1 00:00:04,960 --> 00:00:06,559 Speaker 1: Welcome to Money Making Conversations. 2 00:00:06,640 --> 00:00:08,440 Speaker 2: It's to show that she is the secrets of success 3 00:00:08,480 --> 00:00:11,960 Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I 4 00:00:12,039 --> 00:00:14,400 Speaker 2: will know he's giving me advice on many occasions. And 5 00:00:14,440 --> 00:00:17,440 Speaker 2: in case you didn't notice, I'm not broke. You know 6 00:00:17,480 --> 00:00:20,960 Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry. 7 00:00:20,640 --> 00:00:22,880 Speaker 1: Decision make because it's what he likes to do, it's 8 00:00:22,920 --> 00:00:23,920 Speaker 1: what he likes to share. 9 00:00:24,360 --> 00:00:27,360 Speaker 2: Now it's time to hear from my man, Rashan McDonald 10 00:00:27,480 --> 00:00:28,680 Speaker 2: money Making Conversations. 11 00:00:28,960 --> 00:00:32,120 Speaker 1: Here we go fire and this is ra Sean McDonald. 12 00:00:32,159 --> 00:00:34,240 Speaker 1: As you know, I host the Money Making Conversation Master 13 00:00:34,240 --> 00:00:37,159 Speaker 1: Class show every week and my interviews and information that 14 00:00:37,240 --> 00:00:39,560 Speaker 1: this show provides are for you. You, you, you, you 15 00:00:39,720 --> 00:00:41,839 Speaker 1: and anyone listening and anyone you want to pass this 16 00:00:41,920 --> 00:00:45,640 Speaker 1: information on too. It's time to stop reading other people's 17 00:00:45,640 --> 00:00:48,520 Speaker 1: success stories and start living your own. My next guest 18 00:00:48,600 --> 00:00:53,200 Speaker 1: created the Franchise Player to increase franchise ownership and wealth 19 00:00:53,479 --> 00:00:56,920 Speaker 1: across the African American community. Her goal is to provide 20 00:00:56,960 --> 00:01:01,000 Speaker 1: a clear path to ownership for aspiring franch disease with 21 00:01:01,120 --> 00:01:06,160 Speaker 1: franchise brands committed to fostering inclusive, diverse environments and providing 22 00:01:06,240 --> 00:01:09,240 Speaker 1: a sense of belonging. Please welcome to the Money Making 23 00:01:09,240 --> 00:01:12,559 Speaker 1: Conversation master Class. Taji Carter. How are you doing, Taji? 24 00:01:14,440 --> 00:01:16,399 Speaker 3: I'm fantastic. Rashan, how are. 25 00:01:16,280 --> 00:01:18,840 Speaker 1: You motivated to win? How about that? I'm motivated to 26 00:01:18,880 --> 00:01:20,880 Speaker 1: win because I got you the Frank I'm tell Yousu 27 00:01:21,160 --> 00:01:23,319 Speaker 1: to come on the show with a name called the 28 00:01:23,480 --> 00:01:29,000 Speaker 1: franchise Player. You got to be motivated, I hope. 29 00:01:29,040 --> 00:01:31,800 Speaker 3: So, I hope. I hope our time together is very 30 00:01:32,240 --> 00:01:34,720 Speaker 3: productive and it helps as many people as possible. 31 00:01:34,800 --> 00:01:37,200 Speaker 1: Well, let's let's get started. The Franchise Player. How did 32 00:01:37,240 --> 00:01:38,120 Speaker 1: that name come about? 33 00:01:41,560 --> 00:01:45,800 Speaker 3: I really started, you know, learning the craft about fifteen 34 00:01:45,880 --> 00:01:48,480 Speaker 3: years ago, and I realized that there are not a 35 00:01:48,560 --> 00:01:51,320 Speaker 3: lot of people in that space that looks like us. 36 00:01:51,600 --> 00:01:53,320 Speaker 3: And I think I'm pretty good at what I do. 37 00:01:53,360 --> 00:01:55,360 Speaker 3: So I want to take everything that I've learned and 38 00:01:55,400 --> 00:01:58,680 Speaker 3: shared with others, and usually the best in a class 39 00:01:58,800 --> 00:02:01,160 Speaker 3: is considered the franchise player. So that's where the name 40 00:02:01,200 --> 00:02:01,680 Speaker 3: came from. 41 00:02:02,080 --> 00:02:04,960 Speaker 1: Right, I mean that the person who sets his tone 42 00:02:05,080 --> 00:02:07,680 Speaker 1: that says the stage for being the difference. Now, I 43 00:02:07,680 --> 00:02:11,360 Speaker 1: would tell you that I was I was thinking about 44 00:02:11,360 --> 00:02:14,840 Speaker 1: buying a franchise, and I tell you it was a 45 00:02:15,200 --> 00:02:20,320 Speaker 1: poo local. It was a chicken franchise. And if I 46 00:02:20,360 --> 00:02:22,760 Speaker 1: was in LA at the time. And you know the 47 00:02:22,840 --> 00:02:27,480 Speaker 1: thing about franchise is, you know, you know why when 48 00:02:27,480 --> 00:02:29,240 Speaker 1: they set me down, they started talking about all the 49 00:02:29,280 --> 00:02:32,120 Speaker 1: things you gotta go into training. This is the fee. 50 00:02:32,440 --> 00:02:34,600 Speaker 1: Can you walk us through the steps? Because when I 51 00:02:34,600 --> 00:02:37,560 Speaker 1: got to about the fifth step, I was like, whoa, whoa, 52 00:02:37,600 --> 00:02:40,040 Speaker 1: there's a lot going on here. I thought it'd be easy. 53 00:02:40,600 --> 00:02:45,280 Speaker 1: So you're the franchise player, Let's let's talk about the 54 00:02:45,320 --> 00:02:50,440 Speaker 1: process of franchise ownership. And this start right there, the 55 00:02:50,440 --> 00:02:52,080 Speaker 1: process of franchise ownership. 