Latest / The Steve Harvey Morning Show / The Franchise Player is Expanding the number of Black-owned franchises lead by Tarji Carter.

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The Franchise Player is Expanding the number of Black-owned franchises lead by Tarji Carter. · The Steve Harvey Morning Show

• 0:04
  Speaker 1: Welcome to Money Making Conversations.
• 0:06
  Speaker 2: It's to show that she is the secrets of success
• 0:08
  Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I
• 0:12
  Speaker 2: will know he's giving me advice on many occasions. And
• 0:14
  Speaker 2: in case you didn't notice, I'm not broke. You know
• 0:17
  Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry.
• 0:20
  Speaker 1: Decision make because it's what he likes to do, it's
• 0:22
  Speaker 1: what he likes to share.
• 0:24
  Speaker 2: Now it's time to hear from my man, Rashan McDonald
• 0:27
  Speaker 2: money Making Conversations.
• 0:28
  Speaker 1: Here we go fire and this is ra Sean McDonald.
• 0:32
  Speaker 1: As you know, I host the Money Making Conversation Master
• 0:34
  Speaker 1: Class show every week and my interviews and information that
• 0:37
  Speaker 1: this show provides are for you. You, you, you, you
• 0:39
  Speaker 1: and anyone listening and anyone you want to pass this
• 0:41
  Speaker 1: information on too. It's time to stop reading other people's
• 0:45
  Speaker 1: success stories and start living your own. My next guest
• 0:48
  Speaker 1: created the Franchise Player to increase franchise ownership and wealth
• 0:53
  Speaker 1: across the African American community. Her goal is to provide
• 0:56
  Speaker 1: a clear path to ownership for aspiring franch disease with
• 1:01
  Speaker 1: franchise brands committed to fostering inclusive, diverse environments and providing
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  Speaker 1: a sense of belonging. Please welcome to the Money Making
• 1:09
  Speaker 1: Conversation master Class. Taji Carter. How are you doing, Taji?
• 1:14
  Speaker 3: I'm fantastic. Rashan, how are.
• 1:16
  Speaker 1: You motivated to win? How about that? I'm motivated to
• 1:18
  Speaker 1: win because I got you the Frank I'm tell Yousu
• 1:21
  Speaker 1: to come on the show with a name called the
• 1:23
  Speaker 1: franchise Player. You got to be motivated, I hope.
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  Speaker 3: So, I hope. I hope our time together is very
• 1:32
  Speaker 3: productive and it helps as many people as possible.
• 1:34
  Speaker 1: Well, let's let's get started. The Franchise Player. How did
• 1:37
  Speaker 1: that name come about?
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  Speaker 3: I really started, you know, learning the craft about fifteen
• 1:45
  Speaker 3: years ago, and I realized that there are not a
• 1:48
  Speaker 3: lot of people in that space that looks like us.
• 1:51
  Speaker 3: And I think I'm pretty good at what I do.
• 1:53
  Speaker 3: So I want to take everything that I've learned and
• 1:55
  Speaker 3: shared with others, and usually the best in a class
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  Speaker 3: is considered the franchise player. So that's where the name
• 2:01
  Speaker 3: came from.
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  Speaker 1: Right, I mean that the person who sets his tone
• 2:05
  Speaker 1: that says the stage for being the difference. Now, I
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  Speaker 1: would tell you that I was I was thinking about
• 2:11
  Speaker 1: buying a franchise, and I tell you it was a
• 2:15
  Speaker 1: poo local. It was a chicken franchise. And if I
• 2:20
  Speaker 1: was in LA at the time. And you know the
• 2:22
  Speaker 1: thing about franchise is, you know, you know why when
• 2:27
  Speaker 1: they set me down, they started talking about all the
• 2:29
  Speaker 1: things you gotta go into training. This is the fee.
• 2:32
  Speaker 1: Can you walk us through the steps? Because when I
• 2:34
  Speaker 1: got to about the fifth step, I was like, whoa, whoa,
• 2:37
  Speaker 1: there's a lot going on here. I thought it'd be easy.
• 2:40
  Speaker 1: So you're the franchise player, Let's let's talk about the
• 2:45
  Speaker 1: process of franchise ownership. And this start right there, the
• 2:50
  Speaker 1: process of franchise ownership.
