Uncover the franchising world's hidden gems with franchise guru Greg Moore, who joins us on Side Hustle City to share his transition from fast-food employee to franchise aficionado. In his narrative, Greg reveals how franchising can transform the dream of entrepreneurship from elusive fantasy to tangible reality. Whether you're itching to escape the 9-to-5 routine or looking for a savvy income supplement, this episode dishes out an insider's guide to the operational and marketing perks that only a franchise can provide.
Take a dive into the intricacies of franchise investment and discover how to align your individual talents and financial aspirations with the right franchise opportunity, all under Greg's seasoned guidance. We tackle pressing questions on investment, from understanding profitability to navigating the resale market. And for those considering turning their own ventures into franchises, Greg highlights the importance of universal appeal in your product or service, offering a roadmap to franchise success.
Finally, we underscore the significance of education and community in making well-informed franchise decisions. Our Side Hustle City community, especially through our Facebook group, stands as a beacon of collective wisdom, empowering side hustles to grow into primary income streams. Join us in thanking Greg for his invaluable advice and to you, our listeners, for being the heartbeat of this entrepreneurial journey. This isn't just another podcast episode – it's your next step toward a future where your business dreams thrive.
As you're inspired to embark on your side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. With a team of experienced marketing professionals and a track record of helping clients achieve their dreams, we are ready to assist you in reaching your goals. To find out more, visit www.reversedout.com.
Uncover the franchising world's hidden gems with franchise guru Greg Moore, who joins us on Side Hustle City to share his transition from fast-food employee to franchise aficionado. In his narrative, Greg reveals how franchising can transform the dream of entrepreneurship from elusive fantasy to tangible reality. Whether you're itching to escape the 9-to-5 routine or looking for a savvy income supplement, this episode dishes out an insider's guide to the operational and marketing perks that only a franchise can provide.
Take a dive into the intricacies of franchise investment and discover how to align your individual talents and financial aspirations with the right franchise opportunity, all under Greg's seasoned guidance. We tackle pressing questions on investment, from understanding profitability to navigating the resale market. And for those considering turning their own ventures into franchises, Greg highlights the importance of universal appeal in your product or service, offering a roadmap to franchise success.
Finally, we underscore the significance of education and community in making well-informed franchise decisions. Our Side Hustle City community, especially through our Facebook group, stands as a beacon of collective wisdom, empowering side hustles to grow into primary income streams. Join us in thanking Greg for his invaluable advice and to you, our listeners, for being the heartbeat of this entrepreneurial journey. This isn't just another podcast episode – it's your next step toward a future where your business dreams thrive.
As you're inspired to embark on your side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. With a team of experienced marketing professionals and a track record of helping clients achieve their dreams, we are ready to assist you in reaching your goals. To find out more, visit www.reversedout.com.
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Speaker 1:
Welcome to Side Hustle City and thanks for joining us. Our goal is to help you connect to real people who found success turning their side hustle into a main hustle, and we hope you can too. I'm Adam Kaler. I'm joined by Kyle Stevie, my co-host. Let's get started. All right. Welcome back everybody to the Side Hustle City podcast. Today we've got a special guest franchise consultant, franchise maven decorated franchise coach, greg Moore. How are you, greg?
Speaker 2:
Excellent, another beautiful day in the neighborhood. Adam, I appreciate you having me.
Speaker 1:
That's right. That's right. Well, you are the oh man. I just I was reading through your bio. I mean you got you were in Business Insider. I mean you've been on some podcasts Bigger Pockets, which is a really great, a really good one that we follow here too and you know, you just really kind of help people decide what kind of a franchise business would be right for them.
Speaker 1:
And you know, we talked a little bit before the show here. We've got a lot of people who are working a nine to five. They they may not like it or they're, like, you know, looking towards the future now. Maybe they're going through a midlife crisis and they're like do I want to be doing this, tom, 65 years old? Maybe I want to do something else. Or you know doctors, you know people who've already been successful in business and they're just looking for, you know, some passive income, maybe a way to diversify their current income streams. And I think it is a very interesting topic for a lot of people who are considering a side hustle. So explain to me, greg, how did you even get into this industry? Well, I got it.
