Why Franchises Are a Huge Trend in Industries that Book Clients
Booked Solid Podcast Episode 6 with Steve Beagelman
Steve Beagelman started in the franchise industry when his family franchised their family business. He started working on his family franchise from his college dorm room and fell in love with the business model. Now in 2023 franchises are a huge trend in businesses that book clients and Steve has some ideas why. In this episode you will learn why franchising can be a great model for this sector.
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Full Interview Transcript:
PocketSuite:
Thank you again for joining us on the Booked Solid Podcast, the place for anyone with clients, and we have a fantastic episode planned for you today. A very special guest, Steve Beagelman. He is the founder of SMB Franchise Advisors. He writes for Forbes. He does a lot of speaking and what he speaks about is how small businesses turn into big franchises and really live the American dream. And if this is an area where I think a lot of people in service-based businesses are curious about, or at least that’s what we’ve been hearing. So we’re excited to have you on today Steve. Thank you for joining us.
Steve Beagelman:
Hi Hansa, how are you today?
PocketSuite:
Really, really good. I was wondering if I could just, if we could start at the very, very beginning. What is a franchise exactly? It’s something that I feel like, I know McDonald’s is a franchise, but I feel like it’s actually, it’s something that’s a lot bigger than that in a lot of ways.
Steve Beagelman:
It is. Franchising’s a huge industry and people don’t realize that. I mean, there’s over 800,000 franchises out there in 400 plus industries, so people don’t realize that. People think that it’s just like you said, McDonald’s or Dunkin’ Donuts, but it’s way more than that. And franchising really is an opportunity for you as a business owner to share your product or service with a much wider audience. Right. And it allows you to utilize other people’s capital to grow your business, to take your little business that you’ve opened and operated in one location or one geographic territory as a home services business and really expanded to other people in other markets and have people who are passionate about the business operate that business in local communities across the country.
And franchising really is a huge industry. I mean, the International Franchise Association is a very large organization that kind of helps the industry grow. And I’ve been in the industry now for over 35 years. And like I said, I mean there’s over 800,000 different franchise locations out there across the country and over 400 different industries. Not brands but industries. I mean there are thousands of franchise brands.
PocketSuite:
How did you get your start in the franchise world?
Steve Beagelman:
Well, I got started in the industry over 35 years ago, Hansa. My family got me into this business. So my parents started a little packaging and shipping store in 1986 in Long Island, New York. And just as we were kind of talking about, one day somebody walked in and said, wow, this is a really neat idea. Have you ever thought of franchising? And my dad said, I don’t really know anything about franchising. I think McDonald’s is a franchise. And the person said, you’re right. They are a franchise and they have 10,000 stores. And my dad said, okay, who are you? And the person said, I’m a franchise attorney and I can teach you about franchising and one day you can have 5, 10, 50, 100 of these. And my dad said, so I’m listening, tell me a little bit more. And he said, well, people pay you an upfront franchise fee to use the rights to your name, your system, your process and your training, and then they pay you an ongoing royalty on their gross sales typically.
And my dad said, you mean on their profit, right? And he said, no, you typically receive it on their gross sales. You don’t necessarily know what the profit’s going to be. Some people have three cars on the business and a boat and other people run it lean and mean. So you typically get paid on the gross sales of the business. So it sounded very intriguing. Other people operate the business in their local communities. You don’t have to build the location, you don’t have to staff it, you don’t have to run it. And one thing led to another, and we did franchise the business. And I was a kid back then and I decided I was very interested in business at a young age. So I asked my dad if I could intern for the vice president of franchise sales that he had hired to sell franchises.
And as a junior and senior in high school, I did that. I went from high school in a pair of khakis and a polo shirt like I’m wearing now. And I would go to the corporate office after high school and I would sit next to the vice president of sales and watch him meet potential franchisees and learn everything about franchising. And I just thought it was the coolest thing. So when I graduated high school, I said to my dad, I know what I want to do. And he said, great, what’s that? And I said, I want to sell franchisees. And he said, you’re 18 years old, you can’t do that. And I said, sure I can. I’m 18, but I look 23, which when you’re 18, you look 23. It’s really good. It’s tough when you get older and you look older. But anyway, I said I could do this, and I convinced them to let me do it.
