This episode of "Eye On Franchising" is all about entrepreneurship and how it is not limited to those with a college degree. Dr. Rachelle Nurse and Dr. Joseph Goodly, franchisees for Goldfish Swim Schools, share their story of how they became entrepreneurs and how their expectations of themselves changed once they became successful business owners.They explain that, while entrepreneurship is not easy, it is worth it and that anyone can be successful if they have the right mindset. This episode is inspiring and motivating-What it's like to be an entrepreneur-How entrepreneurship is not just for college graduates-How Dr. Rachelle and Dr. Joseph became entrepreneurs-What expectations changed once they became successful business owners-How entrepreneurship is not easy, but it is worth it-How anyone can be successful if they have the right mindset-What Goldfish Swim School is and what they do-How the company got started and their goals-What franchising is and how being part of a great franchise is extremely beneficial KEY POINTS Approximately mentioned @ 00:04:18 Entrepreneurship is not an easy path, but it is one that can be extremely rewarding. It is important to do your homework and know what you're getting into before you take the plunge. Find mentors who can help guide you and be prepared to work hard. Most importantly, don't give up on your dreams. Approximately mentioned @ 00:17:57 Rochelle and Joe decided to become franchisees after recognizing the opportunity to create a more secure financial future for themselves and their family. They looked into a number of different franchises before finding Goldfish Swim School and ultimately deciding that it was the right fit for them. Approximately mentioned @ 00:24:52 The Goldfish Swim School franchise provides extensive training to ensure that franchisees are prepared to open and operate their business successfully. This training includes a week-long course at the Goldfish headquarters in Michigan, as well as ongoing support from a project manager and other franchisees. Approximately mentioned @ 00:26:18 The franchising process is a two-way street, like getting married, and it is important to find a franchise that you both like and that meets your needs. Goldfish Swim School is a great option for those looking for a mission-based franchise with great opportunities. Approximately mentioned @ 00:26:18 The couple decided that they were comfortable with the investment required for the Goldfish franchise and decided to go through with the process. Approximately mentioned @ 00:33:29 Rachelle shared some great final thoughts and words of wisdom for anyone considering franchising - namely, that it's important to do your research and make sure you're prepared for the hard work that it takes to be successful. Joe echoed this sentiment, adding that it's important to aim high and believe in yourself. Check out a quick video about Goldfish Swimming School - https://replay.dropbox.com/share/DEC7u4wwGWC0X6cl Have you heard the news? We are officially on YouTube. Come check out a few videos have have and give me a follow! https://www.youtube.com/channel/UCwoAdrkPZmveJt5AQRDk8WA --- Lance Graulich Franchise Consulting Services from ION Franchising Eye On Franchising
This episode of "Eye On Franchising" is all about entrepreneurship and how it is not limited to those with a college degree. Dr. Rachelle Nurse and Dr. Joseph Goodly, franchisees for Goldfish Swim Schools, share their story of how they became entrepreneurs and how their expectations of themselves changed once they became successful business owners.
They explain that, while entrepreneurship is not easy, it is worth it and that anyone can be successful if they have the right mindset. This episode is inspiring and motivating
-What it's like to be an entrepreneur
-How entrepreneurship is not just for college graduates
-How Dr. Rachelle and Dr. Joseph became entrepreneurs
-What expectations changed once they became successful business owners
-How entrepreneurship is not easy, but it is worth it
-How anyone can be successful if they have the right mindset
-What Goldfish Swim School is and what they do
-How the company got started and their goals
-What franchising is and how being part of a great franchise is extremely beneficial
KEY POINTS
Approximately mentioned @ 00:04:18
Entrepreneurship is not an easy path, but it is one that can be extremely rewarding. It is important to do your homework and know what you're getting into before you take the plunge. Find mentors who can help guide you and be prepared to work hard. Most importantly, don't give up on your dreams.
Approximately mentioned @ 00:17:57
Rochelle and Joe decided to become franchisees after recognizing the opportunity to create a more secure financial future for themselves and their family. They looked into a number of different franchises before finding Goldfish Swim School and ultimately deciding that it was the right fit for them.
