Entrepreneur Podcasts | 11 Most Common Ways To Fund A Franchise – Episode 1 – Part 3

Audio Transcription

Get ready to enter the Thrive Time Show! Look, look, as a father of five, that’s where I’mma dive. So if you see my wife and kids, please tell them hi. It’s C and Z up on your radio. And now, 3, 2, 1, here we go. We started from the bottom, now we’re here. We started from the bottom, and that’s where we’re at. I met with a banker recently, and he was explaining to me how prevalent 401k rollovers are in franchising. And again, I think of a lot of people. I think of just people I’ve met over the years, dozens of people who could have got into a business if they would have known about this. And I think you also said that the engine of the economy is these small businesses and government’s trying to make that, trying to celebrate that and make the funding possible. I don’t think people realize if you get a chance to Google, if you’re watching this, if you get a chance to do a little Google search for the SBA and the percentage of jobs that are created by small businesses, it’s overwhelming. I mean, it is like three quarters of all the new jobs in our country are created by small businesses. It’s amazing. And franchises definitely play a big part in that. They do. Next one is savings. Now, this seems obvious, but, Terry, as simple as this may sound, I mean, this is where an entrepreneur raids their savings account and says, I’m willing to bet on myself and go out and start a business. How often do you see people pulling from their savings and saying, I’m going to bet it all on this business? Quite frequently, actually, especially after we have the conversation about how’s the interest rates doing on those savings. And that’s pretty much a reactive investment, meaning they’re not going to empower the results of that return. It just sits there, and hopefully the bank or the institution is going to pay a reasonable interest rate. By diversifying some of that savings into another line on their net worth called value of business. Their net worth stays the same, but now they get behind a proactive investment and turn those 1, 2, 3 percent returns into 10, 12, 15 or 20 percent returns. So instead of having it sitting in the bank where you’re making 2 or 3 percent, hopefully, you can invest in yourself and make a bigger return. And if you’re watching this and you’re going, well, I would never use my savings, I will just say this, as an entrepreneur, having done this now since I was 16, I can say that one of the best investments you can make is when you invest in yourself. And it truly is amazing what will happen if you back yourself, you fund yourself, and you say, you know what, every dollar I’m putting in, I’m going to get it back, and I’m going to work as hard as I need to to make it happen. It’s magical what can happen there. When you look at the stock market, 75% of the companies in the stock market today miss their quarterly forecast. Really? 75%. And so again, I mean, not that we’re saying it’s not a good investment to maybe put a percentage of your income into investing in the stock market, but I’ll give you an example. There’s one guy recently that I’ve consulted, and he and his partner, they have a landscaping business. And they put very little, they didn’t have a ton of money, but they put the money they had into starting this landscaping business. And they’re now building a business that’s a multi-million dollar business. And it was just, they invested themselves, they’ve been passionate, they’ve been diligent. And so don’t feel like you’re crazy if you’re contemplating raiding your savings to start a business. It’s not, you’re not weird. Yeah, it’s always good to be diversifying. Absolutely. Now moving on to number six here, this is family and friends. Now Terry, I feel like many aspiring entrepreneurs I meet never considered the idea of borrowing money from family and friends to start their business. Yet this, I mean, think about this, a little idea here for you. Walt Disney, Sam Walton, Mark Zuckerberg, all these people and countless top entrepreneurs. They all got money from family and friends to start their business. And so if you’re considering that, it doesn’t mean you’re weird. A lot of other top people have done this before, but for some reason that’s like a… A lot of people never think about asking their family and friends. How common is this to get money from family and friends to start a franchise? How often do you see this? Well, as you just described, it’s not that uncommon. Some great businesses have been launched and even Terry Powell started his business with family and friends. Boom! So I know it from experience and it happens quite frequently. It’s not easily something that someone will accept and go to their family and friends unless they understand how to go about it properly. And really part of what we do is educate and coach them on turning that into sharing your excitement about your new venture and some of the returns on that new venture to help a family member diversify some of their investments to get a higher return. When you approach it that way, it really becomes an exciting venture. I’ll give you an example, and it’s an extreme example, but when Amazon.com was started, its founder didn’t have the money. And his mom and dad said, well, you know what? We’ll support you. Well, that was a good investment. Yeah, I’d say so. And there’s countless examples of that kind of thing. So again, if you’re thinking about, hey, I want to buy a franchise, and I just don’t have the money, it’s OK to ask family as long as family knows they can benefit when you benefit. It’s a win-win. It’s a much better investment than they’re making right now in the bank. Absolutely. They’re suffering from the battered investor syndrome and you give them an opportunity to share in diversification along with yourself. The number of new customers that we’ve had is up 411% over last year. We are Jared and Jennifer Johnson. We own Platinum Pest and Lawn and are located in Owasso, Oklahoma. We have been working with Thrive for business coaching for almost a year now. Yeah, so what we want to do is we want to share some wins with you guys that we’ve had by working with Thrive. First of all, we’re on the top page of Google now, okay? I just want to let you know what type of accomplishment this is. Our competition, Orkin, Terminex, they’re both $1.3 billion companies. They both have 2,000 to 3,000 pages of