Speaker 2:
We're going to go. We're going to go back into the way back machine there, adam, there we go, before I actually got into the industry. I'll keep it short, though we won't go too long on that Way. Back in the late 70s when I was in high school kind of dating myself a little bit there most of us in high school got a job at fast food places, for whatever reason they were just hiring at the time I guess I picked Taco Bell. So I liked working there and I moved up in there and, as it turned out, the person that I was working for was what's called a master franchisor and she owned 50 Taco Bells throughout the Woodland, california, sacramento, california, area. So as I started managing her restaurants throughout Sacramento, I started learning about franchising. That this is a franchise. It's like, well, that's pretty cool. So fast forward. I went on to become a restaurant manager of other places for about 15 years.
Speaker 2:
Microelectronic circuit engineer about 15 years. Got my degree at electrical engineering physics. Got a master's degree in business. Read Robert Kiyosaki's books. Rich Dad, poor Dad, ruined my corporate career for me Absolutely ruined it. As we were talking about earlier people that wanted to get out of there. My corporate career for me, absolutely ruined it, as we were talking about earlier people that wanted to get out of there.
Speaker 2:
So my goal was, right before I turned, or right as I turned 50, to get out of the corporate world. And, sure enough, the stars aligned and they laid me off and I was like, right before I was 50, I'm like, wow, well, that's perfect. So I had owned with another partner of mine while I was being an engineer, dry cleaners, storage units, rental properties. So I was already doing the side hustles on that while I was doing the engineering work. So I sold off my part to him. He had gotten laid off too. He wanted to do all that full time. So I said that's fine, that was a real challenge. Doing private businesses Don't know anything about running a dry cleaners. So what I did was I thought I looked back at those years that I spent in franchising. I said I like that, that was fun, I'm going to go out and I'm going to get into a franchise, and that's what started me on that.
Speaker 1:
That's amazing. And now so you were doing some businesses before that you know it sounds like, and I always hear you know dry cleaners or laundry mats, uh, car washes, car washes, vending businesses have some of the lowest failure rates. If you were to be able to find one of those on a biz buy, sell or something and be able to pick one up. But if those are not franchised, you still have to do a lot of the marketing yourself. You have to probably do a lot of the upkeep. You're probably buying something that needs some work. You know, is that what your experience is with a lot of those types of businesses?
Speaker 2:
Yeah, when we were back doing that dry cleaning thing. So we had a lot of different things we had to look at was, you know, disposing of the necessary waste products, byproducts, where to get the products from as far as the dry cleaning material, where to find the employees, how to get the machines fixed, where to find the machines to get them replaced if we need them replaced, and then that was just the operations on that. On the operations side, then what we needed to do was go out and market and advertise to people. You're right about the business, though the business itself for the dry cleaner was great, as long as you took care of the people's products and you had very happy, smiley people that took care of it and you got everything clean the way it should be. I mean, that was just people just came in all the time.
Speaker 2:
But to build that business up why we did have to go out and do a lot of networking in our community in that, especially when we had the drop-off locations at other areas, and what we tried to do was in order to drum up the business what we really wanted was more than just the consumer side of it. We wanted more of the business side of it. So we're looking at places that had uniforms anybody that's got a uniform that has to wear a uniform. So we'd pick up their uniforms. They put them in the in the hampers or whatever. We'd pick them up, get them dry cleaned, send them back. So that's the biggest thing that we tried to do on our own was how do we get involved in commercial side of the dry cleaning?
Speaker 1:
Well, my wife owns a spa and every time somebody comes in and gets their facial, there's towels, multiple towels that she has to use. Right, she puts one on their head, she wipes their face with one. She sometimes she'll put one like across their chest if she just wants to work in this facial area. There's Uh, sometimes she'll put one like across their chest if she just wants to work in this facial area. Uh, there's sheets that have to be changed every single time and she's got a giant bag of laundry every single time. And there's a place here in Cincinnati called the clean clothes company and they come and they pick it all up for and everything. But I mean the number, the amount of money she spends on cleaning is is wild. But you're right, you want to. You know, if you have a business like that, you want to be able to find, you know, folks that are going to send you consistent business like that. As long as you do a good job, they're going to keep coming back.
