Hey Empire Builders,

Welcome to this week’s Franchise Empire Newsletter, where we share specific franchise opportunities that we think are interesting, and examples of everyday folks building their empires.

About 9 years ago I nearly threw in the towel, and gave up on being an entrepreneur entirely.

I had started my 9th business in the last 8 years or so, and was fresh off my most recent failure…

Yet again, I allowed the feelings of overwhelm, confusion, and adversity to get the best of me and I quit when it got hard.

The defining moment for you to figure out, and the ULTIMATE HACK to create the life you want is to shift your identity.  (I’ll explain in a minute, this is super powerful)

At that moment of yet another failure at becoming a successful entrepreneur….

I remember feeling incredibly depressed, my self confidence was at an all time low, and I had no faith and trust in myself and my abilities to be an entrepreneur.

That led to some shitty self talk. 

“Maybe I’m just not meant to be an entrepreneur”. 

“Maybe it’s just not in the cards for me, and God has another path for me”

“Maybe I’m just not as good as some of these other people around me I see making money as an entrepreneur”.

Fortunately I had a really good friend around me at that time, who was a very successful entrepreneur and was running a 5 million a year business.

He spoke life into me, and through one short conversation, he spoke BELIEF into me. He said “Man with your skill sets you should be making AT LEAST $1million a year”. 

It was true. 

Not to take anything away from him, but he wasn’t any smarter than me, but he had developed the IDENTITY of being a successful entrepreneur.

Remember that ultimate hack I mentioned? 

This is huge. Once you really understand this, EV-ER-Y THING changes.

(Your business will take off, you’ll start making the money you want, have more flexibility with your time, and have this unshakeable confidence in yourself as an entrepreneur.)

You will always act and behave in alignment with your identity. 

If your identity is that you don’t smoke. Then you won’t smoke! If someone asked you if you wanted a cigarette,  It’s not even a consideration. Your response is “no thanks, I don’t smoke”.

If your identity is as a corporate employee- then you will act and do things that corporate employees do.

So it brings us back to the original question…are you meant to be an entrepreneur?

I believe that the proof that we can accomplish a dream we have is that God placed it in our heart. 

So if you have a goal or a dream in your heart, that alone is the proof that there IS 100% a path and way for you to create that in your life.

After that conversation with my buddy, my next business I started was buying into my first franchise, and that changed everything for me. 

Since then I’ve gone on to do nearly $5million in sales as an entrepreneur. 

I’ve built a successful and profitable franchise from scratch, I’ve bought a struggling resale and turned it around improving sales by 35% in one year, and I’ve gone on to build a 7 figure start up business from scratch.

I get to do what I want when I want. I get to drive my son to school everyday. I get to take as much time off as I want. I get to wake up EXCITED on Monday morning, because I’m fired up to go to work and continue to build my empire.

But most importantly, when I Iook in the mirror, and take inventory of how I feel about myself? 

I feel damn proud of who I’ve become, KNOWING, that I’m leading by example for my kids. Not telling them one thing, and doing something different.

You are at a defining moment in your life right now, where you can  allow your doubts, fears, procrastination and insecurity to defeat you…

OR 

You can choose to adopt a new identity. Because it is a choice, simple as that. 

Everyday you wake up, you choose to either step into your greatness or not.

When you start asking yourself, “What would my ideal version of myself do at this moment?

How would I go about this, what would my mindset be”? 

You start to think differently, which shifts how you feel (confidence, sense of certainty, courage), and then that determines the actions you take , or don’t take…and the quality of those actions- which then creates your results.

Step into the identity of yourself as a successful entrepreneur. What’s different about the way you think? What’s different about the way you make decisions? Do you speak differently? With more confidence?

Given that tomorrow is Christmas, this can be the most incredible gift you could give yourself and your family- and that’s shifting your identity. 

You don’t have to wait another year!  The longer you wait to start the race….then the longer it’ll take you to get to the finish line.

So what are you waiting for?

Merry Christmas and Happy Holidays to you! 

Tariq

CEO & Founder, Franchise Empire

Today, in 5 minutes or less:

✔ 1 Specific resale franchise for sale

✔ 1 Franchise of the week

✔ 1 Client Case study of someone just like you

✔ Latest episode of The Franchise Empire Show

Join Our Franchise Buyers Beta Course for
Aspiring Franchise Owners

Franchise resales possess many benefits for aspiring business owners – established cash flow, experienced employees, systems in place, and brand awareness to name a few. 

This week, our featured resale comes from Floor Coverings International, a leader in the floor remodeling industry. Started in 1988, Floor Coverings International is a well-established leader in the industry with over 250 locations throughout the U.S. and Canada. Franchise owners provide custom flooring solutions to both residential and commercial customers, including but not limited to wood, tile, carpet, vinyl and laminate options.

