it was a no-brainer! With a brand like Domino’s, the risks are much lower and you’ve got ongoing support - it’s effectively owning a business with stabilisers.”
Mike’s long-term plan is for another ten Domino’s stores. He adds: “It’s there for the taking but you’ve got to have the drive and determination. I have complete confidence in the brand and a quality product, which will endure through the bad times as well as the good.”
Starting a business is daunting at any time, but the stakes seem higher during an economic downturn when even some established businesses are floundering. Good opportunities do however still exist for budding entrepreneurs.
The first half of 2008 has been another success for Domino’s Pizza, with a record 25 store openings and an increase in year-on-year profts of a third (32.7%).
Andy Hirst, Head of Franchise Development at Domino’s Pizza, says: “Consumers are “trading down” - eating out less often and staying at home. With a fanatical focus on customer service, an outstanding product and the support of an established brand, our franchisees can only go from strength to strength.”
