Uncover the franchising world's hidden gems with franchise guru Greg Moore, who joins us on Side Hustle City to share his transition from fast-food employee to franchise aficionado. In his narrative, Greg reveals how franchising can transform the dream of entrepreneurship from elusive fantasy to tangible reality. Whether you're itching to escape the 9-to-5 routine or looking for a savvy income supplement, this episode dishes out an insider's guide to the operational and marketing perks that only a franchise can provide.
Take a dive into the intricacies of franchise investment and discover how to align your individual talents and financial aspirations with the right franchise opportunity, all under Greg's seasoned guidance. We tackle pressing questions on investment, from understanding profitability to navigating the resale market. And for those considering turning their own ventures into franchises, Greg highlights the importance of universal appeal in your product or service, offering a roadmap to franchise success.
Finally, we underscore the significance of education and community in making well-informed franchise decisions. Our Side Hustle City community, especially through our Facebook group, stands as a beacon of collective wisdom, empowering side hustles to grow into primary income streams. Join us in thanking Greg for his invaluable advice and to you, our listeners, for being the heartbeat of this entrepreneurial journey. This isn't just another podcast episode – it's your next step toward a future where your business dreams thrive.
As you're inspired to embark on your side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. With a team of experienced marketing professionals and a track record of helping clients achieve their dreams, we are ready to assist you in reaching your goals. To find out more, visit www.reversedout.com.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started.
All right.
(00:24):
Welcome back everybody to theSide Hustle City podcast.
Today we've got a special guestfranchise consultant, franchise
maven decorated franchise coach, greg Moore.
How are you, greg?
Speaker 2 (00:37):
Excellent, another beautiful day in the
neighborhood.
Adam, I appreciate you havingme.
Speaker 1 (00:40):
That's right.
That's right.
Well, you are the oh man.
I just I was reading throughyour bio.
I mean you got you were inBusiness Insider.
I mean you've been on somepodcasts Bigger Pockets, which
is a really great, a really goodone that we follow here too and
you know, you just really kindof help people decide what kind
of a franchise business would beright for them.
(01:10):
And you know, we talked a littlebit before the show here.
We've got a lot of people whoare working a nine to five.
They they may not like it orthey're, like, you know, looking
towards the future now.
Maybe they're going through amidlife crisis and they're like
do I want to be doing this, tom,65 years old?
Maybe I want to do somethingelse.
Or you know doctors, you knowpeople who've already been
successful in business andthey're just looking for, you
know, some passive income, maybea way to diversify their
current income streams.
(01:31):
And I think it is a veryinteresting topic for a lot of
people who are considering aside hustle.
So explain to me, greg, how didyou even get into this industry
?
Well, I got it.
Speaker 2 (01:44):
We're going to go.
We're going to go back into theway back machine there, adam,
there we go, before I actuallygot into the industry.
I'll keep it short, though wewon't go too long on that Way.
Back in the late 70s when I wasin high school kind of dating
myself a little bit there mostof us in high school got a job
at fast food places, forwhatever reason they were just
(02:06):
hiring at the time I guess Ipicked Taco Bell.
So I liked working there and Imoved up in there and, as it
turned out, the person that Iwas working for was what's
called a master franchisor andshe owned 50 Taco Bells
throughout the Woodland,california, sacramento,
california, area.
So as I started managing herrestaurants throughout
Sacramento, I started learningabout franchising.
That this is a franchise.
It's like, well, that's prettycool.
(02:28):
So fast forward.
I went on to become arestaurant manager of other
places for about 15 years.
Microelectronic circuit engineerabout 15 years.
Got my degree at electricalengineering physics.
Got a master's degree inbusiness.
Read Robert Kiyosaki's books.
Rich Dad, poor Dad, ruined mycorporate career for me
Absolutely ruined it.
As we were talking aboutearlier people that wanted to
get out of there.
My corporate career for me,absolutely ruined it, as we were
talking about earlier peoplethat wanted to get out of there.
So my goal was, right before Iturned, or right as I turned 50,
(02:49):
to get out of the corporateworld.
And, sure enough, the starsaligned and they laid me off and
I was like, right before I was50, I'm like, wow, well, that's
perfect.
So I had owned with anotherpartner of mine while I was
being an engineer, dry cleaners,storage units, rental
properties.
So I was already doing the sidehustles on that while I was
(03:10):
doing the engineering work.
So I sold off my part to him.
He had gotten laid off too.
He wanted to do all that fulltime.
So I said that's fine, that wasa real challenge.
Doing private businesses Don'tknow anything about running a
dry cleaners.
So what I did was I thought Ilooked back at those years that
I spent in franchising.
I said I like that, that wasfun, I'm going to go out and I'm
(03:30):
going to get into a franchise,and that's what started me on
that.
Speaker 1 (03:33):
That's amazing.
And now so you were doing somebusinesses before that you know
it sounds like, and I alwayshear you know dry cleaners or
laundry mats, uh, car washes,car washes, vending businesses
have some of the lowest failurerates.
If you were to be able to findone of those on a biz buy, sell
(03:54):
or something and be able to pickone up.
But if those are not franchised, you still have to do a lot of
the marketing yourself.
You have to probably do a lotof the upkeep.
You're probably buyingsomething that needs some work.
You know, is that what yourexperience is with a lot of
those types of businesses?
Speaker 2 (04:12):
Yeah, when we were back doing that dry cleaning
thing.
So we had a lot of differentthings we had to look at was,
you know, disposing of thenecessary waste products,
byproducts, where to get theproducts from as far as the dry
cleaning material, where to findthe employees, how to get the
machines fixed, where to findthe machines to get them
replaced if we need themreplaced, and then that was just
(04:33):
the operations on that.
On the operations side, thenwhat we needed to do was go out
and market and advertise topeople.
You're right about the business, though the business itself for
the dry cleaner was great, aslong as you took care of the
people's products and you hadvery happy, smiley people that
took care of it and you goteverything clean the way it
should be.
I mean, that was just peoplejust came in all the time.
But to build that business upwhy we did have to go out and do
(04:55):
a lot of networking in ourcommunity in that, especially
when we had the drop-offlocations at other areas, and
what we tried to do was in orderto drum up the business what we
really wanted was more thanjust the consumer side of it.
We wanted more of the businessside of it.
So we're looking at places thathad uniforms anybody that's got
a uniform that has to wear auniform.
(05:15):
So we'd pick up their uniforms.
They put them in the in thehampers or whatever.
We'd pick them up, get them drycleaned, send them back.
So that's the biggest thingthat we tried to do on our own
was how do we get involved incommercial side of the dry
cleaning?
Speaker 1 (05:29):
Well, my wife owns a spa and every time somebody
comes in and gets their facial,there's towels, multiple towels
that she has to use.
Right, she puts one on theirhead, she wipes their face with
one.
She sometimes she'll put onelike across their chest if she
just wants to work in thisfacial area.
There's Uh, sometimes she'llput one like across their chest
if she just wants to work inthis facial area.
Uh, there's sheets that have tobe changed every single time
and she's got a giant bag oflaundry every single time.
(05:50):
And there's a place here inCincinnati called the clean
clothes company and they comeand they pick it all up for and
everything.
But I mean the number, theamount of money she spends on
cleaning is is wild.
But you're right, you want to.
You know, if you have abusiness like that, you want to
be able to find, you know, folksthat are going to send you
consistent business like that.
As long as you do a good job,they're going to keep coming
back.
Speaker 2 (06:11):
Yeah, If it's not broke, don't fix it.
For the most part, with thesepeople thinking that, um good,
that goes for consumers and thatgoes for other businesses are
using you.
As long as you don't screw itup and you do it just you know
really good on, people areunwilling to change things that
are working?
Speaker 1 (06:27):
Yeah, 100%.
So the whole idea with thefranchise is and I've started a
business from scratch Uh, youknow Kyle's a nine to five guy.
Kyle, I see you're on here andhe's my, uh, he's my cohost, and
Kyle, you know he works a nineto five job.
He's doing pretty well at it.
He's been there for a long time.
He's looking to possibly getinto maybe buying a franchise,
(06:50):
like a lot of people who are whowork nine to five jobs.
The big thing is starting abusiness from scratch,
especially a novel idea.
A lot of times that failsbecause you've got to find
product market fit, Then you'vegot to find customers fit, Then
you've got to find customersright.
You got to find enoughcustomers to keep the business
afloat.
I mean, there's a lot of stuffI could.