• 2:54
  Speaker 3: Yeah, I'm gonna take it a step back and just
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  Speaker 3: talk about some of the misconceptions. So I know, information
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  Speaker 3: about franchise ownership has not reached the Black community in
• 3:03
  Speaker 3: ways that it's reached other communities. And so there's this
• 3:06
  Speaker 3: misconception that a when you buy into a franchise, you
• 3:10
  Speaker 3: pay a fee and they basically give you the keys
• 3:12
  Speaker 3: to the business and it's the brand's responsibility to make
• 3:15
  Speaker 3: you successful. And nothing could be further from the truth.
• 3:19
  Speaker 3: So what happens is you apply to become a franchiseee.
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  Speaker 3: You'll talk to a franchise sales manager or a director
• 3:27
  Speaker 3: to see if there's a good fit if you meet
• 3:29
  Speaker 3: their qualifications. If you do, you go through an application process.
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  Speaker 3: You may even have to submit a business plan and
• 3:36
  Speaker 3: present that to the deciding team or the committee, and
• 3:41
  Speaker 3: then once you're ready, you know if you get approved,
• 3:44
  Speaker 3: and once you're ready to move forward, you would then
• 3:47
  Speaker 3: pay the franchise fee, sign a franchise agreement. Within that agreement,
• 3:52
  Speaker 3: there are a lot of details as to what you
• 3:55
  Speaker 3: have committed to doing. In some cases you're committing to
• 4:00
  Speaker 3: to buy one or multiples, and all of that is
• 4:03
  Speaker 3: laid out in that in that agreement. And then you
• 4:06
  Speaker 3: still have to go to training, You have to find
• 4:08
  Speaker 3: your real estate, you have to negotiate your lease. So
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  Speaker 3: there's a lot of that you have to do on
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  Speaker 3: the front end, specifically with that first one. The first
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  Speaker 3: one is usually the most difficult, but once you get
• 4:18
  Speaker 3: to you know, units two and three, the process gets
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  Speaker 3: a little bit easier because you're more familiar and you
• 4:25
  Speaker 3: know you have a lot more resources at your disposal.
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  Speaker 1: And you really want to get to unit two, three,
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  Speaker 1: and four because That's what I learned when I was
• 4:34
  Speaker 1: sitting down and say, if your franchise that you own
• 4:37
  Speaker 1: is making you fifteen thousand dollars a month, just say
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  Speaker 1: that that's what you're clearing, fifteen thousand dollars a month. Well,
• 4:42
  Speaker 1: you want two, because then it's thirty thousand dollars a month.
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  Speaker 1: You want three, then it's forty five thousand dollars a month,
• 4:48
  Speaker 1: and then you multiply that times twelve. Then you start
• 4:50
  Speaker 1: generating revenue. But the fact of trying to just buy
• 4:54
  Speaker 1: one now saying that's a bad thing to buy one,
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  Speaker 1: but that's why you see people have multiple franchises under
• 5:01
  Speaker 1: the same umbrella, or have multiple franchises under different brands, correct, correct.
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  Speaker 3: So a lot of folks will enter into one brand
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  Speaker 3: and then they want to diversify. Sometimes those brands have synergy.
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  Speaker 3: So you might have a pizza concept next to an
• 5:19
  Speaker 3: ice cream shop, right, So after somebody eats their pizza,
• 5:21
  Speaker 3: they're going to go get some dessert, and so now
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  Speaker 3: you're competing with yourself versus someone else. But you're exactly right,
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  Speaker 3: Buying one franchise is not going to get you rich.
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  Speaker 3: Let's be very clear about that. There's strength in numbers.
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  Speaker 3: When you buy one, you're pretty much buying yourself a job.
