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How I make Passive Income Owning a Franchise Business. A great Passive Income Idea 2020 is to Buy a Franchise Business to Earn Passive Income. I’ll show you how you can make Passive Income as well.
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How To Buy A Franchise With No Money (Franchise Owner Reveals)
Should I Buy A Franchise? Pros and Cons You MUST Know.
My name is Tariq Johnson, and I’m a personal growth junkie, and a reformed financial advisor who owns 2 juice bar franchises.
Do you mind if I tell you this quick story and then we’ll get into the “How I make money part”.
So My wife and I were living in California, and we decided that we wanted to open a juice bar franchise. We were opening up in a brand new shopping center that wasn’t built, so it took a long time. Shortly after we opened, we decided we were going to move to Florida! Great timing!
So here we are today, a whopping 2,485 miles away making passive income in 2020.
Let’s get into the good stuff!
Drop me a comment below, and let me know what other passive income strategies excite you. Also, like this video and SUBSCRIBE…it actually really helps the video get out.
Ok so the first and most important thing is that franchises require an investment. You need capital, mula, money. Here’s the good news…it doesn’t have to be your money! I actually made a video on how to buy a franchise with no money. I’ll link that up in the description below.
Our stores are completely paid for. We don’t have any loans, or debt…so that helps reduce the expenses for the businesses and increase our profit margins.
Now that doesn’t mean you can’t make money with a loan on a franchise, it just depends on the business, sales, expenses, and your ability to manage all those things.
A really important thing to note is that we own juice bars. So the complexity of our operation is not rocket science. I mean we sell smoothies and juices. BUT there are a lot of moving parts to our business, and it requires really strong operations. The great thing about franchises is that you are buying a system, so what you need to make sure is that your team is actually following the system…and that’s when a really big part of the puzzle comes in.
You need a good manager- So the manager really becomes the backbone to the passive income strategy. Now I know what your thinking…well what if the manager leaves?
I’ll cover that in a second… but it’s important that your manager has been TRAINED by you directly, is good with details, has good communication, and most importantly YOU TRUST THEM. I have a few managers for my stores, I’ve had some good and some bad. Ultimately- having a good manager will save you a lot of time, money, and headache. Now i get on a call with each of my managers individually once a week and we cover everything and anything. We cover little things, big things…I try to stay in the loop on as much as I can with what’s going on and coach them through it without micro managing them. No one likes to be micro -managed.
Now it’s incredibly important to have 2nd and 3rd in command, trained on some of the responsibilities of the manager…so that way if they ever leave then the core functions of the store are still in place.
Obviously because I have a full time manager, my labor costs are higher so my profit margins are lower. But that’s ok, because I have free time to make money in other ventures.
Over time I’ve given my managers more and more responsibility as our trust has grown.
As much as possible is set up on auto pilot, and it’s really just a matter of following the system and handling the challenges as they occur.
If I’m really honest, we definitely leave dollars on the table by me not being completely active in the business. It just becomes a balance of what I feel like my time is worth and the return my personal additional efforts would add to the business.
So I incentivize my manager and my staff as much as possible, so they have a vested interest in the stores success. This has worked out well, because they take ownership and get excited about contests, bonuses, and of course free food.
And I don’t want you to think it’s all sunshine and rainbows…there are a lot of challenges and stresses that occur. But those would be there with anything I do.
Ultimately we didn’t go into the the opportunity expecting to be so far away, we were planning on investing in our community, and although I would continue to work…and the business would be managed…I’d only be 10-15 minutes away, and could help oversee and manage the business.
THEN we bought an existing location where we moved to, and then we moved AGAIN.
So the lesson learned is that if you plan on buying a franchise, don’t move. Or move, and make passive income.
See you next time!
#franchises #passiveincome #
Passive Businesses to Own, Franchise Passive Income : How I Make Passive Income With Franchises.
The Significant Income Of The Truly Rich!
After years of clocking in, you ought to be tired of the 9-5, day-to-day drag. With a passive income, you keep earning money and it does not matter if you work or if you do not work. Ok, businesses that do not need your presence.
Franchise Passive Income : How I Make Passive Income With Franchises, Explore most shared full length videos relevant with Passive Businesses to Own.
The Psychology Of Passive Income
You don’t have to make this exact same error to discover how crucial it is to diversify with 2 or more programs. For you to attain success you must stay flexible and be prepared to ditch those plans which are not paying.
There are many passive income ideas out there just waiting to be gotten, more so since the transformation of the internet came about. Yes, that’s right, earlier, individuals just thought about the internet as a way of home entertainment. Individuals used it to just talk with their buddies or download music (illegally!).
Can you see a common theme here? Most of the investments above offer cash circulation on a consistent basis. I am a fanatic when it concerns cash circulation. In my mind cash circulation equals liberty. If you don’t like the important things I am doing, here are a couple of ideas to assist you develop your own passive income sources.
The more buyers and consumers you have, the more money you get to earn. Without a doubt, any person can prepare out a system that can be useful in passive income streams.
Now let’s say that you have 100 workers, team members, representatives, etc and each person just works 5 hours daily and just 5 days each week executing passive income ideas that pay you over and over again for their efforts. That would amount to 2500 hours each week. Mouth Watering Huh!
Individuals browse the Web looking for details. If you can offer precisely what they need in an ebook or report, they’ll happily pay for it since it fixes an issue which they have.
Set up what is called a Connection Program on a subject you are either passionate about or a proven expert in. A continuity program is a subscription program which individuals sign up with via your website, and then pay you a month-to-month charge for the services you attend to them.
A great deal of individuals believe that creating these streams of affiliate marketing income is actually hard. It is not. They believe it is hard since they do not have a step by action strategy. They do not know what to do and how to do it. With a great action by action strategy you can quickly have a six figure passive income stream using affiliate marketing.
You can brand yourself as a weight-loss expert and kid, will you make money! Many people would like a possibility to earn money for really little work. Ok, businesses that do not need your presence.
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