Approximately mentioned @ 00:24:52
The Goldfish Swim School franchise provides extensive training to ensure that franchisees are prepared to open and operate their business successfully. This training includes a week-long course at the Goldfish headquarters in Michigan, as well as ongoing support from a project manager and other franchisees.
Approximately mentioned @ 00:26:18
The franchising process is a two-way street, like getting married, and it is important to find a franchise that you both like and that meets your needs. Goldfish Swim School is a great option for those looking for a mission-based franchise with great opportunities.
Approximately mentioned @ 00:26:18
The couple decided that they were comfortable with the investment required for the Goldfish franchise and decided to go through with the process.
Approximately mentioned @ 00:33:29
Rachelle shared some great final thoughts and words of wisdom for anyone considering franchising - namely, that it's important to do your research and make sure you're prepared for the hard work that it takes to be successful. Joe echoed this sentiment, adding that it's important to aim high and believe in yourself.
Check out a quick video about Goldfish Swimming School - https://replay.dropbox.com/share/DEC7u4wwGWC0X6cl
Have you heard the news? We are officially on YouTube. Come check out a few videos have have and give me a follow!
https://www.youtube.com/channel/UCwoAdrkPZmveJt5AQRDk8WA
---
Franchise Consulting Services from ION Franchising
Lance Graulich 00:00:02 Welcome to Ion Franchising. Are you looking for business opportunities? Well, you are in the right place. We represent over 650 franchises and business opportunities. We will help you find your perfect franchise for free. We even have a free assessment on our website that will help us determine what the best business says for you based on your investment level mindset, skill set, and life experiences. This is Eyeon Franchising, where we share our vision for your franchise future. I'm your host, Lance Graulich. Each week we will speak to fascinating folks from the world of franchising, franchisors and founders, franchise funders and franchisees. Are you looking to find your perfect franchise? Or perhaps you are an independent business owner looking to grow and scale your business by setting up a franchise. Either way, our team can help you, Ion Franchising, where you will learn the A to Z's of franchise.
Lance Graulich 00:01:07 Hello everyone, and welcome back to another fabulous episode of Ion Franchising. I'm your host, Lance Graulich. So today, people ask me all the time, who is it that owns franchises? Like, what did they do before they come from corporate America? How unhappy were they with their former careers? Well, today, let me tell you something. We have a powerhouse couple of folks that are both PhDs. Yes, both PhDs who jumped in the deep end with a franchise called Goldfish Swim School. Welcome to the show, Dr. Rchelle and Dr. Joe.
Rachelle
00:01:47 Thanks, Lance.
Lance Graulich 00:01:51 My pleasure, Joe and Rachelle. So, ladies first. Rachelle, how did this all come about? How do two doctors become? Give us your history. But how do you become franchisees?
Rachelle
00:02:03 Well, I was a nurse my PhD in nursing. I'm a nurse practitioner, and my husband is an MD. And we had fantastic, wonderful working lives prior to becoming franchisees. I think for us, it was looking at our children and wanting more opportunity for them. It was wanting more independence in what we do, um, being able to actually work for ourselves and of course, to develop a financial future for us that we felt that was going to be secure and that was going to be generational. Fortunately, we prior to Goldfish own another brand. And so we were just wondering and looking at what were some business opportunities that we could get into. And we didn't know exactly if franchising was for us. Initially, Joe would joke about my cockamamie ideas, but I had many ideas about owning, whether it was a beauty salon or opening up some type of entertainment place for children. And it took us many years. We really looked at a number of options. And one day we decided we were going to just put in one of those contact forms to get a little bit more information and the wheels just started turning. And the more that we investigated, the more we talked to our dear friends who either own franchises or own their own businesses. We recognize there's some power in us, and especially at our age. We try to act like we're young, but we're older. And so for us, getting into franchising just made sense.
Lance Graulich 00:03:44 Got it.
Rachelle
00:03:45 To add you.