(07:10):
The list goes on and on Withwhat you've got.
Going on, though, you'repromoting businesses that
already have an establishedbrand.
They already have systems inplace, which is probably the
most important thing and it'skind of like you just walk into
a business that you know isgoing to cash flow.
Speaker 2 (07:33):
You walk into a business that you know, you
don't have to wonder and worryand think about what do I do
next?
You know somebody has beenthere.
They've made the mistakesalready, they bypassed them.
They give you a roadmap towhere.
You follow this, you get up inthe morning.
Your chances of success arethat much greater.
(07:54):
You've got a team of peoplefrom the franchise order that's
going to help you grow.
Before you get into thatfranchise system, you're going
to talk to as many franchiseesas you can to learn more about
that business.
It's expected of you.
Now you've got a whole team offranchisees that's going to help
you grow.
A whole tribe, a whole team ofpeople.
They're all looking to build upthat brand.
Speaker 1 (08:14):
Do you see people that come into these franchises
who may have not been in thecorporate world, may not be the
most professional people in theworld.
Do you see the franchise?
Because the franchise is goingto put demands on you right To
be a professional, show up ontime, take care of their brand
right, because they'reessentially hoping that you are
(08:35):
going to be a good steward ofwhat they've built.
They can't have you building abad, like they have a great
reputation.
They can't have you screwingthat up.
Do you see it actuallyelevating people's
professionalism when they buy afranchise like this?
Speaker 2 (08:50):
Yes, adam, I certainly do.
It really helps because what'sgoing to happen along the way is
franchisors don't just sell topeople.
They award franchises to people.
So they're already looking atyou just as closely as you're
looking at them.
So they see something in youalready.
If they decide to put you intotheir system and decide to award
(09:12):
you an opportunity to be intheir franchise, they'll already
see something in you that theybelieve in, just like you see
something in them that theybelieve in.
Well, once you get into that now, they're going to support you,
they're going to train you andthey're going to build you up.
So you may not know everythingthere is to know about that
industry, for instance.
You don't necessarily have to,but they're going to show you
how to run it, how to operate it, how to talk to people, how to
(09:38):
appear before people dressingthat sort of thing.
They're not really nitpickyabout this sort of thing, but
what they're going to do isthey're really going to help you
, as you said well, reallybecome more professional in what
you do in your business life.
Speaker 1 (09:50):
Yeah, and you know what?
I saw a stat on Twitter theother day and it was showing all
the most the highest grossingfranchises, and you might've
seen the same thing and it had,of course, chick-fil-a was up at
the top, I think it was.
The average was like nine and ahalf million dollars a
franchise or something.
Just crazy, right.
And then I forget what the nextones were.
I was just enamored with thefact that the Chick-fil-A's are
(10:12):
making that much money.
Oh, I think it was.
There's another chicken place.
They're always on collegecampuses.
Speaker 3 (10:19):
I can't remember what the name of it is Nashville's
or Joella's or some sort of hotchicken.
Speaker 1 (10:23):
Hot chicken.
Yeah, it was one of those andthey were number two and I was
like man chicken really sells.
They're making hand over fistmoney.
Tyson Foods must be makinggreat money.
I know that's where Chick-fil-Agets their stuff from.
But you know, you see thosenumbers and you're like wow,
nine and a half million, what'svery hard.
I mean it's practicallyimpossible at this point to get
a.
You got to go into the lotteryand everything for a Chick-fil-A
(10:43):
franchise.
But there are other franchisesout there.
You know people like you willsay look, don't look at that
gross number.
You know that's great for them.
You don't really actually ownthe franchise.
When you own a Chick-fil-Ayou're just really an owner
operator kind of person.
But there's a lot of franchisesout there that are going to make
good money and that are abetter fit for you as a person.
(11:06):
This is kind of one of thethings you help people with
right.
Speaker 2 (11:10):
That's absolutely correct, adam.
So what we take a look at isbasically three things on there
when have you been?
So what do you bring to thetable?
What's your skill set?
How is that going to match withthe franchise or I'm going to
match you up with when are youat now?
So how much time are youwilling to invest in that
franchise Passive, semi-passive,full-time?
(11:30):
And then, how much money areyou comfortable investing in
that franchise?
Not how much do you have.
How much are you comfortableinvesting in that franchise?
And then we're going to take alook at where do you want to be
five to 10 years from now.
And what I want to do is get toknow you as much as possible so
I can tailor those franchisesaround your skill set, where
(11:51):
you're at right now in life andwhere you want to be in life on
that one.
So there's many franchises inmany different industries, not
just the brick and mortar.
We have the services industriesas well much lower investment.
So you don't have to be amillionaire, you don't have to
work at full time, and thosefranchises are ones that you can
build up and that will be maybea better fit for you.
We'll go through a few differentindustries on that and I've got
(12:11):
a great questionnaire to gothrough matrix of business types
, lots of questions to answer tonarrow that field down to find
ones that when you're talking tothose franchisees and you're
asking them what they do on aregular basis and you start
picturing yourself in your minddoing it, that's when you get a
really good feel for it.
So we'll probably look throughfive or 10 different
opportunities, narrow it down totwo or three, go through the
(12:34):
process of investigating themand then you start picturing
yourself doing those sort ofthings and most of the time I
can get people who are therelooking at that saying I can do
that.
I can see myself doing thatsort of thing and it may be
something totally different thanthe one they started with.
One of my investors from theBigger Pockets wanted to look at
a brewery.
That's what they had theirheart and mindset on.
Speaker 1 (12:58):
Well, they ended up going with an electrical
services franchise Completelydifferent.
Yeah, yeah, that's waydifferent, yeah, but the guys
that do electrical work drinkthe beer though.
Speaker 2 (13:06):
So this is true.
This is true.
Speaker 3 (13:12):
Do you do franchise only or do you do like?
Uh, you know, the guy is a soleproprietor.
He's looking to sell hisbusiness.
Did they ever hit you up aswell?
Speaker 2 (13:23):
I do not do any private businesses.
Everything I do is aroundfranchising Not necessarily,
kyle, always a new franchise.
I do get franchise resales onoccasion, kyle.
Those are few and far betweenon that for good resale
franchises, but I do have a listof franchises that are up for
resale already established.
(13:43):
The franchisee is looking tosell them.
Most of the time, kyle, whathappens is that when you build
that franchise system up and yougo to sell it, the first thing
you're going to do is tell thefranchisor on that.
Obviously you have to get theirapproval for that and the first
thing they're going to do isthey're going to tell other
franchisees around you that'sfor sale.
So if your franchise is doinggreat, one of the franchisees
(14:06):
around you is going to pick itup.
Speaker 3 (14:09):
Okay, the reason I was asking is because I have
twin boys that are 23 now.
One thinks instructionmanagement and the other he
doesn't know what he wants to do.
He's working with me right now,but this is his lifelong career
path.
So, you know, I've been every Idon't know fifth or sixth reel
now that I get on Instagram isabout well, there's a million
(14:31):
baby boomers that retire a yearand 88% own businesses, and so I
always thought, well, that'snot a bad idea for, you know,
came and get into constructionmanagement, but I don't know how
to vet.
I don't know how to vet thebusiness.
I don't know what, how to lookat things from a macro level or
even a micro level to be able tosay or micro, even macro to say
(14:52):
, yeah, this would be a goodbusiness for you to buy, to
start building your career.
Because, I agree with you guys,it's a much better career path
if you don't have to step on allthe landmines to figure out
what's going on, what's goingright.
So that's the reason I askedthat.
But if you've got a servicesfranchise yeah, I say this all
the time, but I would like toget on a phone call with you so
(15:15):
and go over a lot of this stuff,because I've got I've got a son
who doesn't know what he wantsto do.
I have a wife who is chompingat the bit to do something and
she wants to buy cabins down ina local state park where we go
to a lot to go hiking, and Ithink this would probably be the
best route to get there withinthe next five years, if
(15:37):
everything I've looked at.
Speaker 2 (15:40):
Yeah, Kyle, I'm all about education.
Franchising is not foreverybody.
I don't try and convince youthat it is, but we'll go through
and we'll educate you onfranchising, teach you all the
detailed information, go overones that are available to you,
and just talk with each otherand work through it and go
through the investigationprocess together as well.
Speaker 1 (15:56):
Yeah, what kind of money?
Perfect, I appreciate it, Greg.
What kind of money?
So Kyle wants to do somethinglike this.
