Should I Buy A Franchise? 5 Pros and Cons You MUST Know
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- Äas pĆidĂĄn 6. 06. 2024
- Should I Buy a Franchise? Pros and Cons of owning a Franchise directly from Franchise Owner Tariq Johnson. Should you buy a Franchise? Buying a franchise or starting a business is scary. Many people consider starting a business or buying a franchise in retirement or various stages of life. Having a successful franchise business is possible, but is not always easy. Franchise City.
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#1 WHY DO YOU WANT TO OWN A FRANCHISE?
When my wife and I decided to open our first franchise we wanted to create an additional income stream, so that at some point I could leave my career as a Financial Advisor. We figured having an additional income stream would be a way for us to plan smart.
#2 MONEY
The average franchise cost $250,000 to get up and running.
That number should scare you. People have lost a lot of money investing in franchises and made a lot of money with franchises. Ultimately your financial situation will determine what your options are.
Now if you donât have any money- Iâve made a video on exactly how you can invest in a franchise with no money. Iâll link the video in the description below, and you can check it out.
The lower the start up costs in a franchise typically means the more work and effort you have to put in.
3 New or existing Franchise Location?
Are you planning on starting a brand new location, or buying an existing one?
Many times the franchisor may know of franchisees in the system that want to sell their location. Make sure you ask about that
Franchisors may not always want to share that information without being asked.
Existing locations could provide immediate cash flow, and stability and be a great training ground for you to open additional locations.
STEP #4 YOU
What are your skill sets?
What are you good at ?
Itâs important to align your skill sets to the business.
Can you handle your current lifestyle being disrupted because you own a business?
#5 System-
Can you follow a system? You are buying a franchise for the system and the process.
You have to follow the process.
If you are someone who doesnât like to be told what to do and do things your own way than a franchise probably isnât for you.
Make sure you are prepared to follow the system and talk to other franchise owners about their experience of how flexible and open minded the franchisor is about new ideas to help move the business forward.
#6 Franchise EXIT Strategy
Iâm a firm believe that you should be committed to what your doing but your exit strategy is really important.
![How to Franchise Your Business [7 Steps]](/img/n.gif)
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Iâm in a position that, Iâm well rounded in different aspects of life, and just working towards the dreams of someone else just isnât an option any longer
Boom. I think a lot of us can relate to that Freddy. Go get em!
Patient persistence commitment
Is 4% profit margin is enough for franchise business? Franchise fee 7.5% on turnover and average monthly sell 96000 euro per month , itâs a burger restaurant and reputation is healthy.
Great summary Tariq. The 'why' part is so often overlooked, but so important.
So true! Itâs the fuel that powers your âvehicleâ that gets you to your destination!
I just watched your other video, and now this one. It answered so many questions but now I have a lot to think about!
Glad it helped! Think and then DO!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Glad you are sharing all of this information. I hope you share how you made our first franchise profitable in the first few months. Some people want to be entrepreneurs and own franchises and think because they are in a system they will make money but that is not always the case. Thanks for sharing!
I will definitely be sharing that! That's very true, just because you buy a system doesn't mean it'll be successful.
The first one was about $300k to open brand new
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
@@TariqJohnson howâd you get the 300k ima 9-5 guy for big pharma studdy stock options to get my 300k not sure on the path to take but feel as I best just grind this
Just don't power trip and expect from your underlings unrealistic goals. I was a manager bullied by my franchise owner expecting me to clean, prep, and ready morning shift by 12 am. The drive through stayed open until 11:00: am. I worked by ten pm solo. I've had to test the alarm so many times 4:27
Tariq, great video! I liked how you started with the "WHY." I think a lot of people get caught up on the hype of wanting to own a business without really knowing WHY they're doing it.
Thanks Leo! Start with why!
this was extremely an extremely insightful video, thanks for the knowledge!!
My pleasure! Glad you enjoyed it. Make sure to grab my 7 step blueprint from my website if you havenât already.
Thanks allot bro you're the BEST ! and you have a special gift when it comes to choosing the right words to get your point across FANTASTIC !đ
Wow Charles, thanks so much for such genuine and kind feedback!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Thank you for making these videos. đđ»
My pleasure!
