Lance Graulich is a podcast host (Eye On Franchising) and successful franchisee turned franchise consultant who helps change the lives of people who want to leave their 9 to 5 to be their own boss.
Lance’s Website – Take Lance’s FREE assessment to determine which brands could be most suitable for you!
Eye on Franchising Podcast – Tune in to Lance’s podcast!
3 Value Bombs
1) Anyone can become a business owner. It starts with shifting your mindset, which can transform your life.
2) Success does leave clues, and even though some people might not believe it initially, there are numerous examples of people finding success in unexpected franchises.
3) The key here is to break free from being stuck. It is not just about following your passion, like starting a restaurant because you love cooking.
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**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Franchises On Fire with Lance Graulich
[1:27] – Lance shares something he believes about becoming successful that most people disagree with.
- He believes that anyone can become a business owner. It starts with shifting your mindset, which can transform your life.
[2:46] – Lance talks about the pros and cons of buying into a franchise vs. starting your own business or purchasing an existing one.
- Buying an existing business can be great, but it can take a lot of time, and you might end up alone without support.
- Building a successful business requires a team, and franchising offers that support.
- The federal government regulates franchising, and you can use documents like the Franchise Disclosure Document to understand a brand’s performance.
[6:07] – Lance explains how to evaluate which path will make you the most money.
- Success does leave clues, and even though some people might not believe it initially, there are numerous examples of people finding success in unexpected franchises.
- For instance, a friend retired from Corporate America, and with little knowledge of the hair salon industry, ended up with a franchise hair salon business that now earns him over a million dollars annually.
- Lance can guide you through understanding earnings claims, franchise disclosure documents, and satisfaction levels of existing franchisees.
- He can provide questions to ask during validation calls and participates if needed.
- He works with motivated individuals who believe in themselves.
[8:30] – What is the reality regarding the cost of getting into a franchise?
- Contrary to what some might think, not all franchises are as expensive as McDonald’s.
- Lance represents hundreds of brands that cost under $200,000. With a 20% down payment, you can enter a $200,000 or $400,000 franchise. Some even require as little as a $40,000 down payment to get started.
- There are more low-cost franchise options than ever before, and they can generate substantial income.
[10:03] – A timeout to thank our sponsors!
[13:36] – Is there a world where you can keep your day job for some time while investing in a franchise?
- Nowadays, you can keep your current job while gradually working toward financial freedom. Think of it like building a bridge to that freedom.
- Some people like to start with a simple rope swing, taking a bit more risk, while others prefer a sturdy steel bridge, which means they consult an expert before leaving their job.
- Clarity is crucial in this process.
[15:54] – What type of experience do you need when deciding on your franchise?
- The key here is to break free from being stuck. It is not just about following your passion, like starting a restaurant because you love cooking.
- Nowadays, your skills can transfer to various fields.
- For instance, Lance recently spoke with a gentleman with a solid sales and business development background and good communication skills. He and his wife could excel in almost any franchise.
- The first thing you explore is your “what.” What is your budget for this venture?
- Will you be a semi-absentee owner or fully involved?
- Next, you consider your interests and your family’s interests to find a business that aligns.
- It is all about finding the right fit.
[18:32] – Lance talks about the hottest opportunities as he sees them now.
- Home care is a booming industry, especially non-medical companion care, where people prefer to age in place instead of moving to assisted living facilities.
- Home service brands are also thriving, especially those that provide essential services like air conditioning, flooring, roofing, electrical work, and restoration.
- Automotive franchises are another great option; everyone needs their cars to function well.
- In the power washing industry, Rolling Suds is becoming the first nationwide power washing brand, focusing on speed and accuracy in residential and commercial jobs.
- Lance represents over 800 brands.
[22:37] – Lance’s call to action.
- Lance’s Website – Take Lance’s FREE assessment to determine which brands could be most suitable for you.
- Eye on Franchising Podcast – Tune in to Lance’s podcast!
[24:18] – Thank you to our Sponsors!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!