Joseph
00:03:46 Yeah, I think you hit the nail on the head. I think, for us, um, and I'll talk a little bit about my background. So I am an MD. Rachel is a PhD. I've trained in, um, internal medicine, and, uh, for the past, uh, 20 years or so, been in the pharmaceutical industry. But we want it to work for ourselves one. And also we want it to show our kids the value of hard work, and if you will, create somewhat of a legacy for our children, uh, so that they have future, uh, opportunities. And also that financial independence that Rochelle said. So that were the key reasons. Now, she did bring a lot of ideas to the table over the course of the past ten years, many of which I scrutinized, and they were good, but I was really looking for something really solid if we were going to invest our time in our energy, our effort, and most importantly, our money. But,she didn't give up, and she, uh, found goldfish. And I was excited about it.
Lance Graulich 00:04:42 I love it. So let's kind of go backtrack a little bit, because one of the most common sort of conundrums that people come up with is this kind of the intersection between do I start something on my own based on something I already know? Or do I create something new? Because people want to get into the restaurant business, they think it's such a sexy business, I want to start my own cafe of some kind, or do I even go the franchise route? And what is that about? So it sounds like after a number of years, you figured out, did you investigate a lot of different franchises? Did you seriously consider creating your own brand?
Joseph
00:05:27 Well, I'll add we thought about both of those. Rachel had some great ideas about us starting our own business, and then she brought franchises to the table. And for the most part, I looked and did research into all of those avenues. She's a creative one. She's got all these wonderful ideas, and I'm the bolts, nuts, numbers guy. So we have a great partnership there. But the value of franchises, the structure and, uh, the planning and the processes have already been worked out by the franchiser. So there's incredible value. And what GoldFish brought to the table really enticed us, uh, from our first conversations, it's been really exciting.
Lance Graulich 00:06:08 Love it.
Rachelle
00:06:09 Yeah. I would also add that when you go with a franchise, you're coming with a support system that's already in place. And that is huge. Especially when we've all gone through and getting through. Some of us still COVID and having the support of a franchise and a community to help us get through that and knowing that you're not on your own was invaluable. And that, I would tell you, is one of the biggest benefits that, we found at that very critical time of being part of a franchise.
Lance Graulich 00:06:44 Yeah. And I think that was the old Ray Crock quote from McDonald's. You're in business for yourself, but not by yourself.
Rachelle
00:06:52 Exactly.
Lance Graulich 00:06:54 So let's talk about tell everybody that's listening. For those that don't know who Goldfish is, goldfish Swim School, describe for us what it is exactly.
Rachelle
00:07:06 Well, Joe, did you want to start?
Joseph
00:07:09 I'll let you go.
Lance Graulich 00:07:09 You're good.
Rachelle
00:07:11 You know what Goldfish swim schools is? The Cadillac, the Ritz Carlton of all swim schools. Um, so it is somewhere, as I always put my perspective from being a mom, we want our kids to be safe in the water. We want our kids to be able to swim. And we also want to make sure that we have a community outreach there so we can ensure that the kids in our community are safe. It is a, ah, swim school with very high standards. Jenny and, Chris Mckuston, uh, if you have the opportunity to listen to their story, um, they wanted to keep kids safe and they wanted to make sure that they had communities that were safe and they continue to show grit andthe determination. And it is a brand that is a thriving business. Again, I keep going back to it impacts our community and keeps our kids safe.
Joseph
00:08:12 I'll just add getting a franchise such as Goldfish, you get to make a difference. You get to make a difference in that community by the value of teaching these kids how to swim and even potentially saving their lives at the lives of their friends. So that's what we're about. We really want to find ways to continue to make a difference even though we're going into franchising.
Lance Graulich 00:08:33 Yeah, I think people forget how significant or how important it is that you know how to swim. And I was lucky. My dad was a lifeguard. How many people's dad was a lifeguard. So he taught me how to swim. And I know you're in Louisiana and, uh, friends of mine from Louisiana, there seem to be a lot of floods over there. I can't imagine. God forbid. Drowning is probably just, uh the statistics out there, I've seen it on a regular basis is just outrageous. And, , obviously in some instances, I guess it can be fixed or controlled, and in other instances, maybe not. But in this case, you have a proactive methodology to teach people how to swim, which is amazing.