Great info on starting franchises. The exit strategy was one of our last items we discussed.
Thanks! Exit strategy is key.
Thanks so much for the insight Tariq, I will be reaching out after going through the links you added. Thanks for sharing again
My pleasure.
Very informative. Thank you.
My pleasure Brad.
Thank you so much! Wonderful video.
You're very welcome!
Great video. Thanks Tariq
My pleasure RC!
Thank you for this video..
My pleasure! I have a really awesome free virtual event coming up. Make sure you register! dreamlifemastery.com/
Thank you for this information
My pleasure! What are topics are you interested in learning about? Any specific franchise questions?
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great video. Thank you
You are welcome!
Thank you so much for this information
My pleasure!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great Video!
Thanks!
Very informative video, thanks
Glad it was helpful!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
This was very helpful information thank you
Youâre welcome
Hi Tariq
Great content always.
Would you like to do video on how to find location for FAST FOOD QSR?
Thanks
Thank you đđœ
My pleasure
This is absolutely nice
Thanks
Ask me your Franchise questions below!
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I also want to franchise so I can help those people living near in that branch location so they can ship them easily.
I wanna leave my kids everything
what franchise did you buy?
Sir, is there any income cap in a franchise for the owner?
Tariq any advice on a home inspection business?
Thanks for the info sir.. đđ đŻ
My pleasure!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Awesome video đ„
Thanks đ„
After vetting many franchise opportunities and doing a massive amount of research, I am starting a franchise. With that said, Tariq is spot on. Listen to this advice
Appreciate that vote of confidence Nathaniel đđŸ
How it going
Still halfway through, but thanks for sharing.
This Guy is a Champion!
Thanks so much man! Looks like you're on a roll watching all the videos. Great work!
I recently found an interest in possibly owning a franchise. I just turned 30 and I have had 2 jobs over the last 14 years (Pizza Hut and AT&T) in both companies I started from the frontlines and worked my way into leadership roles. I am now an area retail sales manager of and have gained experience in so much aspects of running a business from sales, marketing, coaching, leading people, operations, hiring/firing etc. I feel that my work ethic, leadership, integrity and passion for learning has helped me tremendously throughout my career. Iâm currently in the process of finding ways to gain funding to start a franchise, that I feel is the biggest barrier right now. Once I figure that out I am confident I can grow my selected business.
Awesome, you sound like you would make a great owner. I'm rooting for you!
I am thinking of owning a franchise. It has always been my dream to own my own business and so i thought franchising would be a great step rather than starting up a small business first.
Franchising is definitely a great way to attain your goal of business ownership through a proven system first! Then you can take what you learn and start your own thing!
I would like to become a pack and ship franchisee, I have never done this before. I am doing my research and I am also reaching out to other franchisees in the area not directly but maybe the next town over maybe I can network with them to understand what I am looking to get into. I 9bviously cannot quit my day job right now but I am willing to put in the time.
Really enjoyed your video
Glad you enjoyed it!
Quick favor to ask-
I need to interview 50 people that are looking into buying a franchise, or just trying to figure out how to transition from employee to full time entrepreneur.
Iâd like to set up a brief call to interview you.
If you are a yes, please send me an email at info@tariqjohnson.com and Iâll reply with the link to book directly on my calendar.
Good morning Mr Johnson I is subscribed and a close friend of mine owns a couple of franchises. Iâve never owned a business or anything of that nature but Iâm very interested in creating wealth that can be passed down through generations. I understand thereâs risk and honestly even some fear of it because Iâm new just trying to learn things but I want more! Iâm doing very well in the industry Iâm in as far as income but like I said I want residual income if possible.
Thanks for sharing! If you want to find out more about franchising, you can grab my free ebook -> www.buyaprofitablefranchise.com/o-optin
This is the 3rd sign I have had in 24 hrs about something I have wanted to do for years! I am an entrepreneur, author, speaker, actress, etc but I have a masters in Organizational management. I have had jobs that know my value, hired me for it and then resent me for it also. I do NOT want to work for anyone else and I had to be honest about that. I want something for my daughters, I want freedom, I want a business that is already established ( I am not trying to make changes). I need financial freedom and no stress.
