I opened mine, then moved to another state. I’d highly recommend NOT owning a business in a different state than where you live unless you have an operating partner managing the day to day.
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!
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
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!
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.
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.
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.
@@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!
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.
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/
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 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-9TzSKPtCFt8.html
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.
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.
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
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