And as an 18, 19 year old kid while going to college, I spend the weekends doing franchise shows across the country and go back to my college dorm room with 100 or 200 leads of potential franchisees. And I would call them from my dorm room at night, which you couldn’t do today because of caller ID, but they didn’t have it back then. And I sold franchises. I was selling one or two franchises every month and I loved it. I thought franchising was a great business. So in 1991, I decided to start my own business. So I created what you know as today is the food delivery industry. So you made,
PocketSuite:
Hold on, back up one second. What does selling a franchise mean exactly?
Steve Beagelman:
Yeah, so awarding a franchise, bringing a new person into the business to open the business in their community. Right. So somebody who’s,
PocketSuite:
Basically you’re selling the idea of buying into someone’s franchise concept.
Steve Beagelman:
Correct. Correct. So I was the franchise salesperson for my parents’ business at the time, and I would talk to people who are interested in owning their own business in that community of their concept, so opening their own packaging and shipping store of our brand in that community.
PocketSuite:
So give me the pitch. Why would I, as someone thinking about starting my own business, want to buy your franchise?
Steve Beagelman:
Yeah. So whatever the franchise is, typically a franchise is a proven concept. Right. It’s a proven business model. And most people that want to open their own business or become franchisees, they want to follow a proven business model. They’re not looking to invent their own concept. So whether it’s when I was a part of Rita’s Italian Ice or my food delivery concept that I started in the early 90s, or any of the 450 plus brands that we’ve launched into franchising with our consulting business, people want to follow that proven business model. They’re looking to be entrepreneurs but not on their own. Right. I mean, if they wanted to go create their own concept, they would try and do that on their own. But most people don’t know how. How do I perfect the ordering system? How do I perfect the staffing? How do I perfect the marketing? How do I perfect the customer service?
And people become franchisees in businesses because they want to follow a proven business model. And whether that’s for an emerging brand or a existing brand, that’s a large, large brand that’s been around for decades. We’ve done work for companies like Lawn Doctrine, Bath Fitter and companies like that, that are great service brands that have been around for decades and decades that people want to be a part of. So you could be part of an emerging brand or you could be part of a legacy brand that’s been around a long, long time if you want to be a franchisee.
PocketSuite:
Right. So you get, basically the pitch is, I would get all the benefits of being the boss, having my own business, but I don’t have to go through the chaos and the frustration of figuring out what works and what doesn’t by myself.
Steve Beagelman:
That’s exactly right. That’s exactly right. So you’re following that proven business model because you want to be an entrepreneur, you’ve decided for whatever reason, you’re tired of being in corporate America. You’ve been a stay at home parent for a while and now you want to go back into the workforce but don’t want to go work. You want to own your own business in a community that you know and love, but you don’t want to create it, whether it’s a subs sandwich shop, whether it’s a full service restaurant, whether it’s a home service business, any of those brands. It could be a pet business, childcare, whatever it is, but you don’t want to go create it because you may not know it.
So that’s kind of what a franchise really is. It’s following that proven system and getting the opportunity to have that support staff at the corporate office where you pick up the phone and you can make a phone call and they’re going to guide you through it. They’re going to help you with the suppliers, they’re going to help you with the products, they’re going to help you with staffing issues, they’re going to guide you every step of the way. They’re not running the business for you. That’s your job locally in your community as a franchisee, but they’re going to be there for you as a support staff. And that’s what franchising is.
PocketSuite:
And what do you give up to be in a franchise? Obviously some of the profits, maybe you can say a little bit about, typically about what that is. And do you have a big brother looking over your shoulder all the time? How does that part work?
