Nick Friedman

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.

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 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.

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.

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?

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.

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.

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

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

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.

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.