Speaker 2:
Yeah, If it's not broke, don't fix it. For the most part, with these people thinking that, um good, that goes for consumers and that goes for other businesses are using you. As long as you don't screw it up and you do it just you know really good on, people are unwilling to change things that are working?
Speaker 1:
Yeah, 100%. So the whole idea with the franchise is and I've started a business from scratch Uh, you know Kyle's a nine to five guy. Kyle, I see you're on here and he's my, uh, he's my cohost, and Kyle, you know he works a nine to five job. He's doing pretty well at it. He's been there for a long time. He's looking to possibly get into maybe buying a franchise, like a lot of people who are who work nine to five jobs.
Speaker 1:
The big thing is starting a business from scratch, especially a novel idea. A lot of times that fails because you've got to find product market fit, Then you've got to find customers fit, Then you've got to find customers right. You got to find enough customers to keep the business afloat. I mean, there's a lot of stuff I could. The list goes on and on With what you've got. Going on, though, you're promoting businesses that already have an established brand. They already have systems in place, which is probably the most important thing and it's kind of like you just walk into a business that you know is going to cash flow.
Speaker 2:
You walk into a business that you know, you don't have to wonder and worry and think about what do I do next? You know somebody has been there. They've made the mistakes already, they bypassed them. They give you a roadmap to where. You follow this, you get up in the morning. Your chances of success are that much greater. You've got a team of people from the franchise order that's going to help you grow. Before you get into that franchise system, you're going to talk to as many franchisees as you can to learn more about that business. It's expected of you. Now you've got a whole team of franchisees that's going to help you grow. A whole tribe, a whole team of people. They're all looking to build up that brand.
Speaker 1:
Do you see people that come into these franchises who may have not been in the corporate world, may not be the most professional people in the world. Do you see the franchise? Because the franchise is going to put demands on you right To be a professional, show up on time, take care of their brand right, because they're essentially hoping that you are going to be a good steward of what they've built. They can't have you building a bad, like they have a great reputation. They can't have you screwing that up. Do you see it actually elevating people's professionalism when they buy a franchise like this?
Speaker 2:
Yes, adam, I certainly do. It really helps because what's going to happen along the way is franchisors don't just sell to people. They award franchises to people. So they're already looking at you just as closely as you're looking at them. So they see something in you already. If they decide to put you into their system and decide to award you an opportunity to be in their franchise, they'll already see something in you that they believe in, just like you see something in them that they believe in.
Speaker 2:
Well, once you get into that now, they're going to support you, they're going to train you and they're going to build you up. So you may not know everything there is to know about that industry, for instance. You don't necessarily have to, but they're going to show you how to run it, how to operate it, how to talk to people, how to appear before people dressing that sort of thing. They're not really nitpicky about this sort of thing, but what they're going to do is they're really going to help you, as you said well, really become more professional in what you do in your business life.
Speaker 1:
Yeah, and you know what? I saw a stat on Twitter the other day and it was showing all the most the highest grossing franchises, and you might've seen the same thing and it had, of course, chick-fil-a was up at the top, I think it was. The average was like nine and a half million dollars a franchise or something. Just crazy, right. And then I forget what the next ones were. I was just enamored with the fact that the Chick-fil-A's are making that much money. Oh, I think it was. There's another chicken place. They're always on college campuses.
Speaker 3:
I can't remember what the name of it is Nashville's or Joella's or some sort of hot chicken.