content attached to their website. So to basically go from virtually non-existent on Google to up on the top page is really saying something. But it’s come by being diligent to the systems that Thrive has, by being consistent and diligent on doing podcasts and staying on top of those podcasts to really help with getting up on what they’re listing and ranking there with Google. And also, we’ve been trying to get Google reviews, asking our customers for reviews. And now we’re the highest rated and most reviewed Pessimon company in the Tulsa area. And that’s really helped with our conversion rate. And the number of new customers that we’ve had is up 411% over last year. Wait, say that again. How much are we up? 411%. Okay, so 411% we’re up with our new customers. Amazing. Right. So not only do we have more customers calling in, we’re able to close those deals at a much higher rate than we were before. Right now, our closing rate is about 85 percent, and that’s largely due to, first of all, like our Google reviews that we’ve gotten. People really see that our customers are happy, but also we have a script that we follow. And so when customers call in, they get all the information that they need. That script has been refined time and time again. It wasn’t a one and done deal. It was a system that we followed with Thrive in the refining process. And that has obviously, the 411% shows that that system works. Yeah, so here’s a big one for you. So last week alone, our booking percentage was 91%. We actually booked more deals, more new customers last year than we did the first five months, or I’m sorry, we booked more deals last week than we did the first five months of last year from before we worked with Thrive. So again, we booked more deals last week than the first five months of last year. It’s incredible, but the reason why we have that success is by implementing the systems that Thrive has taught us and helped us out with. Some of those systems that we’ve implemented are group interviews, that way we’ve really been able to come up with a really great team. We’ve created and implemented checklists, that way everything gets done and it gets done right. It creates accountability, we’re able to make sure that everything gets done properly both out in the field and also in our office. And also doing the podcast like Jared had mentioned that has really, really contributed to our success, but that, like, the diligence and consistency in doing those and that system has really, really been a big blessing in our lives, and also, you know, it’s really shown that we’ve gotten the success from following those systems. So before working with Thrive, we were basically stuck. Really no new growth with our business. And we were in a rut, and we didn’t know. Okay, the last three years our customer base had pretty much stayed the same. We weren’t shrinking but we weren’t really growing either. Yeah, and so we didn’t really know where to go, what to do, how to get out of this rut that we’re in. But Thrive helped us with that. You know, they implemented those systems, they taught us those systems, they taught us the knowledge that we needed in order to succeed. Now it’s been a grind, absolutely it’s been a grind this last year. But we’re getting those fruits from that hard work and the diligent effort that we’re able to put into it. So again, we’re in a rut. Thrive helped us get out of that rut. And if you’re thinking about working with Thrive, quit thinking about it and just do it. Do the action and you’ll get the results. It will take hard work and discipline, but that’s what it’s going to take in order to really succeed. So, I just want to give a big shout out to Thrive, a big thank you out there to Thrive. We wouldn’t be where we’re at now without their help. Hi, I’m Dr. Mark Moore. I’m a pediatric dentist. Through our new digital marketing plan, we have seen a marked increase in the number of new patients that we’re seeing every month, year over year. One month, for example, we went from 110 new patients the previous year to over 180 new patients in the same month. And overall our average is running about 40-42% increase month over month, year over year. The group of people required to implement our new digital marketing plan is immense. Starting with a business coach, videographers, photographers, web designers. Back when I graduated dental school in 1985, nobody advertised. The only marketing that was ethically allowed in everybody’s eyes was mouth-to-mouth marketing. By choosing to use the services, you’re choosing to use a proof-and-turn-key marketing and coaching system that will grow your practice and get you the results that you’re looking for. I went to the University of Oklahoma College of Dentistry from 1983 to 1985. Hello my name is Charles Colaw with Colaw Fitness. Today I want to tell you a little bit about Clay Clark and how I know Clay Clark. Clay Clark has been my business coach since 2017. He’s helped us grow from two locations to now six locations. We’re planning to do seven locations in seven years and then franchise. And Clay’s done a great job of helping us navigate anything that has to do with like running the business, building the systems, the checklists, the workflows, the audits, how to navigate lease agreements, how to buy property, how to work with brokers and builders. This guy is just amazing. This kind of guy has worked in every single industry. He’s written books with like Lee Crocker, head of Disney with the 40,000 cast members. He’s friends with like Mike Lindell. He does reawaken America tours where he does these tours all across the country where 10,000 or more people show up to some of these tours. On the day-to-day he does anywhere from about 160 companies. He’s at the top. He has a team of business coaches, videographers, graphic designers, and web developers. They run 160 companies every single week. So think of this guy with a team of business coaches running 160 companies. So in the weekly he’s running 160 companies. Every six to eight weeks he’s doing Reawaken America tours. Every six to eight weeks he’s also doing business conferences where 200 people show up and he teaches people a 13-step proven system that he’s done and worked with billionaires helping them grow their companies. So I’ve seen guys from startups go from startup to being multi-millionaires, teaching people how to get time freedom and financial freedom through the system. Critical thinking, document creation, organizing