Joseph
00:09:24 Drowning still happens. It happens all too often. Louisiana, is an active water, uh, community. There's water everywhere. There's lakes, there's, of course, the sea shore. And people swim. You mentioned the flooding, the weather, heavy rain, thunderstorms. So there's lots of exposure, uh, to water and possibilities of drowning. So making an impact there is, almost, essential to get that swimming.
Rachelle
00:09:50 And it's a brand that comes with the science of swim play. So they've put a lot of resources and efforts in terms of finding a fun way for kids to learn how to swim. And the Shiver proof pool where we keep temperatures so it's comfortable, uh, we make it a very inviting environment that's bright for parents to really enjoy and to be and to feel safe. Um, their training methodology for the lifeguards is impeccable. And so it's we're very proud to be part of the brand in all ways.
Lance Graulich 00:10:28 I love it. Well, you mentioned the Ritz Carlton of swim schools, so now I get it. The shiver proof pool. Do I get a logo, robe as well? No, we'll talk about that later.
Joseph
00:10:40 Hey, I'll just add the NPS scores are fabulous because they value the customers. Um, they really care about the customers, they care about the kids that are teaching the swim. And it really shows, uh, in their interactions.
Lance Graulich 00:10:53 Yeah. NPS net promoter score. For those that are listening that don't know the acronyms, that I didn't know it until a little while ago what NPS was. So thank you Joe, for throwing that in there for people.
Rachelle
00:11:05 Well, Lance, I will tell you, I'm sorry to cut you off, but, uh, I'll tell you, the excitement, we are just truly excited to be part of this brand. I have to say this through the entire process, whether it was the discovery process, whether it now is during build, they just live their core values day in and day out in everything they do. And when you talk about the customer experiences as Joe alluded to integrity, uh, compassion, trust, again, getting extraordinary results, and at the end of that all, being able to celebrate. And I can say those of the core values, because they live it every day. Um, and so can't say enough of what they're doing in order to make this brand what it needs to be for us to be successful and for us to also be able to make a little money on the way along the way.
Lance Graulich 00:12:03 As far as the process, are you building your own pool? Are you renting pools? How does that go?
Joseph
00:12:09 So the process involves you find a location, uh, um, you get a landlord, you negotiate that lease. Typically you try to find a box or a building that's already, uh, standing there. And not just, um, an undeveloped, uh, site, but uh, you do build a pool. Uh, they do come in and, uh, excavate. And there are certain standards that Goldfish has, uh, to make sure things are done properly, uh, versus taking over an existing pool.
Lance Graulich 00:12:38 Got it. So you have your own facility, which is very nice. M, so let's talk about the process. So you found goldfish. It sounded like you found them. Is that the contact form you filled out?
Rachelle
00:12:52 Actually, that was the first franchise. This was a word of mouth. Um, we had others in another franchise and also other franchise owners who also were just enthralled by Goldfish and actually referred us and said, hey, you really should look at this, because, again, they live their values. It's a mission based franchise and there's great opportunity there.
Lance Graulich 00:13:23 Love it. Let's talk about the process. So, uh, I tell everybody all the time, franchising is a two way street. It's like getting married. You both have to like each other. Nobody's swiping your credit card after the first date, so to speak. So talk about the first call all the way up to you guys signing. A lot of people don't know there's a franchise disclosure document, there's validation. Talk about the process that you went through and just tell us what you were thinking along the way as your boxes were checked, so to speak.
Joseph
00:13:57 Okay, I'll start. So, uh, in the beginning, you have those initial discussions, uh, um, and phone, uh, call discussions as they get to know you. Uh, interesting. Goldfish, uh, actually has a personality, uh, test assessment that you fill out to see, uh, if you're the right type of individual that can successfully lead and be a part of a franchise. Um, then, um, the next step is to have a discovery day where you find out more about Goldfish, its core values and what they represent and the philosophy they have, and, uh, a little bit more about the company itself. From there, you, uh, actually sign that, uh, franchise disclosure document where you get lots more information, and then you can, uh, decide whether you want to continue and progress further. And after that, hopefully, you get a franchise agreement. Then after you get the franchise agreement, then, uh, you work with real estate company, uh, or broker, if you will, to find a location for you. And, uh, typically, the, uh, first location may not be the location that works, but sometimes it is. We, uh, were fortunate enough to, uh, find a location in the recent future excuse me, in the recent past. And from that, uh, you, um, work with the landlord to have a lease. And from that point on, after, uh, that lease is signed, and you're going into getting that financing, uh, you're going into, uh, preparing and onboarding with Goldfish, getting more information about Goldfish and how to run it properly, and just doing all the due diligence for construction after you get that financing approved. And then you go into the bill phase, and, uh, there's lots of, uh, components of getting these, uh, swim, uh, schools, uh, built. And then hopefully, uh, you get through that process and you have opening day and that's all exciting. And then the real work begins, uh, when you welcome customers.