Speaker 1:
Hot chicken. Yeah, it was one of those and they were number two and I was like man chicken really sells. They're making hand over fist money. Tyson Foods must be making great money. I know that's where Chick-fil-A gets their stuff from. But you know, you see those numbers and you're like wow, nine and a half million, what's very hard. I mean it's practically impossible at this point to get a. You got to go into the lottery and everything for a Chick-fil-A franchise. But there are other franchises out there. You know people like you will say look, don't look at that gross number. You know that's great for them. You don't really actually own the franchise. When you own a Chick-fil-A you're just really an owner operator kind of person.
Speaker 1:
But there's a lot of franchises out there that are going to make good money and that are a better fit for you as a person. This is kind of one of the things you help people with right.
Speaker 2:
That's absolutely correct, adam. So what we take a look at is basically three things on there when have you been? So what do you bring to the table? What's your skill set? How is that going to match with the franchise or I'm going to match you up with when are you at now? So how much time are you willing to invest in that franchise Passive, semi-passive, full-time? And then, how much money are you comfortable investing in that franchise? Not how much do you have. How much are you comfortable investing in that franchise?
Speaker 2:
And then we're going to take a look at where do you want to be five to 10 years from now. And what I want to do is get to know you as much as possible so I can tailor those franchises around your skill set, where you're at right now in life and where you want to be in life on that one. So there's many franchises in many different industries, not just the brick and mortar. We have the services industries as well much lower investment. So you don't have to be a millionaire, you don't have to work at full time, and those franchises are ones that you can build up and that will be maybe a better fit for you.
Speaker 2:
We'll go through a few different industries on that and I've got a great questionnaire to go through matrix of business types, lots of questions to answer to narrow that field down to find ones that when you're talking to those franchisees and you're asking them what they do on a regular basis and you start picturing yourself in your mind doing it, that's when you get a really good feel for it. So we'll probably look through five or 10 different opportunities, narrow it down to two or three, go through the process of investigating them and then you start picturing yourself doing those sort of things and most of the time I can get people who are there looking at that saying I can do that. I can see myself doing that sort of thing and it may be something totally different than the one they started with. One of my investors from the Bigger Pockets wanted to look at a brewery. That's what they had their heart and mindset on.
Speaker 1:
Well, they ended up going with an electrical services franchise Completely different. Yeah, yeah, that's way different, yeah, but the guys that do electrical work drink the beer though.
Speaker 2:
So this is true. This is true.
Speaker 3:
Do you do franchise only or do you do like? Uh, you know, the guy is a sole proprietor. He's looking to sell his business. Did they ever hit you up as well?
Speaker 2:
I do not do any private businesses. Everything I do is around franchising Not necessarily, kyle, always a new franchise. I do get franchise resales on occasion, kyle. Those are few and far between on that for good resale franchises, but I do have a list of franchises that are up for resale already established. The franchisee is looking to sell them. Most of the time, kyle, what happens is that when you build that franchise system up and you go to sell it, the first thing you're going to do is tell the franchisor on that. Obviously you have to get their approval for that and the first thing they're going to do is they're going to tell other franchisees around you that's for sale. So if your franchise is doing great, one of the franchisees around you is going to pick it up.
Speaker 3:
Okay, the reason I was asking is because I have twin boys that are 23 now. One thinks instruction management and the other he doesn't know what he wants to do. He's working with me right now, but this is his lifelong career path.
Speaker 3:
So, you know, I've been every I don't know fifth or sixth reel now that I get on Instagram is about well, there's a million baby boomers that retire a year and 88% own businesses, and so I always thought, well, that's not a bad idea for, you know, came and get into construction management, but I don't know how to vet.
Speaker 3:
I don't know how to vet the business. I don't know what, how to look at things from a macro level or even a micro level to be able to say or micro, even macro to say, yeah, this would be a good business for you to buy, to start building your career. Because, I agree with you guys, it's a much better career path if you don't have to step on all the landmines to figure out what's going on, what's going right. So that's the reason I asked that. But if you've got a services franchise yeah, I say this all the time, but I would like to get on a phone call with you so and go over a lot of this stuff, because I've got I've got a son who doesn't know what he wants to do. I have a wife who is chomping at the bit to do something and she wants to buy cabins down in a local state park where we go to a lot to go hiking, and I think this would probably be the best route to get there within the next five years, if everything I've looked at.