Also I just requested your book and I am reading reading READING! I'm creating a binder with all the information and tips and I already have a location in mind
Hi Ty, that is awesome! I believe in you! I sent you an email FYI.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Hi Tariq, Iâm really enjoying your videos! I see that you have recommended using a franchise consultant. Do you recommend working with multiple consultants to access a larger inventory of franchises? I really like my consultant but Iâm worried I am missing out on franchises that might be a stronger fit.
Eh, depends. Unfortunately, not all consultants are created equal. Glad you are enjoying the content!
Iâm so happy I found this video. Iâm currently 18 in my senior year of highschool and want to become a financial advisor hopefully leading up to owning a franchise. Do you have any tips?
Very Cool Eli! I've been investment licensed for 13 years now- I was a Financial Advisor for many years. Get your intro series exam passed so that you can get into a firm. Serve your clients at the highest level and save and invest as much money as you possibly can, keep your expenses low, and do NOT fall into traps of buying fancy things to impress others.
Franchises typically require liquid assets, and net worth requirements. The more money you make, and then save and invest...the sooner you'll have the assets to buy a franchise. Best of luck to you!
Tariq Johnson thank you that helps more than you could even imagine
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
can could you make a video on what are the pros and cons in being a financial advisor ?
Nah, I'm sticking to franchises and owning a business. Probably a lot of content out there on that if you google it.
super helpful video and the printer making random noises was hilarious lol.
Out of over 100,000 views , and 3 years later- you are the only person to mention the printer! Lol
I thought it was hilarious too. đđœđ
@@TariqJohnson yeah I have a printer that also seemingly has its only life and hobbies that it randomly wakes up and makes a racket about so I know that reaction first hand đ€Ł
I dabbled in leadership by helping a team make a video game and ended up loving the freedom it brought me. I have ADHD and I direly want to set my own hours and not be in constant fear of being fired or having bosses overwork me and wrecking my mental health. Owning a franchise is an option I didn't know existed until recently and it seems to be a great fit, as I'm highly creative but nervous about starting something entirely on my own without any guidance. The issue is that I struggle with organization and prioritizing tasks properly. Are there franchises that can help me figure out a plan and/or organizational system to follow so I'm not stuck working all the details out all by myself? I'm also kind of a terrible salesperson because it feels manipulative and makes me uncomfortable, so would that be an issue?
Hi Lily, thanks for sharing your story. The short answer is yes. You would be an ideal candidate for a franchise.
They provide structure, and systems. You still have to be disciplined enough to execute on those systems.
You can hire sales people, and your role depends on the franchise.
I believe 100% there is a franchise out there that would be perfect for you.
I have a free franchise masterclass that you may find helpful. buyaprofitablefranchise.com/
I have a few questions tbh
1 what degrees help the most
2 do you manage the business
3 do you own a certain store or restaurant of the entire business when doing this and how much control over the location would i have?
I'm just a pre-teen who doesn't even have a job yet but still thanks for the advice.
Question
Hi Tariq, great video!
Could you tell me more about your experience in Franchisees losing money after acquiring a franchise, taking in the profits, then in 5 years say: selling said franchise. Thank you
Appreciate it
I am thinking about a new type of restaurants : eating-spots,
in eating-spots, food keeps changing, chefs also rotate,
this is opposed to current restaurants,
thanks to this rotation of food and chefs, eating-spots are more powerful than restaurants
along with that, there is an app,
people vote for the food that will be cooked in the next days
menu is influenced by the live input of the people via an app
Nice!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Stay away from current restaurants and franchise they are nothing but a bunch of scammers. I wish you well with your new company bit stay away from these crooks and preditor who are in the business of ripping you off. Do your own thing. Best wishes.
Very informative, Iâm going to college this year for a double concentration in finance and analytics and aiming for an MBA of course, any tips
Tips for what specifically? School, business, franchises, money?