Lance Graulich 00:16:00 Time to jump in the deep end. Yes. Rochelle, anything to add to that?
Rachelle
00:16:08 No, I think Joe kind, uh, of gave it up to a tee, uh, because I was sitting here making notes, going, you're going to forget that Joe got it all. He actually did a really good job. But I want to just reiterate the personality testing because we had some discussions and they said, okay, well, here's some introductory things that we want you to do, obviously to start the process. Uh, obviously they wanted to see our financials and so on so forth. They wanted to make sure that we had the ability to inject the finances that we needed to and the liquidity that we were supposed to have. But when they came out with the personality test, I thought, wow, this is really interesting. But I'll tell you what, I thought it was brilliant because just as much as we were trying to know them, understand their brand, figure out if this was a good investment for us, they were still looking at us to see, well, are you all a good investment for us as well? Right? Are you, uh, a group and a family and a partnership that's going to come in here and keep this brand at the level that it needs to be at? And I thought it was brilliant what they did. Um, from a franchisee perspective, I thought, wow, you guys are really protecting the brand. Which, when you think about it, that protects us.
Lance Graulich 00:17:30 Absolutely. And because I've been a franchisee of multiple brands myself, and I've been in franchising over 25 years, it never ceases to amaze me how systemized things can get within a franchise system, because no one wants to make a mistake. And I can tell you for sure, I can't speak to how Goldfish does it, but I can guess what a lot of other franchiseors do when they take these personality tests. They give those tests to their top performing franchisees and they look at those scores and they wish and hope that the next group of prospective franchisees test similarly to the top performers. And they kind of do an overlay and go, oh, look at this. So it's kind of like predicting results based on personality if money weren't necessarily the factor. So I absolutely love it when I hear that for the same reasons I think you do as well. Is that because anybody can tell you whatever they want to hear in an interview or in a meeting, people get fooled. But hopefully franchising is a lot of money involved on both sides, a lot of investment in time. So, of course, you both passed with flying colors, right, Joe?
Joseph
00:18:54 Luckily, uh, it worked out and we're here now, so we feel very fortunate.
Lance Graulich 00:18:58 Good. Perfect. Now, in the process, I didn't necessarily hear anything about validation. Did you have an opportunity to speak to existing franchisees to hear about their experiences? Is that part of it?
Joseph
00:19:10 Absolutely. That was all a part of the process, and I apologize for leaving that out.
Lance Graulich 00:19:15 No, I just want to make sure.
Joseph
00:19:17 That'S something we would have done regardless, because that's the type of people we are. We do our due diligence and we do the research online, through peers, through, uh, friends, and, uh, by going to actual, uh, swim schools in this case. So, without a doubt, uh, that was there and that was offered also.
Lance Graulich 00:19:34 Great. So let's talk about financing. At some point through this process, were you intending what type of investment is Goldfish?
Joseph
00:19:43 It can be a significant investment. Typical, uh, swim school, uh, if I'm not mistaken, can go from, uh, anywhere from 2.5 to 3 million, uh, dollars to have that from beginning to end to opening day, if you will. And typically, the equity injection can, uh, be anywhere from ten to 20% more on the 20% side, if this is your first franchise.
Lance Graulich 00:20:09 Yeah. So half a million plus.
Joseph
00:20:13 Yeah, easily.
Lance Graulich 00:20:14 So when you and Rochelle were talking about it, uh, couples, of course, you two get along perfectly, but not everybody gets along that well. So when it comes to money, was it, hey, I'm going to get an SBA loan? How are we doing this? What was your comfort level at that point with, uh, this investment?
