We Bought A Franchise!
Join Jack and Jill Johnson on their rollercoaster ride as the fresh faced new franchise owners of Pink's Window services in sunny Palm Beach, Florida! Peek behind the curtain at the real deal of launching and expanding a franchise – the good, the bad, and the downright chaotic!
The Johnsons are set to reveal the highs and lows, the freedom, and the fortune that come with being your own boss. Tune in to the "We bought a franchise" podcast today! 🎙️🏝️
We Bought A Franchise!
Franchise Freedom: How We Run Successful Businesses While Enjoying Life's Moments
Ever dreamed of running a thriving business from a Hawaiian beach? When our flight home was cancelled, we discovered firsthand the true freedom franchise ownership can bring. Instead of calling a boss to beg for more time off, we simply shifted into remote management mode, working with our capable teams from poolside. Our general manager's response? "No worries, I've got this."
This seamless work-life integration represents what's possible when you own the right franchise with proper systems and leadership. We're expanding this vision through our growing Franchise Insiders consulting team, welcoming two new franchise owner consultants who bring valuable firsthand experience to help others find the right franchise.
Financial awareness remains crucial for franchise success. We dive in on where you need to keep labor costs (as a percentage of revenue) and checking your P&L weekly. It's fascinating to see smaller market franchises sometimes outperforming larger territories—proof that the franchise owner makes more difference than location. Business ownership certainly brings challenges, especially in the first 12-18 months, but the rewards far outweigh the difficulties when you're building something that provides both financial success and lifestyle freedom.
For those considering franchise ownership, particularly in home services, prepare financially with approximately $50-60K for franchise fees plus $100K in working capital. Don't worry if that seems daunting—creative funding options exist, including 401K strategies without penalties.
Ready to explore how franchise ownership could transform your work-life equation? Text us at 305-710-0050 to learn more about finding your perfect franchise or join us for upcoming podcast episodes featuring our new consultants and financial experts who can help you keep more of your hard-earned money.
Visit www.weboughtafranchise.com to subscribe.
Send us your questions for an upcoming episode at 305-710-0050.
From your pals in franchise ownership, Jack and Jill Johnson.
Hi everyone, welcome back to the we.
Speaker 1:Bought a Franchise podcast.
Speaker 2:I'm.
Speaker 1:Jack, I'm Jill and we are back with you guys after lots of spring break travel and An extended spring break. Yeah, yeah. We get stuck in Hawaii Sad.
Speaker 2:Sucks. It was unfortunate.
Speaker 1:Yeah, but the good news is is that we were still able to manage our business is from the road, which is something a lot of you ask about, like what? Happens to work-life balance when you become a franchise owner. How's your work-life balance going?
Speaker 2:I mean it's good, I think it was really cool. So when we unfortunately missed our flight in Hawaii, very sad day.
Speaker 1:Just imagine that whole airport scene. We're running for the gate, suitcases in hand something like that.
Speaker 2:Anyway, as we were talking about what it would look like if we were stuck and we couldn't get a flight home for a few days, later what would that look like for work and for school for our son? And, honestly, work didn't matter for us. It was more of what would we do about the school situation? Work for us was so easy to be able to manage. We could still talk to the team at Pink's. We can still run Franchise Insiders from there. Obviously, the time makes a difference, but it's a couple.
Speaker 1:You know mornings, it's a couple six hours here and we weren't actually running like math. At the gate we pulled a disclosure. We pull disclosure for you to visualize that we were sitting by the pool drinking my ties, but listen, that's the fun of this issue, guys is that when you own the business, you don't have to call and ask some bad boss for more time off.
Speaker 2:Now you still have to be a grownup.
Speaker 1:You still have to work with your team, and so when I called our GM on Monday, morning and he said welcome home and. I said no, not quite. Yet he was like no worries, I've got this, and the team did a great job doing all the jobs and getting everything done, so we're grateful for them. And it's again with.
Speaker 2:Franchise Insiders with helping our franchise consulting clients.
Speaker 1:that's a business, and I'm excited to tell you guys we actually have a growing team. We have two new members of our franchise consulting team that joined us yesterday. So there's going to be a lot more insiders coming at you and we're going to be introducing all of them to you over the next couple of weeks.
Speaker 2:Every new franchise insider consultant is going to get their own podcast episode where they're going to share their journey as franchise owners, because to be a franchise insider, you have to be a franchise owner or a former franchise owner with a successful exit.
Speaker 1:So our team is going to be so freaking strong and we are just going to continue our mission of franchise owners, helping people become franchise owners.
Speaker 2:So with that, there's a couple of things that.
Speaker 1:Jill and I have been kind of talking about in terms of for you guys and we do these episodes like today, where it it's just us what can we share that's going to help you guys in your sort of franchise?
Speaker 2:search, or maybe you're currently franchise owners.
Speaker 1:One of the things that I think is most important for new franchise owners, for existing franchise owners know your numbers and there's a number that I think doesn't get talked about enough, which is how much should labor account for?