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  Speaker 3: And so, but that first one is very important because
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  Speaker 3: say you get to learn the system, how a franchise
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  Speaker 3: system works, You learn all the intricacies of what it
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  Speaker 3: takes to be successful, and then you take those learnings
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  Speaker 3: and those earnings to open the second, third, fifth, tenth, right, right,
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  Speaker 3: Because ultimately what's happening in this franchise space is a
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  Speaker 3: lot of brands only want to work with existing multi
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  Speaker 3: unit franchisees. Right, So, if you're looking to buy into
• 6:11
  Speaker 3: a Chicken concept, they're looking for candidates that have multi
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  Speaker 3: unit development experience. And I say development specifically, because sometimes
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  Speaker 3: just owning multiple stores isn't enough if you just bought
• 6:24
  Speaker 3: them from someone else and you didn't go through the
• 6:26
  Speaker 3: whole development process. Some brands are at a point where
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  Speaker 3: they don't want to deal with anybody unless they've gone
• 6:31
  Speaker 3: through development, because that's really what they're looking to do
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  Speaker 3: to do, is develop more stores across the country and
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  Speaker 3: even around the world, right, right, you know.
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  Speaker 1: Like for instance, now there are certain let's be honest,
• 6:45
  Speaker 1: like I'm just saying brands that I see, like I see,
• 6:48
  Speaker 1: I see a Starbucks looking like it's on every corner
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  Speaker 1: or I see subways populating a lot of communities and
• 6:55
  Speaker 1: things like that. But is it because of the diffranchise
• 6:59
  Speaker 1: e entry fees? Did I see a lot of these?
• 7:02
  Speaker 1: It's just are the startup costs or its just like
• 7:06
  Speaker 1: you're saying, certain brands want a lot of stores because
• 7:10
  Speaker 1: it impacts their stock growth.
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  Speaker 3: Correct, Yeah, So Starbus doesn't self franchises, right, majority of
• 7:20
  Speaker 3: their stores are corporately owned, but they do have licensing programs,
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  Speaker 3: typically in non traditional locations like university campuses, airports, et cetera.
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  Speaker 1: Right, Like Magic Johnson back in the day he was
• 7:32
  Speaker 1: he had got some Starbucks franchises. But that's a unique
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  Speaker 1: that's a celebrity, high profile celebrity. That's why they introduced
• 7:39
  Speaker 1: it celebrity.
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  Speaker 3: Yeah, so he was able to bend the rules a
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  Speaker 3: little bit. I mean, he's Magic Johnson, so make a
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  Speaker 3: lot of happen that even the franchise prayer couldn't make happen, right, right, right, right,
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  Speaker 3: So that's definitely a one off. But so there are
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  Speaker 3: brand that you know when they started, they you know,
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  Speaker 3: the rules change right as they move along, and you
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  Speaker 3: have to also understand that management changes, people move on
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  Speaker 3: and then companies get bought out and so their standard
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  Speaker 3: operating procedures are different. So in some cases, when a
• 8:15
  Speaker 3: brand is first starting and they want to get units open,
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  Speaker 3: they might sell to pretty much anybody with a checkbook and.
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  Speaker 1: A pulse wow.
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  Speaker 3: But then as they develop and they want to have
• 8:25
  Speaker 3: more sophisticated owners and operators, they might then say something like, listen,
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  Speaker 3: you need to have, you know, a certain amount of
• 8:34
  Speaker 3: operational experience, or you might have to have some restaurant
• 8:38
  Speaker 3: experience if you're going into a restaurant franchise. So the
• 8:43
  Speaker 3: rules change. So I would imagine with Subway in the beginning,
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  Speaker 3: you know, maybe they were a little bit more lenient
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  Speaker 3: in terms of their requirements. And then as they grew
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  Speaker 3: as a company and as they started to saturate different markets,
• 8:56
  Speaker 3: you know, the rules changed. So every brand is going
• 8:59
  Speaker 3: to be different. The goal is development, right, but in
• 9:03
  Speaker 3: most brands want to develop responsibly. Some brands don't care.
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  Speaker 3: They'll put a store anywhere as long as it's making
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  Speaker 3: money right, right, And there's cambelization that happens. They might
• 9:14
  Speaker 3: put corporate stores in the middle of a market that's
• 9:16
  Speaker 3: gown by somebody else, you know, and you don't want
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  Speaker 3: to You don't want to work with a brand that's
• 9:21
  Speaker 3: doing things like that because that's not well.