Joseph
00:20:37 Well, I did the research. I looked at, uh, the potential of the franchise, and, uh, we thought long and hard, and we know with risk comes great reward. And we know how hard we were working already, and we felt that this was a good avenue to pursue. Um, without a doubt, it is a substantial amount of, uh, money. But in the end, uh, if you do your research right, and you are able to find such a wonderful franchise as Goldfish, I truly think you'll come out ahead. And obviously, you got to work hard. You got to work hard. It's not going to just come to you. We're not going to have opening day and, uh, be able to not work hard and do well. So we're all excited about this, and.
Rachelle
00:21:21 We wish we had a rich uncle, like most people do, but unfortunately, we had to figure out how we were going to get the cash injection, um, SBA loan. We needed to go there.
Lance Graulich 00:21:34 That's rich Uncle Sam.
Rachelle
00:21:36 That's rich Uncle Sam.
Joseph
00:21:39 He lost interest, by the way.
Lance Graulich 00:21:42 That's why he's rich.
Rachelle
00:21:46 He has his lane, which is usually the financing, and he does the contract and so on and so forth, right? I do more of the operations piece, but we had to sit down and look at our entire portfolio and identify, okay, where do we want to be? How do we want to leverage this debt? And so I think for new franchisees, uh, you've got to be smart about it, right? You've got to look at all of your options, and maybe it is a rich uncle or maybe it's a partner. We have many of our colleagues who are also franchise owners, who they leverage partnerships and do very well with that. So there's lots of options. I think people just need to, like Joe says, do your research, educate yourself, and figure out what's going to be the best for you and your partnership or your family.
Lance Graulich 00:22:35 Such great information from both of you, uh, on all of this. And financing is a place that a lot of people get stuck because, like you said, perfectly. Rochelle they don't have a rich uncle, but Franchising is set up nicely, uh, and that the SBA loves to lend. It's not a simple system. It's a little bit complex. It does take time, but it gives you the opportunity. I'll give people an example that are listening on $150,000 SBA Express Loan that I helped, uh, expedite with a client recently. $150,000 SBA Express Loan. All they put down was $17,000. But they had to have some working capital. 25, 50. I mean, it depends on the deal, but they had to have some of their own working capital because businesses get in trouble when they run out of capital. So, I love that you shared your story on the financing side of things. So when you looked at the overall support as you went through this process and you talked to franchisees and you looked at the franchise disclosure document, it sounds like obviously you got a great comfort level. This is the brand for you guys, because you did it. So talk about that. Talk about training, for example.
Rachelle
00:23:52 Well, I'm more of the operations piece of our partnership, so support was huge to us. Um, during the discovery process, we went and spent two days in Michigan and got to meet the entire team. They kind of laid down the process for us in terms of how are we going to become acclimated to the Goldfish way of doing that's. One of the positive things about owning a franchise, right, is that sometimes with a franchise, because you get the cookbook, you don't necessarily have to come with that experience. They're going to teach you that experience along the way. So we were able, um, to speak with the senior leadership team. The training that they have is incredible. Um and I'm drinking the Koolaid lance. I really am.
Lance Graulich 00:24:48 Rochelle you admitted you drink the Koolaid.
Rachelle
00:24:51 I drank the Kool Aid. The process for us, in terms of prior to getting kids in pool, which is what we call for the grand opening, they give us an algorithm, and I actually meet with, um, a representative, basically a project manager from the Goldfish side every other week during the build process to keep us online. We use a program Asana that tells us where we are, where we're going. We check it off. The training begins from marketing. We go to Troy, Michigan. We spend almost a week on some in training to make sure we understand the marketing piece, we understand the swim school piece, we understand the maintenance piece, uh, et cetera, et cetera. They never take their finger off the pulse and they ensure that we are trained. I will probably be very confident in saying that no matter what franchise you're going to go into, there's going to be some type of minimal amount of training that you're going to have to do in order to open up their brand. Um, which is obviously very smart. But I think that they really do put the efforts into ensuring that we secure their brand. And I will say it again, we secure their brand. I feel that they secure us. Right. They secure our business. So, yeah, it's been a great experience.
