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.
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Recently I asked someone I know who is a big name in franchising for a huge franchisor…
What’s the difference between franchisees who crush it and are successful, and the one’s who GET crushed and fail.
He immediately said Grit. Interesting.
A couple of weeks later I got the same answer from a completely unrelated person who is the CEO & Founder of a very fast growing franchise, and has been successful in the franchising space.
If you google the definition of “Grit”, it says…
Courage and resolve, strength of character
What I’ve learned is most people are NOT cut out to be entrepreneurs. They just don’t have the “Grit”, and if you need to ask yourself if you have Grit, then you probably don’t have it…YET.
You can cultivate it.
It’s one of the reasons I run in Spartan Races…which are obstacle course races where you crawl under barbed wire, roll through mud, and walk with 80lb buckets of rocks up and down hills.
The athlete in me loves competing, even though I don’t close to winning those races lol. (The truth is we need to be competing against ourselves!
In the last 2-3 Years I’ve run 10 races. Two of them were 6 milers, and 8 of them 3 milers.
Most people assume I like running because I do these races. It’s actually FAR from the truth…
I freaking HATE running lol. Can’t stand it, and I’ve always been a really slow runner.
But I do it and train for these races, to continually cultivate GRIT in myself.
Life is hard, man. Business is hard. Being a good spouse and parent is hard.
It can keep you stuck in this constant feeling of survival mode, chasing your tale and feeling like the movie ground hogs day. You keep up waking up to the SAME day. Nothing changes.
So I found that continually doing hard shit, helps me stay gritty… and this allows me to show up as a better and more resilient entrepreneur. It helps be a better father and husband, and to BE the example for my kids.
My son Caleb has run 3 races this year, and he’s only 4 years old! #beastmode.
You know that saying…”he’s got that dog in him”. Yep, that’s Caleb. He’s a competitor through and through. He’s already got that grit. Your kids will do what you do , not what you say.
If you got grit, and they see it and feel it. Odds are they’ll have it too.
As you go through this newsletter, think about what you can do in your life to cultivate grit. Even if you don’t ever buy a franchise…
It’ll help you in every single area of your life.
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
FEATURED RESALE
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 a full-service bathroom remodeling franchise called Bathtune-up. Established in 2020, Bathtune-up has 52 franchise units throughout the United States. Bath Tune-up franchisees are the experts for any size bathroom remodel. They can replace tile, fixtures, lighting, vanities, tub-to-shower conversions, all the way up to full bath remodels.
Bathtune-up - Sugarland, TX:
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3-territory location!
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12-month revenue = $284,783
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Asking price of $80,000
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Bathtune-up is part of the Home Franchise Concepts umbrella
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Kitchentune-up is a sister company and the most established kitchen remodeling franchise in the industry (established more than 30 years ago)
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Owner is willing to stay on in consulting role
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Underutilized market due to owner’s focus on other business
Franchise Empire’s Take:
- The current owner also has 6 territories of Kitchentune-up. Their time and resources are allocated to growing that franchise, and he’d like to focus his efforts there.
- The $80,000 asking price is far less investment than starting from new for this franchise, especially considering you’re getting 3 territories. Sounds like an opportunity to jump into an already established franchise and grow it quickly, while also having support from an owner that is familiar with the business model / is still growing the sister franchise in the same markets.
Curious to learn more about this particular franchise resale, or other resales available in your area?
CLIENT CASE STUDY
I featured Cole a couple of weeks ago, but given I just talked about Grit I had to show his testimony again.
To me Cole, was the epitome of Grit.
Cole was one of the folks that had every reason to make excuses on why he couldn’t buy a business.
26 years old, needing more capital to his name to be able to buy a franchise, and a pregnant wife who was on maternity leave!
Cole’s just one of those guys who has grit and an UNSTOPPABLE mindset. My favorite kind of person to be around.
Check out his story on how he bought a franchise resale that replaced his income and allowed him to go all in and full time in his business from Day 1.
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.
FRANCHISE OF THE MONTH
History:
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Originally started sales and installation of ramps in 1997.
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In 2013 opened the first office using the Next Day Access name in Memphis, TN.
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Started franchising in 2012.
Numbers:
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Corporate Owned Territories: 2
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Franchise Units: 28
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Franchise Fee: $23,000 + $.05 per person in total population in your territory
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Royalty: 8%, 6%, 5% – sliding scale down as revenues go up
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National Marketing Fee: 1%
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Total Investment Range: $159,725 – $316,000
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Term: 10 years
**Numbers according to their FDD released on June 16, 2023
Description:
Next Day Access makes a positive impact in the lives of the aging, disabled, and special needs populations by providing sales, installation of essential equipment such as ramps, stair lifts, porch lifts, ceiling lifts, pool lifts, grab bars and more home modifications. They can help both residential customers as well as commercial businesses. This helps people remain safe, comfortable and independent in their homes and businesses. As people age, many start to develop problems with hearing, seeing, or moving around. Others may experience chronic illnesses like diabetes, arthritis, or memory loss. These age-related changes in function can make it more difficult to get around at home, participate in their community, or go to work.
Financial Data:
Below tables taken from the Next Day Access 2023 Franchise Disclosure Document – Item 19.
Benefits for the Franchisee:
- Demand – According to National Network, more than 30 percent of Americans over age 65 have a type of disability, and over 50 percent of those are over the age of 75. 10,000 Baby Boomers will turn 65 today and every day for the next 15 years.
- Small Team – You can start with yourself, one installer, one sales rep and an office manager. You can take on the role of the sales rep if you’d like at first, keeping the team small. As you grow you may hire 1-2 additional salespeople and installers.
- Home Based Business – No retail store is needed. You will need a small warehouse to hold inventory but everything else can be run from home.
- On the Go – As the owner you won’t be sitting behind a desk with this business. You’ll be doing sales calls, making referral partner connections, visiting job sites, and overseeing your employees.
- Huge Territories – Franchise territories range from 500,000 to 1.5 million in population! This is much, much bigger than a typical territory across the franchising industry, allowing for you to have more opportunities for growing a large business.
To see if this franchise is available in your territory
OR
Check the availability of ALL franchises in your area
Episode #29: The Franchise Attorney That PROTECTS Franchisees
Doug Luther is a franchise attorney who specializes in working with franchisees.
In fact, his law firm ONLY works with franchise buyers or franchisees.
Their goal is to remove as much conflict of interest as possible so that they can best represent franchisees and buyers.
In this episode of the podcast, we talked about costly legal mistakes franchisees make and how to avoid them.
Kick back, grab something to take notes, and enjoy the episode.
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