56 00:02:54,040 --> 00:02:56,200 Speaker 3: Yeah, I'm gonna take it a step back and just 57 00:02:56,240 --> 00:03:00,359 Speaker 3: talk about some of the misconceptions. So I know, information 58 00:03:00,440 --> 00:03:03,240 Speaker 3: about franchise ownership has not reached the Black community in 59 00:03:03,320 --> 00:03:06,280 Speaker 3: ways that it's reached other communities. And so there's this 60 00:03:06,400 --> 00:03:10,079 Speaker 3: misconception that a when you buy into a franchise, you 61 00:03:10,160 --> 00:03:12,400 Speaker 3: pay a fee and they basically give you the keys 62 00:03:12,400 --> 00:03:15,200 Speaker 3: to the business and it's the brand's responsibility to make 63 00:03:15,280 --> 00:03:18,919 Speaker 3: you successful. And nothing could be further from the truth. 64 00:03:19,080 --> 00:03:23,239 Speaker 3: So what happens is you apply to become a franchiseee. 65 00:03:23,639 --> 00:03:26,760 Speaker 3: You'll talk to a franchise sales manager or a director 66 00:03:27,240 --> 00:03:29,280 Speaker 3: to see if there's a good fit if you meet 67 00:03:29,320 --> 00:03:33,519 Speaker 3: their qualifications. If you do, you go through an application process. 68 00:03:33,840 --> 00:03:36,440 Speaker 3: You may even have to submit a business plan and 69 00:03:36,560 --> 00:03:41,040 Speaker 3: present that to the deciding team or the committee, and 70 00:03:41,080 --> 00:03:43,760 Speaker 3: then once you're ready, you know if you get approved, 71 00:03:44,480 --> 00:03:46,880 Speaker 3: and once you're ready to move forward, you would then 72 00:03:47,640 --> 00:03:52,760 Speaker 3: pay the franchise fee, sign a franchise agreement. Within that agreement, 73 00:03:52,840 --> 00:03:55,720 Speaker 3: there are a lot of details as to what you 74 00:03:55,920 --> 00:04:00,280 Speaker 3: have committed to doing. In some cases you're committing to 75 00:04:00,280 --> 00:04:03,240 Speaker 3: to buy one or multiples, and all of that is 76 00:04:03,320 --> 00:04:06,360 Speaker 3: laid out in that in that agreement. And then you 77 00:04:06,440 --> 00:04:08,400 Speaker 3: still have to go to training, You have to find 78 00:04:08,400 --> 00:04:11,480 Speaker 3: your real estate, you have to negotiate your lease. So 79 00:04:11,680 --> 00:04:13,480 Speaker 3: there's a lot of that you have to do on 80 00:04:13,520 --> 00:04:15,760 Speaker 3: the front end, specifically with that first one. The first 81 00:04:15,800 --> 00:04:18,440 Speaker 3: one is usually the most difficult, but once you get 82 00:04:18,480 --> 00:04:21,920 Speaker 3: to you know, units two and three, the process gets 83 00:04:21,920 --> 00:04:25,680 Speaker 3: a little bit easier because you're more familiar and you 84 00:04:25,680 --> 00:04:29,560 Speaker 3: know you have a lot more resources at your disposal. 85 00:04:29,200 --> 00:04:31,360 Speaker 1: And you really want to get to unit two, three, 86 00:04:31,400 --> 00:04:34,000 Speaker 1: and four because That's what I learned when I was 87 00:04:34,000 --> 00:04:36,880 Speaker 1: sitting down and say, if your franchise that you own 88 00:04:37,040 --> 00:04:39,680 Speaker 1: is making you fifteen thousand dollars a month, just say 89 00:04:39,680 --> 00:04:42,560 Speaker 1: that that's what you're clearing, fifteen thousand dollars a month. Well, 90 00:04:42,600 --> 00:04:45,200 Speaker 1: you want two, because then it's thirty thousand dollars a month. 91 00:04:45,440 --> 00:04:48,040 Speaker 1: You want three, then it's forty five thousand dollars a month, 92 00:04:48,240 --> 00:04:50,800 Speaker 1: and then you multiply that times twelve. Then you start 93 00:04:50,839 --> 00:04:54,240 Speaker 1: generating revenue. But the fact of trying to just buy 94 00:04:54,360 --> 00:04:56,800 Speaker 1: one now saying that's a bad thing to buy one, 95 00:04:57,120 --> 00:05:01,640 Speaker 1: but that's why you see people have multiple franchises under 96 00:05:01,680 --> 00:05:09,320 Speaker 1: the same umbrella, or have multiple franchises under different brands, correct, correct. 97 00:05:08,839 --> 00:05:11,320 Speaker 3: So a lot of folks will enter into one brand 98 00:05:11,320 --> 00:05:16,360 Speaker 3: and then they want to diversify. Sometimes those brands have synergy. 99 00:05:16,520 --> 00:05:19,520 Speaker 3: So you might have a pizza concept next to an 100 00:05:19,560 --> 00:05:21,919 Speaker 3: ice cream shop, right, So after somebody eats their pizza, 101 00:05:21,960 --> 00:05:24,040 Speaker 3: they're going to go get some dessert, and so now 102 00:05:24,080 --> 00:05:28,239 Speaker 3: you're competing with yourself versus someone else. But you're exactly right, 103 00:05:28,520 --> 00:05:32,000 Speaker 3: Buying one franchise is not going to get you rich. 104 00:05:32,080 --> 00:05:35,320 Speaker 3: Let's be very clear about that. There's strength in numbers. 105 00:05:35,680 --> 00:05:38,520 Speaker 3: When you buy one, you're pretty much buying yourself a job. 106 00:05:39,720 --> 00:05:43,120 Speaker 3: And so, but that first one is very important because 107 00:05:43,360 --> 00:05:46,839 Speaker 3: say you get to learn the system, how a franchise 108 00:05:46,839 --> 00:05:51,000 Speaker 3: system works, You learn all the intricacies of what it 109 00:05:51,080 --> 00:05:54,159 Speaker 3: takes to be successful, and then you take those learnings 110 00:05:54,200 --> 00:05:59,040 Speaker 3: and those earnings to open the second, third, fifth, tenth, right, right, 111 00:05:59,080 --> 00:06:02,960 Speaker 3: Because ultimately what's happening in this franchise space is a 112 00:06:02,960 --> 00:06:07,080 Speaker 3: lot of brands only want to work with existing multi 113 00:06:07,240 --> 00:06:11,360 Speaker 3: unit franchisees. Right, So, if