Nick Friedman
speaker
121 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Nick Friedman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
I think it made us better entrepreneurs, better business owners, because when times are good, anybody can win. When times are challenging, it exercises the resilience muscle. You got to get smart, gritty. You got to learn how to survive. And it felt like we were pulling an anchor through the sand or running up a snowy hill, whatever analogy you want to use.
So that was probably the biggest test for us where we were like, is this thing really going to make it? But at the time we were younger. Again, we were just so passionate about trying to make this thing work that failure wasn't an option. We became students of entrepreneurship. Podcasts didn't exist back then. Social media was really kind of in its nascent phase.
So we'd go to entrepreneurship conferences and mastermind groups and just try to learn as much as we could from the franchise industry, from peer groups like Entrepreneurs Organization or Young Presidents Organization or some of the newer ones that have popped up. And we finally got cranking, got things on track. And then of course, nothing is linear because then COVID hits.
And I think to myself, wow, you know, we're going to lose everything that we spent our entire life building. We got a nice little COVID snap back when people started moving again and buying houses. And there was a little bit of a post COVID boom. And now we're kind of in a challenging time again with the high interest rates. People aren't moving as much. And so we have to expand the sandbox.
I always say, look, if if there's three months of no rain, that's called a drought. You're like, OK, we're going to just wait till it starts raining again. But if it's, you know, three years of a drought, you live in a desert now. The environment's the climate's different. So, you know, how are we going to survive and thrive in this environment?
Not hope that something's going to come and it's going to rain again. And so I think that's kind of the mindset that we've got to have is understanding the environment that you're in. what's going to suit the customer, what's going to suit your team, and how you can adapt as the environment changes as well.
Yeah, so it's a wide range. I mean, you mentioned McDonald's, you're going to need over a million dollars to be able to invest in.
you know our concept is is probably between 150 and 200 000 because you need trucks you need warehousing you need deposits on insurance and things like that but there's actually a low-cost franchise i'm invested in called kiddo kinetics where it's a work from home youth sports enrichment franchise where you need less than eighty thousand dollars including the franchise fee to get up and going and there's even smaller ones i think you know vending franchises and printing franchises promotional product franchises where you need even less than that
There's another company I'm involved with called Franchise123. It's a website. It uses AI where you can put in different criteria, investment levels, industries, and it'll help you sort of compare and contrast what concepts are out there based on those different investment levels. Generally speaking, the amount of the investment is usually going to be somewhat higher
congruent with the type of return that you might want to be able to get. So a really low investment franchise may have limited upside unless you own multiple or unless you really blow it out of the water. You become an empire builder, as we call them.
But if you've got a great amount of capital and you can buy, you know, kind of a blue chip franchise concept, as long as you get the right location and the right team in place, then you should be able to make your money back as well. We always say, you know, franchising isn't a guarantee you're going to make money. it's an opportunity to make money. It's a playbook, right?
And if you get the keys to a race car and you don't follow the instruction manual on how to drive it, you're going to crash into the wall or drive it very slowly and not get anywhere with it, right? And so, you know, we say it's really critical that you got the right systems, but then also the right operator to be able to execute the playbook.
Yeah, I mean, I would say the fit, family, financial, and fun. So the fit is, do I have a relevant experience or background that would allow me to have some sort of applicable skillset in this business model?
Right, like in our business, you don't need moving experience, but you need some sort of leadership acumen or ability to develop leaders because you're hiring, guys to go out and provide a service to the community. So you gotta be willing to build leaders in doing that. So do you have a skillset that you could apply to this business? Is your family behind you in this idea?
Your spouse, your friends, your neighbors, your parents, do they believe in this concept that you're excited about? Can you make the return on the investment? That's the financial side. And then the fun factor is or fulfillment factor is like, you know, life is short. Is this something you could see yourself getting up every day, even if things are challenging to do?
And so I think talking to some mentors, there's actually franchise brokers that are kind of like real estate agents. But for the franchise industry, we work with a lot of them in our business where they'll do personality profiles and background assessments to identify individuals.
Is this you know, let me present a couple different concepts to you based on your background, your interests, what you said you're not interested in and help people kind of land on the decision of the type of concept they might be interested in owning and running.
The other thing I'll mention, you know, a lot of times this word comes up in franchising called absentee ownership or semi absentee ownership. And I will tell you. It's a buzzword. It's somewhat cliche, especially in the broker communities. Everybody wants passive income, but it's not easy.
In my mind, you know, very, very few business ventures are truly passive unless you have a significant amount of capital and somebody that's going to. a CEO that's going to execute, right? That you, you know, it's, it's ask who, not how, who's going to do it if I would deploy this money. And so, you know, the franchisor is not going to do it for you.
So you got to have somebody that's going to run it, who you can trust that, you know, is going to produce the business. And can you make a return if you're paying him on top of that?
Showing 21–40 of 121 · page 2 of 7
← Previous
Next →