Steve Beagelman:
Yeah, people ask that question a lot. So you are going to pay what’s called an upfront franchise fee for the rights to use the name, the system, the process and the training as I mentioned earlier. And then you’re going to pay an ongoing royalty. Typically, that is on gross sales. Sometimes it’s a flat fee, but typically it’s on gross sales on the business. So you are going to give something up for that ongoing support. But I will tell you Hansa, that in a lot of cases people get passionate about a particular brand that they want to be a part of, and they may be passionate about that industry, but they don’t know how to operate the business, they don’t know how to set it up. So we have businesses like some of the businesses we have in the pet care industry, there’s no way that the franchise owners would’ve known how to set up a luxury dog hotel on their own, just no way without joining the system that they did of canine resorts, or luxury pet hotel.
So they gave them the tools to become successful and set up that facility that they wouldn’t be able to do on their own. And early on, especially the first year or two, that’s when you’re going to need the franchisor the most for support because you’re getting your business off the ground and you’re still learning the business yourself. So even though you’re going to go through a training program with the franchisor, you’re not going to know everything inside and out by the end of training. So you are going to have questions along the way. Now when you’re in your seventh year and your eighth year and your 10th year, you’re not going to have as many questions as you do in the first couple years, but that’s what franchise is.
PocketSuite:
So basically, when you were in your dorm room selling franchises, you weren’t necessarily looking for people who are experts in packaged stores already. You were saying, Hey, you want to start a business? I got this lead, I have a great business. We’ll show you the ropes. You don’t have to be an expert in order to open up the next family package store of yours.
Steve Beagelman:
Yeah, exactly. Whether it’s my parents’ packaging business or any of the brands that we’ve been a part of, people get passionate about, I want to own my own business, I’m excited, but I don’t know what I want to do. And they could research on the internet, they can go to a franchise trade show like I used to do years ago, and there still are some of those franchise trade shows throughout the country in certain markets throughout the year. And they could walk the floors and say, I’m not sure what I want to do. I think I want to own Dunkin’ Donuts. But then they walk through the franchise show and they’re like, you know what? I really like this sub shop, or I really like this home service brand. I don’t need brick and mortar.
So a lot of people don’t know what they want and they want to learn, and that’s what they can do by again, searching on the internet, going to trade shows, working with what’s called franchise brokers out there. There’s lots of different ways that they can kind of research. What are you looking for? Are you looking for a part-time business, a full-time business? Are you looking to do something absentee, semi absentee? There’s all these different opportunities in franchising now that people can look at if they want to become a franchisee.
PocketSuite:
Really cool. And let’s look at it from the other angle now. Obviously we have a lot of people in the service industry and all kinds of different places of people with clients who have come up with winning concepts, maybe have a first location that’s doing great and have opened up a second location. Why go the franchise road rather than own all your stores, control everything that goes on, just have a multi-location business? What’s your pitch to that successful business owner who has a proven concept to look into franchises rather than some of the other roads to growth?
Steve Beagelman:
Yeah, I think that when you’re a small business owner and you’ve built your business, whether it’s a $500,000 business, million dollar business, $2 million business, there’s nothing wrong with taking that business and continuing to grow it organically yourself. So if you’re servicing a market in Greater Philadelphia where you and I are based and you want to grow and you take it into the suburbs and you grow it maybe from the suburbs in around Philadelphia and you grow it out to Lehigh Valley, that’s great. You can keep growing your business organically and that’s terrific. There’s nothing wrong with that strategy, but if you want your brand to become much bigger and you want to see your brand in Boston and you want to see your brand in Long Island, New York, and you want to see your brand in Miami, Florida and you want to see your brand in Houston, Texas, you just can’t do it fast enough on your own.
It’s just so hard to grow organically yourself at a national level at a big, big scale. And again, do you want to build a business from a million dollars to two or three million? That’s amazing. But if you want to build it from a million dollars to a 50 or $100 million company, it’s just too hard to do on your own. And you need lots and lots of capital, you need lots and lots of staffing, you need a corporate infrastructure that’s pretty significant and management team to be able to manage that. And it just becomes challenging for people. So again, there’s nothing wrong with taking your half a million or million dollar business and continuing to grow it yourself. That’s awesome. And if you’re satisfied with that, that’s a great plan. But if you want to take something and build something into a major company, and we’ve had clients of ours that have grown from one location, literally a home service business in his parents’ dining room table to now 300 markets across the country.