Speaker 2:
Yeah, Kyle, I'm all about education. Franchising is not for everybody. I don't try and convince you that it is, but we'll go through and we'll educate you on franchising, teach you all the detailed information, go over ones that are available to you, and just talk with each other and work through it and go through the investigation process together as well.
Speaker 1:
Yeah, what kind of money? Perfect, I appreciate it, Greg. What kind of money? So Kyle wants to do something like this. He's maybe looking in construction or whatever, but maybe he does a pivot too and find something else he likes. What kind of money can somebody expect if they are?
Speaker 2:
thinking about buying a franchise. Generally speaking, most franchises really are looking for you to bring in a great six-figure income. It's going to vary between them. When people want to turn their businesses into franchises that's one of the things I tell them is that once you hit a net $100,000 mark or more, that's generally what is going to start interesting people more on that. Now, not all franchises will do that.
Speaker 2:
There's some of the hair salons that make per location. They make less than $100,000 a year but they're so easy to operate that people just pick up more than one on those. But it's amazing how many different franchises and different industries that you can get out there. Staffing industry is a great one, express employment professionals if you go to their website you'll see that listed there, that each location you know they make, you know upwards of what a Chick-fil-A does on theirs, on a lot of their locations itself on there, on a lot of their locations itself on there, and that one for the service industry is like $150,000, $200,000 investment on something like that. So a lot of those services industry, like the restoration and I was talking about, like the electrical services, plumbing, hvac all those ones can be a multimillion dollar a year gross income producing franchises. Because the industry is so big and the franchises are so big They've been around for a while that they really know what they're doing and how to get you those clients.
Speaker 1:
Wow. So you work with a company, ifpg. Now what kind of services? Because I mean this is something I'm guessing you could just go do on your own, being the expert you are and having all these credentials, but you chose to work at this company. What kind of services and what kind of support do you get from them that ends up benefiting people like Kyle who may want to buy a franchise.
Speaker 2:
Over at IFPG, the International Franchise and Professional Group, we vet out those franchises on a regular basis to bring them into our system. So there's about 5,000 franchises out there in the US. We work with probably about 500 different ones and we've got a few hundred brokers that are going through talking with these franchise ors the people that are running the business themselves on a regular basis. So we get a lot of feedback as they're introducing people to the franchisees. We'll get feedback from what people are hearing from or what our clients are hearing from the franchisees. Ifpg also does a good system of vetting these franchises out so that we know that we're not getting into something that's like a fly by night type franchise or has some legal issues or bankruptcy issues. They also have a nice listing for us as brokers where we can simply go through there and looking at the credentials that my people bring in my clients, as we were talking about before, what kind of money do you need to have?
Speaker 2:
Each franchise has a certain level of net worth that you need to qualify for that franchise, a certain background that you need. So I've got all that information at my fingertips. Also, knowing what territory is available, Most franchises give you out of protected territory so no other franchisee can come into that territory. So that information I also have right at my fingertips. Ifpg provides all that, so it's a very simple process for me to get that information so that I can filter through the different franchises for you. If you were to do it yourself, that's a huge challenge because there's no one database for you out there. If you're an individual to go and find all that information at one spot, IFPG provides it. Also, we don't charge our clients for anything. When you work with me, the franchisors pay us a referral fee. If you decide to invest in a franchise that I introduced you to, IFPG does all that contract work for us in the background, so we never have to worry about that.
Speaker 1:
Oh my God, that's one of the scary things I think would, for me, would be man, do I have to get my own accountant? Do I have to get you know to do the forensic on the business? Do I have to get my own attorney? You know all that kind of stuff. You know you fear that you're going to get screwed over if you if stuff. You know you fear that you're going to get screwed over if you, if you go into something like this and you end up in a bad franchise. I mean that could be devastating for people it certainly is.
