Nikonomics - The Economics of Small Business
My mom always told me "There's no such thing as a dumb question... Only dumb people!"
What she meant was that those who DON'T ask questions are the dumb ones! At least, that's what makes me feel better about asking so many questions :)
I've bought, run & sold dozens of companies in the SMB space, with multiple 7-figure exits. Over the past 5 years my companies have generated over $100M of revenue and Millions of dollars of shareholder value.
Now I let my curiosity drive as I interview Entrepreneurs and ask them to walk me through how their businesses work.
Nikonomics is a place for curious Entrepreneurs and Wantraprenuers hungry to learn. So come join our big group of DUMB people, ask some questions and maybe we will learn a thing or two together.
Follow me on Twitter here: https://twitter.com/CoFoundersNik or @CoFoundersNik
Nikonomics - The Economics of Small Business
46 - How to Find a Profitable Franchise: Tips from an Expert with Tim Michaels
Join me, Nik ( https://x.com/CoFoundersNik ), as I talk with Tim Michaels ( https://x.com/Kickstartmyfran ), founder of Kickstart My Franchise. Tim shares his journey from a career in futures trading and corporate America to becoming a successful franchise broker. We cover how he helps aspiring entrepreneurs find the right franchise, the complexities of franchise disclosure documents, and the challenges of starting a franchise brokerage business.
Tim also discusses the long sales cycles in the franchise industry, the importance of validating franchise opportunities, and how he balances business with family life.
Questions this Episode Answers:
- How do franchise brokers help entrepreneurs find the right franchise?
- What are the key components of franchise disclosure documents and why are they important?
- How can entrepreneurs transition from corporate America to running a franchise?
- What are the biggest challenges in the franchise brokerage business?
- How do you scale a business while maintaining a balance with personal life?
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This week we covered:
00:33 Meet Tim Michaels
03:02 The Franchise Brokering Business
05:35 Understanding Franchise Disclosure Documents
12:30 Tim's Journey to Entrepreneurship
17:20 Personal Struggles and Reflections
21:12 Host's Personal Experience
23:02 Navigating the Long Sales Cycle
23:59 The Financial Strain and Support
24:44 First Dollar Earned and Business Model
24:59 Lead Acquisition Strategies
25:43 Challenges and ROI in Lead Generation
27:34 Exploring Other Marketing Channels
29:25 Understanding Customer Value and Costs
34:30 Operational Insights and Client Management
42:19 Reflecting on Entrepreneurship
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