Top 3 Things People Won’t Tell You About Franchising
You’re thinking about starting a franchise. You’ve done your research and decided that the benefits that come with investing in a franchise model outweigh those related to creating a business from scratch, or even working for someone else.
Your nearest and dearest are happy for you; if just a little bit worried. Friends that run their own businesses have warned you of the commitment needed to be successful, but offer a good source of advice. Franchisors you have approached have been welcoming and supportive.
So, why hasn't anyone explained what it's like to be a franchisee? You can gather all the franchise information available, but very few brochures, websites and exhibitions will give you the ‘warts and all’ version of franchising.
Here are the top 3 things about franchising that no tells you before you start - that you soon find out for yourself:
1. It will be hard work
OK, you may have heard this one before, but it’s worth reiterating. All franchises that succeed have one thing in common: a franchisee who works hard. Even with the support and resources of the franchisor and head office, franchisees still need to be prepared to work long hours, perform multiple tasks, and get stuck in with unglamorous duties. This will be the case throughout your franchising journey but is even more prevalent when you're just starting a franchise.
There are times when you’ll be expected to be the sales manager, marketing consultant, financial advisor, as well as the toilet cleaner. You’ll have many hats to wear as a business owner, and this can be demanding and draining, both physically and emotionally. But if you’re willing to do whatever it takes to get the job done, you’ll reap the rewards.
And in the early days, respite doesn’t always come when you get home after a long day’s work. As well as working in your business, you need to make time to work on it. With the franchise model, you may be part of an established company with good brand exposure, but if you don't keep trying to push your business forward, it will fail to grow and thrive.
Don’t fall into the trap of becoming so engrossed in the day-to-day running of your franchise that you neglect to drive your business forward. Even if this does mean a few late nights and working weekends.
2. It will take over your life.
Like the above point demonstrates, the hard work, dedication and passion that’s required to make a franchise a success can be all-encompassing. This leaves very little time for a social life.
In the beginning, you’re likely to be overwhelmed by the amount of franchise information that you need to digest, and when you’re not working in or on your business, you’ll probably be too exhausted to do much else.
It’s inevitable that starting a franchise will impact on your social life. It can be difficult for friends and family to understand the amount of time and effort that your new venture needs. Therefore, it’s crucial that you involve your loved ones in the decision process before you invest in a franchise. They need to agree to share you with your new business while you get it off the ground.
Downtime is just as necessary as the time you put into your business. You won't be a very useful franchisee if you're tired and unhappy. Ensure you make time for the most valued people in your life. Socialising with loved ones will reinvigorate you and give you the energy to continue, so don't underestimate the importance of relaxing.
After all, a big part of being a good franchisee is the ability to stay positive. Even when the going gets tough, having a positive outlook will help you through it.
3. You’ll love it
Yes, you’ll probably work harder than you ever have before; and you’ll love it.
When you start to reap the rewards of your dedication and determination, you’ll wonder how you ever worked for someone else. You’ll discover that the franchise model gives you freedom and flexibility that other opportunities can’t.
Becoming your own boss will mean that you know see potential everywhere. When you encounter a new challenge or situation, you’ll see it as a chance to learn and improve your business. You’ll take pleasure in meeting other franchisees and sharing stories, experiences and franchise information. You’ll become a more rounded, enriched entrepreneur thanks to the skills you’ll acquire as a franchisee.
Your passion will be infectious, and you'll inspire others to take a risk and start their own business just like you did.
Could a franchise opportunity be the right choice for you?
Statistically, franchise businesses have a higher success rate than their independently owned counterparts. For many franchisees, playing a crucial part in the success of the overall franchise, knowing that they’ll be rewarded for their efforts (as opposed to being paid a wage), provides an incentive to go the extra mile every chance they get.
Despite franchising having many benefits, it's not the right choice for everyone. Some entrepreneurs relish the challenge of running their own business, making a name for themselves, making all the decisions and answering to no one. Whereas, others thrive with the safety net and security that the structure of a franchise provides.
So, before you invest in a franchise opportunity, you need to decide if it’s the right choice for you. If you’re willing to work hard, sacrifice your social life and you have room for another passion in your life, then maybe you should consider becoming a franchisee.
The Editorial Team, Point Franchise ©
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