Lance Graulich 00:26:16 Love it. Love it. Again, the two way street. When it also comes to the collaboration with franchisees, sometimes people forget about that factor or that piece and, uh, getting to know other franchisees that are ahead of you in the process. Maybe they're open two years, three years, five years, and, uh, they're already doing it. And it's not just another trainer or someone from corporate, as amazing as they are. It's other fellow franchisees that you get to work with. So I'm sure that's, uh, something you'll experience at Goldfish if you haven't we've.
Joseph
00:26:56 Already, uh, experienced that there was a, uh, quote on a celebration or national meeting for all the franchisees, uh, a couple of months ago. And we were able to meet many, uh, franchisees with tons of experience. And it was great because there was actually lots of interaction time, lots of time to meet socialize network, uh, and make those connections. And I will say I was thoroughly impressed. Uh, everyone was open, uh, sharing information, sharing contact details. And, uh, we've even been in touch with a few of those afterwards. So it's been a great process.
Lance Graulich 00:27:32 That's fantastic. That brotherhood and sisterhood is what I loved when I had franchises, because you're always going to find a few that become your besties in the business that you get to call each other on a regular basis. Hey, how is your labor so low? And your turnover? I saw some numbers. Do you guys sign up for information sharing? We used to do that. Some brands do it, some brands don't. Where my information? I was totally fine with sharing my info and how my performance is 100%.
Rachelle
00:28:06 It keeps us a little competitive as well.
Lance Graulich 00:28:08 Uh, yes it does.
Rachelle
00:28:10 Yes it does. Um, but I can't speak, uh, enough about what you just said about the brotherhood or sisterhood in Franchising. And a message to the listeners if you go into Franchising and if you're in Franchising, that, um, is key in having that brotherhood or sisterhood. Because at any given time, it's great to know that you can just throw out a text, pick up a phone, and have somebody, whether it's helping you through a situation or giving you some golden nuggets, right?
Lance Graulich 00:28:44 Absolutely. I love it. I love, love it. So what else? Final thoughts. I'm looking at my page here we talked about core values, we talked about support. Let's uh, talk about territory. How do they define territories? At Goldfish, you get X amount of miles, x amount of population, x amount of people. Well, that's population.
Joseph
00:29:10 There'S a research, uh, algorithm, uh, that they, uh, create and uh, in fact, it goes to the degree that they tell you within three mile range of where the best potential site is. And I was thoroughly impressed with that. But they actually look at the population, they look at the subcategories of the population. And uh, this is a nationwide thing that's been done. And for the territory that you're interested in, they tell you where, um, the boundaries would be and where the best location within that territory is.
Lance Graulich 00:29:44 Got you. All right, perfect. So, uh, territory was obviously important. Were you living in Covington at the time?
Joseph
00:29:50 We were not, but we've had a strong interest to get back there. I am from, uh, that area of Louisiana and wanted to get back to Covington. So I'm really excited about that.
Lance Graulich 00:30:02 Got you. Now one other thing, uh, we didn't officially discuss, but I happen to know a little bit about this from our pre discussion. When people get into franchises, there are a lot of people that are owner operators. They're hands on from the start. And there's others that come into a franchise that are, we call them semi absentee owners, meaning they are going to do it part time, it's a full time deal. But they usually hire someone like a manager or a GM type that's also going through training. So where are you guys sitting at this point? I know in the long run you want to be hands on with everything, but where are you now? Do you have a team you're putting in place?
Rachelle
00:30:43 Absolutely. I think one of the things that you want to always look at when deciding on a franchise is that exact model. Is this something that I'm going to have to be in there every single day? Am I going to be the owner operator? Or do I have the flexibility to maybe begin and learn the business and then maybe move back a little bit with the right team in place? And for us, having that right team in place is absolutely paramount. And so for us, uh, because Goldfish is a new franchise, for us, we're absolutely 100% hands on. We will be teaching kids how to swim.
Lance Graulich 00:31:25 I love it.
