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