Speaker 1:you know how much. How much should you be allocating to labor for a well-performing business? And after looking at PNLs for different franchise categories, different franchise owners over the years, I really think you need to set your labor target. So not like including your GM or executive staff about 25% of gross. If you can do that, if you can achieve 25% um paying your labor 25%, you are doing a great job and you are going to see your P and L look better than it ever has before.
Speaker 2:And with that in mind, that's another thing too, as on our franchise consulting business.
Speaker 1:We do work with existing franchise owners who want to sell their business. Happens all the time, but so many of them Jill they don't know. I'll say do you have a P and L?
Speaker 2:And they'll be like. Well, no, my accountant, does I mean to be honest? I probably would be like, but yes, I think if I didn't have you, I would focus more on it, but it is really important to know.
Speaker 1:Yeah, I mean it's, it's. It's like knowing your blood pressure, it's like knowing your cholesterol. I mean you should, I think at least once a week, have a peek at your P&L At least once a week. At least once a week.
Speaker 1:For those of you a lot of you who are franchise owners may have an accountant running your payroll for you. That's totally fine. You should be, especially if you have an accountant. That means that P&L is probably dialed in on a weekly basis. Good for you, just to know your numbers. Quick health check just to see where you are.
Speaker 1:And you never know when someone may come along and offer you want to buy your business and the last thing you want to be able to say is well, when they ask you questions, well, I don't know the answer to that. I need to check. You want to have that P&L dialed and ready to share with someone that may want to buy your business.
Speaker 1:So those are just some quick things I've been thinking about, as I've been thinking about tips for you guys who are out there, a lot of you who join our podcast. You're obviously very interested in Pinks and we get it and by the way I was on the.
Speaker 2:Pinks sales call today Holy smokes like new locations.
Speaker 1:It's seen there's so many locations now that are like doing as well or better than us. It's like I don't know what they're doing over there, but they're like they've gotten better and better and better at training new franchisees.
Speaker 2:Because there's more people, more people, more experience. Yeah, can't always be the top. No it is really as franchise consultants. It's really good to see that as pinks owners, we've got to set that.
Speaker 1:Yeah, no, I, that's exactly right. That's my next phone call is. Hey, you know GM guy. I'm not going to say his name on the podcast, let's go. But that starts with us too. We need to help empower them to go next level. But as franchise consultants, as Pink's brand champions, I am just so awesome, it's so awesome to watch. I am awesome, it's awesome to see all these locations growing.
Speaker 1:So for those of you who always have questions for us about what's it like? What are your experiences? The weekly support I love that we see our weekly sales numbers versus all the other offices I think I think it's good.
Speaker 2:Obviously it's good for competition. Just see where you are um. I think the competitive people do well with something like that, but again it's. It's good to know. So. Even if you're having a down week and you see that there's some other people that are having a down week, it can be to feel a little bit better.
Speaker 1:But then you see, other people doing crazy numbers.
Speaker 2:You're like look what's possible If they can do it, I can do it.
Speaker 1:And what's interesting is that and this is the case of Pinks a much smaller market than ours did $2,000 more in weekly revenue than us last week.
Speaker 2:So for those of you out there that are sitting there saying, well, I don't know if my market's good enough.
Speaker 1:That's never the case. It's always the case in almost every franchise system.
Speaker 2:There's always going to be. You know your top markets and there's always going to be one that's in a territory that you're like really yeah, and why is that franchise owner?
Speaker 1:It's because the franchise owner makes a difference, and that's why working with consultants like us, shameless Plug to find the right fit for you is the absolute best thing you can do, because you want to find that franchise that's going to be a great fit. Now I also believe that if you're good, you're good. I mean whether you're running a burger franchise or a painting franchise or a senior care franchise. The things you do as a franchise owner are the same You're working on the business. You are having an urgency to drive, sales to deliver great customer service and rack up five-star Google reviews.
Speaker 1:You're leading a team, so for those of you out there that are thinking about becoming franchise owners, that's a huge part of this is can you lead and motivate a team, and how are you going to do that when you have a down week? What's that going to look like? Do you have that?
Speaker 2:So those are things we actually partnered with.
Speaker 1:A company called Zoracle which does franchisee profiling, where we can actually have you take an assessment and we can see those types of things. Where do your strengths lie in a business?
Speaker 2:Yeah, it's pretty cool. I mean you may know, but sometimes it'll surprise you with what you see.
Speaker 1:So yeah, I mean you kicked my ass on the sales. Your sales score was much.
Speaker 2:Yeah, I've never had a sales job besides retail.
Speaker 1:But she's like a natural salesperson. I mean, every time Jill posts on Instagram, a million people ask her what outfit she's wearing.
Speaker 2:Not today.
Speaker 1:Did you post on this?
Speaker 2:No, but I'm saying this is not going to be one of those.
Speaker 1:But every saying.
Speaker 2:This is not going to be one of those, but every time we post a picture on instagram, jill gets like people hitting her up oh, where'd you get that outfit?