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  Speaker 1: Let me ask you this then, Tarja, how do you
• 9:25
  Speaker 1: figure that out? How do you? How do you how
• 9:28
  Speaker 1: as my listeners are listening to this interview, how do
• 9:31
  Speaker 1: they how do they avoid that trap that mistake? You know,
• 9:34
  Speaker 1: like when I'm buying a house, I go through a neighborhood,
• 9:37
  Speaker 1: I go or this neighborhood. I don't want I know
• 9:39
  Speaker 1: the signs of buying a house in a community. How
• 9:43
  Speaker 1: do you know the signs of buying a franchise in
• 9:47
  Speaker 1: a in a certain area of the city versus another
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  Speaker 1: area of the city. Can you help me out with that?
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  Speaker 3: Yeah, So finding the right brand, I'll start the It
• 10:01
  Speaker 3: takes due diligence. You have to do your research and
• 10:04
  Speaker 3: the most important step that you can take in that
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  Speaker 3: research process is talking to existing and former franchisees of
• 10:13
  Speaker 3: the brand that you're interested in. They are at liberty
• 10:17
  Speaker 3: to tell you every and anything they feel comfortable sharing
• 10:20
  Speaker 3: with you. They can give you information about, you know,
• 10:23
  Speaker 3: what you could potentially make, how much they make annually,
• 10:26
  Speaker 3: what it costs them to build out their stores. They
• 10:29
  Speaker 3: can also tell you how they feel in regards to
• 10:33
  Speaker 3: the support that they receive from the brand. So talking
• 10:37
  Speaker 3: to franchisees existing in previous franchisees is the most important
• 10:42
  Speaker 3: step in vetting out a company, right, because you want
• 10:46
  Speaker 3: to make sure that you're getting real information. Now. It's
• 10:49
  Speaker 3: also important that you talk to multiple franchisees because franchisees
• 10:53
  Speaker 3: enter the system at different intervals, Right. Someone could have
• 10:57
  Speaker 3: come in twenty years ago, someone else ten and five
• 11:01
  Speaker 3: years and there could be someone that just went through
• 11:03
  Speaker 3: the approval process. So you want to make sure you're
• 11:06
  Speaker 3: talking to different people because everyone's experience is going to
• 11:09
  Speaker 3: be different. As I mentioned earlier, there are management changes
• 11:13
  Speaker 3: along the way. So the person that became a franchisee
• 11:17
  Speaker 3: twenty years ago has probably seen different iterations of management
• 11:21
  Speaker 3: and has different has had a different experience than someone
• 11:24
  Speaker 3: who may have just signed five years ago.
• 11:26
  Speaker 1: Wow, you know I'm talking.
• 11:28
  Speaker 3: Then there's also I'm sorry, go ahead.
• 11:30
  Speaker 1: And dinn you know I thought you were through apologize
• 11:33
  Speaker 1: complete your thought.
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  Speaker 3: Yeah, I was just going to say. It's also important
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  Speaker 3: to talk to franchisees who own traditional stores or outlets,
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  Speaker 3: but as well as those who own non traditional locations
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  Speaker 3: as well, because their experiences are going to be different
• 11:49
  Speaker 3: as well.
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  Speaker 1: Well, you know, your goal really is to make this
• 11:53
  Speaker 1: information available to the African American community. And you know,
• 11:57
  Speaker 1: because we support these businesses that you know when you
• 12:02
  Speaker 1: have plenty of names that we're familiar with. And I'm
• 12:04
  Speaker 1: not saying this is where you should go, but a
• 12:06
  Speaker 1: dunkin Donuts is a franchise, a ring stop is a franchise,
• 12:10
  Speaker 1: bo Jangles is a franchise. All these things are franchises. Well,
• 12:14
  Speaker 1: of course, you know McDonald's is a franchise that people
• 12:17
  Speaker 1: invest in. But again, knowing that homework, knowing that due diligence, mentorship,
• 12:23
  Speaker 1: I think plays a big role in making sure you
• 12:26
  Speaker 1: don't make the mistakes of buying the wrong thing just
• 12:29
  Speaker 1: because you got a hunch or somebody told you you
• 12:32
  Speaker 1: can make googags of money by going into the franchise.
• 12:36
  Speaker 1: Are you just tied into the edible side of the franchises?
