Aug 27, 2024
In this episode, we discuss buying a franchise with Josh Dubois. Most people consider business ownership to replace income or build generational wealth. Franchising fast-tracks starting a business by providing systems and resources. Josh recommends exploring options over 1-2 months without pressure to decide. He outlines the process of researching franchises, speaking with owners, reviewing financials, and managing expectations. We emphasize having a strong "why" and taking extreme ownership as a franchisee. Success requires being known in the community, following the playbook, and having a positive attitude.
Josh's father transitioned from long hours in the restaurant industry to owning a dry cleaning franchise, which allowed him to attend Josh's games and eventually become a CEO. This lifestyle change inspired Josh to pursue business ownership before becoming a franchise broker to help others without promoting any specific franchise. He lives by "conquer the mind" – being conscious and positive to manifest goals.
Timestamps:
02:05 Why pick franchising over starting your own business?
04:58 Lifestyle and legacy in franchising
10:14 Lifestyle freedom in franchising
12:09 The buying process and common mistakes
17:08 Getting started and being successful
19:41 Managing expectations between franchisor and franchisee
21:22 Taking extreme ownership
23:23 Tips, tricks, and hacks for buying a franchise
25:00 You don't need to decide today
Key Takeaways:
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Spend 1-2 months exploring franchise options to make an informed choice.
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Research thoroughly: talk to owners and review financials.
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A strong "why" drives motivation and focus.
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Extreme ownership means fully committing to the franchise’s success.
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Being known in your community benefits your business.
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Follow the franchise's systems and guidelines.
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Maintain a positive attitude to overcome challenges.
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Personal experiences can inspire and guide business decisions.
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Hands-on ownership experience helps in advising others.
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A positive mindset, or "conquer the mind," is crucial for achieving goals.
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