you're looking to buy into 114 00:06:11,400 --> 00:06:15,520 Speaker 3: a Chicken concept, they're looking for candidates that have multi 115 00:06:15,680 --> 00:06:21,000 Speaker 3: unit development experience. And I say development specifically, because sometimes 116 00:06:21,040 --> 00:06:24,559 Speaker 3: just owning multiple stores isn't enough if you just bought 117 00:06:24,560 --> 00:06:26,360 Speaker 3: them from someone else and you didn't go through the 118 00:06:26,400 --> 00:06:29,760 Speaker 3: whole development process. Some brands are at a point where 119 00:06:29,760 --> 00:06:31,800 Speaker 3: they don't want to deal with anybody unless they've gone 120 00:06:31,839 --> 00:06:34,960 Speaker 3: through development, because that's really what they're looking to do 121 00:06:35,120 --> 00:06:38,599 Speaker 3: to do, is develop more stores across the country and 122 00:06:38,600 --> 00:06:41,880 Speaker 3: even around the world, right, right, you know. 123 00:06:41,960 --> 00:06:45,159 Speaker 1: Like for instance, now there are certain let's be honest, 124 00:06:45,200 --> 00:06:48,840 Speaker 1: like I'm just saying brands that I see, like I see, 125 00:06:48,880 --> 00:06:51,479 Speaker 1: I see a Starbucks looking like it's on every corner 126 00:06:51,800 --> 00:06:55,680 Speaker 1: or I see subways populating a lot of communities and 127 00:06:55,720 --> 00:06:59,160 Speaker 1: things like that. But is it because of the diffranchise 128 00:06:59,240 --> 00:07:02,039 Speaker 1: e entry fees? Did I see a lot of these? 129 00:07:02,320 --> 00:07:06,359 Speaker 1: It's just are the startup costs or its just like 130 00:07:06,440 --> 00:07:10,880 Speaker 1: you're saying, certain brands want a lot of stores because 131 00:07:10,880 --> 00:07:12,520 Speaker 1: it impacts their stock growth. 132 00:07:12,720 --> 00:07:20,040 Speaker 3: Correct, Yeah, So Starbus doesn't self franchises, right, majority of 133 00:07:20,080 --> 00:07:23,960 Speaker 3: their stores are corporately owned, but they do have licensing programs, 134 00:07:24,000 --> 00:07:29,440 Speaker 3: typically in non traditional locations like university campuses, airports, et cetera. 135 00:07:29,720 --> 00:07:32,320 Speaker 1: Right, Like Magic Johnson back in the day he was 136 00:07:32,440 --> 00:07:35,679 Speaker 1: he had got some Starbucks franchises. But that's a unique 137 00:07:35,720 --> 00:07:39,240 Speaker 1: that's a celebrity, high profile celebrity. That's why they introduced 138 00:07:39,280 --> 00:07:39,880 Speaker 1: it celebrity. 139 00:07:41,440 --> 00:07:43,160 Speaker 3: Yeah, so he was able to bend the rules a 140 00:07:43,160 --> 00:07:46,280 Speaker 3: little bit. I mean, he's Magic Johnson, so make a 141 00:07:46,280 --> 00:07:52,520 Speaker 3: lot of happen that even the franchise prayer couldn't make happen, right, right, right, right, 142 00:07:52,560 --> 00:07:56,920 Speaker 3: So that's definitely a one off. But so there are 143 00:07:57,080 --> 00:08:01,080 Speaker 3: brand that you know when they started, they you know, 144 00:08:01,960 --> 00:08:05,280 Speaker 3: the rules change right as they move along, and you 145 00:08:05,320 --> 00:08:08,800 Speaker 3: have to also understand that management changes, people move on 146 00:08:09,200 --> 00:08:12,440 Speaker 3: and then companies get bought out and so their standard 147 00:08:12,440 --> 00:08:15,760 Speaker 3: operating procedures are different. So in some cases, when a 148 00:08:15,760 --> 00:08:18,400 Speaker 3: brand is first starting and they want to get units open, 149 00:08:19,040 --> 00:08:21,920 Speaker 3: they might sell to pretty much anybody with a checkbook and. 150 00:08:21,920 --> 00:08:22,680 Speaker 1: A pulse wow. 151 00:08:23,000 --> 00:08:25,480 Speaker 3: But then as they develop and they want to have 152 00:08:25,560 --> 00:08:30,680 Speaker 3: more sophisticated owners and operators, they might then say something like, listen, 153 00:08:30,720 --> 00:08:33,880 Speaker 3: you need to have, you know, a certain amount of 154 00:08:34,360 --> 00:08:38,719 Speaker 3: operational experience, or you might have to have some restaurant 155 00:08:38,760 --> 00:08:43,040 Speaker 3: experience if you're going into a restaurant franchise. So the 156 00:08:43,160 --> 00:08:46,360 Speaker 3: rules change. So I would imagine with Subway in the beginning, 157 00:08:46,720 --> 00:08:48,680 Speaker 3: you know, maybe they were a little bit more lenient 158 00:08:48,720 --> 00:08:52,560 Speaker 3: in terms of their requirements. And then as they grew 159 00:08:52,600 --> 00:08:55,880 Speaker 3: as a company and as they started to saturate different markets, 160 00:08:56,120 --> 00:08:59,360 Speaker 3: you know, the rules changed. So every brand is going 161 00:08:59,440 --> 00:09:03,199 Speaker 3: to be different. The goal is development, right, but in 162 00:09:03,320 --> 00:09:07,040 Speaker 3: most brands want to develop responsibly. Some brands don't care. 163 00:09:07,080 --> 00:09:09,680 Speaker 3: They'll put a store anywhere as long as it's making 164 00:09:09,720 --> 00:09:14,439 Speaker 3: money right, right, And there's cambelization that happens. They might 165 00:09:14,480 --> 00:09:16,719 Speaker 3: put corporate stores in the middle of a market that's 166 00:09:16,720 --> 00:09:19,800 Speaker 3: gown by somebody else, you know, and you don't want 167 00:09:19,840 --> 00:09:21,280 Speaker 3: to You