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Wes Barefoot, president of Path To Freedom, was interviewed by Adam Torres of the Mission Matters Money Podcast.
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Wes Barefoot it teaches people to take control of their lives and gain freedom through business ownership. As a franchise advisor, he helps people understand the franchise and determine if it is right for them.
See the full interview:
What mission do you care about?
Barefoot says his mission is to help people achieve and maintain freedom in their lives by becoming entrepreneurs. Path To Freedom aims to help you in the transition to franchise ownership by helping anyone who wants to learn more about the world of franchising.
How did you start your business?
Wes says he fell backwards in franchises. Wes was hired by a new franchise company in the service industry. There he learned how franchises work, and the many benefits that franchise ownership can bring. Wes worked in the franchise sales and development role, where he guided the franchise owners through an in-depth due diligence process, and learned how to research a franchise opportunity. This experience led Wes to work for another franchisor, where he undertook efforts to develop their franchise and doubled the size of the franchisee network for that company in two and a half years.
While working at Franchisor and helping many other people realize their dreams of owning a business, Wes and his wife learned that they too wanted to own a business. They invested in their first franchise business in 2017, and have since built it into a successful seven-figure business.
As a result of the success of his first franchise, and the positive impact business ownership had on his life, Barefoot started Path To Freedom as a franchise consultancy where he could help others learn what they had learned. Path To Freedom is a platform to help people, for the most part, take a methodical approach that would be a tremendous process on their own. Since the creation of Path To Freedom, Wes and his wife have invested in a second franchise business, now becoming a multi-brand / multi-unit franchise owner in both states. Barefoot says he and his wife plan to continue investing in franchise businesses, where they can create teams and delegate work to them, giving them time to work in their businesses, and not in them.
What attracted you to becoming a franchise consultant in the beginning?
Barefoot’s work in the franchise field has helped many people open up franchises, and he says he understands and appreciates the pace and processes involved in franchises. Owning franchises isn’t for everyone, but there are a lot of people who can benefit from having the right type of franchise. Unfortunately, many people never consider ownership of the franchise, or go on to find a franchise in the wrong way. Wes ’goal is to help people identify and research the franchise businesses that are most likely to be suitable for them, and to help them meet their goals. The Wesen process allows you to really get to know the people who are working and connect them to the right franchise model for them. So many small business owners run their own businesses, which is the opposite of what most people go into on their own. Path To Freedom is about helping people really create more freedom by owning the right kind of business for them.
Who do you think should invest in a franchise?
Many types of people could participate in franchises, Barefoot warned, as well as people who have worked in a corporate setting but have always wanted to be their own leader; those who are frustrated with the monotony of corporate life; senior executives who do not want to leave their job but want to build an asset that they can sell in the future; and existing business owners who have experienced all the ups and downs of entrepreneurship and are easily adaptable to franchises, diversifying without immersing themselves in something completely new and unfamiliar. There are many types of franchise businesses, with diverse business models, and expectations of the role of the franchise owner. There is a franchise model for anyone who is serious about getting into the business on their own, and sees the value of being part of a great franchise organization.
Some people, however, are not very good at making franchises, he noted. Some franchises have specific regulations that may not be fully appreciated by someone who doesn’t want to work in a framework that someone else gives them. For them, he says, the franchise won’t be the answer, but for many others it may be.
What Makes Path To Freedom?
Given that there are thousands of franchise businesses in the world, Barefoot says Path to Freedom ensures that customers are clear about their goals, understand what they are most suitable for, and have the tools they need to choose the right franchise. a dizzying array of options.
Best of all, Barefoot explains that its services are FREE for the people who consult them. It builds its business model so that the Franchise companies it works with can pay for its services, allowing people to help offer their advice for free!
Path to Freedom also lists brands to narrow down the area of customers trying to find the right fit. As long as Barefoot knows the people he works with, he will be able to leverage the diverse knowledge of the franchise brands he works with to help narrow down a list. Barefoot’s process is to help people identify franchise opportunities with the right business model to help them meet their goals. From there, it provides broad guidance as people work through the due diligence process with the identified franchise brands. Wes warns that there is an art to properly researching a franchise option to determine if it is appropriate. Too many people don’t do the right thing in the right way … Path To Freedom is about helping people research franchise businesses properly. After all, give people the tools they need to find a great franchise business and succeed!
What are the types of franchises?
Barefoot says many people think the franchise is strictly a business in the food sector, but noted that there are more than 4,000 franchise opportunities in the U.S. today, many of which have nothing to do with the food industry. There is also a mix of automotive care, child education and services, health and wellness, care for the elderly, home improvement and more, which can be better for those who are not interested in the restaurant business, in which capital investments can be made. be steep. Barefoot advises that selecting the right franchise option is not just about the product or service that the business offers. It’s also about finding a business that has the right model to help someone achieve their goals.
How much capital does it take to invest in a franchise business?
In the US, he warned, the franchise sector is regulated by the Federal Trade Commission, and franchisors must follow certain processes and documents that need to be filed. Under this regulation, all franchisors must provide people with an “underestimated initial investment gap” that includes the initial franchise fees to be paid to become a franchisee (currently these fees are generally $ 50,000-60,000 per franchise). expenses that would arise before the business opened; these range from real estate and infrastructure to inventories and equipment; and also the working capital that should be available after the opening of the franchisee. Service-based franchises, Barefoot notes, typically don’t require nearly as much capital because of less need for infrastructure and real estate. There are many great franchise options that can be launched for between $ 100,000 and $ 150,000.
One of the many advantages of investing in a franchise business is that no one has to go blind. There is a lot of data that can be accumulated and analyzed before you commit to investing in a franchise. If the research is done properly, franchisees should be very clear about how much capital they need to open the franchise, and operate it until they get a positive cash flow. It also provides guidelines for Path To Freedom funding strategies. There are many financing mechanisms that can be leveraged to secure the majority of the capital needed to invest in a franchise business.
Tell us about the Path To Freedom podcast.
“The podcast started after Path To Freedom it started, ”says Barefoot. “It’s not just about the franchise; but it also has many successful entrepreneurs as guests from many industries and backgrounds. It’s a platform for those who want to own a business but don’t know how to start. ”
“It also helps small businesses that are looking for a way to grow and improve but don’t know the right way,” he explains. The goal of the podcast is to allow Barefoot to share its experience, along with the experience of many other successful entrepreneurs, to help start-up entrepreneurs start, and to help existing business owners take their business to the next level.
The guests of the podcast are the founders of franchise companies, franchisees, executives, franchise fund organizations, as well as successful entrepreneurs who have never made a franchise in their lives. The goal, Barefoot says, is to create a platform where people can learn from others by following paths to freedom, encouraging listeners to create their own.
Visit http://path2frdm.com/ to review podcast episodes and franchise questions, or contact Wes Barefoot directly [email protected] If you are interested in talking to Wes about franchise ownership and are interested in learning more about his process to help people find the right franchise business, please contact him directly at: [email protected] or send a short form to: http://path2frdm.com/contact/
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