He's maybe looking inconstruction or whatever, but
maybe he does a pivot too andfind something else he likes.
What kind of money can somebodyexpect if they are?
Speaker 2 (16:13):
thinking about buying a franchise.
Generally speaking, mostfranchises really are looking
for you to bring in a greatsix-figure income.
It's going to vary between them.
When people want to turn theirbusinesses into franchises
that's one of the things I tellthem is that once you hit a net
$100,000 mark or more, that'sgenerally what is going to start
interesting people more on that.
Now, not all franchises will dothat.
(16:35):
There's some of the hair salonsthat make per location.
They make less than $100,000 ayear but they're so easy to
operate that people just pick upmore than one on those.
But it's amazing how manydifferent franchises and
different industries that youcan get out there.
Staffing industry is a greatone, express employment
professionals if you go to theirwebsite you'll see that listed
there, that each location youknow they make, you know upwards
(16:57):
of what a Chick-fil-A does ontheirs, on a lot of their
locations itself on there, on alot of their locations itself on
there, and that one for theservice industry is like
$150,000, $200,000 investment onsomething like that.
So a lot of those servicesindustry, like the restoration
and I was talking about, likethe electrical services,
plumbing, hvac all those onescan be a multimillion dollar a
(17:21):
year gross income producingfranchises.
Because the industry is so bigand the franchises are so big
They've been around for a whilethat they really know what
they're doing and how to get youthose clients.
Speaker 1 (17:32):
Wow.
So you work with a company,ifpg.
Now what kind of services?
Because I mean this issomething I'm guessing you could
just go do on your own, beingthe expert you are and having
all these credentials, but youchose to work at this company.
What kind of services and whatkind of support do you get from
them that ends up benefitingpeople like Kyle who may want to
buy a franchise.
Speaker 2 (17:54):
Over at IFPG, the International Franchise and
Professional Group, we vet outthose franchises on a regular
basis to bring them into oursystem.
So there's about 5,000franchises out there in the US.
We work with probably about 500different ones and we've got a
few hundred brokers that aregoing through talking with these
franchise ors the people thatare running the business
themselves on a regular basis.
(18:15):
So we get a lot of feedback asthey're introducing people to
the franchisees.
We'll get feedback from whatpeople are hearing from or what
our clients are hearing from thefranchisees.
Ifpg also does a good system ofvetting these franchises out so
that we know that we're notgetting into something that's
like a fly by night typefranchise or has some legal
(18:35):
issues or bankruptcy issues.
They also have a nice listingfor us as brokers where we can
simply go through there andlooking at the credentials that
my people bring in my clients,as we were talking about before,
what kind of money do you needto have?
Each franchise has a certainlevel of net worth that you need
to qualify for that franchise,a certain background that you
(18:57):
need.
So I've got all thatinformation at my fingertips.
Also, knowing what territory isavailable, Most franchises give
you out of protected territoryso no other franchisee can come
into that territory.
So that information I also haveright at my fingertips.
Ifpg provides all that, so it'sa very simple process for me to
get that information so that Ican filter through the different
(19:19):
franchises for you.
If you were to do it yourself,that's a huge challenge because
there's no one database for youout there.
If you're an individual to goand find all that information at
one spot, IFPG provides it.
Also, we don't charge ourclients for anything.
When you work with me, thefranchisors pay us a referral
fee.
If you decide to invest in afranchise that I introduced you
(19:40):
to, IFPG does all that contractwork for us in the background,
so we never have to worry aboutthat.
Speaker 1 (19:47):
Oh my God, that's one of the scary things I think
would, for me, would be man, doI have to get my own accountant?
Do I have to get you know to dothe forensic on the business?
Do I have to get my ownattorney?
You know all that kind of stuff.
You know you fear that you'regoing to get screwed over if you
if stuff.
You know you fear that you'regoing to get screwed over if you
, if you go into something likethis and you end up in a bad
(20:07):
franchise.
I mean that could bedevastating for people it
certainly is.
Speaker 2 (20:09):
It's hard to get out of.
You know, it's probably easierto get out of a marriage than it
is to get out of a franchiseagreement on that one.
So what we do is we also havefranchise attorneys that along
the way We've got CPAs, we'vegot the funding people who fund
franchises all the time.
Franchises are easy to fund.
As long as you've got goodcredit, you've got the net worth
, we'll get you funded in amonth.
Simple as that.
Franchise attorney.
(20:29):
Always have a good franchiseattorney.
Look over your information.
So I've got a couple of themthat I send people out to.
They tell me if there'sanything wrong with that
franchise as well.
If they see something strangeor weird about it, they'll tell
me I'll never show that oneagain and we'll get it out of
our system.
Ifpg will do the same thing.
Franchise attorneys arewonderful.
Not too much you can change inthat franchise agreement.
(20:50):
There are a few things, but afranchise attorney will go
through that franchise agreementwith you and the most important
thing they'll do is they'll letyou know what you're getting
yourself into and make sure youare okay with that.
Speaker 1 (21:01):
So you know a guy like Kyle.
He's working a nine to five job.
He's he's making good money.
He's been doing it for a longtime.
You know, his wife wants to dosomething.
It sounds like his sons want todo something.
So you know, what kind of stepsdoes he have to take?
Like, do you need to work inmost franchises, or would you
recommend people work in mostfranchises, or can Kyle just
(21:23):
passively invest?
Speaker 2 (21:26):
Kyle can just passively invest.
It all depends on what kind oftime you want to put into that
yourself.
On that one there's threedifferent levels of the
investment.
So I have four franchises outthere that are completely
passive.
They'll have a management teamrun that business for you.
Not too many like that.
About four of them.
Like I said on that, at thatpoint you've got.
(21:48):
You then move up intosemi-absentee.
Semi-absentee you manage themanager, you manage the profit
and loss statements.
You don't like managing profitand loss statements, get a CBA
to do it.
You just do the managing of themanager, part 10 to 15 hours a
week, depending on yourmanagement skill and style.
Many different industries, fromthe brick and mortar, the big
(22:09):
investments, to the servicesindustry, smaller investment,
where the franchises franchisorshave franchisees that are
already running that businessmodel semi-passive.
So you have people to call uponto find out exactly how well it
works.
You want people who have donethat before and then you've got
some of the franchises that wantyou to work strictly full time
in it on that.
So, yeah, I've got a lot ofpeople that are in corporate
(22:32):
world.
Have other businesses that arelooking to do something on the
side.
Speaker 1 (22:36):
What if you want to?
Just what if you've got a greatbusiness or a great business
idea and you want to start yourown friend, you want to start
franchising that?
Do you guys work with peopleand say hey, look, here's what
you need to do.
You need to show some revenue,you need to show some of this
stuff.
You need systems in place.
(22:56):
Like, do you help peopleprepare for that or just buy
franchises?
Speaker 2 (23:02):
We help people prepare for it.
I've got a team that'llactually turn you into a
franchise itself and I've doneit with two or three different
brands or companies that areprivately owned.
That then became franchises.
So two things basically we'relooking at on those when I talk
to people and the same with mypeople who are going to turn you
into a franchise, They'll lookat the same thing.
(23:24):
A couple of different things onthere.
One, it's really helpful.
If whatever product or servicesyou have can be used in the
majority of cities and states inthe US Doesn't have to be.
I mean, you might do a boatrental franchise, Obviously in
the middle of the Arizona desert.
It's not going to work out.
That's cool.
There's plenty of other citiesand states that you can do that
(23:46):
in.
So if it, the more it can beanywhere in the U S, any city or
state, the better.
The closer you are to bringingin nets of a hundred thousand
dollars and more, the better onthat one, that's going to be
more appealing to people on that.
It doesn't have to be, it'sjust more appealing to people on
that.
So we work with them on that.
(24:08):
Then the other thing is if youreproduced it, One territory.
One location is fine.
We can start off with that.
That's doable and we've donethat before.
More than one location is evenbetter.
You've already shown that youcan reproduce that again on that
one.
So those are probably the threemain things.
Is you bring in a good amountof money so that it's appealing
(24:30):
to people, so people will bemore likely to do that for you.
If you've reproduced it, that'swonderful on that one.
And the more cities and statesthat can be your product or
services can be used in, thebetter Kyle.
What kind of They'll do therest.
Speaker 1 (24:44):
That's awesome to hear because I got some ideas.
But, kyle, if you were toinvest in a franchise, how much
money do you think you'd be ableto throw at something Like, how
much would you feel comfortablethrowing at something?