He could never have done that himself organically. Franchising allowed him to do that, where now he’s in Denver, Colorado and Houston, Texas and LA when he started in Long Island, New York. A brand that fixes exercise equipment, we helped franchise in Greater Philadelphia and Don had a really nice business but wanted to expand it. Well, today, Don’s in over 100 markets across the country. Could never have done that organically himself, certainly not in the same time period that he was able to do it with franchising. Franchising allows you to grow much faster than you can typically on your own, typically, not always but typically.
PocketSuite:
What did you say this fitness business name was again?
Steve Beagelman:
Fitness Machine Technicians. They repair exercise equipment. So when your treadmill breaks at home, who do you call?
PocketSuite:
Yeah. Yeah. Yeah.
Steve Beagelman:
My treadmill sat in my basement as a dust collector for a few years until I met Don at Fitness Machine Technicians. He said, that’s what we do, Steve. And they came in, they fix my treadmill. $150 later, I was using it again. They also go into the Courtyard Marriott and fix the treadmill. They also go into Temple University, they also go into the gyms, Planet Fitness and they fix the ellipticals and all those things. And today the brand is over 100 markets across the country and actually did a private equity transaction last June. So super exciting and Don will tell you, the founder, Don Powers, that he was able to fulfill his American dream by expanding his business across the country, which he never could have done on his own. Was it hard work? You bet it was. Absolutely.
PocketSuite:
Yeah.
Steve Beagelman:
Franchising is not easy.
PocketSuite:
We have appliance and machine repair people on PocketSuite. It’s a great business because you have to really specialize in a particular kind of repair and when people need you, they need you.
Steve Beagelman:
Yeah.
PocketSuite:
So what it sounds like is opening a shop in Philly and then maybe Delaware, Bucks County, you can grow a good business, but there’s just another amount of leverage when people in other states maybe like Texas are buying in. Like you don’t have to put out the money to open a new location, hire staff yourself because the person who’s buying into your franchise is doing all that. So you can just get this leverage of scale so much faster than you could ever hope to do on your own investing that much in all these locations.
Steve Beagelman:
Exactly. And again, there’s nothing wrong with either strategy, it’s just what’s right for you. Some people find that franchising isn’t the right strategy because they want to control everything. So that is the other aspect that’s important Hansa, is you will give up an element of control when you do franchise your business. So franchisees have to follow your proven strategy, but you have to understand that the employees work for the franchisee, they don’t work for you. So you can’t walk into a franchise location and start telling all the employees what to do. Okay. If there’s something that’s not being operated correctly when you go check up on the operation because you have the right to do that as the franchisor you get to tell the franchisee, listen, these things aren’t up to the standard. This needs to be adjusted, et cetera, et cetera. But you can’t start directing the employees what to do. The employees work for the franchisee. So there is that,
PocketSuite:
Hopefully,
Steve Beagelman:
Element of control.
PocketSuite:
We want to see you succeed and really think you should make these shifts in order to stay true to the proven concept,
Steve Beagelman:
Absolutely.
PocketSuite:
Rather than a contiguous power struggle.
Steve Beagelman:
Franchising is all about them becoming successful Hansa. There’s no doubt about it. You need your franchisees to make money. That’s what franchising’s all about.
PocketSuite:
It sounds like a real relationship business. If you’re good at partnering with people, this is a great way to go.
Steve Beagelman:
The tagline of my company, Hansa, is it’s all about the relationship and that is what franchising is all about. You’re absolutely right.
PocketSuite:
That’s really cool. You wrote an article in Forbes kind of wrapping up the year 2022, and you said that some big growth areas in franchises are not what you typically think of as like the McDonald’s and the fast casual restaurants, but in places like home improvement concepts, personal services, pet related businesses, education, these are all kind of service-based businesses. And I was wondering if you had any highlights from any of those areas that you could talk about?