Speaker 2:
It's hard to get out of. You know, it's probably easier to get out of a marriage than it is to get out of a franchise agreement on that one. So what we do is we also have franchise attorneys that along the way We've got CPAs, we've got the funding people who fund franchises all the time. Franchises are easy to fund. As long as you've got good credit, you've got the net worth, we'll get you funded in a month. Simple as that.
Speaker 2:
Franchise attorney. Always have a good franchise attorney. Look over your information. So I've got a couple of them that I send people out to. They tell me if there's anything wrong with that franchise as well. If they see something strange or weird about it, they'll tell me I'll never show that one again and we'll get it out of our system. Ifpg will do the same thing. Franchise attorneys are wonderful. Not too much you can change in that franchise agreement. There are a few things, but a franchise attorney will go through that franchise agreement with you and the most important thing they'll do is they'll let you know what you're getting yourself into and make sure you are okay with that.
Speaker 1:
So you know a guy like Kyle. He's working a nine to five job. He's he's making good money. He's been doing it for a long time. You know, his wife wants to do something. It sounds like his sons want to do something. So you know, what kind of steps does he have to take? Like, do you need to work in most franchises, or would you recommend people work in most franchises, or can Kyle just passively invest?
Speaker 2:
Kyle can just passively invest. It all depends on what kind of time you want to put into that yourself. On that one there's three different levels of the investment. So I have four franchises out there that are completely passive. They'll have a management team run that business for you. Not too many like that. About four of them.
Speaker 2:
Like I said on that, at that point you've got. You then move up into semi-absentee. Semi-absentee you manage the manager, you manage the profit and loss statements. You don't like managing profit and loss statements, get a CBA to do it. You just do the managing of the manager, part 10 to 15 hours a week, depending on your management skill and style. Many different industries, from the brick and mortar, the big investments, to the services industry, smaller investment, where the franchises franchisors have franchisees that are already running that business model semi-passive. So you have people to call upon to find out exactly how well it works. You want people who have done that before and then you've got some of the franchises that want you to work strictly full time in it on that. So, yeah, I've got a lot of people that are in corporate world. Have other businesses that are looking to do something on the side.
Speaker 1:
What if you want to? Just what if you've got a great business or a great business idea and you want to start your own friend, you want to start franchising that? Do you guys work with people and say hey, look, here's what you need to do. You need to show some revenue, you need to show some of this stuff. You need systems in place. Like, do you help people prepare for that or just buy franchises?
Speaker 2:
We help people prepare for it. I've got a team that'll actually turn you into a franchise itself and I've done it with two or three different brands or companies that are privately owned. That then became franchises. So two things basically we're looking at on those when I talk to people and the same with my people who are going to turn you into a franchise, They'll look at the same thing.
Speaker 2:
A couple of different things on there. One, it's really helpful. If whatever product or services you have can be used in the majority of cities and states in the US Doesn't have to be. I mean, you might do a boat rental franchise, Obviously in the middle of the Arizona desert. It's not going to work out. That's cool. There's plenty of other cities and states that you can do that in. So if it, the more it can be anywhere in the U S, any city or state, the better. The closer you are to bringing in nets of a hundred thousand dollars and more, the better on that one, that's going to be more appealing to people on that. It doesn't have to be, it's just more appealing to people on that. So we work with them on that.
Speaker 2:
Then the other thing is if you reproduced it, One territory. One location is fine. We can start off with that. That's doable and we've done that before. More than one location is even better. You've already shown that you can reproduce that again on that one. So those are probably the three main things. Is you bring in a good amount of money so that it's appealing to people, so people will be more likely to do that for you. If you've reproduced it, that's wonderful on that one. And the more cities and states that can be your product or services can be used in, the better Kyle. What kind of They'll do the rest.
Speaker 1:
That's awesome to hear because I got some ideas. But, kyle, if you were to invest in a franchise, how much money do you think you'd be able to throw at something Like, how much would you feel comfortable throwing at something?