@@TariqJohnson tips on franchises or what would be a more efficient way of allocating funds into the right places to grow
Iâm looking to start a franchise business to yes eventually leave my full time job. I have to cash flow rite now n I 2 years away from semi retirement. Iâm ready to do my own Family business.
Awesome!
Quick favor to ask-
I need to interview 50 people that are looking into buying a franchise, or just trying to figure out how to transition from employee to full time entrepreneur.
Iâd like to set up a brief call to interview you.
If you are down, please send me an email at info@tariqjohnson.com and Iâll reply with the link to book directly on my calendar.
Looking to buy my first franchise at 19
You got this!
Great content. Any potential franchise owner needs this information. What is your thoughts on Fitness Franchises like Anytime Fitness?
Anytime Fitness is a solid Franchise. The fitness franchise world has A LOT of competition, and a lot of the success will depend on if the owner would be active in the business, or relying on a manager to run it for them. The quicker you can get to break even and then profit with memberships then the more you've got a chance to succeed and thrive. Fitness franchises like most opportunities require a lot of front end work in acquiring members. Hope that helps!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great content Tariq! Would you advise against becoming a distributor for a franchise ? And if so, is it customary to pay a franchise fee to be a franchiseâs distributor only? Appreciate any guidance
Thank you
Dave
Interesting question. What do you mean by distributor?
@@TariqJohnson to distribute a manufacturer products
Love the content! I am looking to franchise a business, and I am communicating with the company now. There isnât another store in my area, so I am having difficulty trying to figure out a conservative number on what the franchise would make per month. How do you recommend coming up with that figure - or getting as close as possible, conservatively?
Have you spoken to other franchisees that arenât in your area? Also have you completed a pro-forma? The conjunction of those two things and local competitive analysis would get you close to an estimate.
thank you for your reply! No sir, I have not completed a pro-forma. I will be speaking with another franchise owner next week, so I am hoping to get some good intel there.
@@TariqJohnson
You definitely need to do a pro-forma. It's a key part.
Quick favor to ask-
I need to interview 50 people that are looking into buying a franchise, or just trying to figure out how to transition from employee to full time entrepreneur.
Iâd like to set up a brief call to interview you.
If you are a yes, please send me an email at info@tariqjohnson.com and Iâll reply with the link to book directly on my calendar.
@@TariqJohnson are you still looking for 50 people to interview?
Thanks Tariq for this video its very informative for beginners like me đŻ
My question is : what do you think about obtaining a government backed loan ( in Canada) to finance the franchise cost and fees ! I feel like I know the answer but taking my chances!!!
I really want to start my own franchise business and I know I will be successful.
Thanks for all your help,
Sarah
Hey Sara- glad to know you found the video helpful!
If you can secure a loan then go for it! As long as you aware of the risks you are taking and the consequences...I'm generally an advocate of people betting on themselves to create their business and financial future. Hit me up at info@tariqjohnson.com and I can help you.
@@TariqJohnson Will definitely do txs đđœ
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Hi thanks for the video! What are your thoughts on a start up company with 2 stores that have started franchising ?
Depends on the industry, financial history, brand, and how long those 2 stores have been in business. There will certainly be more risk with an un-established brand. It could also be a ground floor opportunity. You would need to do thorough due diligence before committing!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Hello Tariq,
I would like to know about the fundamentals of franchising.
Startup cost, operating cost, royalty, qualifying criteria, etc.
I hate fast food and restaurant jobs in general, but I hate working for others even more.
But I am 40 years old and I am sick of working for minimal wages.
I am thinking about a possible franchise.
But I kind of need to know the basics, costs, etc. Before I dive into it.
Thanks
There is a lot of basic info available with a simple google search. Way to much to breakdown here. Generally for a decent franchise you need to have at least $50k to your name.
Iâm 21 and still in college. So letâs say hypothetically, I started working after college and has saved up enough money for liquid assets after a few years. How does one actually start a franchise like where do I go? And do I need to go to school to keep one? Very informative video btw! :)
You just reach out to the franchise company that you are wanting to start through their website. That starts the conversation, and then you go from there.
