An entrepreneur himself, Josh Minturn has a passion for helping others find business ownership through franchising- over 400 individuals and counting! With two decades of experience, he is a wealth of knowledge.

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Guest Resources

Josh Minturn’s LinkedIn – Connect to Josh on LinkedIn.

Authority Brands – Learn about their brands in the home service space.

3 Value Bombs

1) Focus first on the purpose because that will lead you to the opportunity. Passion is great for hobbies but it doesn’t always translate into making money.

2) When exploring multiple options for brands to determine the right fit, they treat it less of a sales process but more of a discovery process.

3) Business has the potential to absolutely change your life and your family and it is one of the things that you don’t want to regret not doing.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Franchising 101: Buy It or Build It?

[1:25] – Josh shares something that he believes about becoming successful that most people disagree with.

You can’t take a business without active participation. As long as you are persistent and you give your best effort, the business gods will typically be good to you.

[2:19] – Josh talks about the first part of franchising 101. Start-Up: Goals, Objectives, Risk Tolerance.

For those who are considering to start a business, they need to first take an inventory of the critical elements before jumping into it. Its important to think of the end in mind and what their desired future look like.

[4:00] – Josh talks about the type of business; Category to Brand; Agnostic to Specific.

With all the choices out there, it can be very overwhelming to choose the right business. A lot of people look at their passion place, their internal inventory and what they love doing. His suggestion is to focus first on the purpose because that will lead you to the opportunity. Passion is great for hobbies but it doesn’t always translate into making money.
Focus first on the purpose and on the opportunity that is derived on that purpose and then you can make a decision on what kind of category from broad to narrow that fit on that purpose. From there you can start to select a brand. You can be agnostic and open so you can choose any opportunity in front of you.

[7:30] – Josh talks about the fundamentals of franchising.

To be a franchise , a business must offer a business model for a fee. They have to provide a prescribed method of operating that business and collect an ongoing fee or royalty.
Its important to know that while the franchisee pays the fee, they don’t typically own the brand but there is a partnership between the franchisor and the franchisee.

[9:55] – A timeout to thank our sponsors!

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[12:31] – Josh talks about the process of evaluating a franchise.

Evaluating a franchise can be tricky if you are not a pro at it because there are a ton of options.
When exploring multiple options for brands to determine the right fit, they treat it less of a sales process but more of a discovery process. The best people in this place acts as a guide in the journey to point you in the right path because it is a life changing event.
His team in Authority Brands has a thorough process in evaluating the brands walking them through the Discovery Process which has three core phases: Discovery , Diligence and Decision Making.
The Discovery Process is a mutual discovery process where they can learn about the brand and vice versa to know if they are the right fit. It is also the time to educate the candidate about the brand and to know more about their investment, territory and goals.

[16:58] – Josh tells about choosing the right franchise fit.

After the Discovery process, you have to invest time in your homework, your Diligence in speaking with other franchisees and meet with the brand president or your team because it will lead you to the final step which is Decision Making.
It is important to know that just because a brand is a fit , that doesn’t promise success in that brand. Starting a business is hard work. You are choosing today what others won’t so tomorrow you can live like others can’t. The reason they don’t choose it because they know starting a business is difficult but it is very rewarding in the long run.
Have a one step at a time mentality.

[19:03] – Josh gives his final take away.

Remember that starting a business is difficult but it is exceptionally rewarding. Live your life without regrets , if you have the desire to start a business, do it.
Business has the potential to absolutely change your life and your family and it is one of the things that you don’t want to regret not doing.

[20:05] – Call to action.

Josh Minturn’s LinkedIn – Connect to Josh on LinkedIn.
Authority Brands – Learn about their brands in the home service space.

[22:03]– Thank you to our Sponsor!

HubSpot: Starting a business doesn’t have to be so hard. Go to ClickHubSpot.com/ent to download HubSpot’s Entrepreneurship Kit for free right now!

Killer Resources!

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!

Franchising 101: Buy It or Build It with Josh Minturn

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