• 12:42
  Speaker 1: Because are you tied? Do you venture into those made
• 12:45
  Speaker 1: services and those other type of franchises that are available
• 12:49
  Speaker 1: to people to invest in Taji, Yeah, So.
• 12:54
  Speaker 3: I work with all sorts of franchises. So primarily I've
• 12:57
  Speaker 3: been associated with restaurant and food service concepts, but I've
• 13:02
  Speaker 3: also work and work with brands that are not food related,
• 13:06
  Speaker 3: like pet services. So there's a company called Pet and Mind.
• 13:10
  Speaker 3: They offer holistic pets, food and supplements as well as
• 13:14
  Speaker 3: hygiene stations. That's a franchise that is available and I
• 13:18
  Speaker 3: know they're growing across the country. Neighborly is a company
• 13:23
  Speaker 3: that owns a lot of home service type franchises, and
• 13:28
  Speaker 3: so you can buy into a Neighborly brand. There are
• 13:33
  Speaker 3: fitness concepts, there are all sorts of Senior care is one.
• 13:41
  Speaker 3: Wisdom Senior Care is one that I am very familiar with.
• 13:44
  Speaker 3: I know the owners and they do a great job.
• 13:47
  Speaker 3: And then also coding for kids. Code Whiz is a
• 13:52
  Speaker 3: franchise that is obviously not a food service related but
• 13:55
  Speaker 3: I work with all franchises across the board. I've been
• 13:58
  Speaker 3: doing this for so long and I think I've developed
• 14:01
  Speaker 3: a pretty good reputation in the industry of being trustworthy
• 14:05
  Speaker 3: and so I always like to make sure I'm giving
• 14:08
  Speaker 3: out good information, which is why I started the Franchise Player.
• 14:12
  Speaker 3: I wanted to provide a safe space for our community
• 14:14
  Speaker 3: to learn about franchising. What it is, what it isn't
• 14:18
  Speaker 3: and how to go about getting into franchising with your
• 14:21
  Speaker 3: eyes wide open. You know there's a process.
• 14:24
  Speaker 1: There's a process for sure. I'll tell you I'm gonna
• 14:27
  Speaker 1: hold that thought because I've pushed the break too far.
• 14:30
  Speaker 1: When you come back on a continuous conversation, and then
• 14:32
  Speaker 1: I want to share a story about when I tried
• 14:35
  Speaker 1: to get my wife to buy a franchise. He was
• 14:38
  Speaker 1: she had to say, don't go in the well. Come
• 14:40
  Speaker 1: right back with more money Making Conversation Masterclass.
• 14:50
  Speaker 4: We'll be right back with more money Making Conversations Masterclass
• 14:53
  Speaker 4: with Rashaan McDonald. Welcome back to the Money Making Conversations
• 14:58
  Speaker 4: Masterclass hosted i Rashan McDonald.
• 15:01
  Speaker 1: My guest don't money Making a Conversation Masterclass is Tarji Carter,
• 15:05
  Speaker 1: the franchise player. She's trying and she's doing a fantastic
• 15:09
  Speaker 1: job of being able to incorporate how people can get
• 15:14
  Speaker 1: into the franchise business. You know, what we've been, what
• 15:18
  Speaker 1: we've experienced is African Americans. This is all about us.
• 15:21
  Speaker 1: You know, we want the shot at the prize and
• 15:25
  Speaker 1: she's developed programs and she's developed a way where we
• 15:28
  Speaker 1: can get in but you have to follow the rules.
• 15:30
  Speaker 1: You have to be able to understand. There's a lot
• 15:32
  Speaker 1: of work, and I want to just share this story
• 15:34
  Speaker 1: before I get back to utah Ji. Like, for instance,
• 15:37
  Speaker 1: I thought I had this big old idea that I
• 15:40
  Speaker 1: saw these little maide service that was real popular in
• 15:44
  Speaker 1: my and I thought that would be a great idea.
