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It's easy to build through franchising once you sell your first one, okay, so legal requirements and documentation this is boring. It may be boring for some, but this is what you really need to understand so you don't get in trouble. So the FDD is like and write that down and research it later. The FDD is the document that's like one hundred pages and it teaches you all the things about the franchise. So most people hire franchise consultants to
put together this information for them. It has to be done by a franchise attorney, a whole franchise team. Because franchising is completely different than the regular business world. This is not a template. This is not something you can just create on your own. It's a legal document that is actually monitored by the government, so you have to make sure it's up to par. But it contains all the information about the franchise, including your background, what the
franchise fee is, and other costs. So it literally enfranchising. You can't promise success. This is another thing that's absolutely amazing about the world of franchising because there is a section it's called Item nineteen. You can write that down. It's the most important part of this document, Item nineteen. In Item nineteen, it tells you it's the financial representation that you as the franchise or disclosed to the public. It can be a P and L. It could be
your gross sales for one year. It could be a pie chart, it can be anything. But when you sell a franchise, and this is very important, the only numbers you can speak about are the numbers that you list in item nineteen. So a lot of people are strategic. Sometimes people don't. You don't have to have a financial representation.
Which is even crazier.
You can literally turn your You can franchise your business, sell it to someone and not tell them how much you've made. Ethically, that's wrong if you know you didn't make anything, but if you made ten dollars twenty dollars, you can still sell your business as a franchise, but you're gonna have problems if someone is unable to make money. So that's why you want to try it. Make sure it's something you've tried and it's worked before you decide to sell it. But you don't have to disclose how
much money someone can make from buying your opportunity. And actually you can't. It's called a promise of success and you can't legally do it. So you can put anything you want and you're selling it based off of what you put in item nineteen, so you can be strategic. You don't have to reveal what you don't want to reveal. You could just say I made this much gross and you don't have to reveal your net, which is insane, but it's true. So that's that's what's really interesting about
this franchise world. But the FDD is very important. It's the main document you need and then there's a difference between franchise attorneys and contract attorneys. So you can't go to someone who's like a regular attorney like make me an FDD because they're gonna they're gonna say okay, because they want your money, but it's not gonna be what a franchise attorney would create. And franchise attorneys know what
to put in so you don't get in trouble. So if you go to a contract attorney, they'll probably do research, but they're not specialized enough to keep you out of trouble in the franchising world, okay, so make sure it's a franchise attorney working with you. So developing a franchise business plan, So when you're considering franchising your business, you have to develop a comprehensive franchise business plan which is
separate from like any other regular business plan. So it outlines the key components of your franchise system and it's basically the roadmap. So here are some of the things. It's very similar to what you would see in a regular business plan, with the exception of some things. So the executive summary, so it's an overview of your business,
your mission statement, vision, goals. You know, that's pretty much standard information about your existing business is history, it's success, and then the franchise concept.
So it's a detailed description of your.
Franchise system, including their products or services and all those you know, things that we sometimes overlook. Now I want to say this because I just thought about it. So when you franchise, say you you have a spa and you sell massage lotion, right, you can actually create your own lotion, and you can manufacture your own products and sell them to your franchise ease, and they're required to
buy them from you. So within all these legal documents, you're selling them a business, but you can also create your own products, create your own everything, and within those franchise documents, they have to buy it from you. So now you're creating multiple streams of income that you're in. You're receiving every time they need to place in order, they're placing it with you. They're paying you. Guess what, guys, I hope, I hope y'all are with me. For those
who stayed around, this is the bond. You're ready for this. So I told you that when you franchise, you can sell it ten twenty thousand it could be anything, but there's also industry standards. But guess what, you charge a percentage of their gross profit each month. So if you charge seven percent, you're going to get seven percent of their gross, not their next they're gross every single month. And that is how people build wealth through franchising.
It's not about the upfront fee.
That's great, you know that'll clear off your COVID, that gets keep you out of prison. About pay your taxes, But then the real wealth is off the residual income that you earn. So think about how much you make per year. You're gonna get seven percent of that every single month for ten years. That is how you close the wealth gap. And that is how business owners can just jump start their careers in a whole other direction and create real wealth because it's not about you. It's
not about how much you can make. It's like how much are you able to leave your children, your children's children, like what kind of assets have you built for them? And franchising is a great way to do that. You put the franchise entity and the trust y'all. I know you guys had to trust somebody on here talking about trust. Put it in your trust, your whole bloodline eats. Okay, So that's a great way to do it. So marketing and support, you have to have a plan. This is
how you market the business. Now, this is very very important. You have to be able to tell people on a piece of paper, this is how you get customers. Now, what happens is most business owners don't have any systems or processes written down.
They just hire.
Somebody and they're like, they're yelling.
At them, do this, do that.
There's no organization whatsoever, and that's why they can't scale. Franchises are amazing. And even if you're even if you feel like I don't want to be a franchise, I tell everyone if you own a small business, you should go through the process because it's going to teach you how to build something that you can scale.
And it's it's great.
Practice and it teaches you on a higher level than you could ever learn in the regular world of business. And so you have to be able to tell them like, this is how you this is what you say in your Facebook ad. That's how you get customers. This is where you should market. These are the template you should use. So all those things need to be written down and a great way to get started, and this is what I did.
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