don't want to work with a brand that's 168 00:09:21,320 --> 00:09:23,439 Speaker 3: doing things like that because that's not well. 169 00:09:23,480 --> 00:09:25,080 Speaker 1: Let me ask you this then, Tarja, how do you 170 00:09:25,120 --> 00:09:27,920 Speaker 1: figure that out? How do you? How do you how 171 00:09:28,040 --> 00:09:31,400 Speaker 1: as my listeners are listening to this interview, how do 172 00:09:31,480 --> 00:09:34,560 Speaker 1: they how do they avoid that trap that mistake? You know, 173 00:09:34,679 --> 00:09:37,199 Speaker 1: like when I'm buying a house, I go through a neighborhood, 174 00:09:37,280 --> 00:09:39,720 Speaker 1: I go or this neighborhood. I don't want I know 175 00:09:39,800 --> 00:09:43,960 Speaker 1: the signs of buying a house in a community. How 176 00:09:43,960 --> 00:09:47,800 Speaker 1: do you know the signs of buying a franchise in 177 00:09:47,880 --> 00:09:51,520 Speaker 1: a in a certain area of the city versus another 178 00:09:51,600 --> 00:09:53,760 Speaker 1: area of the city. Can you help me out with that? 179 00:09:56,320 --> 00:10:01,360 Speaker 3: Yeah, So finding the right brand, I'll start the It 180 00:10:01,480 --> 00:10:04,400 Speaker 3: takes due diligence. You have to do your research and 181 00:10:04,600 --> 00:10:08,080 Speaker 3: the most important step that you can take in that 182 00:10:08,200 --> 00:10:13,319 Speaker 3: research process is talking to existing and former franchisees of 183 00:10:13,360 --> 00:10:17,040 Speaker 3: the brand that you're interested in. They are at liberty 184 00:10:17,040 --> 00:10:20,120 Speaker 3: to tell you every and anything they feel comfortable sharing 185 00:10:20,160 --> 00:10:23,560 Speaker 3: with you. They can give you information about, you know, 186 00:10:23,760 --> 00:10:26,440 Speaker 3: what you could potentially make, how much they make annually, 187 00:10:26,840 --> 00:10:29,160 Speaker 3: what it costs them to build out their stores. They 188 00:10:29,200 --> 00:10:33,400 Speaker 3: can also tell you how they feel in regards to 189 00:10:33,440 --> 00:10:37,400 Speaker 3: the support that they receive from the brand. So talking 190 00:10:37,480 --> 00:10:41,960 Speaker 3: to franchisees existing in previous franchisees is the most important 191 00:10:42,040 --> 00:10:46,560 Speaker 3: step in vetting out a company, right, because you want 192 00:10:46,559 --> 00:10:49,040 Speaker 3: to make sure that you're getting real information. Now. It's 193 00:10:49,080 --> 00:10:53,520 Speaker 3: also important that you talk to multiple franchisees because franchisees 194 00:10:53,760 --> 00:10:57,880 Speaker 3: enter the system at different intervals, Right. Someone could have 195 00:10:57,920 --> 00:11:01,240 Speaker 3: come in twenty years ago, someone else ten and five 196 00:11:01,320 --> 00:11:03,600 Speaker 3: years and there could be someone that just went through 197 00:11:03,600 --> 00:11:06,160 Speaker 3: the approval process. So you want to make sure you're 198 00:11:06,200 --> 00:11:09,360 Speaker 3: talking to different people because everyone's experience is going to 199 00:11:09,400 --> 00:11:13,600 Speaker 3: be different. As I mentioned earlier, there are management changes 200 00:11:13,640 --> 00:11:17,479 Speaker 3: along the way. So the person that became a franchisee 201 00:11:17,559 --> 00:11:21,199 Speaker 3: twenty years ago has probably seen different iterations of management 202 00:11:21,679 --> 00:11:24,440 Speaker 3: and has different has had a different experience than someone 203 00:11:24,480 --> 00:11:26,480 Speaker 3: who may have just signed five years ago. 204 00:11:26,800 --> 00:11:27,840 Speaker 1: Wow, you know I'm talking. 205 00:11:28,040 --> 00:11:30,920 Speaker 3: Then there's also I'm sorry, go ahead. 206 00:11:30,720 --> 00:11:33,400 Speaker 1: And dinn you know I thought you were through apologize 207 00:11:33,480 --> 00:11:34,200 Speaker 1: complete your thought. 208 00:11:35,880 --> 00:11:38,199 Speaker 3: Yeah, I was just going to say. It's also important 209 00:11:38,200 --> 00:11:42,559 Speaker 3: to talk to franchisees who own traditional stores or outlets, 210 00:11:43,000 --> 00:11:46,840 Speaker 3: but as well as those who own non traditional locations 211 00:11:46,880 --> 00:11:49,600 Speaker 3: as well, because their experiences are going to be different 212 00:11:49,640 --> 00:11:50,000 Speaker 3: as well. 213 00:11:50,320 --> 00:11:53,640 Speaker 1: Well, you know, your goal really is to make this 214 00:11:53,760 --> 00:11:57,920 Speaker 1: information available to the African American community. And you know, 215 00:11:57,920 --> 00:12:02,559 Speaker 1: because we support these businesses that you know when you 216 00:12:02,800 --> 00:12:04,760 Speaker 1: have plenty of names that we're familiar with. And I'm 217 00:12:04,760 --> 00:12:06,720 Speaker 1: not saying this is where you should go, but a 218 00:12:06,800 --> 00:12:10,240 Speaker 1: dunkin Donuts is a franchise, a ring stop is a franchise, 219 00:12:10,640 --> 00:12:14,040 Speaker 1: bo Jangles is a franchise. All these things are franchises. Well, 220 00:12:14,040 --> 00:12:16,880 Speaker 1: of course, you know McDonald's is a franchise that people 221 00:12:17,280 --> 00:12:23,840 Speaker 1: invest in. But again, knowing that homework, knowing that due diligence, mentorship, 222 00:12:23,920 --> 00:12:26,520 Speaker 1: I think plays a big role in making sure you 223 00:12:26,559 --> 00:12:29,800 Speaker 1: don't make the mistakes of buying the wrong thing just 224 00:12:29,880 --> 00:12:32,920 Speaker 1: because you got a hunch or somebody told you you 225 00:12:32,920 --> 00:12:36,480 Speaker 1: can make googags of money by going into the franchise. 