At the very top end when you're buying into an established brand that people are familiar with, then you are definitely skipping the line on some things. You don't have to explain to anybody what McDonald's or Taco Bell is. And although you're not going to get as much brand awareness, what you do have is a system. So they'll tell you exactly here's what it looks like to build one of these things. It's everything that you need to get here. Here's the best practices for how to operate this.
By popular request, Entrepreneur editor-in-chief Jason Feifer returns for a follow-up episode devoted to the fundamentals of starting and building franchises, a pillar of the Entrepreneur ecosystem.
Starting from the very basics, James peppers Jason with the critical few questions necessary to understanding how franchises operate, which types of business are suited to part-time operators, and what kind of financial returns a franchisee might expect based on their business.
Additional Topics Include:
- Jason: "What is the minimum amount of me a job requires so that I can figure out how to expand myself in other directions?" (03:28)
- James: "You only learn something by doing that something" (04:55)
- James: "80% of the learning is doing what you have to do"
- Jason: "It is only to your benefit that people do things outside of what you're asking them to do." (07:36)
- Entrepreneur's evolution from within the franchise space to brand independence (09:49)
- How do you build wealth from a franchise? (27:38)
- Franchise Disclosure Documents (34:32)
- Franchise fees and revenue shares (39:14)
- What type of profit can a franchisee expect (42:57)
- What franchising success stories has Jason seen (47:25)
- Has Jason ever considered franchising? (52:41)
Editor’s note: Topic times don’t account for sponsor ads and may appear a few minutes later in the episode on your podcast player)
------------
Visit Notepd.com to read our idea lists & sign up to create your own!
My new book Skip the Line is out! Make sure you get a copy wherever books are sold!
Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.
I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.
------------
Thank you so much for listening! If you like this episode, please rate, review, and subscribe to “The James Altucher Show” wherever you get your podcasts:
Apple Podcasts
Stitcher
iHeart Radio
Spotify
Follow me on Social Media:
YouTube
Twitter
Facebook
------------
- What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!
- Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!
------------
------------
Thank you so much for listening! If you like this episode, please rate, review, and subscribe to “The James Altucher Show” wherever you get your podcasts:
Follow me on social media:
