Passive Income : How I Make Passive Income [Owning a Franchise]
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- Опубликовано: 23 июл 2024
- Should I Buy a Franchise? Passive income ideas from Franchise Owner Tariq Johnson. Should you buy a Franchise? Buying a franchise or starting a business is scary. Many people consider starting a business or buying a franchise in retirement or various stages of life. Having a successful franchise business is possible, but is not always easy. Franchise City.
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I hope you NEVER stop creating videos!! We need content like this on youtube :) Great job!
Thank you!! It would be awesome if you subscribed :) Releasing a video later today I think you'll really enjoy. Cheers!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
I like that you are talking about passive income, a LOT of people have no idea on how to think about passive income or what it even is. Thanks for sharing!
Passive income baby!!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Thanks for the information. I have to do something with my savings and I am planning to maybe buy a franchise instead of rental properties. I subbed.
Good stuff. Do your research! A franchise is very different from real estate, but can be more rewarding if you buy the right franchise.
Good stuff Tariq! I’ve learned a lot just listening to your honest experience.
Awesome Dan! Glad it was helpful for you. 🙂
Thanks for the info!
You bet!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great info! Thanks
My pleasure! New videos dropping this week.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Interesting hearing the other perspective. Back when I worked retail, I understood why owners would micromanage but man did it make me want to run for the hills! Eventually the owner I worked for picked up on that and he became extremely hands off. I didn’t hear from him for months at a time and we broke sales records regularly. Finding someone u can trust pays handsomely!
The passive income strategy I’m interested in is real estate. I like rebuilding homes and making them desirable for rentals.
Looks like based on your wood working skills you're probably pretty darn good at it. My wife and I own some real estate they we cash flow off as well. Thanks for sharing!
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Nice information
Thanks 🙂
I'm 14 but I want to eventually start franchising
Nice! Start young
@@TariqJohnson yup that's the plan
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Appreciate your videos!! I currently live in California and I was wondering how do you get a franchise you want to open to be located in a brand new shopping center that’s still currently being built, what was that process like?
Hi there. I sent you an email, and replied to your message. Did you receive it? If not check your spam.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great question. A year later and I want to know the answer to your question.
Love all your videos, I have been watching for days :) What is a ballpark salary for a manager in your type of franchise?
Depends on the area and minimum wage. In a juice bar- probably $35k- 45k a year.
Drop me a comment below about the passive income strategies you are excited about!
Also make sure to "LIKE" the video and SUBSCRIBE.
Terrific and helpful content. Your experience and suggestions were clearly presented. Thank you for sharing!
Good stuff
Nothing equates investing and when it's done properly, you don't need to get all worked up about money any more as it creates a lot of extra income.
@@cryptoguru1092 You're 100% correct! making a habit of saving and investing can change not just your life but your closed relatives life too!
@@cryptoguru1092 I was able to finance my business with the profits I made from my cryptocurrency investment in just 8months. I couldn't even believe I started my business without any loan.
Great channel and video! I'm watching this in October 2022. I'm wondering if you're having any issues with hiring in the current environment. Everyone is saying it's hired to hire and keep good people.
I've invested in long term rentals here in Fl and considering getting in to franchising. Can you share how long it took you to make your initial investment back and then what your cash on cash roi is after that?
Having a portfolio of rentals and franchise could be a great diversification strategy. Although I can't share specific numbers because of confidentiality clauses in my franchise agreement, I will say that franchises are very different than investing in real estate. Resale values can be completely different, especially if you open a brand new location. I paid cash for both of my stores. The one I built and opened from scratch was about $300k, and the existing location I bought for around $100k.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Man bro, I’ve been asking and looking for advice on this topic 😩
You’ve come to right place!
How can I go about owning or being part owner of a franchise. What are some great ways in getting started?
Depends on your situation and what kind of franchise you are looking to buy. Watch this video ruclips.net/video/Tw_FsVNQBcY/видео.html
Also Register for this free online event I'm doing. dreamlifemastery.com/
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
*Great content as always! I love real estate investing as well as dividend stocks.* 👍
Thanks Tom. We also own real estate that we cash flow off of- definitely a great investment! Love stocks, I got my investment licenses 12 years ago now.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Maybe a dumb question, but do you have any insights on how to pay everything upfront? Thinking about buying a franchise and have the cash for it, but never handled such transactions, feeling nervous.