226 00:12:36,840 --> 00:12:42,080 Speaker 1: Are you just tied into the edible side of the franchises? 227 00:12:42,080 --> 00:12:45,120 Speaker 1: Because are you tied? Do you venture into those made 228 00:12:45,200 --> 00:12:49,599 Speaker 1: services and those other type of franchises that are available 229 00:12:49,640 --> 00:12:54,280 Speaker 1: to people to invest in Taji, Yeah, So. 230 00:12:54,320 --> 00:12:57,840 Speaker 3: I work with all sorts of franchises. So primarily I've 231 00:12:57,880 --> 00:13:02,439 Speaker 3: been associated with restaurant and food service concepts, but I've 232 00:13:02,480 --> 00:13:06,640 Speaker 3: also work and work with brands that are not food related, 233 00:13:06,800 --> 00:13:10,199 Speaker 3: like pet services. So there's a company called Pet and Mind. 234 00:13:10,240 --> 00:13:14,040 Speaker 3: They offer holistic pets, food and supplements as well as 235 00:13:14,120 --> 00:13:18,360 Speaker 3: hygiene stations. That's a franchise that is available and I 236 00:13:18,400 --> 00:13:22,959 Speaker 3: know they're growing across the country. Neighborly is a company 237 00:13:23,000 --> 00:13:28,640 Speaker 3: that owns a lot of home service type franchises, and 238 00:13:28,720 --> 00:13:33,280 Speaker 3: so you can buy into a Neighborly brand. There are 239 00:13:33,880 --> 00:13:39,840 Speaker 3: fitness concepts, there are all sorts of Senior care is one. 240 00:13:41,080 --> 00:13:44,800 Speaker 3: Wisdom Senior Care is one that I am very familiar with. 241 00:13:44,920 --> 00:13:47,120 Speaker 3: I know the owners and they do a great job. 242 00:13:47,600 --> 00:13:51,920 Speaker 3: And then also coding for kids. Code Whiz is a 243 00:13:52,320 --> 00:13:55,720 Speaker 3: franchise that is obviously not a food service related but 244 00:13:55,720 --> 00:13:58,960 Speaker 3: I work with all franchises across the board. I've been 245 00:13:58,960 --> 00:14:01,400 Speaker 3: doing this for so long and I think I've developed 246 00:14:01,440 --> 00:14:05,400 Speaker 3: a pretty good reputation in the industry of being trustworthy 247 00:14:05,840 --> 00:14:08,640 Speaker 3: and so I always like to make sure I'm giving 248 00:14:08,640 --> 00:14:11,960 Speaker 3: out good information, which is why I started the Franchise Player. 249 00:14:12,040 --> 00:14:14,920 Speaker 3: I wanted to provide a safe space for our community 250 00:14:14,960 --> 00:14:17,920 Speaker 3: to learn about franchising. What it is, what it isn't 251 00:14:18,520 --> 00:14:21,880 Speaker 3: and how to go about getting into franchising with your 252 00:14:21,920 --> 00:14:24,800 Speaker 3: eyes wide open. You know there's a process. 253 00:14:24,920 --> 00:14:27,760 Speaker 1: There's a process for sure. I'll tell you I'm gonna 254 00:14:27,760 --> 00:14:29,800 Speaker 1: hold that thought because I've pushed the break too far. 255 00:14:30,120 --> 00:14:32,360 Speaker 1: When you come back on a continuous conversation, and then 256 00:14:32,400 --> 00:14:35,440 Speaker 1: I want to share a story about when I tried 257 00:14:35,440 --> 00:14:38,440 Speaker 1: to get my wife to buy a franchise. He was 258 00:14:38,520 --> 00:14:40,280 Speaker 1: she had to say, don't go in the well. Come 259 00:14:40,400 --> 00:14:43,160 Speaker 1: right back with more money Making Conversation Masterclass. 260 00:14:50,160 --> 00:14:53,800 Speaker 4: We'll be right back with more money Making Conversations Masterclass 261 00:14:53,800 --> 00:14:58,640 Speaker 4: with Rashaan McDonald. Welcome back to the Money Making Conversations 262 00:14:58,680 --> 00:15:01,040 Speaker 4: Masterclass hosted i Rashan McDonald. 263 00:15:01,880 --> 00:15:05,160 Speaker 1: My guest don't money Making a Conversation Masterclass is Tarji Carter, 264 00:15:05,520 --> 00:15:09,120 Speaker 1: the franchise player. She's trying and she's doing a fantastic 265 00:15:09,240 --> 00:15:14,520 Speaker 1: job of being able to incorporate how people can get 266 00:15:14,520 --> 00:15:18,760 Speaker 1: into the franchise business. You know, what we've been, what 267 00:15:18,840 --> 00:15:21,920 Speaker 1: we've experienced is African Americans. This is all about us. 268 00:15:21,960 --> 00:15:25,640 Speaker 1: You know, we want the shot at the prize and 269 00:15:25,800 --> 00:15:28,840 Speaker 1: she's developed programs and she's developed a way where we 270 00:15:28,880 --> 00:15:30,840 Speaker 1: can get in but you have to follow the rules. 