Rachelle
00:31:26 Every aspect of the business and the positive thing, again, from a franchise perspective, um, and having the support of a franchise is to be able to possibly move back a little bit when we feel comfortable. And we've had the ability to assemble that perfect team that we can trust and know that they have our back if we are not present.
Lance Graulich 00:31:50 I love it. Yeah. And that is a big distinction or big difference across the franchise industry. There are brands. That accept people as investor types that will be sort of semi absentee owners, and there's other brands where they only want you if you're going to be a hands on owner operator. And so I always ask people, as a franchise broker, in my role, what is your role going to be? What are you going to be? What's your intention? And, uh, we have to find the right brand that fits. Obviously, there's quite a few investors, I'm sure, in the goldfish model. It's a nice sized investment, uh, uh, and a great need, obviously, in every community in America. So, final thoughts, final words of wisdom from both of you. We shared a lot of great information. I'd love to hear even more.
Joseph
00:32:46 Well, I'll start first, and I think lady's last. I know she's got some really good curls of wisdom. Uh, so I want to go first. I think anyone who's on the fence with Franchising or even considered it, look into it more. I think it'll be a, uh, wonderful, uh, experience for you. There are risks. It is hard work. All the good things in life happen with hard work. Sometimes opportunities, uh, are disguised as hard work. So, um, look at it and, uh, aim high. We're doing this because we wanted to create a better foundation, uh, better life for our kids. And, uh, we think we're taking the first step, so we're really excited about it. So I would suggest others do the same.
Lance Graulich 00:33:29 Love it. I just have to say, Joe, I don't know when you mentioned the risks, uh, I think you certainly know these are really calculated risks, because I'm sure you knew there was no doubt you're going to be successful in anything you do because of that grit that you and Rochelle have talked about. Right? Is that fair to say?
Joseph
00:33:49 Well, we knew we wouldn't go down without a fight, so, to some extent, yes.
Lance Graulich 00:33:55 Good. Perfect. Rochelle?
Rachelle
00:33:58 Well, Joe stole some of my thunder here, because I really believe you got to do your homework. You've got to know what you're going into full force. Get in there. If you're Franchising, even if you're going to be absent and that's your model, still take the time and do your due diligence. Roll up your sleeves, or in our situation, put on a pair of swim trunks and know your business. Know it. Know it so that, um, you run it and you are the person who's taking charge on it, and then move away. We got into Franchising because we had some mentors, right? And some friends who owned businesses and who made it seem and let us know that it was hard. Right. I always say Joe and I grew up in an entire time, um, when our parents told us, Go to college. It's Black History Month. And so I'll say, as parents who didn't get the same opportunities as me and Joe did, they wanted us to go to college. And we're super proud that they had a doctor and he married a nurse practitioner with a PhD. That pride was there because that's what they expected of us. They didn't expect us to own businesses. Right. If I think if I would have told my dad when I was 25, I want to be an entrepreneur, he probably would have said, Just finish college. Go get your master's degree.
Lance Graulich 00:35:28 What are you talking about?
Rachelle
00:35:31 I just believe that we're at a point where we've got to share what we know. We've got to bring other people along, and maybe those people don't look like you. Um, but we need to give a lot of more people opportunities in this space as well. And I always go back to being a parent. As a parent. Me and Joe, we've got two beautiful children, and if you ask our kids what they want to do, they're going to tell you they want to be business owners. They've got ideas. They want to figure out how to market it. Uh, colleges not going to college is not an option. They will go to college.
Joseph
00:36:09 They will graduate.
Rachelle
00:36:10 But as being in this space now, we're just saying able to share more about that entrepreneurial spirit. And again, um, whenever I can get my girlfriends together or find somebody on a plane who's trying to figure out what they want to do with their life, I always want to give them a piece of what it's like to be an entrepreneur and so share it. Bring somebody along.
Lance Graulich 00:36:34 I love it. Thank you. That's a perfect way to end it. Rochelle and Joe franchise for Goldfish swim schools. Thank you so much for being here.
Rachelle
00:36:43 Thank you, Lance.
Lance Graulich 00:36:45 My pleasure.
Lance Graulich 00:36:46 Thank you very much for listening today. Please, like, follow and subscribe. This is Lance Gravelick. Until next time.