How to Buy A Franchise [2023] EASY 9 Step Guide
ฝัง
- เผยแพร่เมื่อ 28 ก.ค. 2024
- In this video I explain How to Buy A Franchise in 9 EASY Steps. Buying a Franchise is a scary decision. This will simplifying the process of Owning A Franchise Business.
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Start a business
Own my own business
Start a business with no money
Career transition
quit my job 2021
career transition 2021
Start a business 2021
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When to quit your job
Leave your job
work for yourself
gary vee
#franchise #entrepreneur #startabusiness
#1 Make Sure a Franchise is Right for You
#2 Research Franchises
#3 Start Application Process
#4 Get the FDD
#5 (?)
#6Discovery Day
#7Get Funding
#8Sign Franchise Agreement
#9Find Your Location and Get Open!
My wife and i are working at a union company bringing in 8.500 a month and annual income of 102,400 estimate before taxes a year. So my goal is to save up and buy our own franchise and/or a business, like a Mexican restaurant or something and of course expand. After all our monthly bills we will have 6k left, so I'm thinking saving 5k a month and within 6 months we will have 30k in savings so i know its possible if i set my mind to gaining all the knowledge. 🎉😊 Goals goals goals
I pray that you and your wife achieve yall goals!!!🎉🎉🎉🎉🎉🎉
@@Ayo-zz6gq thank you 🙏🙏🙏😁🎊
Heck yea! I love the intentionality, and specificity. I'm rooting for you!
Great information
Glad it was helpful!
Really helpful .. hopefully I’m able to get myself my own franchise
Glad it was helpful- why are you just hoping?
I subscribe your video it was very clear and educationally
Glad you got value!
Thanks
No problem!
Hi Tariq I am so glad youtube recommended you. It's like they read my mind. I am a service connect disabled war time vet. Who also happens to be an American female of African descent. I would like to bring a franchise to my city for a couple of reasons. 1) The are very few 'hole in the wall' level eateries in this area that specialize in the chain I want to bring. The 4 locally owned spots, are open when the feel like, inconsistant in food and operation, and the food is subpar. Where do I even begin to start? I've been on the SBA and SCORE websites, but I've gonna overwhelmed with all the information they offer. Any advice on where to begin would be greatly appreciated. Thank you and stay blessed
Hi there. Thank you for your service to our country.
Where to start depends on where you are now in the process....
Have you narrowed down on a franchise? If so , reach out to the franchisor.
If not, you need to narrow down on a franchise.
In terms of funding, you'll need 20% down for SBA. So if it's $300k to get the location open, you need to put in $60k.
You also need to make sure you meet the net worth requirements for what you want to open.
I have a free franchise masterclass you can watch here www.buyaprofitablefranchise.com/
Best of luck!
Just discovered your channel. Your videos are incredibly informative. Was wondering if you could share some information on what the franchisee/ franchisor relationship is like? How does it differ from a typical managerial relationship? How much oversight is there compared to starting your own business?
Jayson it just depends on the Franchisor and the Franchisee. The Franchisor never hassled me- they were there to provide support as they got a 7% royalty on all my sales. They had a vested interest in my success. There are some frachisors that are super strict enforce all kinds of rules, and will screw people over. What franchises are you interested in?
@@TariqJohnson I haven't narrowed down the options to specific franchises, but some industries I'm interested in would be in-home senior care and damage recovery. Food service as well but not a full restaurant, something similar to your juice bars could be a contender.
That sounds great man. Overall during the due diligence process- it's a great question to ask the existing franchise owners. How has their experience been with the franchisor? Ask a solid bunch of them, and you'll get a good sense. Hit me up at info@tariqjohnson.com if you have more questions or want my help!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Watched your videos they dope bro, I want to own or open a Chik Fil A in a nearby city. Just trying to figure out the process
Thanks man! Chik Fil A is one of the hardest to land- but anything is possible, I'm a firm believer in that. Go to their website and submit a Franchise inquiry...that's step #1
What are your thoughts about going back to school? Necessary?
Not at all- not to running a business. Get the specialized business knowledge you need through books, courses, etc.
Hey Tariq, very informative video. I live here in Canada, I know the franchise I want to purchase and I qualify all their requirements. I need help to evaluate the business to determine if it'll be actually worth it. The franchisor is quite new but they have major attraction points. Do you offer any services to help me evaluate the franchisor. Any help is appreciated.
Hi Osama, nice to connect. I may be able to help. Please fill out your information here www.tariqjohnson.com/consulting
What happened to #6? Hopefully, it was approval. I own a franchise and I just got approved to purchase another. After discovery day, they let you know if you are approved or not.
Guess I had a brain fart there...approval is an important part!
Good Overview - but what happened to #6?
Operator error Matt 😬. Good Catch. Was hoping no one would notice.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Tariq, based on your experiences. Its more profitable to invest in a franchise with a proven system that works or use that same money I would in a franchise and put it towards my own juice bar business?
Next question: I know to keep a successful franchise depends on me and my team. However, how long did it take to see your ROI in one franchise?
If you don’t have a track record running a successful business , I think a franchise gives you the best shot to win.
My first franchise we got profitable in 2 months.
I commented on another video but I’m 20 and I’m very much interested in owning a wing stop in my home town. I feel that it would be highly profitable. I’m seeking help on how to get my dream started
What's up again. You are doing the right thing by watching these videos. If you've grabbed and READ my Blueprint and already completed the activities...hit me up info@tariqjohnson.com. Or hit me up when you've done it.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
What questions do you have about franchising?
Also don't forget to grab my Blueprint to Busines Profits in 60 days!!! It's Free ya'll. www.tariqjohnson.com/
How to have a shein franchise
Please I need the link to the book of step by step on how you make business profitable
If you want to find out more about franchising, you can grab my free ebook -> www.buyaprofitablefranchise.com/o-optin
Can I get the FDD before applying for the application?
You typically need to have a call or two with the franchisor, and then they'll send it to you.
The initial fee isn't that bad for me.. I can swing 100-200k.. The issue is the networth.. My networth isn't to the 300k to 750k plus.. That seems to be the biggest hurdle for me.
What franchise (s) are you looking at? Have you talked to them about it?
@@TariqJohnson I haven't talked to them yet since their initial requirements disqualify me.. I was looking into Papa John's or domino's.
You never know until you try. I'd rather get rejected than not try at all. Also- they may be more open to it if you buy an existing location.
@@TariqJohnson This makes sense! No reason not to go for it! I'll have to find one that will allow for an absentee owner... Many have required I work there full time, which makes no sense for my investment strategy.. Great video!
You lost me at step 3, don’t have 300k just lying around, thought I could get started through a process to build or a loan or something.
You’ll find this video helpful then, how to buy one without you having the money.
How to Buy a Franchise With No Money Down
th-cam.com/video/9TzSKPtCFt8/w-d-xo.html
My opinion * I rather get rid of another slave masters whip and work for myself then work with countless slave masters .
What ever you do in this world in this country you wil always be working for someone directly or indirectly, just think how deep this system works . What's charged these time is that earlier people pays tax to kings and now we pay it to the government!
That's an interesting reply. Are suggesting franchising is a slave master? I was able to open up my business, run it, hire my own team and get my ownership of my time and then I sold the business and cashed out.
Didn't feel like slavery to me.