Steve Beagelman:
Sure. I talked about two of them just now in the fitness area, GYMGUYZ, which is a mobile personal trainer that goes to your home. I mean, Josh started it in his parents’ dining room table and now is in 300 plus markets across the country and they go to your house and do personal training. So when you say to, oh, it’s snowing outside, I’m not going to go to the gym today. Well don’t worry, they’re coming to you and they have all the equipment in their vehicle. It’s a pretty neat concept. Or fitness machine technicians where they go and repair the equipment. Absolutely. Home improvement, great category. We have a concept called renovation sales. They literally go into your home and renovate your kitchen or your bathroom prior to sale. So a realtor or say to you, Hansa, listen, I think your house is worth $500,000 when you’re going to sell your house.
However, if you redo that kitchen, I can get you 650 and it’s going to cost you $25,000 to renew it or to renovate it. So this company will come in and do the renovations of that kitchen for you and then the realtor can sell it for the $650,000 for it. So they’re growing in leaps and bounds. I think they’re well over 50 franchise territories in the past year plus of franchising. They’re growing very rapidly. Handyman services, anything that goes into your house and fixes things and comes in, especially the last couple years during COVID, people are doing so much work at home.
So Ace Handyman and so many other handyman services, businesses are just growing in leaps and bounds. The closet industry and renovations of your garages, things of that nature are growing like crazy. So all of these businesses and then pets, pets are off the chart, whether it’s dog walking or coming into your backyard and picking up the dosa scoops and picking up your yard. All of those businesses growing very, very rapidly. So home services, businesses where you don’t need brick and mortar, those types of concepts are growing very, very fast in the franchise community and we don’t see any reason to see that they’re going to slow down.
PocketSuite:
And why do you think that is? Why are these service-based businesses suddenly really discovering the franchise way when it wasn’t as big in these areas before?
Steve Beagelman:
I think part of it is cost. So you can get into these businesses for less money than it’s going to cost typically for a brick and mortar business. That’s one. Second reason is you can get into the business much faster. So if you need to go buy a brick and mortar business, whatever it is, whether it’s a Subway or a Jersey Mike’s or a big business like a childcare facility, it takes time. It takes time to find the location, get it zoned right, get the architectural drawings done, get it built, and then open the business. Whereas a home services business, you typically will sign a franchise agreement with a franchise concept and then you could be trained that next month and open the month after that.
So it happens very quickly that you then are in business. So a lot of people like that, and I think a lot of people also like the fact that they don’t have to sign a big lease, they don’t have to commit themselves to 10 or 20 years on a lease with a big personal guarantee. They may be able to do this home service business from their home, or they might need a small little flex office part-time where they need employees or have some of their vehicles parked or something along those lines. So I think those are some of the reasons that those businesses have really, really expanded. The junk industry, we’ve done a business called Junkluggers and several others in that category that have really exploded in franchising as well.
PocketSuite:
Right. Right. I kind of get it. If you are wanting to buy into a fast casual concept or something like that, you’ve got to pay for real estate and a place where people are, which is very expensive, probably hundreds of thousands if not investment to get the real estate under your name. But if you have a mobile detailer franchise, they need maybe a really nice branded van and some supplies and you’ve bought in. So you can target a lot more people who don’t necessarily have as much in the bank set aside for starting their next business. You can really partner with people who are up and coming rather than already made it.
Steve Beagelman:
Absolutely. I mean, we have concepts that are roofing concepts, tree service concepts. Monster Tree Service was one of our brands, although they need some vehicles, they’re not going and renting a physical retail location so they can be up and running pretty quick once they get their vehicles. Redbox plus, I mean, those are brands that we’ve done that have been very, very successful in the franchise sector. I mean, Redbox Plus started in Minnesota with one or two locations, grew to hundreds after it was acquired by Josh Skolnick from Monster Tree Service, and they grew and then they sold to private equity, they sold to BELFOR.