I don't have enough details to answer that. Are you saying you have all of that cash that you would need to get it completely open?
When I give my coaching clients advise- I understand all of their finances, and goals and strategy and give them specific advise to their needs. Without knowing you ,your goals, and your specific financial situation and the business you are looking at- I don't know.
Hi Tariq. Did the initial investment on your first location require a certain percentagae of the cost to be funded in unencumbered cash? Or was your first location fully financed by the bank?
Hey Kwame. We did a HELOC, so technically speaking it was fully financed. Although we paid the initial $25k cash for the franchise fee. It’s much different if you’re doing a business loan.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Great channel with good content! My question is, how did you go about turning your juice bar franchise into a passive income structure instead of "Earned Income" structure (earned payroll checks)? Considering passive income isn't taxed, and earned income is taxed. What would be the best way to approach a franchise business and how to avoid tax by turning profits, if there is any profits into a passive income system. One more question, considering a franchise business that create jobs in which generate income, would that be considered an asset in return be passive income? hopefully it's not too much to as for. Thanks and much appreciated
Hey man, I think you misunderstand the terms and how they are taxed. Passive income is simply a term for income you aren't actively working for on a daily basis. It has nothing to do with the taxation. Generally speaking if you make profits, you will pay taxes (unless in an IRA or specialized tax advantaged instrument). Always seek tax advice from a professional. I am not a licensed tax advisor. I don't understand your last question.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
Sir please let me know what business system means specifically ?
Meaning a way to operate the business
How do you get paid do you pay yourself or does your Manager do that for you?
I paid myself out of profits. Some owners put themselves on payroll.
How much money did it cost to start up one of the places
My first location was $300k to get open.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/
What franchise did you get into and is it reasonable for a price
Hey Mark- I wouldn't recommend the one I bought- there are many better options that have a higher ROI for dollars invested.
It's not a bad franchise- but there are over 4,000 out there. Lot's of other good ones. 😀
Hey I like your videos, I’m a franchisee myself and am curious to know how you have dealt with 3rd party apps (delivery) eating up a large portion of profits and how that affects your businesses ability to be passive and still be worth it. For example, when I first got into the franchise we didn’t have 3rd parties and profits were great so the potential for passive strategy was there. But 3 years ago we had no choice but to join 3rd parties and now profits are uncomfortably slim even with the same amount of sales as before. I’m wondering if its even worth it anymore..... :(
Nathen- It's a massive issue! Currently I'm focusing on trying to convert as many customers to our inhouse app which offers delivery without the massive fees. Also working with corporate marketing on other strategies. The other thing is I have much higher pricing on the 3rd party apps than I do in the store. But none the less- still a major challenge to deal with.
@@TariqJohnson yes those are the same things that we have done as well, it may help a little bit but this has no doubt changed the business forever. I actually have another question, at what point would you say that owning a franchise is no longer worth it in terms of profits? Is it less that 5%? Or between 5-10%? What’s a healthy profit these days considering the 3rd party issue?
Hi
Any good franchise in canada.. I m looking for good franchise opportunities to immigrate from sa to canada
Yes- there a lot of quality franchises available in Canada.
@@TariqJohnson send me ur contact details
@@TariqJohnson looking for British columbia area
Corporation and Government take most of your profit if you're a franchise owner = 5% net profit
Have you owned a franchise before?
@@TariqJohnson yes , I live in Australia a socialist shithole
Ouch. Here in the states Franchises owners can and do- do very well financially. Depends on the industry, sales and how they run their business of course.
@@coopsnz1 I don't want to interrupt your packing but please be sure to send us a postcard from the capitalist paradise of your dreams, won't you?
@@TariqJohnson middle class in Australia pay 50% - 70% tax . ... There better countries to live than Australia
1:57
😂
Can you still work while not quitting your job?
In some cases-yes. Watch this video, I talk about this. ruclips.net/video/-UJwIWMJj8w/видео.html
Hi Tariq. At my age and living in the UK, this does not interest me. Thanks.
Hey Vincent. Appreciate the candidness. It's definitely not for everyone. Cheers!
Real question is who the fuck asked you 😂😂😂😂
@@ej300k5 I think Tariq must have knocked on his door.
Tariq is hosting a FREE online event, go register at dreamlifemastery.com/