EP 410: From Worker to Owner Does $5m in 2015 Franchise Model with Josh Herron of 1800GotJunk
Josh Herron, one of Bryan\u2019s best franchisers at 1-800-GOT-JUNK. Josh and his partner Tyler have been through the grinder as entrepreneurs, but they have now created a franchise worth millions. Learn about franchising and if it\u2019s the right path for you to become a business owner and start seeing dollar signs.
Famous Five:
Favorite Book? \u2013 Start with Why
What CEO do you follow? \u2014 Jack Welch
Favorite online tool? \u2014 iPhone Notes
Do you get 8 hours of sleep? \u2014 No.
If you could let your 20 year old self know one thing, what would it be? \u2013 All of your hard work will create something magical.
Time Stamped Show Notes:
01:40 \u2013 Nathan introduces Josh
02:15 \u2013 Franchisers must be entrepreneurial by nature
02:35 \u2013 Josh got an opportunity to get into two franchises, and that was his first leap into entrepreneurship
03:10 \u2013 Wanting to be your own boss and becoming successful
03:40 \u2013 Josh was managing a 1-800-GOT-JUNK location when it got bought out by another owner, his friend Tyler
04:45 \u2013 It was an opportunity for Josh to work with someone that he got along with
04:58 \u2013 The business did $750000 the year before it sold to his friend
05:30 \u2013 It was very immature when Tyler was looking to buy it
06:15 \u2013 The deal was more about what was needed for the business to grow
06:30 \u2013 The previous owners were very motivated to get rid of it
07:15 \u2013 As the business progressed, they bought an OxiClean franchise as well
07:45 \u2013 They bought the company to add more money to their bottom line
08:35 \u2013 Starting from the ground up
09:23 \u2013 What should people look for when buying a franchise?
09:40 \u2013 You can learn from people who have done it before
09:57 \u2013 You have a lot of support from others
10:10 \u2013 You have more freedom than you might think
10:25 \u2013 Some franchises have more upfront expenses
11:20 \u2013 OxiClean did $200000 the first year, top line
12:00 \u2013 They sold the business for $100000 and broke even
12:35 \u2013 Last year he did $5.5 million top line
13:00 \u2013 How to expand it
13:10 \u2013 Buying out other partners
13:20 \u2013 Advertising and good employees
13:40 \u2013 A huge opportunity even in a small town
14:14 \u2013 What do you do with the bottom line?
14:30 \u2013 A lot is reinvested
14:40 \u2013 They want to expand their footprint
15:05 \u2013 How to become a millionaire as a franchiser
15:20 \u2013 You have great support and you can maximize your business
15:50 \u2013 He\u2019s doing better than some of the other people he knows
16:10 \u2013 Connect with Josh on LinkedIn
16:30 \u2013 Follow their Facebook Page, 1-800-Got-Junk? Kansas City
18:45 \u2013 The Famous Five
3 Key Points:
Franchisers must think like entrepreneurs to be successful.
Owning a franchise will give you more freedom than you\u2019d expect.
If you run your franchise right, it can become a million-dollar business.
Resources Mentioned:
Host Gator \u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Leadpages \u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible \u2013 Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
Toptal \u2013 Great for business people to start building their app
Start with Why \u2013 Josh\u2019s favorite book
Show Notes provided by Mallard Creatives