Make Money Franchising An Online System
Now get the idea of creating the next Subway out of your head immediately.
I don’t want you to think so complex. I mean, Subway ain’t really all that passive, since the system requires so much support from head office; from food supply to leasehold to training, head office ain’t a passive place to be.
Think instead about simpler systems and in particular ones for online businesses.
Let me give you an example; say I create a successful online course for law students learning how to beat the LSAT (entrance exam).
In doing so I’ve created a system whether I know it or not.
A system for creating the course, the S.E.O marketing, the website, the payments system, the social media strategy etc etc, and it’s say 50% specific to this area (i.e entrance exams coaching).
I can then start selling ‘franchises’…albeit non-traditional style franchises for other people looking to profit from their relevant knowledge.
I get in touch with experts in other fields, e.g medical school entrance exams, business school entrance exams, prep school entrance exams, MENSA entrance exams, New York Bar entrance exams, psychometric exams for finance professionals etc etc.
I sell them the system in exchange for a 50% stake (and I could even get my team in the Philippines to set it all up for them, for an extra one off fee…kinda like how traditional franchises charge a setup / buy-in fee).
Now I just live off the revenue.
This is more than an online course or a simple traditional franchise sale, since you do have to work side-by-side with them to make sure they launch it properly and are able to maintain it. But once you’re done with that upfront work, you’re really done. Cue passive income stream for years to come!
Our goal is to find multiple income streams, and the more passive the better.