Hello everyone! So this has been a long time coming, and I am really excited to finally create my own progress thread for my Fastlane venture.
My Fastlane business is to own fast-food franchises- and I know what most of you are thinking, “Franchising is NOT Fastlane”- but I believe that it can be, in fact I know that it can be with the right process and with the right mindset- and that is what I am setting out to do. I don’t want to own one franchise, or two, or even five- I want to own hundreds. But in order to own hundreds, I first have to start with one, and that is what I have been working towards over the last year.
One of the most important things with franchising is having capital- most franchises set net worth and capital requirements, and if these requirements aren’t met- the answer is almost always a no whenever you apply to become a franchisee. Because of this, over the last year I have been working at growing my net worth and gaining capital. I have spent the last year working odd jobs like cleaning pools and mowing lawns, I worked as a part-time nanny, I’ve been flipping items on craigslist, and investing in the stock market- over this period of time, I was able to save about 130k.
Once I made enough money, it was now time to apply to fast-food concepts. I did a lot of research on about 30 different concepts and I then narrowed down my choices to 3. I went through the application process for these three companies, and later on I found out that I was approved by all three concepts, and just a couple of days ago I made my decision on what concept I was going to franchise with.
A couple of days ago I was approved for a 3-unit deal with a concept based here in Texas- I don’t want to reveal the name of the concept until I am further along in the process- but it was my number one choice and I am extremely excited to start growing my franchising business with this company.
So, this is my progress thread- For the first couple of months, there won’t be a whole lot to report on- but I decided to make this thread because franchising isn’t a topic that is widely talked about on here, and this thread can show the steps it takes to be a multi-unit franchisee starting from the very beginning. From signing your Franchise Disclosure Document (FDD), to finding a location, to opening your first store, and then to becoming a multi-unit franchisee: I hope that I can show this process through this progress thread, and hopefully I can provide some value to anyone who is interested.
If anyone has any comments, questions, or tips- please let me know! For my next post, I will outline what I have planned for the near future. Thanks everyone for reading!
My Fastlane business is to own fast-food franchises- and I know what most of you are thinking, “Franchising is NOT Fastlane”- but I believe that it can be, in fact I know that it can be with the right process and with the right mindset- and that is what I am setting out to do. I don’t want to own one franchise, or two, or even five- I want to own hundreds. But in order to own hundreds, I first have to start with one, and that is what I have been working towards over the last year.
One of the most important things with franchising is having capital- most franchises set net worth and capital requirements, and if these requirements aren’t met- the answer is almost always a no whenever you apply to become a franchisee. Because of this, over the last year I have been working at growing my net worth and gaining capital. I have spent the last year working odd jobs like cleaning pools and mowing lawns, I worked as a part-time nanny, I’ve been flipping items on craigslist, and investing in the stock market- over this period of time, I was able to save about 130k.
Once I made enough money, it was now time to apply to fast-food concepts. I did a lot of research on about 30 different concepts and I then narrowed down my choices to 3. I went through the application process for these three companies, and later on I found out that I was approved by all three concepts, and just a couple of days ago I made my decision on what concept I was going to franchise with.
A couple of days ago I was approved for a 3-unit deal with a concept based here in Texas- I don’t want to reveal the name of the concept until I am further along in the process- but it was my number one choice and I am extremely excited to start growing my franchising business with this company.
So, this is my progress thread- For the first couple of months, there won’t be a whole lot to report on- but I decided to make this thread because franchising isn’t a topic that is widely talked about on here, and this thread can show the steps it takes to be a multi-unit franchisee starting from the very beginning. From signing your Franchise Disclosure Document (FDD), to finding a location, to opening your first store, and then to becoming a multi-unit franchisee: I hope that I can show this process through this progress thread, and hopefully I can provide some value to anyone who is interested.
If anyone has any comments, questions, or tips- please let me know! For my next post, I will outline what I have planned for the near future. Thanks everyone for reading!
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