271 00:15:30,880 --> 00:15:32,280 Speaker 1: You have to be able to understand. There's a lot 272 00:15:32,320 --> 00:15:34,480 Speaker 1: of work, and I want to just share this story 273 00:15:34,480 --> 00:15:37,320 Speaker 1: before I get back to utah Ji. Like, for instance, 274 00:15:37,320 --> 00:15:40,160 Speaker 1: I thought I had this big old idea that I 275 00:15:40,480 --> 00:15:44,160 Speaker 1: saw these little maide service that was real popular in 276 00:15:44,280 --> 00:15:46,120 Speaker 1: my and I thought that would be a great idea. 277 00:15:46,600 --> 00:15:48,760 Speaker 1: So I went home told my wife, I said, Babe, 278 00:15:48,760 --> 00:15:52,320 Speaker 1: were gonna buy. We're gonna buy a mad franchise. And 279 00:15:52,400 --> 00:15:58,000 Speaker 1: she said, okay, so who's gonna work it? See right, 280 00:15:58,040 --> 00:16:01,960 Speaker 1: there was the key conversation communication because just because you 281 00:16:02,040 --> 00:16:04,640 Speaker 1: have a good idea, you have to share that idea 282 00:16:04,880 --> 00:16:07,880 Speaker 1: and make sure everybody's on board with the idea. And 283 00:16:07,920 --> 00:16:09,640 Speaker 1: that's what a lot of people do. They got all 284 00:16:09,640 --> 00:16:11,920 Speaker 1: these good ideas, but then they don't look at the 285 00:16:11,920 --> 00:16:15,360 Speaker 1: big picture of you. When you commit to a franchise, 286 00:16:15,680 --> 00:16:18,440 Speaker 1: it can't be a part time commitment. It has to 287 00:16:18,480 --> 00:16:23,440 Speaker 1: be an all in commitment. Correct argy. That is correct. 288 00:16:24,520 --> 00:16:27,440 Speaker 3: There are some businesses that might say, you know, they're 289 00:16:27,520 --> 00:16:32,280 Speaker 3: absentee or semi absentee models, But the businesses that do 290 00:16:32,320 --> 00:16:35,600 Speaker 3: the best and generate the most revenue are the businesses 291 00:16:35,600 --> 00:16:38,400 Speaker 3: where the owner is involved at least in the first 292 00:16:38,560 --> 00:16:42,040 Speaker 3: couple of years. That's that's the most important time, because 293 00:16:42,080 --> 00:16:43,920 Speaker 3: no one's going to take care of your investment the 294 00:16:43,920 --> 00:16:46,680 Speaker 3: way that you would right imagine, you buy an ice 295 00:16:46,720 --> 00:16:49,480 Speaker 3: cream shop, you spend two hundred and fifty thousand dollars 296 00:16:49,520 --> 00:16:52,080 Speaker 3: a quarter of a million dollars to build this thing out, 297 00:16:52,640 --> 00:16:54,640 Speaker 3: and then you turn the keys over to a high 298 00:16:54,680 --> 00:16:58,400 Speaker 3: school freshman. They're not going to care about that two 299 00:16:58,480 --> 00:17:01,720 Speaker 3: hundred and fifty thousand dollars there there. It's just a 300 00:17:01,760 --> 00:17:04,600 Speaker 3: part time job in some cases, And so that's why 301 00:17:04,640 --> 00:17:07,080 Speaker 3: it's really important for to set the tone so that 302 00:17:07,119 --> 00:17:12,160 Speaker 3: your employees know exactly how you know how their role 303 00:17:12,280 --> 00:17:15,160 Speaker 3: impacts the success of the business. And if they see 304 00:17:15,240 --> 00:17:17,360 Speaker 3: you committed and dedicated, then they're going to have more 305 00:17:17,359 --> 00:17:20,800 Speaker 3: of a commitment as well. Now as as you move 306 00:17:20,840 --> 00:17:23,159 Speaker 3: on in the years you know you're you're able to 307 00:17:23,320 --> 00:17:26,640 Speaker 3: then step away, maybe hire a manager and bring them 308 00:17:26,680 --> 00:17:28,960 Speaker 3: in to handle more of the day to day operations. 309 00:17:28,960 --> 00:17:33,000 Speaker 3: But I would never recommend absency ownership. I don't believe 310 00:17:33,000 --> 00:17:35,639 Speaker 3: in it at all, and I just don't believe that 311 00:17:35,720 --> 00:17:38,320 Speaker 3: it will reap through the benefits that you're looking for. 312 00:17:39,520 --> 00:17:42,440 Speaker 3: Bringing in you know, bringing yourself to the point where 313 00:17:42,480 --> 00:17:45,320 Speaker 3: you're investing in something outside of your normal day to day. 314 00:17:46,000 --> 00:17:48,520 Speaker 3: If you're looking for the ultimate results, you definitely want 315 00:17:48,520 --> 00:17:49,160 Speaker 3: to be involved. 316 00:17:49,359 --> 00:17:51,680 Speaker 1: Okay, cool, here's my thought to you in gosh To. 317 00:17:52,400 --> 00:17:56,240 Speaker 1: We're on a call here. We're talking about franchises, franchises 318 00:17:56,800 --> 00:18:01,119 Speaker 1: and uh and people are interested not whole you accountable 319 00:18:01,160 --> 00:18:03,679 Speaker 1: to anything. But what does one have to look to 320 00:18:04,119 --> 00:18:06,200 Speaker 1: because there are a lot of franchises I mentioned some 321 00:18:06,280 --> 00:18:08,880 Speaker 1: of them on the call here. When you're going out 322 00:18:08,880 --> 00:18:10,719 Speaker 1: there and you sitting down with individual, you sit down 323 00:18:10,800 --> 00:18:13,800 Speaker 1: Rashan McDonald. If Rashan said I want to get into 324 00:18:13,800 --> 00:18:17,440 Speaker 1: the franchise business, what do you look for from me? 325 00:18:18,400 --> 00:18:20,600 Speaker 1: Are there certain questions I have to respond to because 326 00:18:20,600 --> 00:18:22,560 Speaker 1: I'm just trying to be an investor. I'm just trying 327 00:18:22,560 --> 00:18:24,960 Speaker 1: to expand my world. What do you do? What do 328 00:18:25,000 --> 00:18:26,600 Speaker 1: you what do you do to a person like me 329 00:18:26,720 --> 00:18:27,680 Speaker 1: Rashan McDonald. 