Speaker 3 (24:55):
Well, I mean, it all comes down to the consultation,
right, and you know whatfinancing looks like, because
it's not going to be just mycapital, right, you're going to
have to have some sort offinancial instrument behind it,
whether it's a business, I'massuming it's a small business
(25:16):
fund or a business fund of somesort.
So if you're looking in the$50K to $100K I mean, you can
qualify for something that'slike you throw about $250,000.
You qualify for a $250,000 loanand it throws out a net of
$100,000 a year.
That's like a no-brainer, right?
Speaker 1 (25:36):
Yeah, because your return on investment's what?
Three years?
Speaker 3 (25:39):
Ridiculous.
Speaker 1 (25:40):
Yeah, you're doing great.
Speaker 3 (25:41):
So it all depends on the opportunities out there.
If you can throw some $30,000and then all of a sudden it's
returning $20,000 a year, wellthen you've got a golden egg
producing chicken there.
So you just take that $20,000,you rolled into the next, but
you get more of them or whatever.
(26:01):
It all depends on that.
It all depends on return andlistening to people like.
Listen to people like we havetoday, where they know exactly
what they're talking about.
You roll with it, Cause that's,that's that's like.
I have no clue.
I would be one of those guysthat will listen to the snake
oil salesman and pick up likeeight, five bottles and then my
(26:24):
family wouldn't eat, you know.
That's good to have guidance.
Speaker 1 (26:27):
That's why you have Greg.
So, greg, like what are some ofyour favorite franchises right
now that are out there, thatyou've put people in?
Speaker 2 (26:35):
Essential services and health and wellness Always
needed, Always going to be there, no matter what the economy is
doing, no matter what'shappening.
If it's broke, it's got to befixed.
It's got to be fixed now HVACrestoration, plumbing,
electrical labs, chiropractors,IVs, senior care.
Senior care has always beenaround.
Those are always good ones.
(26:56):
We're all getting older.
We all need some help aroundthe house.
We don't want to go to assistedliving, so we need some help
around there.
All great franchise systems,big money systems as well.
Speaker 1 (27:07):
Oh, you know what I need to ask you because somebody
told me there's money in plasmacenters.
Do you know anything about that?
Speaker 2 (27:15):
We have a couple of them that do a pain management,
different types of painmanagement.
I think the plasma is one ofthem.
Uh, that they do as well.
Uh, that goes under health andwellness on that one.
Um, that's, uh, that's a goodor like urgent cares.
Speaker 1 (27:33):
Like urgent care I think he worked at one that you
know you go and you give bloodand then they sell the blood.
It's like they pay these peoplelike $30 to give blood and then
they turn around and sell it ata hospital for like $1,500.
Like it's yeah, I mean a guythat actually worked there.
I don't know, I don't know ifthose are franchises or they're
just people who run around anddo that, but I mean, the guy
just had like a nursing degreeor something like that, I think,
(27:55):
and he was working there and hewas telling us about it.
We were at Disney or Universalor something, standing in line
behind this guy and he was justtelling us all about it.
He's like, yeah, he said youshould just open up one of those
.
This is hand over fist money.
I'm like that's, that's wild,but it seemed kind of predatory
in a way.
Speaker 2 (28:12):
As long as everybody agrees to it and it's moral,
ethical and legal, you're goodto go on that.
As far as some of those medicalfranchises go, you don't have
to be a nurse.
That's going to make adifference.
You're in California, you're inWashington, you're in New York.
It's going to be a little bitmore challenging than, say,
(28:34):
texas, florida or something likethat.
Each city sorry, each state hasdifferent rules as far as who's
running the franchise and whatkind of licenses you need to
have.
Speaker 1 (28:44):
So, ok, think about this, kyle, like the housing
market stinks right now.
So you've got a lot of realtorsout there who were doing great
two years ago.
Speaker 3 (28:54):
Now the market three years ago maybe, and they just
got their commissions crushed.
Speaker 1 (29:00):
And their commissions are crushed.
I bet you there's a bunch ofrealtors out there looking for
something else that they can do,but they still want to do real
estate right.
But they're just not pullingnumbers right now.
I mean it's just the interestrates are crazy.
What would be some goodfranchise franchises for
somebody like that with thatskillset.
Maybe they got 50,000 buckssitting around to invest, but
(29:20):
they've got time right now.
What would be a good thing forthem to invest in?
Speaker 2 (29:25):
Well, since they already have the clientele is
all going to be around peoplethat have bought, purchased real
estate properties from themThen I would say something in
the property services would bethe best bet, because they've
already got that clientele liston there in that area.
If you want to do it yourself,you don't want to go through me,
that's fine.
Go check out Neighborly Brands.
(29:46):
The Neighborly Brands is thelargest home services franchise
group in the US.
They've got many different ones.
Enable the Brands is thelargest home services franchise
group in the US.
They've got many different ones.
You can do horizontal growth bydoing Molly Maids, by doing Mr
Grounds Guys, window Genie.
You can pick up three or fourdifferent brands within your
area and basically own the homeof taking care of any kind of
services that they need on thatauthority brands Benjamin
(30:08):
Franklin, plumbing, mr Sparky,one Hour, heating and Air
Conditioning, screenmobile.
You can do the same thing withthose folks as well.
Great businesses, you'vealready got that clientele list.
You're just hitting up the listthat you already have and
saying, hey, these are theservices I've got to offer.
What do you think?
Speaker 1 (30:24):
Oh, that's a good idea too, because you know what,
when the real estate marketcomes back, what?
Now?
You've got all these houses,you've been in, you've, you've
met the owner, probably, and youcould say, hey, look, by the
way, yeah, I do real estate too.
If you ever think about sellingthis house, you know they got a
baby now.
Well, that baby's going to growup, they might have another one
, they're going to be lookingfor a bigger house in a few
(30:45):
years.
So you know, drop that littlenote on them and you know you're
there cleaning their house oryou're there working on their
lawn or you know whatever it isthat could actually lead to more
business.
So you could essentially kindof combine two hustles into one.
Speaker 2 (31:01):
Exactly Great growth system for that Great
opportunity.
You're managing the sameclients, you're marketing to the
same people with all theservices that you have to offer
Really good way to do business.
Speaker 1 (31:13):
Man, I love it.
Well, that's a really good wayto think and this is why you
guys go to Greg and talk to himif you have something, because
that actually you think pickingup another business is going to
keep you from being able to dowhat you currently do, but it
could actually be a multiplierfor the other business as well.
Speaker 2 (31:35):
Exactly.
You know the neighbor, thebrands.
One of the things that makesthem so successful is that they
might have multiple brands inone um, one territory, so they
have multiple franchisees in oneterritory.
They all help each other.
So if they're in there cleaningtheir house, doing the mulling
aids and they see something thatneeds to say you know the
grounds aren't looking too goodThey'll say, hey, my friend over
here does groundskeeping.
You want me to have him stop onby and let you know what he
does?
They're always passing leadsand passing people back and
(31:57):
forth.
Speaker 1 (31:57):
Good point, wow.
That's why you don't want to dothat on your own, because
you're missing out on all thosepotential leads.
Let somebody yeah, wow, thenit's just a vertically
integrated home servicesorganization Very smart.
Wow, greg, this is awesome.
How do people reach out to you,greg, how do they find you and
(32:17):
what do they need to get started?
What would be the ideal person?
Speaker 2 (32:21):
One thing and one thing only to be the ideal
person for a franchise system.
Amazingly enough, you got to becoachable, always got to be
coachable, because thosefranchises are there to coach
you, to make you better, as wetalked about before.
That's it.
You're coachable.
The rest is there.
You want to get a hold of me?
Franchisemavencom, my website,franchise M-A-V.
(32:42):
As in Victor, e-ncom, greg atFranchisemavencom, or just pick
up the phone and give me a callat three, six, one, seven, seven
, two, six, four, zero one.
Speaker 1 (32:53):
Wow, I'm actually surprised you got that domain
name.
That is a good domain nameFranchise maven dot com.
That's amazing.
How long have you had that?
I've been 12 years.
Okay, that's why you got it.
You got it at a pretty goodtime.
There you go.
Well, greg, I really appreciateit.
Hopefully people reach out toyou.
I think Kyle actually soundslike he wants to reach out to
(33:14):
you and I might be reaching outto you soon.
I got an idea of starting afranchise business, so it might
be good to get on the phone withyou for sure.
Speaker 2 (33:23):
I love talking, as you can tell, so you want to
talk to me.