So Monster Tree Service now owned by Authority Brands. So after they grew to hundreds of locations. These are great success stories, but there is a lot of work from the beginning to there. I mean, I want all your listeners to know that. Franchising is hard work, but it is rewarding and it is exciting. A lot of our clients say they’re very excited about the opportunity to work much more on their business versus in their business. They still love their brands, but they want to see it become bigger. And that’s where franchising comes into play. And we get to help people expand their businesses through that model.
PocketSuite:
Yeah. And it’s I’ll say it is a trend we’ve been seeing in our business at PocketSuite as well, not just in Forbes Magazine. We’ve been in business for a number of years and franchises really weren’t something we were paying attention to, but over the last year or two, there’s just a ton of service based franchises now running on PocketSuite in the pet care industry or some of these other areas. So it’s been kind of exciting to get to know about these customers and the sort of very exciting growth road that some of them are on.
Steve Beagelman:
Absolutely. The trajectory for home service brands is really incredible, and it’s probably the fastest sector that we see growth in. While we certainly still see fast casual restaurants growing and we see childcare growing and lots of other concepts that are growing and franchising, there is no doubt leaps and bounds home service brands are one of the fastest sectors we have.
PocketSuite:
So let’s say I’m listening at home or at my office and I’ve got a service-based business and it’s doing great, what is the checklist that I would want to know that I have in place of whether franchising my business is right for me?
Steve Beagelman:
Typically, we’ll have several conversations with someone to get to know them, get to know their business, and ask them some pretty detailed questions to understand whether franchising is the right vehicle for them. First of all, is their business franchisable? That’s number one. Some concepts just aren’t. Some are just great in a specific region and just really can’t be duplicatable or replicatable, and that’s okay, that happens, but we’re going to spend a lot of time getting to know the brand and getting to know the people. And then we’re also going to get to know whether they’re right for becoming a franchisor, because as I said, you’re going to have to give up some control. There is a lot of work involved, there’s a huge time commitment involved. And some people will say, listen, I’m just not interested in working that hard. I don’t want to do that at this stage in my life or whatever reason. I have a great quality of life. I’m making a lot of money. Life is good. I don’t think I want that effort.
So we spent a lot of time talking to people and making sure it is the right direction for them, and it’s the right direction for us to help them take their business to the next level through franchising. So if they were sitting at home and listening to this and trying to get an idea, I would tell them, think about internally with yourself. Hey, am I willing to give up some control? Do I want to see this brand really become bigger, whether that’s regionally or nationally? Right. So I was part of Rita’s Water Ice. We grew that brand to 350 locations at one point, so before we sold it to private equity. So it’s really up to you what you want to see your brand become. And if you decide you want it to become bigger and you are up for the challenge of working more on your business than just in your business, then franchising may be a good direction for you. And then it’s worth having a conversation with a member of our team. And then we’ll kind of guide you through the process of whether we think it makes sense or not.
PocketSuite:
Cool. And what kinds of businesses are you most excited about partnering with on the sort of franchise journey right now? Any sort of wishlist ideas or things like that?
Steve Beagelman:
There’s so many that I love so hard to say Hansa. I love anything with pets. I love anything with kids. I love anything with parents. So senior care, great industry. There’s nothing we won’t do for our parents. I was just talking earlier with a friend of mine and just had a place his parent in a home and finding the right place is so, so critical. We’re launching a brand that helps people place their parents in the right facilities. That’s such a stressful thing for people to go through or senior care where they’re coming into the home and helping take care of an elder family member. So those are great businesses.
Kids are great. Anything with kids, we’ve done Soccer Shots, which is a mobile soccer concept, grew to hundreds of franchises, also did a private equity transaction last year. So anything with children, sports, fitness and pets as I said. I’m a dog lover. I have two goldendoodles myself. I’m actually an equity investor in a few franchise brands in the pet industry. I love pets. So I think the pet space is growing in leaps and bounds too. So there’s a lot of great industries out there. And clearly everything in home services is great as well. So I have a lot that I’m passionate about, that’s for sure.
PocketSuite:
All right. So I am a business owner. I’m curious about this, but it sounds like you really need to talk to an expert in order to figure out if this is the right path to you. So where do I go? What do I do to get started on exploring this idea?
