BiggerPockets Business Podcast 45: From Scrubbing Toilets to a $4M Business on Autopilot with Michelle Reed-Spitzer
Do you dream of the day you can be your own boss? Wish you could generate full-time income from your side hustle passion project? Or do you have a small business that you want to expand to something BIG, while simultaneously allowing you the time and financial freedom you crave? Becoming a franchise owner can be an effective path to make that happen!
Michelle Reed-Spitzer, owner of SIX MaidPro franchises, including the No. 1 MaidPro franchise in existence—runs her team from one central location. Meanwhile she has the freedom to travel, spend time on her boat, and zip around the Gulf Coast of sunny Florida in her shiny red convertible.
In this episode, Michelle teaches us what a successful franchise model has done for her in terms of scaling a business to the next level.
She tells us the story of her early days working hard cleaning houses, building up a client base, and hiring a few people to help. After "secret shopping" some new competition in town, she ultimately became a franchisee of that company, paying an initial franchise fee of just ONE DOLLAR since she brought an already-successful business to the table. Implementing MaidPro’s training, systems, and processes, she has mastered the formula to grow and expand with the help of an exceptional team.
Whether you’ve already explored the concept of franchising or know nothing about it, Michelle shares her expertise with one actionable tip after another. She fills us in on how franchises work, recommends items to think about before making the leap, and discusses the advantages—as well as potential pitfalls to avoid. And perhaps most importantly, Michelle is living proof that with hard work, focus, and determination, ordinary people can do extraordinary things.
Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!
In This Episode We Cover:
- Why you should surround yourself with the right people
- How to "secret shop" your competition
- How franchises work
- What Right of First Refusal means
- Finding the right location for your franchise
- Finding your passion and figuring out the lifestyle you want
- The importance of focusing on recurring revenue streams
- How to do due diligence on the other franchisees
- And SO much more!
Links from the Show
Check the full show notes here: http://biggerpockets.com/bizshow45
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