Why do you focus on non-food franchises?
Certain non-food franchises can be perfect fits for corporate refugees, because they…
- Don’t require industry experience
- Can have better unique economics
- Are more lifestyle-friendly, and
- Don’t cost as much to open and operate
What type of non-food franchises are out there?
Here are the big categories that typically have some quality non-food franchises for corporate refugees. Keep in mind that not every franchise in these categories is a quality franchise. There are a lot of factors that separate the quality from the ones you want to avoid, which we’ll talk about.
Residential & Commercial Services: a business that offers a service to homeowners and building managers.
Senior services: businesses that offer services to the growing aging population (but I’m not talking about opening a senior care home…there are other types of businesses in this niche).
Health & Wellness: businesses that offer services that help people live healthier lives and feel better (e.g., boutique fitness, stretching, anti-aging, etc.)
Beauty: businesses that helps people look better (e.g., waxing, haircare, etc.)
Kids Enrichment and Education: tutoring, pre-schools, and kids’ sports-related activities.
Pets: training, boarding, grooming, etc.
B2B: businesses that offer services to small- to medium-sized companies (e.g., staffing, expense reduction, etc.).
What background do I need to be successful?
People from all kinds of backgrounds have been successful with non-food franchises.
I’ve worked with corporate refugees at all levels of companies, big and small, from executives at Amazon, salespeople at Microsoft, managers at Bank of America, engineers at big and small firms, independent contributors like med device and pharma reps, etc.
The one common thing among everyone who’s gone on to open a franchise and find success is a burning desire to build their own successful business and create a life they can’t get working for someone else.
How much do good non-food franchises cost?
You need access to at least $100K in cash, savings, stocks, or a 401K, and a net worth of $300K+. There are plenty of ways to fund non-food franchises, such as SBA loans and 401K rollovers. We’ll talk more about these options in detail, and I’ll connect you with franchise funding experts who can help you figure out the right funding plan.
Why is your service free?
Similar to a real estate agent, the seller covers my bill. And, in this case, the seller is the franchise. You’ll never pay me a dime. I promise!
What’s your background in franchising?
I’ve been in franchising my entire professional life, which is 20+ years.
I fell into franchising accidentally (like most people I work with), out of grad school with a disaster restoration company called AdvantaClean. I played a key role in helping AdvantaClean expand to 100+ franchise locations over 8 years.
I was recruited to lead the worldwide expansion of Tutor Doctor, where I grew the franchise into 14 countries.
I got burned out in 2017 and became an independent franchise broker. I’ve been consistently recognized as one of the top franchise consultants in the country.
In between now and then, I’ve invested in franchises, including being an early franchisee with Spray-Net. I sold my Spray-Net franchise a few years ago.
All that to say, I’ve been on both sides of franchising (as a franchisor and a franchisee), and I use my 20+ years of experience to help you figure out whether the right franchise is out there.
Is owning a franchise a passive investment?
Absolutely not. When you find a passive deal that has the potential returns of owning and operating a successful business, call me!
Now, there are some manager-run friendly franchises out there. If you have a flexible job, you may be able to open one of these franchises while keeping your W-2. In order to pull it off and get approved by the franchisor, you need to have 20 or so hours during 9-5 hours, or tag team the business with your spouse.
That said, most franchises are full-time efforts for the first few years. The key is finding one that will be worth it!
How does this process work?
The first call is pretty simple – it’s a freestyle session to talk about franchising, learn about your goals, and figure out if there’s a fit to work together.
If there is a fit, we’ll schedule a consultation where we’ll lay out a game plan for the type of franchises to focus on based on your goals and background, talk budget and funding, and prepare you for the due diligence process.
After your consultation, I’ll do a search to find some quality non-food franchises that align with what you’re looking for and want to expand to your area. I’ll bring you a handful of options so you can compare and contrast the different businesses.
Finally, you’ll start your due diligence process, which will take about a month. I’ll be here to guide you through this as well, connect you with funding experts, franchise attorneys, and, ultimately, help you figure out which direction you want to go.