Speaker 3:
Well, I mean, it all comes down to the consultation, right, and you know what financing looks like, because it's not going to be just my capital, right, you're going to have to have some sort of financial instrument behind it, whether it's a business, I'm assuming it's a small business fund or a business fund of some sort. So if you're looking in the $50K to $100K I mean, you can qualify for something that's like you throw about $250,000. You qualify for a $250,000 loan and it throws out a net of $100,000 a year. That's like a no-brainer, right?
Speaker 1:
Yeah, because your return on investment's what? Three years?
Speaker 3:
Ridiculous.
Speaker 1:
Yeah, you're doing great.
Speaker 3:
So it all depends on the opportunities out there. If you can throw some $30,000 and then all of a sudden it's returning $20,000 a year, well then you've got a golden egg producing chicken there. So you just take that $20,000, you rolled into the next, but you get more of them or whatever. It all depends on that. It all depends on return and listening to people like. Listen to people like we have today, where they know exactly what they're talking about. You roll with it, Cause that's, that's that's like. I have no clue. I would be one of those guys that will listen to the snake oil salesman and pick up like eight, five bottles and then my family wouldn't eat, you know.
Speaker 3:
That's good to have guidance.
Speaker 1:
That's why you have Greg. So, greg, like what are some of your favorite franchises right now that are out there, that you've put people in?
Speaker 2:
Essential services and health and wellness Always needed, Always going to be there, no matter what the economy is doing, no matter what's happening. If it's broke, it's got to be fixed. It's got to be fixed now HVAC restoration, plumbing, electrical labs, chiropractors, IVs, senior care. Senior care has always been around. Those are always good ones. We're all getting older. We all need some help around the house. We don't want to go to assisted living, so we need some help around there. All great franchise systems, big money systems as well.
Speaker 1:
Oh, you know what I need to ask you because somebody told me there's money in plasma centers. Do you know anything about that?
Speaker 2:
We have a couple of them that do a pain management, different types of pain management. I think the plasma is one of them. Uh, that they do as well. Uh, that goes under health and wellness on that one. Um, that's, uh, that's a good or like urgent cares.
Speaker 1:
Like urgent care I think he worked at one that you know you go and you give blood and then they sell the blood. It's like they pay these people like $30 to give blood and then they turn around and sell it at a hospital for like $1,500. Like it's yeah, I mean a guy that actually worked there. I don't know, I don't know if those are franchises or they're just people who run around and do that, but I mean, the guy just had like a nursing degree or something like that, I think, and he was working there and he was telling us about it. We were at Disney or Universal or something, standing in line behind this guy and he was just telling us all about it. He's like, yeah, he said you should just open up one of those. This is hand over fist money. I'm like that's, that's wild, but it seemed kind of predatory in a way.
Speaker 2:
As long as everybody agrees to it and it's moral, ethical and legal, you're good to go on that. As far as some of those medical franchises go, you don't have to be a nurse. That's going to make a difference. You're in California, you're in Washington, you're in New York. It's going to be a little bit more challenging than, say, texas, florida or something like that. Each city sorry, each state has different rules as far as who's running the franchise and what kind of licenses you need to have.
Speaker 1:
So, ok, think about this, kyle, like the housing market stinks right now. So you've got a lot of realtors out there who were doing great two years ago.
Speaker 3:
Now the market three years ago maybe, and they just got their commissions crushed.
Speaker 1:
And their commissions are crushed. I bet you there's a bunch of realtors out there looking for something else that they can do, but they still want to do real estate right. But they're just not pulling numbers right now. I mean it's just the interest rates are crazy. What would be some good franchise franchises for somebody like that with that skillset. Maybe they got 50,000 bucks sitting around to invest, but they've got time right now. What would be a good thing for them to invest in?
Speaker 2:
Well, since they already have the clientele is all going to be around people that have bought, purchased real estate properties from them Then I would say something in the property services would be the best bet, because they've already got that clientele list on there in that area. If you want to do it yourself, you don't want to go through me, that's fine. Go check out Neighborly Brands. The Neighborly Brands is the largest home services franchise group in the US. They've got many different ones. Enable the Brands is the largest home services franchise group in the US. They've got many different ones.