everything in their head to building it into a franchisable, scalable business. One of his businesses has like 500 franchises. That’s just one of the companies or brands that he works with. Amazing guy, Elon Musk, kind of like smart guy. He kind of comes off sometimes as socially awkward, but he’s so brilliant and he’s taught me so much. When I say that, Clay is like, he doesn’t care what people think when you’re talking to him. He cares about where you’re going in your life and where he can get you to go. That’s what I like him most about him. He’s like a good coach. A coach isn’t just making you feel good all the time. A coach is actually helping you get to the best you. Clay has been an amazing business coach. Through the course of that we became friends. My most impressive thing was when I was shadowing him one time. We went into a business deal and listened to it. I got to shadow and listen to it. When we walked out I knew that he could make millions on the deal and they were super excited about working with him. He told me, he’s like, I’m not going to touch it. I’m going to turn it down because he knew it was going to harm the common good of people in the long run. The guy’s integrity just really wowed me. It brought tears to my eyes to see that this guy, his highest desire was to do what’s right and anyways, just an amazing man. So anyways, impacted me a lot. He’s helped navigate any time I’ve gotten nervous or worried about how to run the company or navigating competition and an economy that’s like, I remember we got closed down for three months. He helped us navigate on how to stay open, how to get back open, how to just survive through all the COVID shutdowns, lockdowns. I’m Rachel with Tip Top K9, and we just want to give a huge thank you to Clay and Vanessa Clark. Hey guys, I’m Ryan with Tip Top K9. Just want to say a big thank you to Thrive 15. Thank you to Make Your Life Epic. We love you guys, we appreciate you, and really just appreciate how far you’ve taken us So this is my old van and our old school marketing and this is our old team and by team I mean it’s me and another guy. This is our new house with our new neighborhood. This is our new van with our new marketing and this is our new team. We went from 4 to 14 and I took this beautiful photo. We worked with several different business coaches in the past and they were all about helping Ryan sell better and just teaching sales which is awesome but Ryan is a really great salesman. So we didn’t need that. We needed somebody to help us get everything that was in his head out into systems, into manuals and scripts, and actually build a team. So now that we have systems in place, we’ve gone from one to 10 locations in only a year. In October 2016, we grossed 13 grand for the whole month. Right now it’s 2018, the month of October. It’s only the 22nd. We’ve already grossed a little over 50 grand for the whole month and we still have time to go. We’re just thankful for you, thankful for Thrive and your mentorship and we’re really thankful that you guys have helped us to grow a business that we run now instead of the business running us. Just thank you, thank you, thank you, times a thousand. The Thrive Time Show two-day interactive business workshops are the world’s highest rated and most reviewed business workshops. Because we teach you what you need to know to grow. You can learn the proven 13 point business systems that Dr. Zellner and I have used over and over to start and grow successful companies. We get into the specifics, the specific steps on what you need to do to optimize your website. We’re going to teach you how to fix your conversion rate. We’re going to teach you how to do a social media marketing campaign that works. How do you raise capital? How do you get a small business loan? We teach you everything you need to know here during a two-day, 15-hour workshop. It’s all here for you. You work every day in your business, but for two days you can skate and work on your business and build these proven systems so now you can have a successful company that will produce both the time freedom and the financial freedom that you deserve. You’re going to leave energized, motivated, but you’re also going to leave empowered. The reason why I built these workshops is because, as an entrepreneur, I always wish that I had this. And because there wasn’t anything like this, I would go to these motivational seminars, no money down, real estate, Ponzi scheme, get motivated seminars, and they would never teach me anything. It was like you went there and you paid for the big chocolate Easter bunny, but inside of it, it was a hollow nothingness. And I wanted the knowledge, and they’re like, oh, but we’ll teach you the knowledge after our next workshop. And the great thing is we have nothing to upsell. At every workshop, we teach you what you need to know. There’s no one in the back of the room trying to sell you some next big get-rich-quick, walk-on-hot-coals product. It’s literally we teach you the brass tacks, the specific stuff that you need to know to learn how to start and grow a business. I encourage you to not believe what I’m saying, and I want you to Google the Z66 auto auction. I want you to Google elephant in the room. Look at Robert, Zellner, and Associates. Look them up and say, are they successful because they’re geniuses, or are they successful because they have a proven system? When you do that research, you will discover that the same systems that we use in our own business can be used in your business. Come to Tulsa, book a ticket, and I guarantee you it’s gonna be the best business workshop ever, and we’re gonna give you your money back if you don’t love it. We’ve built this facility for you, and we’re excited to see it. And now you may be thinking, what does it actually cost to attend an in-person two-day interactive Thrive Time Show business workshop? Well, good news, the tickets are $250 or whatever price that you can afford. What? Yes, they’re $250 or whatever price you can afford. I grew up without money and I know what it’s like to live without money. So if you’re out there today and you want to attend our in-person, two-day interactive business workshop, all you’ve got to do is go to Thrivetimeshow.com to request those tickets and if you can’t afford $250, we have scholarship pricing available to make it affordable tickets and if you can’t afford $250, we have scholarship pricing available to make it affordable for you.