330 00:18:29,880 --> 00:18:32,000 Speaker 3: So there are some tough conversations we have to have, 331 00:18:32,240 --> 00:18:35,679 Speaker 3: right The first one is always about finances. What is 332 00:18:35,720 --> 00:18:38,440 Speaker 3: your liquid cash? What do you have available to you 333 00:18:38,520 --> 00:18:41,800 Speaker 3: in liquid cash? What is your net worth? What is 334 00:18:41,840 --> 00:18:45,520 Speaker 3: your credit worthiness? Because these are questions that the franchise 335 00:18:45,680 --> 00:18:47,399 Speaker 3: or is going to ask of you, and then the 336 00:18:47,440 --> 00:18:52,760 Speaker 3: bank if you're looking to find lending lending to support 337 00:18:52,800 --> 00:18:55,480 Speaker 3: your franchise development. You know, these are things that they're 338 00:18:55,520 --> 00:18:58,119 Speaker 3: going to be looking at with a fine tooth comb. 339 00:18:58,200 --> 00:19:00,439 Speaker 3: So once you once you know what or not you 340 00:19:00,520 --> 00:19:04,520 Speaker 3: qualify financially and from a credit standpoint, the next thing is, 341 00:19:05,000 --> 00:19:06,760 Speaker 3: you know, we have to figure out what is a 342 00:19:06,800 --> 00:19:11,960 Speaker 3: realistic expectation. Right if you have no experience in food service, 343 00:19:12,800 --> 00:19:15,639 Speaker 3: the likelihood of you becoming a Chick fil A franchise 344 00:19:15,720 --> 00:19:19,280 Speaker 3: e or McDonald's franchise e is probably slim to none. 345 00:19:19,400 --> 00:19:24,040 Speaker 1: Okay, okay, So that's important that you have a lot 346 00:19:24,080 --> 00:19:27,040 Speaker 1: of people some experience in that lane before you try 347 00:19:27,080 --> 00:19:29,880 Speaker 1: to buy into that lane. They take that into consideration too. 348 00:19:30,480 --> 00:19:31,520 Speaker 1: I didn't think about. 349 00:19:31,280 --> 00:19:35,760 Speaker 3: That, Oh absolutely absolutely, And so every I talked to 350 00:19:35,800 --> 00:19:37,320 Speaker 3: so many people and the first thing they want to 351 00:19:37,320 --> 00:19:39,520 Speaker 3: do is become a franchise e with eaither Chick fil 352 00:19:39,520 --> 00:19:43,720 Speaker 3: A or McDonald's. And those are both amazing brands, but 353 00:19:43,800 --> 00:19:47,920 Speaker 3: their process is I mean, it's it's pretty intense. So 354 00:19:48,320 --> 00:19:52,040 Speaker 3: I always recommend starting small. If you want to get 355 00:19:52,040 --> 00:19:54,720 Speaker 3: in a food service, start small, Start with a snack 356 00:19:54,920 --> 00:19:58,800 Speaker 3: concept right, something small where you can grow into it. 357 00:20:00,600 --> 00:20:03,960 Speaker 3: There are great incentives right now. And by snack I 358 00:20:04,000 --> 00:20:09,680 Speaker 3: mean you know, cookies, popcorn, ice cream, donuts. You don't 359 00:20:09,720 --> 00:20:12,320 Speaker 3: really need a lot of experience, and the training that 360 00:20:12,359 --> 00:20:16,080 Speaker 3: they provide is sufficient. Right. You can always, you know, 361 00:20:16,240 --> 00:20:18,520 Speaker 3: learn more and do more. But once you get some 362 00:20:18,600 --> 00:20:20,720 Speaker 3: of that experience under your belt, now you can then 363 00:20:20,800 --> 00:20:23,880 Speaker 3: go back to some of these larger companies and have 364 00:20:23,920 --> 00:20:26,200 Speaker 3: a better chance. That's a good chance. 365 00:20:26,440 --> 00:20:29,359 Speaker 1: I did not think about that, Excumntagy, I did not 366 00:20:29,400 --> 00:20:31,520 Speaker 1: think about that at all. That's a great note there. 367 00:20:31,600 --> 00:20:32,000 Speaker 1: Thank you. 368 00:20:33,600 --> 00:20:36,480 Speaker 3: Yeah, you're welcome. But the best thing that we can 369 00:20:36,520 --> 00:20:41,640 Speaker 3: do as a people is to start joining our resources together. 370 00:20:42,840 --> 00:20:44,919 Speaker 3: You know, these brands. If the brand says you need 371 00:20:44,960 --> 00:20:47,840 Speaker 3: to have one hundred thousand dollars liquid, they don't expect 372 00:20:47,920 --> 00:20:50,840 Speaker 3: just one person to have that. You can combine your resources. 373 00:20:51,119 --> 00:20:53,520 Speaker 3: We have to start trusting one another and going into 374 00:20:53,600 --> 00:20:56,199 Speaker 3: business with people that we can trust, and then we 375 00:20:56,320 --> 00:20:58,440 Speaker 3: also have to be trustworthy ourselves. 376 00:20:58,920 --> 00:21:00,360 Speaker 1: I want to get you one to grab it quick, 377 00:21:00,359 --> 00:21:03,159 Speaker 1: call right quick. She was on whole Cheryl. That's why 378 00:21:03,160 --> 00:21:05,320 Speaker 1: I'm missing I say her name earlier because I want 379 00:21:05,359 --> 00:21:07,760 Speaker 1: to make sure I get in Cheryl from Atlanta, what's 380 00:21:07,760 --> 00:21:08,960 Speaker 1: your question for Taji? 381 00:21:10,560 --> 00:21:10,960 Speaker 3: Okay? 382 00:21:11,040 --> 00:21:14,440 Speaker 5: So, and thanks for taking my call. I appreciate you both. 383 00:21:15,080 --> 00:21:17,600 Speaker 3: I have a juice all. 384 00:21:17,480 --> 00:21:20,959 Speaker 5: Natural juicing business. What I wanted to find out is 385 00:21:21,520 --> 00:21:28,200 Speaker 5: how can I get that into enfranchising all natural juicing business. 386 00:21:30,560 --> 00:21:32,359 Speaker 3: How many units do you currently own? 387 00:21:33,880 --> 00:21:38,359 Speaker 5: I've won, honestly, and right now it's it's mobile. I 388 00:21:38,760 --> 00:21:43,720 Speaker 5: am looking to get into a store front. But right 389 00:21:43,760 --> 00:21:47,639 Speaker 5: now I have a mobile one mobile unit. I do 390 00:21:47,800 --> 00:21:52,240 Speaker 5: have people that are interested in, you know, doing what 391 00:21:52,320 --> 00:21:55,880 Speaker 5: I'm doing. Uh So I just want to find out 392 00:21:55,880 --> 00:21:57,199 Speaker 5: how to go about getting into it. 393 00:22:00,240 --> 00:22:03,399 Speaker 3: Yeah, so I commend you for starting your own company. 