I'm not going to try andconvince you that franchising is
the greatest thing since slicedbread, because for some people
it is not.
Education is what it's allabout.
Call me.
Speaker 1 (33:36):
We'll talk.
I love it, greg.
Well, thank you, sir, fortaking some time today to put
this little bug in the ear ofpeople and hopefully they reach
out and they could change theirlife.
Speaker 2 (33:47):
Adam Kyle, I was honored to be on your show.
I appreciate you having me.
Thank you.
Speaker 1 (33:51):
Thanks for joining us on this week's episode of Side
Hustle City.
Well, you've heard from ourguests, now let's hear from you.
Join our community on Facebook,side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(34:13):
Thank you.
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started.
All right.
(00:24):
Welcome back everybody to theSide Hustle City podcast.
Today we've got a special guestfranchise consultant, franchise
maven decorated franchise coach, greg Moore.
How are you, greg?
Speaker 2 (00:37):
Excellent, another beautiful day in the
neighborhood.
Adam, I appreciate you havingme.
Speaker 1 (00:40):
That's right.
That's right.
Well, you are the oh man.
I just I was reading throughyour bio.
I mean you got you were inBusiness Insider.
I mean you've been on somepodcasts Bigger Pockets, which
is a really great, a really goodone that we follow here too and
you know, you just really kindof help people decide what kind
of a franchise business would beright for them.
(01:10):
And you know, we talked a littlebit before the show here.
We've got a lot of people whoare working a nine to five.
They they may not like it orthey're, like, you know, looking
towards the future now.
Maybe they're going through amidlife crisis and they're like
do I want to be doing this, tom,65 years old?
Maybe I want to do somethingelse.
Or you know doctors, you knowpeople who've already been
successful in business andthey're just looking for, you
know, some passive income, maybea way to diversify their
current income streams.
(01:31):
And I think it is a veryinteresting topic for a lot of
people who are considering aside hustle.
So explain to me, greg, how didyou even get into this industry
?
Well, I got it.
Speaker 2 (01:44):
We're going to go.
We're going to go back into theway back machine there, adam,
there we go, before I actuallygot into the industry.
I'll keep it short, though wewon't go too long on that Way.
Back in the late 70s when I wasin high school kind of dating
myself a little bit there mostof us in high school got a job
at fast food places, forwhatever reason they were just
(02:06):
hiring at the time I guess Ipicked Taco Bell.
So I liked working there and Imoved up in there and, as it
turned out, the person that Iwas working for was what's
called a master franchisor andshe owned 50 Taco Bells
throughout the Woodland,california, sacramento,
california, area.
So as I started managing herrestaurants throughout
Sacramento, I started learningabout franchising.
That this is a franchise.
It's like, well, that's prettycool.
(02:28):
So fast forward.
I went on to become arestaurant manager of other
places for about 15 years.
Microelectronic circuit engineerabout 15 years.
Got my degree at electricalengineering physics.
Got a master's degree inbusiness.
Read Robert Kiyosaki's books.
Rich Dad, poor Dad, ruined mycorporate career for me
Absolutely ruined it.
As we were talking aboutearlier people that wanted to
get out of there.
My corporate career for me,absolutely ruined it, as we were
talking about earlier peoplethat wanted to get out of there.
So my goal was, right before Iturned, or right as I turned 50,
(02:49):
to get out of the corporateworld.
And, sure enough, the starsaligned and they laid me off and
I was like, right before I was50, I'm like, wow, well, that's
perfect.
So I had owned with anotherpartner of mine while I was
being an engineer, dry cleaners,storage units, rental
properties.
So I was already doing the sidehustles on that while I was
(03:10):
doing the engineering work.
So I sold off my part to him.
He had gotten laid off too.
He wanted to do all that fulltime.
So I said that's fine, that wasa real challenge.
Doing private businesses Don'tknow anything about running a
dry cleaners.
So what I did was I thought Ilooked back at those years that
I spent in franchising.
I said I like that, that wasfun, I'm going to go out and I'm
(03:30):
going to get into a franchise,and that's what started me on
that.
Speaker 1 (03:33):
That's amazing.
And now so you were doing somebusinesses before that you know
it sounds like, and I alwayshear you know dry cleaners or
laundry mats, uh, car washes,car washes, vending businesses
have some of the lowest failurerates.
If you were to be able to findone of those on a biz buy, sell
(03:54):
or something and be able to pickone up.
But if those are not franchised, you still have to do a lot of
the marketing yourself.
You have to probably do a lotof the upkeep.
You're probably buyingsomething that needs some work.
You know, is that what yourexperience is with a lot of
those types of businesses?
Speaker 2 (04:12):
Yeah, when we were back doing that dry cleaning
thing.
So we had a lot of differentthings we had to look at was,
you know, disposing of thenecessary waste products,
byproducts, where to get theproducts from as far as the dry
cleaning material, where to findthe employees, how to get the
machines fixed, where to findthe machines to get them
replaced if we need themreplaced, and then that was just
(04:33):
the operations on that.
On the operations side, thenwhat we needed to do was go out
and market and advertise topeople.
You're right about the business, though the business itself for
the dry cleaner was great, aslong as you took care of the
people's products and you hadvery happy, smiley people that
took care of it and you goteverything clean the way it
should be.
I mean, that was just peoplejust came in all the time.
But to build that business upwhy we did have to go out and do
(04:55):
a lot of networking in ourcommunity in that, especially
when we had the drop-offlocations at other areas, and
what we tried to do was in orderto drum up the business what we
really wanted was more thanjust the consumer side of it.
We wanted more of the businessside of it.
So we're looking at places thathad uniforms anybody that's got
a uniform that has to wear auniform.
(05:15):
So we'd pick up their uniforms.
They put them in the in thehampers or whatever.
We'd pick them up, get them drycleaned, send them back.
So that's the biggest thingthat we tried to do on our own
was how do we get involved incommercial side of the dry
cleaning?
Speaker 1 (05:29):
Well, my wife owns a spa and every time somebody
comes in and gets their facial,there's towels, multiple towels
that she has to use.
Right, she puts one on theirhead, she wipes their face with
one.
She sometimes she'll put onelike across their chest if she
just wants to work in thisfacial area.
There's Uh, sometimes she'llput one like across their chest
if she just wants to work inthis facial area.
Uh, there's sheets that have tobe changed every single time
and she's got a giant bag oflaundry every single time.
(05:50):
And there's a place here inCincinnati called the clean
clothes company and they comeand they pick it all up for and
everything.
But I mean the number, theamount of money she spends on
cleaning is is wild.
But you're right, you want to.
You know, if you have abusiness like that, you want to
be able to find, you know, folksthat are going to send you
consistent business like that.
As long as you do a good job,they're going to keep coming
back.
Speaker 2 (06:11):
Yeah, If it's not broke, don't fix it.
For the most part, with thesepeople thinking that, um good,
that goes for consumers and thatgoes for other businesses are
using you.
As long as you don't screw itup and you do it just you know
really good on, people areunwilling to change things that
are working?
Speaker 1 (06:27):
Yeah, 100%.
So the whole idea with thefranchise is and I've started a
business from scratch Uh, youknow Kyle's a nine to five guy.
Kyle, I see you're on here andhe's my, uh, he's my cohost, and
Kyle, you know he works a nineto five job.
He's doing pretty well at it.
He's been there for a long time.
He's looking to possibly getinto maybe buying a franchise,
(06:50):
like a lot of people who are whowork nine to five jobs.
The big thing is starting abusiness from scratch,
especially a novel idea.
A lot of times that failsbecause you've got to find
product market fit, Then you'vegot to find customers fit, Then
you've got to find customersright.
You got to find enoughcustomers to keep the business
afloat.
I mean, there's a lot of stuffI could.
(07:10):
The list goes on and on Withwhat you've got.
Going on, though, you'repromoting businesses that
already have an establishedbrand.
They already have systems inplace, which is probably the
most important thing and it'skind of like you just walk into
a business that you know isgoing to cash flow.
Speaker 2 (07:33):
You walk into a business that you know, you
don't have to wonder and worryand think about what do I do
next?
You know somebody has beenthere.
They've made the mistakesalready, they bypassed them.
They give you a roadmap towhere.
You follow this, you get up inthe morning.
Your chances of success arethat much greater.
(07:54):
You've got a team of peoplefrom the franchise order that's
going to help you grow.
Before you get into thatfranchise system, you're going
to talk to as many franchiseesas you can to learn more about
that business.