How did it work out for you, over the last 2 years? @Otakuchan9657
This may be a stupid question.but I am.looking to franchise a buisness(checkers) in a new.lpcation
How much foot work do I need to do to get it running. As far as staffing and setting up a processing system .
hello tariq. this is edwin. i live in the dc area. i've been doing my homework. AI franchise opportunities. would it be a good idea?
i have faith youâll help me become a millionaire đ€ iâm subbed in
Woohoo! Cheers to that.
How do I choose the right franchise for me? How will I know I will receive a return and that it will be successful?
Can you use a payroll loan to pay ur employees like in a small business Or will buying a recognized business prevent you from qualifying?
How do you get in touch with the franchise to get the opportunity to franchise???
Depends on the franchise, but generally they have a website to submit your contact information. What franchise are you looking at?
after so many year having different job and business I START LOOKING INTO IT , it was good that Leo send you massage
?
Me and my Husband are in a good position and are looking into possibly buying a Franchise. Wanting to work for ourselves and build something for our kids to give them a steady life. I am seeing that there is so many different money factors involved. When buying a franchise we are responsible for paying for all construction and equipment and everything thing else?
Hi there- that is correct. You are generally responsible for all of the build out. Email me at info@tariqjohnson if you have more questions.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great video! Thank you so much for all this information. What are your thoughts on cinnaholic?
Thank you- First I've heard of that brand.
14:23 Can you please give a few examples of what not following the system looks like?
Franchisor says to spend 2.5% on local marketing, but someone doesn't because they are scared to invest the money. So in turn, because they don't follow the marketing systems, they don't generate the sales.
Or...
They feel like they want to start trying to add products or services that aren't apart of the franchise model and get distracted from actually executing on the core services.
Iâm 20 and want to never have to go back to a day job while I get my digital media degree and real estate invest on repeat đđœ all of this to support my financial freedom dreams and a family I plan to have in the future in 10 years
Awesome vision, and kudos for thinking about this at 20 years old!! Let's go!
I want to franchise a restaurant or simply setup my own steak and shake in my area in N.C. can you EXPOUND on what I should do to begin?
I got into detail here. czcams.com/video/oD7IIXaHFsg/video.html
Thanks for this. I was recently laid off and Iâm exploring buying a business or franchise rather than taking another job in a cubicle. A couple hurdles Iâm having are: finding businesses that allow at least partial absentee ownership and actual profitability numbers. I donât necessarily want to âbuy a jobâ as they say.
Hi Chris. Being laid off could be the biggest blessing that's ever happened to you. I'm sure it's not an easy position to be in, so my heart is with you. There are a number of franchises that allow absentee ownership, it's just a matter of finding them. Another tactic is to buy a franchise that requires an active owner, work the business full time for a year...learn it inside and out. Once you do then you can hire a manager and go back to work. You can then earn income off the franchise while earning a full time income in a job with benefits.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Wow thanks for giving us this valuable information tariq
@chillintm I was recently laid off and in the exact same spot you were in 3 years ago. It would be so helpful if you could share what you ended up learning and doing.
@@virajganglani6619in the same boat and would also love an update.
Hi, I'm 22 years old and I'm thinking of buying a video game franchise in the future. I love playing video games and have been playing at a very young age. There has always been a specific franchise that I have been a fan of but unfortunately has not been receiving the love the franchise deserves. Although it hasn't done good in years, I would like to purchase it and develop a new game because I believe it has so much potential. How do I get more information about the process I would need to undergo. Thank you for taking time to read this.
Hi there- are you talking about a retail franchise? I'd be cautious about that- as you would be go against the trend. The retail model for video games is dying...in my opinion from what I've observed.
Buying a franchise that resales games, would not offer you the opportunity to create your own game.
Other than those comments- reach out to the franchisor and get more information.
Hey Mr.Johnson, may I please get your thoughts of owning a franchise after high school?
If you have the financial resources and believe you have the hustle, and knowledge to be successful - then go for it!
When starting a new franchise do you have to provide real estate and building plans. And how do you know if there is an existing location available if you donât want to go through the trouble. Thank you
You buy the franchise first and then find the real estate, and then when you have a lease secured, hire an architect for the plans.
