Personal benefits of franchising

Like any business venture, buying a franchise and making it successful requires lots of hard work. From hiring and training staff to aligning your franchise with the operations manual, you’ll have to make sure your franchise business runs like a well-oiled machine.

You’ll be faced with challenges once you’ve invested in a franchise. Working within the system and conforming to the operations manual is frustrating and difficult for some, as is establishing a good working relationship with the franchisor. There are new franchisees who underestimated the effort needed to make the franchise a success, as they expect instant success but discover that a tremendous amount of time, initiative and industry is required too.

>> Read more:

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• Pros and cons of buying an existing franchise
• Ten simple steps to buying a franchise
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But becoming a franchisee can be rewarding for those that take it seriously. Often, it is not only one of the most personally fulfilling career paths, but one of the most fun ones too. There are plenty of benefits of franchising for you as a human being. Here, we take a look at just a few of them. If you’re thinking about buying a franchise, these are the factors that’ll keep you motivated:

You can be open-minded when it comes to choosing your franchise

Because most franchises offer business support and comprehensive introductory training programmes, as well as ongoing support, they offer inexperienced would-be entrepreneurs the chance to start their own business without having previously worked in the industry or as a business owner.

As a result, you’ll get to open your own unit without having many of the worries that start-up business owners may face. You’ll skip the problems around trademarking, customer profiling and finding a location for your franchise, as your franchisor will use their experience to support and train you in these areas.

The guidance you’ll get from the beginning means you’ll have everything you need to set up and operate your new business – and there’s ongoing support for any future challenges that come up too. In short, you’ll be able to enjoy the fun part of being a business owner without having to address the many issues associated with starting a business from scratch.

And you needn’t limit yourself to sectors you’re familiar with. A good franchisor will accept candidates with low levels of experience as long as they show potential. This means you’ll need to have a good work ethic, self-motivation and leadership skills, but if you can demonstrate these, you’re on your way to submitting a promising franchisee application.

Franchises offer new opportunities

One of the main reasons why many prospective franchisees are interested in opening their own franchise business opportunity is because they want a change from their normal nine-to-five job and doing the same tasks day after day.

Buying a franchise means you open the door to a range of new opportunities, from the freedom to be your own boss to the chance to come up with new franchise ideas. Knowing that you’re constantly learning something new about owning a business and filling each day with the opportunity to challenge yourself will keep you going when running your franchise gets tough.

You’ll have a flexible schedule

If you’ve struggled to maintain a good work-life balance in the past, you’ll be pleased to hear that franchises offer great flexibility. In fact, this is one of the main advantages of buying a franchise.

Although you may have to work long hours from time to time, you won’t be tied to a routine once you’ve invested in a franchise business opportunity. That means you have the flexibility to take time off when you need it or even tailor your everyday schedule to work for you. That means you’ll never have to miss family engagements like your child’s school play, for example. In the long term, you could choose to start your working day early and take a long lunch break to go for a run or meet with friends, or work from home to keep long-term costs down.

Ultimately, you can put in the hours when you want to in order to make your franchise a success, so you don’t have to stick to the usual nine-to-five schedule.

You’ll be able to have your own team

Managing employees may not sound like the most exciting part of a franchise business opportunity, but it is an important element of the business model for many franchisees. When you work for someone else, you don’t usually get a say in who you work with – but when you’re the boss, you can. You’ll have the freedom to select hard workers who display the right attributes and personality traits for your business. You’ll handpick employees who you are able to get on well with during the good times and the bad.

Once you’ve built your team, you’ll also ensure everyone is trained on brand standards and just as motivated as you are when it comes to making your franchise a success. You can surround yourself with positive people so you have the confidence and optimism to move your franchise business forward. You’ll also get to delegate responsibilities to your team, freeing up time for you to focus on running the business and implementing new ideas.

They help you expand your network and make new connections

When you first start your franchise unit, it’s vital you get word of your business out there in the local community. Making sure your unit and the services or goods you sell remain at the forefront of people’s minds is key to any franchise’s success. Talking about and promoting a business you’re passionate about is an enjoyable aspect of becoming a franchisee, and potential customers are more likely to visit your franchise and recommend you.

As a franchisee, you’ll also get the chance to attend numerous franchise exhibitions, conferences and networking events. Whether they’re organised by the franchisor or an external franchising organisation, you should take the opportunity to go and mingle. You’ll benefit from the support given by your peers when sharing concerns, and should come out with more ideas for your own business.

Even if you don’t have a big lightbulb moment, expanding your network and chatting to new people is never a bad thing. You never know, someone you meet in the early stages of your franchising journey could prove invaluable further down the line. You may even meet your future business partner – or real-life partner! Just remember to connect with the people you meet on LinkedIn and stay in touch.

You’ll get financial satisfaction with support in accounts

Starting a business should be both personally and financially rewarding. You should get a sense of financial fulfilment when you review the performance of your franchise at the end of the month. Bookkeeping and accounts don’t usually top lists of fun things to do. But when you’re buying a franchise, it’s much more fun than it first appears.

Staying on top of your sales and accounts means that you’ll see exactly how much revenue and profit your franchise business has made at the end of each month. Once you’ve worked out your bottom line after all your hard work, you’ll really start to feel the effect of all your hard work and you’ll be motivated to push profits up.

You’ll have pride in what you’ve built

One of the top advantages of franchising compared to working for someone else is the sense of pride you’ll feel that you’ve built something of your own. When your franchise experiences success, it’s nice to know that it’s all down to your own franchise ideas, abilities and efforts.

Once your business is up and running in profitability, you can take a step back and admire your work. You’ll probably have selected a great location with a healthy pool of potential customers, fitted out the premises, hired a team of cooperative employees and brought about business success. Remember that not everyone could do what you have done, so take the time to pat yourself on the back from time to time.

Summary

Running your own franchise unit isn’t easy, but it is important to make sure you’re enjoying it. When there are particularly challenging days and you’re feeling frustrated, focus on the advantages of owning a franchise to keep yourself motivated. Remember how much you love working from home and seeing your partner as they walk through the door after work, the pride you have for your workforce and the new connections you’ve made in the franchising sector.

There will always be tough times as a franchisee, just like if you were an independent business owner, but remembering all the reasons why you chose the franchise model will help you get through. In short, franchising can take much of the stress away from business ownership and help you become a personally fulfilled entrepreneur.