It's expected of you.
Now you've got a whole team offranchisees that's going to help
you grow.
A whole tribe, a whole team ofpeople.
They're all looking to build upthat brand.
Speaker 1 (08:14):
Do you see people that come into these franchises
who may have not been in thecorporate world, may not be the
most professional people in theworld.
Do you see the franchise?
Because the franchise is goingto put demands on you right To
be a professional, show up ontime, take care of their brand
right, because they'reessentially hoping that you are
(08:35):
going to be a good steward ofwhat they've built.
They can't have you building abad, like they have a great
reputation.
They can't have you screwingthat up.
Do you see it actuallyelevating people's
professionalism when they buy afranchise like this?
Speaker 2 (08:50):
Yes, adam, I certainly do.
It really helps because what'sgoing to happen along the way is
franchisors don't just sell topeople.
They award franchises to people.
So they're already looking atyou just as closely as you're
looking at them.
So they see something in youalready.
If they decide to put you intotheir system and decide to award
(09:12):
you an opportunity to be intheir franchise, they'll already
see something in you that theybelieve in, just like you see
something in them that theybelieve in.
Well, once you get into that now, they're going to support you,
they're going to train you andthey're going to build you up.
So you may not know everythingthere is to know about that
industry, for instance.
You don't necessarily have to,but they're going to show you
how to run it, how to operate it, how to talk to people, how to
(09:38):
appear before people dressingthat sort of thing.
They're not really nitpickyabout this sort of thing, but
what they're going to do isthey're really going to help you
, as you said well, reallybecome more professional in what
you do in your business life.
Speaker 1 (09:50):
Yeah, and you know what?
I saw a stat on Twitter theother day and it was showing all
the most the highest grossingfranchises, and you might've
seen the same thing and it had,of course, chick-fil-a was up at
the top, I think it was.
The average was like nine and ahalf million dollars a
franchise or something.
Just crazy, right.
And then I forget what the nextones were.
I was just enamored with thefact that the Chick-fil-A's are
(10:12):
making that much money.
Oh, I think it was.
There's another chicken place.
They're always on collegecampuses.
Speaker 3 (10:19):
I can't remember what the name of it is Nashville's
or Joella's or some sort of hotchicken.
Speaker 1 (10:23):
Hot chicken.
Yeah, it was one of those andthey were number two and I was
like man chicken really sells.
They're making hand over fistmoney.
Tyson Foods must be makinggreat money.
I know that's where Chick-fil-Agets their stuff from.
But you know, you see thosenumbers and you're like wow,
nine and a half million, what'svery hard.
I mean it's practicallyimpossible at this point to get
a.
You got to go into the lotteryand everything for a Chick-fil-A
(10:43):
franchise.
But there are other franchisesout there.
You know people like you willsay look, don't look at that
gross number.
You know that's great for them.
You don't really actually ownthe franchise.
When you own a Chick-fil-Ayou're just really an owner
operator kind of person.
But there's a lot of franchisesout there that are going to make
good money and that are abetter fit for you as a person.
(11:06):
This is kind of one of thethings you help people with
right.
Speaker 2 (11:10):
That's absolutely correct, adam.
So what we take a look at isbasically three things on there
when have you been?
So what do you bring to thetable?
What's your skill set?
How is that going to match withthe franchise or I'm going to
match you up with when are youat now?
So how much time are youwilling to invest in that
franchise Passive, semi-passive,full-time?
(11:30):
And then, how much money areyou comfortable investing in
that franchise?
Not how much do you have.
How much are you comfortableinvesting in that franchise?
And then we're going to take alook at where do you want to be
five to 10 years from now.
And what I want to do is get toknow you as much as possible so
I can tailor those franchisesaround your skill set, where
(11:51):
you're at right now in life andwhere you want to be in life on
that one.
So there's many franchises inmany different industries, not
just the brick and mortar.
We have the services industriesas well much lower investment.
So you don't have to be amillionaire, you don't have to
work at full time, and thosefranchises are ones that you can
build up and that will be maybea better fit for you.
We'll go through a few differentindustries on that and I've got
(12:11):
a great questionnaire to gothrough matrix of business types
, lots of questions to answer tonarrow that field down to find
ones that when you're talking tothose franchisees and you're
asking them what they do on aregular basis and you start
picturing yourself in your minddoing it, that's when you get a
really good feel for it.
So we'll probably look throughfive or 10 different
opportunities, narrow it down totwo or three, go through the
(12:34):
process of investigating themand then you start picturing
yourself doing those sort ofthings and most of the time I
can get people who are therelooking at that saying I can do
that.
I can see myself doing thatsort of thing and it may be
something totally different thanthe one they started with.
One of my investors from theBigger Pockets wanted to look at
a brewery.
That's what they had theirheart and mindset on.
Speaker 1 (12:58):
Well, they ended up going with an electrical
services franchise Completelydifferent.
Yeah, yeah, that's waydifferent, yeah, but the guys
that do electrical work drinkthe beer though.
Speaker 2 (13:06):
So this is true.
This is true.
Speaker 3 (13:12):
Do you do franchise only or do you do like?
Uh, you know, the guy is a soleproprietor.
He's looking to sell hisbusiness.
Did they ever hit you up aswell?
Speaker 2 (13:23):
I do not do any private businesses.
Everything I do is aroundfranchising Not necessarily,
kyle, always a new franchise.
I do get franchise resales onoccasion, kyle.
Those are few and far betweenon that for good resale
franchises, but I do have a listof franchises that are up for
resale already established.
(13:43):
The franchisee is looking tosell them.
Most of the time, kyle, whathappens is that when you build
that franchise system up and yougo to sell it, the first thing
you're going to do is tell thefranchisor on that.
Obviously you have to get theirapproval for that and the first
thing they're going to do isthey're going to tell other
franchisees around you that'sfor sale.
So if your franchise is doinggreat, one of the franchisees
(14:06):
around you is going to pick itup.
Speaker 3 (14:09):
Okay, the reason I was asking is because I have
twin boys that are 23 now.
One thinks instructionmanagement and the other he
doesn't know what he wants to do.
He's working with me right now,but this is his lifelong career
path.
So, you know, I've been every Idon't know fifth or sixth reel
now that I get on Instagram isabout well, there's a million
(14:31):
baby boomers that retire a yearand 88% own businesses, and so I
always thought, well, that'snot a bad idea for, you know,
came and get into constructionmanagement, but I don't know how
to vet.
I don't know how to vet thebusiness.
I don't know what, how to lookat things from a macro level or
even a micro level to be able tosay or micro, even macro to say
(14:52):
, yeah, this would be a goodbusiness for you to buy, to
start building your career.
Because, I agree with you guys,it's a much better career path
if you don't have to step on allthe landmines to figure out
what's going on, what's goingright.
So that's the reason I askedthat.
But if you've got a servicesfranchise yeah, I say this all
the time, but I would like toget on a phone call with you so
(15:15):
and go over a lot of this stuff,because I've got I've got a son
who doesn't know what he wantsto do.
I have a wife who is chompingat the bit to do something and
she wants to buy cabins down ina local state park where we go
to a lot to go hiking, and Ithink this would probably be the
best route to get there withinthe next five years, if
(15:37):
everything I've looked at.
Speaker 2 (15:40):
Yeah, Kyle, I'm all about education.
Franchising is not foreverybody.
I don't try and convince youthat it is, but we'll go through
and we'll educate you onfranchising, teach you all the
detailed information, go overones that are available to you,
and just talk with each otherand work through it and go
through the investigationprocess together as well.
Speaker 1 (15:56):
Yeah, what kind of money?
Perfect, I appreciate it, Greg.
What kind of money?
So Kyle wants to do somethinglike this.
He's maybe looking inconstruction or whatever, but
maybe he does a pivot too andfind something else he likes.
What kind of money can somebodyexpect if they are?
Speaker 2 (16:13):
thinking about buying a franchise.
Generally speaking, mostfranchises really are looking
for you to bring in a greatsix-figure income.
It's going to vary between them.
When people want to turn theirbusinesses into franchises
that's one of the things I tellthem is that once you hit a net
$100,000 mark or more, that'sgenerally what is going to start
interesting people more on that.
Now, not all franchises will dothat.
(16:35):
There's some of the hair salonsthat make per location.
They make less than $100,000 ayear but they're so easy to
operate that people just pick upmore than one on those.
But it's amazing how manydifferent franchises and
different industries that youcan get out there.