Steve Beagelman:
Yeah, I mean if somebody wants to learn more, they can certainly visit us at our website, smbfranchising.com. So it’s literally my initials, smbfranchising.com, and they can inquire on our website. They can also email me directly if they want, and it’s Steve S-T-E-V-E@smbfranchising.com. And I’d be happy to set up an introductory call with them and get to know them a little bit better and answer their questions and learn more about their business and discuss franchising. But another way they can learn more is just go to the IFA, International Franchise Association has a great website, that’ll educate you a little bit about franchising. But a lot of times people want to talk to somebody to really get to know more about the industry, but also discuss their particular business. And in those cases, it’s best if they just reach out to us and we’re happy to have a call with them, either myself or a member of our team.
PocketSuite:
Cool. Cool. And I will add that we do have some special services at PocketSuite for franchises and multi-location businesses. So if you are going that route, reach out to us too. We’ll get you hooked up with some extra support that you might want. And on the other side of it, let’s say I am an entrepreneur. I’ve been going the hard road for a while, and I’m totally frustrated with maybe a concept that hasn’t gotten proven yet and I want to ditch it and buy into a proven concept doing something else. I love being my own boss, but I’m tired of it being as hard as it often is out there. Where do I go to find out what franchises I could buy into, what might be interesting to me, sort of shop around for a concept I want to be part of?
Steve Beagelman:
Yeah, that’s a great question. Obviously find, I tell people you want to find something you’re passionate about. Right. I like, I’m not a car guy. Well, I like I driving a car that I like, but I don’t know anything about cars. Right. So you could tell me, I can make a ton of money in the car business, but I’m just not passionate about it. Right. So I wouldn’t want to be in that industry because it’s just not the right fit for me. So I want to do something that I’m passionate about. I tell people all the time, if you love pets, look into the pet industry. There’s so many different opportunities. If you love kids, look into the childcare industry, look into kids’ sports. There’s so many, kids’ education, there’s so many different businesses out there. Do stuff that you’re passionate about. But you could research owning your own franchise.
There’s so many different websites out there. You can Google it, you can go to any of the search engines and say, looking to own a franchise. You can go to some franchise trade shows. So there’s some great regional franchise trade shows that are out there. So you can just Google franchise trade shows in my area and then go to a couple of them. I would highly recommend it. If somebody wants, they could email us directly too and we can kind of guide them or direct them to the right place. And I would read some books on becoming a franchisee and just learn, you want to learn everything you can. But I would also say another opportunity is to contact a franchise broker. So these brokers will help educate you about different franchise opportunities that you may not have ever thought of. So you’re thinking you want to own a Dunkin’ Donuts, like I said, or a McDonald’s, you may not even be financially qualified or they may be sold out in your area.
So what else can I look at? I have no idea. These brokers will help guide you and say, well Hansa, what are your interests? And you’ll say, well, I really love home services. Well, I want to work from home. I don’t want to work weekends. I love working with kids, whatever it is. And they’ll narrow down the search and then they’ll make introductions to brands that you may not have even heard of or had thought of, and they get typically compensated on the other end. So you don’t have to worry about that on your side. So it really is just an educational process that you need to go through, whether it’s with a broker or on your own. You need to research, you really do. And get to know the franchise company, attend their what they call discovery day to learn about the brand. Doesn’t cost you anything to do that except your time. But you want to know everything about that company before you then write a franchise fee check and invest in the brand to open that concept in your community.
PocketSuite:
Okay, awesome. Well, thank you so much, Steve for joining us today. I feel like I learned so much, and I’m sure many in our audience did too, because this is a world that you feel like it’s a familiar world, but it’s a whole rabbit hole of information that I simply is new to me. And thank you everyone once again for joining us on the Booked Solid Podcast. Of course, the best way to support this podcast is to run your business on PocketSuite, but we also appreciate those five star reviews on wherever you’re listening to this podcast, as well as recommending it to friends.
Steve Beagelman:
Thanks, Hansa.
PocketSuite:
All right, thank you.
