Celebrities are known for making a ton of money on television and the radio. But, many of them like to subsidize their funds using classic business streams.
As someone interested in business sales, you’ve probably considered purchasing a franchise at one point or another. Franchises can be a great way to increase your passive income.
But, if you knew how much your profits could be, you would probably have already acted. Check out some of these successful celebrity franchisees and get inspired.
Shaquille O’Neal – Five Guys and Auntie Anne’s
A lot of athletes struggle after they retire. But one exception is Shaquille O’Neal. Shaq loves to invest in franchises. In fact, he owns more than 150 car washes and 17 Auntie Anne’s.
But, his real passion for many years was for Five Guys. While he has now sold his shares, he once owned 155 locations of Five Guys accounting for 10% of their portfolio.
That’s an incredibly impressive number considering, if you want to open a Five Guys location, you’ll need liquid assets of $150,000 and be able to put up the restaurant start-up costs of around $350,000 to $500,000.
Venus Williams – Jamba Juice
Venus Williams has been investing in Jamba Juice locations in the Washington D.C. area for years. She loves their message of leading a healthy, active lifestyle and profits off of her involvement with the brand as a spokesperson.
If you want to join the Jamba Juice empire, it’s a little easier than some other franchises on this list. You’ll just need to pay the startup costs of $350,000-$650,000 and a franchise fee of $25,000.
Chris Brown – Burger King
Chris Brown is known for his rocky R&B career and relationship with Rihanna. But the star doesn’t put all of his eggs in one basket.
He also revealed to US Weekly magazine that he owns 14 Burger King restaurants. But, that’s nothing compared to the 30 locations Magic Johnson owns.
If you want to be a Burger Kind investor, you’ll need to have a net worth of at least $1.5 million and $500,000 in liquid assets. You’ll also need to foot the bill of opening up a location, which runs about $1-2 million.
Rick Ross – Wingstop
Rick Ross is most well known for his rap career. But, did you know that he also owns more than twenty-five Wingstop locations?
Wingstop is a nationwide chicken wing franchise that hooked Rick Ross back in 2014 based on his love for lemon pepper wings. Each year, each of his restaurants rakes in about $200,000 in annual profits to subsidize Rick Ross’ Big Boss lifestyle.
Considering buying one yourself? To open a Wingstop, you would need about $600,000 in liquid assets and the time to undergo a financial background check.
Buy a Franchise
After checking out the earnings of some of the celebrities on this list, you’re probably itching to start investing. Franchises can offer a good value with a good brand and support system. And, you can talk with existing owners to hear what they like and don’t like about the business.
But, the best value for your investment is not with a start-up, but rather an existing franchise that is already making money.
Many times, the cost to support yourself for two or three years is not considered as part of the initial investment, but it is very real. With most businesses, not just franchises, it can take two or three years to ramp up to the point where you’re making money.
By far, the better value is buying an existing franchise that’s already profitable. You will sleep better at night knowing you are making money from day one.
Contact me today to explore franchise opportunities that could work for your price range and investment goals.