• 15:46
  Speaker 1: So I went home told my wife, I said, Babe,
• 15:48
  Speaker 1: were gonna buy. We're gonna buy a mad franchise. And
• 15:52
  Speaker 1: she said, okay, so who's gonna work it? See right,
• 15:58
  Speaker 1: there was the key conversation communication because just because you
• 16:02
  Speaker 1: have a good idea, you have to share that idea
• 16:04
  Speaker 1: and make sure everybody's on board with the idea. And
• 16:07
  Speaker 1: that's what a lot of people do. They got all
• 16:09
  Speaker 1: these good ideas, but then they don't look at the
• 16:11
  Speaker 1: big picture of you. When you commit to a franchise,
• 16:15
  Speaker 1: it can't be a part time commitment. It has to
• 16:18
  Speaker 1: be an all in commitment. Correct argy. That is correct.
• 16:24
  Speaker 3: There are some businesses that might say, you know, they're
• 16:27
  Speaker 3: absentee or semi absentee models, But the businesses that do
• 16:32
  Speaker 3: the best and generate the most revenue are the businesses
• 16:35
  Speaker 3: where the owner is involved at least in the first
• 16:38
  Speaker 3: couple of years. That's that's the most important time, because
• 16:42
  Speaker 3: no one's going to take care of your investment the
• 16:43
  Speaker 3: way that you would right imagine, you buy an ice
• 16:46
  Speaker 3: cream shop, you spend two hundred and fifty thousand dollars
• 16:49
  Speaker 3: a quarter of a million dollars to build this thing out,
• 16:52
  Speaker 3: and then you turn the keys over to a high
• 16:54
  Speaker 3: school freshman. They're not going to care about that two
• 16:58
  Speaker 3: hundred and fifty thousand dollars there there. It's just a
• 17:01
  Speaker 3: part time job in some cases, And so that's why
• 17:04
  Speaker 3: it's really important for to set the tone so that
• 17:07
  Speaker 3: your employees know exactly how you know how their role
• 17:12
  Speaker 3: impacts the success of the business. And if they see
• 17:15
  Speaker 3: you committed and dedicated, then they're going to have more
• 17:17
  Speaker 3: of a commitment as well. Now as as you move
• 17:20
  Speaker 3: on in the years you know you're you're able to
• 17:23
  Speaker 3: then step away, maybe hire a manager and bring them
• 17:26
  Speaker 3: in to handle more of the day to day operations.
• 17:28
  Speaker 3: But I would never recommend absency ownership. I don't believe
• 17:33
  Speaker 3: in it at all, and I just don't believe that
• 17:35
  Speaker 3: it will reap through the benefits that you're looking for.
• 17:39
  Speaker 3: Bringing in you know, bringing yourself to the point where
• 17:42
  Speaker 3: you're investing in something outside of your normal day to day.
• 17:46
  Speaker 3: If you're looking for the ultimate results, you definitely want
• 17:48
  Speaker 3: to be involved.
• 17:49
  Speaker 1: Okay, cool, here's my thought to you in gosh To.
• 17:52
  Speaker 1: We're on a call here. We're talking about franchises, franchises
• 17:56
  Speaker 1: and uh and people are interested not whole you accountable
• 18:01
  Speaker 1: to anything. But what does one have to look to
• 18:04
  Speaker 1: because there are a lot of franchises I mentioned some
• 18:06
  Speaker 1: of them on the call here. When you're going out
• 18:08
  Speaker 1: there and you sitting down with individual, you sit down
• 18:10
  Speaker 1: Rashan McDonald. If Rashan said I want to get into
• 18:13
  Speaker 1: the franchise business, what do you look for from me?
• 18:18
  Speaker 1: Are there certain questions I have to respond to because
• 18:20
  Speaker 1: I'm just trying to be an investor. I'm just trying
• 18:22
  Speaker 1: to expand my world. What do you do? What do
• 18:25
  Speaker 1: you what do you do to a person like me
• 18:26
  Speaker 1: Rashan McDonald.
• 18:29
  Speaker 3: So there are some tough conversations we have to have,
• 18:32
  Speaker 3: right The first one is always about finances. What is
• 18:35
  Speaker 3: your liquid cash? What do you have available to you
• 18:38
  Speaker 3: in liquid cash? What is your net worth? What is
• 18:41
  Speaker 3: your credit worthiness? Because these are questions that the franchise
• 18:45
  Speaker 3: or is going to ask of you, and then the
• 18:47
  Speaker 3: bank if you're looking to find lending lending to support
• 18:52
  Speaker 3: your franchise development. You know, these are things that they're
• 18:55
  Speaker 3: going to be looking at with a fine tooth comb.
