In this episode, we discuss buying a franchise with Josh Dubois. Most people consider business ownership to replace income or build generational wealth. Franchising fast-tracks starting a business by providing systems and resources. Josh recommends exploring options over 1-2 months without pressure to decide. He outlines the process of researching franchises, speaking with owners, reviewing financials, and managing expectations. We emphasize having a strong "why" and taking extreme ownership as a franchisee. Success requires being known in the community, following the playbook, and having a positive attitude.

 

Josh's father transitioned from long hours in the restaurant industry to owning a dry cleaning franchise, which allowed him to attend Josh's games and eventually become a CEO. This lifestyle change inspired Josh to pursue business ownership before becoming a franchise broker to help others without promoting any specific franchise. He lives by "conquer the mind" – being conscious and positive to manifest goals.

 

Timestamps:

02:05 Why pick franchising over starting your own business?

04:58 Lifestyle and legacy in franchising

10:14 Lifestyle freedom in franchising

12:09 The buying process and common mistakes

17:08 Getting started and being successful

19:41 Managing expectations between franchisor and franchisee

21:22 Taking extreme ownership

23:23 Tips, tricks, and hacks for buying a franchise

25:00 You don't need to decide today

 

Key Takeaways:

 

• Spend 1-2 months exploring franchise options to make an informed choice.

• Research thoroughly: talk to owners and review financials.

• A strong "why" drives motivation and focus.

• Extreme ownership means fully committing to the franchise’s success.

• Being known in your community benefits your business.

• Follow the franchise's systems and guidelines.

• Maintain a positive attitude to overcome challenges.

• Personal experiences can inspire and guide business decisions.

• Hands-on ownership experience helps in advising others.

• A positive mindset, or "conquer the mind," is crucial for achieving goals.

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