• Asking price of $250,000.

• 2022 Revenue of $659,833.

• Location opened in 2018.

• Office manager and production manager in place; owner doing sales.

• Mobile showroom (van) included in sale with samples and other equipment.

• 83% of leads are referrals or repeat customers; opportunity to invest in more marketing and grow the business significantly.

• Highly sought after market! It’s very difficult to find a good territory in the DFW area for a well-established brand like Floor Coverings International.

• According to the FDD, the top 50% of franchise owners have an AUV of $1.8M!

• Our team has helped multiple clients purchase a Floor Coverings International franchise. It’s an exceptional, proven brand with a strong Item 19. If you’re someone that is looking to scale a service-based business, and are located in the DFW area, this could be an amazing opportunity for a turnaround business. The average investment for a new franchise unit is around $250K, so this is a great opportunity to hit the ground running with an already established customer-base and team.

Speaking of Identity, Derek is really the perfect example. He came into working with us already as a successful entrepreneur. He wanted to diversify his portfolio.

He bought a failing resale, and within 90 days he had doubled the revenue of the business, which is mindblowing!

Outside of the fact we helped him save a bunch of money during that acquisition, he already had the identity of a successful entrepreneur.

So he tapped into that, and took off like a rocket! Check out him talk about the process and acquisition below.

Here are 5 Low Cost Franchises that make
$1,000,000 (Backed by Data)

Most People Waste Countless Hours Of Time Stuck In Confusion, Scoping The Internet, Trying To Find Winning Franchises.

This Will Save You So Much Time.

We’ve Done The Heavy Lifting For You And Narrowed It Down To 5 Low-Cost Franchises That Make $1,000,000 So You Can Save Yourself So Much time.

• Original location started in 2006 in Idaho

• Started offering franchises and area representatives shortly after in 2006

• Not owned by any parent companies

• Corporate Owned Territories: 5

• Franchise Units: 170 

• Franchise Fee: $55,000

• Royalty: 5%, 4.5% and 4% gross revenue (sliding scale down)

• National Marketing Fee: only 0.5%

• Total Investment Range: $87,950 – $160,150

• Term: 10 years
  **Numbers according to their FDD released on April 21, 2023

Assisting Hands Home Care grew out of a desire to provide seniors and others needing non-medical assistance at home, with the option that most people prefer – to remain independent, safe, and comfortable in their own homes. Assisting Hands is a home care franchise company that emphasizes exceptional customer service and highly personalized in-home care to meet the needs of our clients. They also provide medical care in some locations. Most of their services range from bathing, grooming, meal prep, light housekeeping, transportation, accompaniment to doctor’s appointments, exercise, companionship, etc. 

Below table taken from the Assisting Hands 2023 Franchise Disclosure Document – Item 19.

**There are more 2 more pages of franchises disclosed in the FDD, but there is not a total/average table as everything is listed out by location. See the FDD to view the other 2 tables containing the rest of the franchises disclosed.

Benefits for the Franchisee:

• Scalability – While you can get into this with a single unit, you also have the option to run multiple units out of the same office. You could also choose to be an area representative which allows you an exclusive right to sell, train, and give support to franchisees in your region.

• Recurring Revenue – Most of your clients will need a caregiver for an extended period of time. This could be weeks to years, allowing you to rely on consistent income every month.

• Ability to Add Medical Services – Some home care franchises ONLY offer non-medical services. With Assisting Hands, you’ll be able to add on medical services once you have obtained licensure giving you the ability to keep those clients who may have otherwise needed to find new caregivers.

• Quick ramp up – Can get your location started within 3-6 months of signing. While it may take a little bit of time to establish a consistent client base, your overhead costs are relatively small and your total start up cost will likely be under $150K.

• Demand – According to the U.S. Census Bureau, beginning in 2010 and continuing over the next 20 years, an average of 10,000 people per day will turn age 65. According to the AARP, 67% of them will need some type of long-term care in the future. Only five percent (5%) reside or will reside in nursing homes.

Episode #32: What Questions Should You Ask a Franchisor?

Not asking the right questions when researching franchises, could lead to devastating consequences for you, your financial situation, and your family.

But throughout this video, I’m going to share the EXACT questions you should ask when buying a franchise.

Questions to ask a franchisor, questions about the FDD, and questions to ask existing franchise owners.

So that you can be best equipped to make the RIGHT decisions during the buying process.

Sit back, take some notes, and enjoy the video.

Watch on YouTube

Listen on Podcast Platforms

That’s a wrap for this week’s Franchise Empire newsletter. 

Feel free to reply with any questions, or feedback. I appreciate and value your time and attention.

I’ll see you at the same time next week!

-Tariq and The Franchise Empire Team

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