Staffing industry is a greatone, express employment
professionals if you go to theirwebsite you'll see that listed
there, that each location youknow they make, you know upwards
(16:57):
of what a Chick-fil-A does ontheirs, on a lot of their
locations itself on there, on alot of their locations itself on
there, and that one for theservice industry is like
$150,000, $200,000 investment onsomething like that.
So a lot of those servicesindustry, like the restoration
and I was talking about, likethe electrical services,
plumbing, hvac all those onescan be a multimillion dollar a
(17:21):
year gross income producingfranchises.
Because the industry is so bigand the franchises are so big
They've been around for a whilethat they really know what
they're doing and how to get youthose clients.
Speaker 1 (17:32):
Wow.
So you work with a company,ifpg.
Now what kind of services?
Because I mean this issomething I'm guessing you could
just go do on your own, beingthe expert you are and having
all these credentials, but youchose to work at this company.
What kind of services and whatkind of support do you get from
them that ends up benefitingpeople like Kyle who may want to
buy a franchise.
Speaker 2 (17:54):
Over at IFPG, the International Franchise and
Professional Group, we vet outthose franchises on a regular
basis to bring them into oursystem.
So there's about 5,000franchises out there in the US.
We work with probably about 500different ones and we've got a
few hundred brokers that aregoing through talking with these
franchise ors the people thatare running the business
themselves on a regular basis.
(18:15):
So we get a lot of feedback asthey're introducing people to
the franchisees.
We'll get feedback from whatpeople are hearing from or what
our clients are hearing from thefranchisees.
Ifpg also does a good system ofvetting these franchises out so
that we know that we're notgetting into something that's
like a fly by night typefranchise or has some legal
(18:35):
issues or bankruptcy issues.
They also have a nice listingfor us as brokers where we can
simply go through there andlooking at the credentials that
my people bring in my clients,as we were talking about before,
what kind of money do you needto have?
Each franchise has a certainlevel of net worth that you need
to qualify for that franchise,a certain background that you
(18:57):
need.
So I've got all thatinformation at my fingertips.
Also, knowing what territory isavailable, Most franchises give
you out of protected territoryso no other franchisee can come
into that territory.
So that information I also haveright at my fingertips.
Ifpg provides all that, so it'sa very simple process for me to
get that information so that Ican filter through the different
(19:19):
franchises for you.
If you were to do it yourself,that's a huge challenge because
there's no one database for youout there.
If you're an individual to goand find all that information at
one spot, IFPG provides it.
Also, we don't charge ourclients for anything.
When you work with me, thefranchisors pay us a referral
fee.
If you decide to invest in afranchise that I introduced you
(19:40):
to, IFPG does all that contractwork for us in the background,
so we never have to worry aboutthat.
Speaker 1 (19:47):
Oh my God, that's one of the scary things I think
would, for me, would be man, doI have to get my own accountant?
Do I have to get you know to dothe forensic on the business?
Do I have to get my ownattorney?
You know all that kind of stuff.
You know you fear that you'regoing to get screwed over if you
if stuff.
You know you fear that you'regoing to get screwed over if you
, if you go into something likethis and you end up in a bad
(20:07):
franchise.
I mean that could bedevastating for people it
certainly is.
Speaker 2 (20:09):
It's hard to get out of.
You know, it's probably easierto get out of a marriage than it
is to get out of a franchiseagreement on that one.
So what we do is we also havefranchise attorneys that along
the way We've got CPAs, we'vegot the funding people who fund
franchises all the time.
Franchises are easy to fund.
As long as you've got goodcredit, you've got the net worth
, we'll get you funded in amonth.
Simple as that.
Franchise attorney.
(20:29):
Always have a good franchiseattorney.
Look over your information.
So I've got a couple of themthat I send people out to.
They tell me if there'sanything wrong with that
franchise as well.
If they see something strangeor weird about it, they'll tell
me I'll never show that oneagain and we'll get it out of
our system.
Ifpg will do the same thing.
Franchise attorneys arewonderful.
Not too much you can change inthat franchise agreement.
(20:50):
There are a few things, but afranchise attorney will go
through that franchise agreementwith you and the most important
thing they'll do is they'll letyou know what you're getting
yourself into and make sure youare okay with that.
Speaker 1 (21:01):
So you know a guy like Kyle.
He's working a nine to five job.
He's he's making good money.
He's been doing it for a longtime.
You know, his wife wants to dosomething.
It sounds like his sons want todo something.
So you know, what kind of stepsdoes he have to take?
Like, do you need to work inmost franchises, or would you
recommend people work in mostfranchises, or can Kyle just
(21:23):
passively invest?
Speaker 2 (21:26):
Kyle can just passively invest.
It all depends on what kind oftime you want to put into that
yourself.
On that one there's threedifferent levels of the
investment.
So I have four franchises outthere that are completely
passive.
They'll have a management teamrun that business for you.
Not too many like that.
About four of them.
Like I said on that, at thatpoint you've got.
(21:48):
You then move up intosemi-absentee.
Semi-absentee you manage themanager, you manage the profit
and loss statements.
You don't like managing profitand loss statements, get a CBA
to do it.
You just do the managing of themanager, part 10 to 15 hours a
week, depending on yourmanagement skill and style.
Many different industries, fromthe brick and mortar, the big
(22:09):
investments, to the servicesindustry, smaller investment,
where the franchises franchisorshave franchisees that are
already running that businessmodel semi-passive.
So you have people to call uponto find out exactly how well it
works.
You want people who have donethat before and then you've got
some of the franchises that wantyou to work strictly full time
in it on that.
So, yeah, I've got a lot ofpeople that are in corporate
(22:32):
world.
Have other businesses that arelooking to do something on the
side.
Speaker 1 (22:36):
What if you want to?
Just what if you've got a greatbusiness or a great business
idea and you want to start yourown friend, you want to start
franchising that?
Do you guys work with peopleand say hey, look, here's what
you need to do.
You need to show some revenue,you need to show some of this
stuff.
You need systems in place.
(22:56):
Like, do you help peopleprepare for that or just buy
franchises?
Speaker 2 (23:02):
We help people prepare for it.
I've got a team that'llactually turn you into a
franchise itself and I've doneit with two or three different
brands or companies that areprivately owned.
That then became franchises.
So two things basically we'relooking at on those when I talk
to people and the same with mypeople who are going to turn you
into a franchise, They'll lookat the same thing.
(23:24):
A couple of different things onthere.
One, it's really helpful.
If whatever product or servicesyou have can be used in the
majority of cities and states inthe US Doesn't have to be.
I mean, you might do a boatrental franchise, Obviously in
the middle of the Arizona desert.
It's not going to work out.
That's cool.
There's plenty of other citiesand states that you can do that
(23:46):
in.
So if it, the more it can beanywhere in the U S, any city or
state, the better.
The closer you are to bringingin nets of a hundred thousand
dollars and more, the better onthat one, that's going to be
more appealing to people on that.
It doesn't have to be, it'sjust more appealing to people on
that.
So we work with them on that.
(24:08):
Then the other thing is if youreproduced it, One territory.
One location is fine.
We can start off with that.
That's doable and we've donethat before.
More than one location is evenbetter.
You've already shown that youcan reproduce that again on that
one.
So those are probably the threemain things.
Is you bring in a good amountof money so that it's appealing
(24:30):
to people, so people will bemore likely to do that for you.
If you've reproduced it, that'swonderful on that one.
And the more cities and statesthat can be your product or
services can be used in, thebetter Kyle.
What kind of They'll do therest.
Speaker 1 (24:44):
That's awesome to hear because I got some ideas.
But, kyle, if you were toinvest in a franchise, how much
money do you think you'd be ableto throw at something Like, how
much would you feel comfortablethrowing at something?
Speaker 3 (24:55):
Well, I mean, it all comes down to the consultation,
right, and you know whatfinancing looks like, because
it's not going to be just mycapital, right, you're going to
have to have some sort offinancial instrument behind it,
whether it's a business, I'massuming it's a small business
(25:16):
fund or a business fund of somesort.
So if you're looking in the$50K to $100K I mean, you can
qualify for something that'slike you throw about $250,000.
You qualify for a $250,000 loanand it throws out a net of
$100,000 a year.
That's like a no-brainer, right?
Speaker 1 (25:36):
Yeah, because your return on investment's what?
Three years?
Speaker 3 (25:39):
Ridiculous.
Speaker 1 (25:40):
Yeah, you're doing great.