Speaker 1:it's so cute not every time but you know again I think that's to all of you out there who are thinking about franchise ownership I I think our journey is a good one for you to learn from and that it can deliver, whatever your ultimate definition of freedom is you. There's always going to be some franchise owners out there that tell you they haven't taken a vacation in five years.
Speaker 1:Those are the same people that you work with that told you they haven't taken a vacation in five years For Jill Trey and I, it's always been important to enjoy our life, to travel, to have experiences, and so we have our businesses fit around our life because we we want to go experience things. We want to go out and travel and do things but we can do both. And we've learned how to be present while also if we have to pick up a phone call while we're doing things, they don't have to be exclusive.
Speaker 2:Right. No, there were plenty of times on our trip where, you know, Jack was on a call and Shay and I were off doing something and there was no like tension. In fact, it was exciting. It was like who are you talking to?
Speaker 2:You know, so it like it was business all day but also vacation. It just seamlessly blended together and I think we came up with even some great business ideas while we were there. I mean, it was, you know, it's almost like there's no like harsh line anymore, but not in a bad way. It's not that we're not separating life from work, where we've just kind of blended it together. Yeah. Well, and I think that's an important lesson for all of you out there. You don't have to draw this line work life, work life.
Speaker 1:You can do both and I think when you're an entrepreneur, you know I mean our conversation at the kitchen table is as much about where we want to go on our next trip as it is our businesses and our highs and our lows, and how do we solve those problems?
Speaker 2:And there's no uncomfortable oh, we can't talk about work at the kitchen table. No, I mean our son asks about work, he asks about clients and franchises, and I mean he's involved, because we just talk all the time.
Speaker 1:He built a website last night he did build a website. Last night he built and he created a pizza restaurant and he built a whole website.
Speaker 2:So for those of you that are worried about this, I would say consider this that as a business owner, those conversations you're going to have, you don't need to shield your kids from this.
Speaker 1:In fact, you might just be creating the next generation of entrepreneur.
Speaker 2:That's our thought.
Speaker 1:But you know what the cool thing is? We all kind of get to do it our way.
Speaker 2:We like to kind of throw it out there and kind of just, you know, integrate the two.
Speaker 1:We both grew up with entrepreneurial parents. I mean, I don't know, did your dad talk about the talk? About business at the table.
Speaker 2:I mean, my dad was on the phone doing business while I was sitting there and it was like before cell phones that's how old I am, so I would just sit there and read the menu. But we had a great life and I knew that he was working hard so I was never upset about it. I remember sitting at lunch one time just saying this is like the daughter of an entrepreneur's life. You know, we're sitting at lunch. He's not talking to me, he's on the phone, but we're also sitting in a beautiful golf club.
Speaker 1:you know having lunch. So if I want that kind of lifestyle. That's what he's going to do, so.
Speaker 2:I'm just used to that.
Speaker 1:I remember vividly my parents discussing making payroll and figuring out how the hell they were going to do it. And that may sound scary to some of you, and at the time it felt a little scary, but it also was kind of cool to see how they managed themselves when the chips were down. What do you do in those hard situations? Because you know, and you, you guys have heard us say this before.
Speaker 1:Business ownership is absolutely worth it every single day of the week, but your first 12 to 18 months will be the hardest part. I think it's a lot like having a new baby, but you're nurturing it, you're growing, you're doing very important things, and the same is true of a business. You have to put in those days. And there's a whole new thing happening on LinkedIn now, where many, many people are now sharing their experiences. Certainly a lot of pinks franchise owners are.
Speaker 2:they're being very transparent, saying this was a hard day.
Speaker 1:I saw one of the owners post something that seemed like you know they had a really hard day, but then I saw the report today and like they're I mean they're beating us in weekly revenue.
Speaker 2:So they're growing.
Speaker 1:So just have patience, you know, if you ever want any sort of tips or have questions about what you should do. I mean, I'll just tell you this, I think, if you're looking to home service franchising, you got to have your 50 to 60K for your franchise fee. You really need to have at least 100,000 working capital.
Speaker 2:Now, that doesn't have to be all cash.
Speaker 1:There's a number of different funding sources that you can use and we're happy to share them with you If you ever want to text us at 305-710-050. Some pretty creative things you can do with 1Ks that don't require you to pay tax or penalties. So again this while it seems like the world is in chaos, that's usually the best time to make a change, and I think that's all I got.
Speaker 1:We're very excited you guys are going to meet our first new, one of our first new consultants coming on board. He will be featured in our next podcast. So exciting stories coming ahead. We also have another guest who will be coming on soon, who is a financial wizard.
Speaker 1:He's not a franchise owner but this guy is going to be able to talk to you about tax strategies, all the things you can do to keep a lot more money in your pocket as a business owner. I'm going to tell you this fits in with our whole sort of financial conversation we had earlier. You are not going to want to miss that episode. So lots of exciting things coming down the pipe. We're very excited to bring all of it to you and we thank you guys for joining us on this journey, as usual.
Speaker 2:Yeah, Thanks guys. We appreciate it and if there's anything you want to see, let us know. But we have some really exciting things coming up.
Speaker 1:You know the drill Text 305-7.