Investing in a franchise can be a thrilling ride that starts with unknown ups and downs, twists and turns, but when it goes well, you want to do it again opening another location or territory.
Starting a business might be one of the biggest decisions a person makes in their life. You are likely to experience a rollercoaster of emotions; exhilaration and excitement can be followed by feelings of uncertainty. That is why many people choose a franchise brand which can help with expectations and outcomes.
Joining a franchise should involve researching the many options, talking to the brand leadership team and learning everything you can about their model. Buying a franchise should be a heavily researched decision to set you up for success.
Typically, after the initial investment, you start going through the onboarding process. The franchisor will guide you to choose real estate, help you design the location, and train you on how to properly open and close the business. The brand leaders will be there to get you to that first big thrill – opening your doors for the first time! Then, you are riding on your own and what happens next is really up to you.
Franchisors provide you with extensive training and access to insider tips and best practices on how to launch and run your business. Franchising teaches you the way, but you still have to get engaged and put in the effort.
It is an exciting moment when you officially open the doors to your business. As the business owner, you get to choose your team and lead them to help realize your dream. You get to train them on how to execute the brand’s vision. You get to decide if it will be you or a trusted team member that you have absolute faith in to unlock and lock those doors each day. You must follow the franchisors process, systems and standards at all times, but you are the owner of the business.
Franchise owners need to know that sometimes things can go wrong, but when it does, there is someone to lean on and ask for help. Maybe a manager didn’t show up, or the sales are not ramping up as quickly as you had planned. The franchisor will be there for you to call to ask for guidance on what to do. You will then need to execute any changes based on the recommendations and options available to move your business forward.
Even though it is your independent business, you have people who have been there, tried out and proven various options that work. As a franchise business owner, you are the decision maker and choose what to do next.
While in some respects – just like when you worked for someone else – you will probably have to put in long hours. Now, however, you have the flexibility to make decisions that fit your goals. You get to decide what kind of work-life balance you want. Maybe you want to delegate some of the responsibilities so you can catch your kid’s soccer game on a weekday afternoon. Or, maybe you want to be home early for dinner on your wedding anniversary. In order to make that happen you might have to work some weekends and you might not get a full week vacation that first year. Either way, as the owner, it is up to you to decide.
It is important to know that like any new business venture, there is risk, but through a franchise system, individual business owners have a greater opportunity to succeed.
Is it time to take that leap and work for yourself? Nothing else compares. Your level of success is up to you. Along with a will to win and all of your hard work; while leaning on the teachings and best practices from the franchisor, you have the chance to make it and achieve your dreams through business ownership.