394 00:22:03,440 --> 00:22:09,359 Speaker 3: So congratulations on that. I typically recommend you're welcome. I 395 00:22:09,440 --> 00:22:14,000 Speaker 3: typically recommend you know that first one, right, get that 396 00:22:14,080 --> 00:22:17,280 Speaker 3: first one to where you think it's you know, where 397 00:22:17,320 --> 00:22:20,120 Speaker 3: you want it to be, because people need to want 398 00:22:20,160 --> 00:22:23,080 Speaker 3: to buy into a system that's proven. So number one, 399 00:22:23,119 --> 00:22:25,760 Speaker 3: you're going to have to show a profit, and number two, 400 00:22:25,800 --> 00:22:28,040 Speaker 3: you're going to have to have systems and processes in 401 00:22:28,119 --> 00:22:31,119 Speaker 3: place that can be followed by someone who's never walked 402 00:22:31,119 --> 00:22:35,480 Speaker 3: in your shoes before. Right, So, as a franchise or 403 00:22:35,480 --> 00:22:37,280 Speaker 3: you're going to have to have what's called a franchise 404 00:22:37,320 --> 00:22:41,320 Speaker 3: disclosure document, which is what you give to potential investors 405 00:22:41,440 --> 00:22:45,040 Speaker 3: or potential franchisees, which gives them all the information they 406 00:22:45,119 --> 00:22:47,080 Speaker 3: need to know about the business in order to make 407 00:22:47,400 --> 00:22:50,919 Speaker 3: an educated decision whether or not to buy into your 408 00:22:51,119 --> 00:22:54,639 Speaker 3: your concept. So I would say you have to really 409 00:22:54,720 --> 00:22:59,199 Speaker 3: kind of get that model tweaked to where it's replicatable. 410 00:23:00,200 --> 00:23:03,760 Speaker 3: Usually that happens when you get to unit three, because 411 00:23:03,800 --> 00:23:06,560 Speaker 3: the first one you're making your mistakes, You're you're learning 412 00:23:06,600 --> 00:23:10,359 Speaker 3: what you don't know, you're figuring it out. By store two, 413 00:23:11,119 --> 00:23:13,040 Speaker 3: you've got a lot of that figured out, and then 414 00:23:13,080 --> 00:23:15,640 Speaker 3: by store three you're running like a well oiled machine. 415 00:23:15,920 --> 00:23:18,639 Speaker 1: Hey, Taji, I gotta, I gotta, I gotta wrap this up. 416 00:23:18,640 --> 00:23:22,119 Speaker 1: I apologize, Cheryl, thank you, if you can leave your 417 00:23:22,200 --> 00:23:24,400 Speaker 1: number sherrow so we can reach out to you and 418 00:23:24,400 --> 00:23:27,920 Speaker 1: continue this conversation. But Taji, you gotta bring your own you. 419 00:23:27,920 --> 00:23:29,920 Speaker 1: You know, you're you're pressing me up against the clock 420 00:23:29,920 --> 00:23:32,840 Speaker 1: because you're the people want to talk to you. And 421 00:23:32,840 --> 00:23:35,800 Speaker 1: then that's not the only person ever I know. It's 422 00:23:35,800 --> 00:23:37,199 Speaker 1: so much to know, and that that's the type of 423 00:23:37,240 --> 00:23:39,040 Speaker 1: issuws I want to have I want people like the 424 00:23:39,200 --> 00:23:42,680 Speaker 1: earlier callers wanted to know some information too. So again, 425 00:23:42,760 --> 00:23:45,480 Speaker 1: thank you for coming on my show, money Making Conversation Masterclass. 426 00:23:45,600 --> 00:23:48,639 Speaker 1: I'm speaking of Taji called as t A r j 427 00:23:48,880 --> 00:23:51,920 Speaker 1: I Carter uh Any social media handles you want to 428 00:23:51,920 --> 00:23:53,040 Speaker 1: give out for we exit. 429 00:23:54,720 --> 00:23:57,879 Speaker 3: Yes, Slee so on Instagram, uh at. I am the 430 00:23:57,920 --> 00:24:01,840 Speaker 3: franchise player and my personal I am Tarjie and the 431 00:24:01,840 --> 00:24:05,600 Speaker 3: website is the Franchise Player dot com. If you want 432 00:24:05,640 --> 00:24:06,920 Speaker 3: further information. 433 00:24:06,760 --> 00:24:08,280 Speaker 1: And thank you for coming on my show. We've got 434 00:24:08,320 --> 00:24:10,360 Speaker 1: a reachedule list because you have a lot of information. 435 00:24:10,480 --> 00:24:13,080 Speaker 1: I learned a lot about you know, you better know 436 00:24:13,160 --> 00:24:15,760 Speaker 1: the business before you try to get into business. Basically, 437 00:24:15,800 --> 00:24:19,880 Speaker 1: that's what you told me Rashan, And we speak, thank 438 00:24:19,920 --> 00:24:22,120 Speaker 1: you and we hear more and speaking to you next week. 439 00:24:22,240 --> 00:24:23,800 Speaker 1: And thank you all for listening. This is and Rew 440 00:24:23,800 --> 00:24:27,000 Speaker 1: Sean McDonald's signing off on Money Making Conversation Masterclass. Thank 441 00:24:27,040 --> 00:24:27,520 Speaker 1: you by bout. 442 00:24:35,040 --> 00:24:37,440 Speaker 4: Thank you for joining us for this edition of Money 443 00:24:37,440 --> 00:24:43,040 Speaker 4: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan 444 00:24:43,160 --> 00:24:46,880 Speaker 4: McDonald is produced by thirty eight fifteen Media, Inc. More 445 00:24:46,920 --> 00:24:50,800 Speaker 4: information about thirty eight fifteen Media Inc. Is available at 446 00:24:50,800 --> 00:24:54,760 Speaker 4: thirty eight fifteen media dot com. And always remember to 447 00:24:54,960 --> 00:24:55,960 Speaker 4: lead with your gifts. 448 00:25:00,320 --> 00:25:06,159 Speaker 1: A stink and tetot in baton was costied by astonishment