Wes Barefoot talks about franchise freedom
Beverly Hills, Nov. 22, 2021 (GLOBE NEWSWIRE) – Wes Barefoot teaches people how to take control of their lives and gain freedom through business ownership. As a franchise consultant, he helps people understand franchising and determine if it’s right for them.
Listen to the full interview with Wes Barefoot on Mission Matters Money Podcast.
Which mission is important to you?
Barefoot says its mission is to help people achieve and maintain freedom in their lives by becoming entrepreneurs. Path To Freedom focuses on assisting people in the transition to franchise ownership, helping anyone who wants to learn more about the franchise world.
How did you start your business?
Wes says he’s fallen backwards in the franchise. Wes was recruited by a burgeoning franchise business in the service industry. There he learned how franchising should work and the many benefits that can come from owning a franchise. Wes held a sales and franchise development role, where he walked prospective franchise owners through a thorough due diligence process and learned how to go about investigating a franchise opportunity. This experience led Wes to work for another franchisor where he resumed their franchise development efforts and helped that company double the size of its franchise network over a two and a half year period.
By working for the franchisor and helping many others achieve their dreams of being a business owner, Wes and his wife learned that they too wanted to be a business owner. They invested in their first franchise business in 2017 and have since grown into a successful seven-figure business.
Due to the success of his first franchise and the positive impact that business ownership has had on his life, Barefoot started Path To Freedom as a franchise consultant where he can help others learn what he is doing. has learned. Path To Freedom is a platform that allows Wes to help people take a methodical approach to what, for the most part, would be an overwhelming process on their own. Since founding Path To Freedom, Wes and his wife have invested in a second franchise business, making them multi-brand / multi-unit franchisees in two states. Barefoot says he and his wife plan to continue investing in franchise businesses where they can build teams and delegate work to them, giving themselves time to work on their businesses, not them.
What first attracted you to become a franchise consultant?
Barefoot’s work in the franchise business has helped many people open their own franchise, and he says he understands and appreciates the pace and processes involved in franchising. Owning a franchise is not for everyone, but there are many, many people who have and could benefit from the right kind of franchise. Unfortunately, many people have never considered owning a franchise, or they go about it the wrong way. Wes’s goal is to help people identify and investigate franchise businesses that have a high likelihood of being a good fit for them, and to help them achieve their goals. Wes’s process allows him to really get to know the people he works with and match them with the franchise model that’s right for them. So many small business owners end up being run by their business which is the opposite of why most people go into business for themselves in the first place. Path To Freedom is all about helping people create more freedom for themselves by owning the right kind of business for them.
Who do you think should invest in a franchise?
There are many types of people who could get involved in franchising, notes Barefoot, including people who have worked in the corporate field but have always wanted to be their own boss; those who are frustrated by the monotony of corporate life; high-level executives who do not want to quit their jobs but want to build up an asset that they can sell in the future; and existing business owners who have been through all the ups and downs of entrepreneurship and can easily adapt to franchising, diversify without diving into something completely new and unfamiliar. There are many types of franchise businesses, with a variety of business models and expectations for the role of the franchise owner. There is a franchise model for just about anyone who is serious about going into business and sees the value in being part of a great franchise organization.
Some people, however, are not well suited for franchising, he notes. Some franchises have specific regulations which may not be fully appreciated by someone who does not want to work in an environment provided to them by someone else. For them, he says, franchising may not be the answer, but for many others it can be.
What is Path to Freedom doing?
Noting that there are thousands of franchise companies around the world, Barefoot says Path to Freedom makes sure clients are clear about their goals, understand what they’re best suited for, and have the tools they have. need to choose the franchise that’s right for them. the dizzying array of options.
Better yet, Barefoot explains that its services are FREE to the people it consults. His business model is built so that the franchise companies he works with pay him for his services, allowing him to provide his advice for free to the people he helps!
Path to Freedom also selects brands to narrow the scope of customers trying to find the right fit. As Barefoot gets to know the people they work with, they can leverage their knowledge of the many franchise brands they work with, to help them narrow down a list. The process of Barefoot is all about helping people identify franchise opportunities with the right business model to help them achieve their goals. From there, he provides detailed guidance as people work through the due diligence process with the franchise brands that have been identified. Wes notes that there is an art to thoroughly investigating a franchise opportunity to determine if it is right for you. Too many people don’t do their due diligence the right way … Path To Freedom is all about helping people investigate franchise businesses the right way. Ultimately, giving people the tools they need to find a great franchise business and prepare for success!
What are the types of franchises?
Barefoot says many people view franchising strictly as food businesses, but he notes that there are over 4,000 franchise opportunities in the United States today, many of which have nothing to do with the business. food industry. Auto care, children’s education and services, health and wellness, senior care, home improvement and many more are also on the agenda, which can be better for those not interested in catering, in which capital investment can be steep. Barefoot says that selecting the right franchise opportunity is not just about the product or service provided by the business. It’s also about finding a business with the right model that’s best suited to helping someone achieve their goals.
What is the capital required to invest in a franchise business?
In the United States, he notes, the franchise industry is regulated by the Federal Trade Commission, which requires franchisors to follow certain processes and documents to file. Under these regulations, all franchisors must give people an “estimated initial investment range,” which includes the initial franchise fees that must be paid to become a franchisee (currently these fees are typically $ 50,000 – $ 60,000 per franchise), as well as expenses that would likely be incurred before the opening of the business; these range from real estate and infrastructure to inventory and equipment; and also the working capital that the franchisee should have on hand after opening. Service-based franchises, notes Barefoot, typically don’t require nearly as much capital, due to less infrastructure and real estate requirements. There are many franchise opportunities that can be started for as little as $ 100,000. to $ 150,000 in total capital.
One of the many benefits of investing in a franchise business is that no one should go blind. There is so much data that can be accumulated and analyzed before committing to investing in a franchise. If the research has been done correctly, franchisees should have a very clear understanding of the capital they need to open their franchise and operate it until they can expect positive cash flow. Path To Freedom also provides advice on fundraising strategies. There are many financing mechanisms that can be tapped to obtain the majority of the capital needed to invest in a franchise business.
Tell us more about the Path To Freedom podcast.
“The podcast was launched immediately after the start of Path To Freedom,” says Barefoot. “It’s not just about franchising; but also features many successful entrepreneurs as guests from a wide range of industries and backgrounds. It’s a platform for those who want to become business owners but don’t know where to start.
“It also helps small businesses looking for a way to grow and improve, but who don’t know the right path,” he explains. The goal of the podcast is for Barefoot to share their experience, as well as the experience of many other successful entrepreneurs, to help aspiring entrepreneurs get started and to help existing business owners take their business to the next level.
Guests for the podcast include franchise founders, franchisees, executives, franchise fund organizations, and even successful entrepreneurs who have never done a franchise in their lives. The goal, according to Barefoot, is to create a platform where people can learn from others by following their own path to freedom, inspiring listeners to create their own.
Visit http://path2frdm.com/ to explore podcast episodes and franchise FAQs, or contact Wes Barefoot directly at [email protected]
If you would like to chat with Wes about franchise ownership and learn more about his process for helping people find the right franchise business, please contact him directly at: [email protected] or submit a short form to: http: // path2frdm .com / contact /
Information: [email protected]
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Wes Barefoot was interviewed by Adam Torres of Mission Matters Money Podcast.