Speaker 3 (25:41):
So it all depends on the opportunities out there.
If you can throw some $30,000and then all of a sudden it's
returning $20,000 a year, wellthen you've got a golden egg
producing chicken there.
So you just take that $20,000,you rolled into the next, but
you get more of them or whatever.
(26:01):
It all depends on that.
It all depends on return andlistening to people like.
Listen to people like we havetoday, where they know exactly
what they're talking about.
You roll with it, Cause that's,that's that's like.
I have no clue.
I would be one of those guysthat will listen to the snake
oil salesman and pick up likeeight, five bottles and then my
(26:24):
family wouldn't eat, you know.
That's good to have guidance.
Speaker 1 (26:27):
That's why you have Greg.
So, greg, like what are some ofyour favorite franchises right
now that are out there, thatyou've put people in?
Speaker 2 (26:35):
Essential services and health and wellness Always
needed, Always going to be there, no matter what the economy is
doing, no matter what'shappening.
If it's broke, it's got to befixed.
It's got to be fixed now HVACrestoration, plumbing,
electrical labs, chiropractors,IVs, senior care.
Senior care has always beenaround.
Those are always good ones.
(26:56):
We're all getting older.
We all need some help aroundthe house.
We don't want to go to assistedliving, so we need some help
around there.
All great franchise systems,big money systems as well.
Speaker 1 (27:07):
Oh, you know what I need to ask you because somebody
told me there's money in plasmacenters.
Do you know anything about that?
Speaker 2 (27:15):
We have a couple of them that do a pain management,
different types of painmanagement.
I think the plasma is one ofthem.
Uh, that they do as well.
Uh, that goes under health andwellness on that one.
Um, that's, uh, that's a goodor like urgent cares.
Speaker 1 (27:33):
Like urgent care I think he worked at one that you
know you go and you give bloodand then they sell the blood.
It's like they pay these peoplelike $30 to give blood and then
they turn around and sell it ata hospital for like $1,500.
Like it's yeah, I mean a guythat actually worked there.
I don't know, I don't know ifthose are franchises or they're
just people who run around anddo that, but I mean, the guy
just had like a nursing degreeor something like that, I think,
(27:55):
and he was working there and hewas telling us about it.
We were at Disney or Universalor something, standing in line
behind this guy and he was justtelling us all about it.
He's like, yeah, he said youshould just open up one of those
.
This is hand over fist money.
I'm like that's, that's wild,but it seemed kind of predatory
in a way.
Speaker 2 (28:12):
As long as everybody agrees to it and it's moral,
ethical and legal, you're goodto go on that.
As far as some of those medicalfranchises go, you don't have
to be a nurse.
That's going to make adifference.
You're in California, you're inWashington, you're in New York.
It's going to be a little bitmore challenging than, say,
(28:34):
texas, florida or something likethat.
Each city sorry, each state hasdifferent rules as far as who's
running the franchise and whatkind of licenses you need to
have.
Speaker 1 (28:44):
So, ok, think about this, kyle, like the housing
market stinks right now.
So you've got a lot of realtorsout there who were doing great
two years ago.
Speaker 3 (28:54):
Now the market three years ago maybe, and they just
got their commissions crushed.
Speaker 1 (29:00):
And their commissions are crushed.
I bet you there's a bunch ofrealtors out there looking for
something else that they can do,but they still want to do real
estate right.
But they're just not pullingnumbers right now.
I mean it's just the interestrates are crazy.
What would be some goodfranchise franchises for
somebody like that with thatskillset.
Maybe they got 50,000 buckssitting around to invest, but
(29:20):
they've got time right now.
What would be a good thing forthem to invest in?
Speaker 2 (29:25):
Well, since they already have the clientele is
all going to be around peoplethat have bought, purchased real
estate properties from themThen I would say something in
the property services would bethe best bet, because they've
already got that clientele liston there in that area.
If you want to do it yourself,you don't want to go through me,
that's fine.
Go check out Neighborly Brands.
(29:46):
The Neighborly Brands is thelargest home services franchise
group in the US.
They've got many different ones.
Enable the Brands is thelargest home services franchise
group in the US.
They've got many different ones.
You can do horizontal growth bydoing Molly Maids, by doing Mr
Grounds Guys, window Genie.
You can pick up three or fourdifferent brands within your
area and basically own the homeof taking care of any kind of
services that they need on thatauthority brands Benjamin
(30:08):
Franklin, plumbing, mr Sparky,one Hour, heating and Air
Conditioning, screenmobile.
You can do the same thing withthose folks as well.
Great businesses, you'vealready got that clientele list.
You're just hitting up the listthat you already have and
saying, hey, these are theservices I've got to offer.
What do you think?
Speaker 1 (30:24):
Oh, that's a good idea too, because you know what,
when the real estate marketcomes back, what?
Now?
You've got all these houses,you've been in, you've, you've
met the owner, probably, and youcould say, hey, look, by the
way, yeah, I do real estate too.
If you ever think about sellingthis house, you know they got a
baby now.
Well, that baby's going to growup, they might have another one
, they're going to be lookingfor a bigger house in a few
(30:45):
years.
So you know, drop that littlenote on them and you know you're
there cleaning their house oryou're there working on their
lawn or you know whatever it isthat could actually lead to more
business.
So you could essentially kindof combine two hustles into one.
Speaker 2 (31:01):
Exactly Great growth system for that Great
opportunity.
You're managing the sameclients, you're marketing to the
same people with all theservices that you have to offer
Really good way to do business.
Speaker 1 (31:13):
Man, I love it.
Well, that's a really good wayto think and this is why you
guys go to Greg and talk to himif you have something, because
that actually you think pickingup another business is going to
keep you from being able to dowhat you currently do, but it
could actually be a multiplierfor the other business as well.
Speaker 2 (31:35):
Exactly.
You know the neighbor, thebrands.
One of the things that makesthem so successful is that they
might have multiple brands inone um, one territory, so they
have multiple franchisees in oneterritory.
They all help each other.
So if they're in there cleaningtheir house, doing the mulling
aids and they see something thatneeds to say you know the
grounds aren't looking too goodThey'll say, hey, my friend over
here does groundskeeping.
You want me to have him stop onby and let you know what he
does?
They're always passing leadsand passing people back and
(31:57):
forth.
Speaker 1 (31:57):
Good point, wow.
That's why you don't want to dothat on your own, because
you're missing out on all thosepotential leads.
Let somebody yeah, wow, thenit's just a vertically
integrated home servicesorganization Very smart.
Wow, greg, this is awesome.
How do people reach out to you,greg, how do they find you and
(32:17):
what do they need to get started?
What would be the ideal person?
Speaker 2 (32:21):
One thing and one thing only to be the ideal
person for a franchise system.
Amazingly enough, you got to becoachable, always got to be
coachable, because thosefranchises are there to coach
you, to make you better, as wetalked about before.
That's it.
You're coachable.
The rest is there.
You want to get a hold of me?
Franchisemavencom, my website,franchise M-A-V.
(32:42):
As in Victor, e-ncom, greg atFranchisemavencom, or just pick
up the phone and give me a callat three, six, one, seven, seven
, two, six, four, zero one.
Speaker 1 (32:53):
Wow, I'm actually surprised you got that domain
name.
That is a good domain nameFranchise maven dot com.
That's amazing.
How long have you had that?
I've been 12 years.
Okay, that's why you got it.
You got it at a pretty goodtime.
There you go.
Well, greg, I really appreciateit.
Hopefully people reach out toyou.
I think Kyle actually soundslike he wants to reach out to
(33:14):
you and I might be reaching outto you soon.
I got an idea of starting afranchise business, so it might
be good to get on the phone withyou for sure.
Speaker 2 (33:23):
I love talking, as you can tell, so you want to
talk to me.
I'm not going to try andconvince you that franchising is
the greatest thing since slicedbread, because for some people
it is not.
Education is what it's allabout.
Call me.
Speaker 1 (33:36):
We'll talk.
I love it, greg.
Well, thank you, sir, fortaking some time today to put
this little bug in the ear ofpeople and hopefully they reach
out and they could change theirlife.
Speaker 2 (33:47):
Adam Kyle, I was honored to be on your show.
I appreciate you having me.
Thank you.
Speaker 1 (33:51):
Thanks for joining us on this week's episode of Side
Hustle City.
Well, you've heard from ourguests, now let's hear from you.
Join our community on Facebook,side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(34:13):
Thank you.
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