Speaker 2:
You can do horizontal growth by doing Molly Maids, by doing Mr Grounds Guys, window Genie. You can pick up three or four different brands within your area and basically own the home of taking care of any kind of services that they need on that authority brands Benjamin Franklin, plumbing, mr Sparky, one Hour, heating and Air Conditioning, screenmobile. You can do the same thing with those folks as well. Great businesses, you've already got that clientele list. You're just hitting up the list that you already have and saying, hey, these are the services I've got to offer. What do you think?
Speaker 1:
Oh, that's a good idea too, because you know what, when the real estate market comes back, what? Now? You've got all these houses, you've been in, you've, you've met the owner, probably, and you could say, hey, look, by the way, yeah, I do real estate too. If you ever think about selling this house, you know they got a baby now. Well, that baby's going to grow up, they might have another one, they're going to be looking for a bigger house in a few years. So you know, drop that little note on them and you know you're there cleaning their house or you're there working on their lawn or you know whatever it is that could actually lead to more business. So you could essentially kind of combine two hustles into one.
Speaker 2:
Exactly Great growth system for that Great opportunity. You're managing the same clients, you're marketing to the same people with all the services that you have to offer Really good way to do business.
Speaker 1:
Man, I love it. Well, that's a really good way to think and this is why you guys go to Greg and talk to him if you have something, because that actually you think picking up another business is going to keep you from being able to do what you currently do, but it could actually be a multiplier for the other business as well.
Speaker 2:
Exactly. You know the neighbor, the brands. One of the things that makes them so successful is that they might have multiple brands in one um, one territory, so they have multiple franchisees in one territory. They all help each other. So if they're in there cleaning their house, doing the mulling aids and they see something that needs to say you know the grounds aren't looking too good They'll say, hey, my friend over here does groundskeeping. You want me to have him stop on by and let you know what he does? They're always passing leads and passing people back and forth.
Speaker 1:
Good point, wow. That's why you don't want to do that on your own, because you're missing out on all those potential leads. Let somebody yeah, wow, then it's just a vertically integrated home services organization Very smart. Wow, greg, this is awesome. How do people reach out to you, greg, how do they find you and what do they need to get started? What would be the ideal person?
Speaker 2:
One thing and one thing only to be the ideal person for a franchise system. Amazingly enough, you got to be coachable, always got to be coachable, because those franchises are there to coach you, to make you better, as we talked about before. That's it. You're coachable. The rest is there. You want to get a hold of me? Franchisemavencom, my website, franchise M-A-V. As in Victor, e-ncom, greg at Franchisemavencom, or just pick up the phone and give me a call at three, six, one, seven, seven, two, six, four, zero one.
Speaker 1:
Wow, I'm actually surprised you got that domain name. That is a good domain name Franchise maven dot com. That's amazing. How long have you had that? I've been 12 years. Okay, that's why you got it. You got it at a pretty good time. There you go. Well, greg, I really appreciate it. Hopefully people reach out to you. I think Kyle actually sounds like he wants to reach out to you and I might be reaching out to you soon. I got an idea of starting a franchise business, so it might be good to get on the phone with you for sure.
Speaker 2:
I love talking, as you can tell, so you want to talk to me. I'm not going to try and convince you that franchising is the greatest thing since sliced bread, because for some people it is not. Education is what it's all about. Call me.
Speaker 1:
We'll talk. I love it, greg. Well, thank you, sir, for taking some time today to put this little bug in the ear of people and hopefully they reach out and they could change their life.
Speaker 2:
Adam Kyle, I was honored to be on your show. I appreciate you having me. Thank you.
Speaker 1:
Thanks for joining us on this week's episode of Side Hustle City. Well, you've heard from our guests, now let's hear from you. Join our community on Facebook, side Hustle City. It's a group where people share ideas, share their inspirational stories and motivate each other to be successful and turn their side hustle into their main hustle. We'll see you there and we'll see you next week on the show. Thank you.