You can ask the franchisor if there are any existing locations for sale. They don't always know. Sometimes the franchisees list them for sale without telling the franchisor.
What advice would you give us on coffee franchise? My and i want to have franchise cafe shop in my country. One of the franchisors we are negotiating has no any location in the country that we are planned to open the coffee.
Iâd personally rather go with a concept that has already been proven in my country- not a new one. Too speculative for my risk tolerance.
What do you think of a beauty boutique that specializes in facials? Interested in skoah, please let me know what you think. They have a membership model and also a product line . Please let me know what you think .
Hey Taruna, hit me up at info@tariqjohnson.com , happy to share my thoughts.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Hello what about people from the UK? Can US franchise be purchased by someone in the UK,
As someone who has no saving, TERRIBLE credit, no idea of the complexity franchise. But someone with an aspiration. A goal. How does one start?
Net worth is 100$ lol the company I seek to franchise has a âinitialâ start cost of 170k but it depends on many factors so it can go upwards to 250k-300
1.How do you know if an existing franchise is selling? --- 2. Would this be something good to do with inherited money?
You can find businesses for sale at a website like bizbuysell, if it's not listed there you would often need to find out through word of mouth. Inherited money is certainly an option, just make sure you aren't taking a unnecessary risk and being reckless because it wasn't money that you had before.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
I'm really interested in courting a local company to partner with in opening another location. I currently sell my baked goods from my home kitchen but would like a more consistent business with a store front. This would be a win/win as I've personally been a customer of theirs for years now, love their culture & believe in their company. Their products also very much so compliment my personal business. What are the best questions to ask? What should I expect to ask for? Fee? Startup, etc? they do renown themselves for local community which is an appeal my business would add to that uniqueness. THANK YOU for any/all advice. I'm so nervous lol
Are they a franchise or a mom and pop?
Love your information very helpful!
I'm in the middle of negotiation a deal on a pre existing franchises in a stvr. Now I know the short term rentals business and been working in it for past 7 years however it's still nerve raking and hoping I'm making the right choise .
My question is any idea if borrowing from SBA loan would be a good way to go as I cannot give the down payment they are asking. Or is this a mistake đŹ
Without knowing the specifics of your situation, and the business youâre looking at, itâs financials etc I canât answer that with any accuracy.
Most people put 10% down and SBA loan the rest for profitable resales.
Thank you appreciate @@TariqJohnson
My biggest question is this: How large is the time commitment in owning a franchise such as a 7/11, Carls Jr., or SubWay?
The time commitment is as much as you decide to put in. You can what is called in the industry as "absentee". That means you're not actively involved in the operations. The consequence is you aren't aware of what is actually happening in the business on a day to day basis (employee issues, customer complaints, theft, etc). Also, The less you do, the more you have to hire people to do and the lower your margins are.
In all of those businesses you mention, 7/11, Carls Jr, Subway, you could be completely absentee at some point- your margins, and customer service could suffer. Oh and 7/11 and Carls Jr require some serious cash to buy one.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Currently looking at becoming a State Farm agent. Do you have any input? Of course, I have concerns on the financial side of things or not being profitable.
That's not my area of expertise.
I want to get a franchise but Iâm not sure where to start I do have about 25,000 but I just donât know if I have enough to start.
There are a few franchises that you get into at that range. Overall my recommendation is to have at least $50k before you start, but have had clients get in with $25k saved up.
If you want my help, check this out.
www.tariqjohnson.com/consulting
How long do you think is the ROI? I'm thinking of Franchising a juice bar too. There all doing about 600k -800k+ a year. I'm worried that if I need a loan and how long is the license for. Will I even come out neutral or profitable on the end. What protects me as a franchisee? When the contract basically says they can take it away and stuff etc
Phew deep questions there. I can't dive into them in depth on here, but if you want help/coaching - reach out to my team and we'll see if we can help ya. www.tariqjohnson.com/consulting
Just retired from my job as secretary and we owned a beauty supply but we sold the beauty supply cause of the pandemic. Which business is best to invest in?