• 18:58
  Speaker 3: So once you once you know what or not you
• 19:00
  Speaker 3: qualify financially and from a credit standpoint, the next thing is,
• 19:05
  Speaker 3: you know, we have to figure out what is a
• 19:06
  Speaker 3: realistic expectation. Right if you have no experience in food service,
• 19:12
  Speaker 3: the likelihood of you becoming a Chick fil A franchise
• 19:15
  Speaker 3: e or McDonald's franchise e is probably slim to none.
• 19:19
  Speaker 1: Okay, okay, So that's important that you have a lot
• 19:24
  Speaker 1: of people some experience in that lane before you try
• 19:27
  Speaker 1: to buy into that lane. They take that into consideration too.
• 19:30
  Speaker 1: I didn't think about.
• 19:31
  Speaker 3: That, Oh absolutely absolutely, And so every I talked to
• 19:35
  Speaker 3: so many people and the first thing they want to
• 19:37
  Speaker 3: do is become a franchise e with eaither Chick fil
• 19:39
  Speaker 3: A or McDonald's. And those are both amazing brands, but
• 19:43
  Speaker 3: their process is I mean, it's it's pretty intense. So
• 19:48
  Speaker 3: I always recommend starting small. If you want to get
• 19:52
  Speaker 3: in a food service, start small, Start with a snack
• 19:54
  Speaker 3: concept right, something small where you can grow into it.
• 20:00
  Speaker 3: There are great incentives right now. And by snack I
• 20:04
  Speaker 3: mean you know, cookies, popcorn, ice cream, donuts. You don't
• 20:09
  Speaker 3: really need a lot of experience, and the training that
• 20:12
  Speaker 3: they provide is sufficient. Right. You can always, you know,
• 20:16
  Speaker 3: learn more and do more. But once you get some
• 20:18
  Speaker 3: of that experience under your belt, now you can then
• 20:20
  Speaker 3: go back to some of these larger companies and have
• 20:23
  Speaker 3: a better chance. That's a good chance.
• 20:26
  Speaker 1: I did not think about that, Excumntagy, I did not
• 20:29
  Speaker 1: think about that at all. That's a great note there.
• 20:31
  Speaker 1: Thank you.
• 20:33
  Speaker 3: Yeah, you're welcome. But the best thing that we can
• 20:36
  Speaker 3: do as a people is to start joining our resources together.
• 20:42
  Speaker 3: You know, these brands. If the brand says you need
• 20:44
  Speaker 3: to have one hundred thousand dollars liquid, they don't expect
• 20:47
  Speaker 3: just one person to have that. You can combine your resources.
• 20:51
  Speaker 3: We have to start trusting one another and going into
• 20:53
  Speaker 3: business with people that we can trust, and then we
• 20:56
  Speaker 3: also have to be trustworthy ourselves.
• 20:58
  Speaker 1: I want to get you one to grab it quick,
• 21:00
  Speaker 1: call right quick. She was on whole Cheryl. That's why
• 21:03
  Speaker 1: I'm missing I say her name earlier because I want
• 21:05
  Speaker 1: to make sure I get in Cheryl from Atlanta, what's
• 21:07
  Speaker 1: your question for Taji?
• 21:10
  Speaker 3: Okay?
• 21:11
  Speaker 5: So, and thanks for taking my call. I appreciate you both.
• 21:15
  Speaker 3: I have a juice all.
• 21:17
  Speaker 5: Natural juicing business. What I wanted to find out is
• 21:21
  Speaker 5: how can I get that into enfranchising all natural juicing business.
• 21:30
  Speaker 3: How many units do you currently own?
• 21:33
  Speaker 5: I've won, honestly, and right now it's it's mobile. I
• 21:38
  Speaker 5: am looking to get into a store front. But right
• 21:43
  Speaker 5: now I have a mobile one mobile unit. I do
• 21:47
  Speaker 5: have people that are interested in, you know, doing what
• 21:52
  Speaker 5: I'm doing. Uh So I just want to find out
• 21:55
  Speaker 5: how to go about getting into it.
• 22:00
  Speaker 3: Yeah, so I commend you for starting your own company.
• 22:03
  Speaker 3: So congratulations on that. I typically recommend you're welcome. I
• 22:09
  Speaker 3: typically recommend you know that first one, right, get that
• 22:14
  Speaker 3: first one to where you think it's you know, where
• 22:17
  Speaker 3: you want it to be, because people need to want
• 22:20
  Speaker 3: to buy into a system that's proven. So number one,
• 22:23
  Speaker 3: you're going to have to show a profit, and number two,
• 22:25
  Speaker 3: you're going to have to have systems and processes in
• 22:28
  Speaker 3: place that can be followed by someone who's never walked
• 22:31
  Speaker 3: in your shoes before. Right, So, as a franchise or
• 22:35
  Speaker 3: you're going to have to have what's called a franchise
• 22:37
  Speaker 3: disclosure document, which is what you give to potential investors
• 22:41
  Speaker 3: or potential franchisees, which gives them all the information they
• 22:45
  Speaker 3: need to know about the business in order to make
• 22:47
  Speaker 3: an educated decision whether or not to buy into your
• 22:51
  Speaker 3: your concept. So I would say you have to really
• 22:54
  Speaker 3: kind of get that model tweaked to where it's replicatable.
• 23:00
  Speaker 3: Usually that happens when you get to unit three, because
• 23:03
  Speaker 3: the first one you're making your mistakes, You're you're learning
• 23:06
  Speaker 3: what you don't know, you're figuring it out. By store two,
• 23:11
  Speaker 3: you've got a lot of that figured out, and then
• 23:13
  Speaker 3: by store three you're running like a well oiled machine.
• 23:15
  Speaker 1: Hey, Taji, I gotta, I gotta, I gotta wrap this up.
• 23:18
  Speaker 1: I apologize, Cheryl, thank you, if you can leave your
• 23:22
  Speaker 1: number sherrow so we can reach out to you and
• 23:24
  Speaker 1: continue this conversation. But Taji, you gotta bring your own you.
• 23:27
  Speaker 1: You know, you're you're pressing me up against the clock
• 23:29
  Speaker 1: because you're the people want to talk to you. And
• 23:32
  Speaker 1: then that's not the only person ever I know. It's
• 23:35
  Speaker 1: so much to know, and that that's the type of
• 23:37
  Speaker 1: issuws I want to have I want people like the
• 23:39
  Speaker 1: earlier callers wanted to know some information too. So again,
• 23:42
  Speaker 1: thank you for coming on my show, money Making Conversation Masterclass.
• 23:45
  Speaker 1: I'm speaking of Taji called as t A r j
• 23:48
  Speaker 1: I Carter uh Any social media handles you want to
• 23:51
  Speaker 1: give out for we exit.
• 23:54
  Speaker 3: Yes, Slee so on Instagram, uh at. I am the
• 23:57
  Speaker 3: franchise player and my personal I am Tarjie and the
• 24:01
  Speaker 3: website is the Franchise Player dot com. If you want
• 24:05
  Speaker 3: further information.
• 24:06
  Speaker 1: And thank you for coming on my show. We've got
• 24:08
  Speaker 1: a reachedule list because you have a lot of information.
• 24:10
  Speaker 1: I learned a lot about you know, you better know
• 24:13
  Speaker 1: the business before you try to get into business. Basically,
• 24:15
  Speaker 1: that's what you told me Rashan, And we speak, thank
• 24:19
  Speaker 1: you and we hear more and speaking to you next week.
• 24:22
  Speaker 1: And thank you all for listening. This is and Rew
• 24:23
  Speaker 1: Sean McDonald's signing off on Money Making Conversation Masterclass. Thank
• 24:27
  Speaker 1: you by bout.
• 24:35
  Speaker 4: Thank you for joining us for this edition of Money
• 24:37
  Speaker 4: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan
• 24:43
  Speaker 4: McDonald is produced by thirty eight fifteen Media, Inc. More
• 24:46
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• 24:50
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• 24:54
  Speaker 4: lead with your gifts.
• 25:00
  Speaker 1: A stink and tetot in baton was costied by astonishment