Congrats on retiring! There is no âbestâ business to invest in. Whatâs best for YOU depends on your skills, goals, life situation, etc. There are over 4,000 franchisors and itâs not a one size fits all approach. đ
If you want guidance specific to your situation you can reach out here.
www.tariqjohnson.com/consulting
Is there a way around not having the net worth required?
My wife is really interested in buying a Pelicanâs Snowball franchise, here in Atlanta. She is fixing her credit right now. Should she wait until her credit is better before she submits an application? How high do you think her credit needs to be?
Credit is only one part, does she meet the financial requirements? Without good credit? How will you fund the business?
Hello Tariq, I was wondering if there was a way to get on a call so I could ask some questions regarding buying a franchise.
Hey Alejandro, you can schedule a free call with our team here www.franchiseempire.com/find-a-franchise
What training or education should you have to buy into a franchise?
I have a product that can becomes franchise business⊠how do you can help me?
So I wanna start a cleaning company but idk if I should start one for the ground or join a franchise
I don't know much about you or your situation to answer that. People join franchises for the proven system and support.
Iâd like to open a Dunkinâ what would my net worth have to be roughly to open a new location in a suburbial area just outside of the city
$500k net worth
How do you value an existing franchise. Iâm considering buying it from the current owner thatâs been in business for 16 years.
Zack there are a few different ways to value a business. The most commonly used is a multiple of the net income (profits). An example is 2-4x earnings. So if a business profits $50,000 a year, it might sell for $100-$200k. There a lot of other nuances that affect it.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Hey Tarek I have a franchise company just starting off we have 9 locations do you have any insight on how I can ach royalties from franchisee instead of waiting for checks to be mailed
I donât- but Iâm sure there are many services providers that can do that.
Hello my name is Will. I donât have the money or experience in this area but, I would like to pitch the idea of owning a Walmart in the county where I live. The area doesnât have any franchises of any kind in the county. The good thing is that the county has money and is a great location to place a Walmart. It connects three major counties but this particular county doesnât have what the other two have which is a Walmart. So everyone in the county has to travel to get what they need. I know it would be a huge profit! So my question is, How do I pitch the idea to Walmart to that the area where I live would be a major profit by opening in this area.
Walmart is corporate- they don't franchise from what I know of them.
I am an educator, things are going south across the nation, therefore I want out. I want something that will put me in the best position to bring in a better income for all the work that I do. I want to be financially stable and love what I do. Is this the wrong reason to pursue?
Hello Tariq, I'm a small business owner yet at the beginning and I want to open a franchise (beauty) pretty unique for a solid extra income. I know the risks of course but the franchise costs below 50k. What do you advise me?
I don't know enough to advise you. I have clients that I work with 1 on1 and do provide them advice. You can apply for my coaching program here- www.tariqjohnson.com/consulting
Is it a good idea to pause my college studies to save some money and start buying and running a franchise by myself
I don't know- I don't know anything about you.
can it be managed like a side hustle ?
I want to leave my full time job and open cleaning franchise business and becomes big company can help people for jobs.thanks
You got this!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
What is your product or your selling point
I am about to put my first portion of money down on a franchise that exists overseas, they want to expand worldwide. I live in Florida, the franchise started in Dubai. I'm pretty sure it's legit, they have a huge tiktok following, people testing their product, etc. The total cost is $40,000 for a kiosk that would go in a mall. I am lucky to have recently purchased a home in Florida, my equity is off the hook right now. Would you recommend I refinance my home and use my equity or take out a business loan in order to start this up? Thank you.
Be careful taking an overseas model to the U.S. - Not a fan of kiosks personally. Mall traffic continues to decrease with online shopping.
Refinancing is expensive- especially with interest rates going higher and closing costs. Iâd rather do a HELOC. Canât say itâs for a business. Most people say home improvement.
Business loan could be difficult with an emerging concept.
Do you have advice on how to be a franchisor and the costs?
Yes we do! Book a Call with my team and they will be able to provide you a custom strategy. -> www.buyaprofitablefranchise.com/o-booking
@@TariqJohnson Iâm based in Australia though. Would it be relevant?