A good franchise can help you manage the transition from employment to self-employment
Every once in a while over the years I’ve seen new franchisees struggle with making the transition from being an employee to being a business owner. And as a franchisor I’ve always worried when I do: it could mean trouble ahead as it can seriously impact on the successful development of the franchised business and the service that is provided to its customers.
While the perception is that small-business owners shoulder the responsibility entirely on their own, this isn’t the case in franchising. So if you find yourself struggling, remember that both the franchisor and, even more importantly, other franchisees are there to help. An experienced franchisor will know that the new weight of responsibility, while being a great incentive, can also have negative effect and undermine the morale of a new franchisee.
The franchisor also has to recognise that a balance has to be struck between encouraging and guiding, without appearing stifling and commanding. Admirable traits, including self-initiative and ambition, will always benefit from a strong backing.
Fundamentally, franchising is a way of embarking on a new career and running your own business, while also being supported by a network of people who are in the same boat have already trodden the same path and made a success of their endeavor.
Yet crucially it is also an affordable investment for many leaving other sectors who are looking to invest a lump sum in their new venture. It is equally important to know that many of the major high-street banks look favourably at lending to prospective new franchisees, safe in the knowledge that a tried-and-tested formula, combined with ongoing support, offer both a springboard and safety net for new owners.
After investing financially in a franchise business, it’s important to be open to advice and guidance offered by the franchisor. You have invested in their expertise, so take full advantage of all the help you are given. It is a bit of a cliché to stay we are all in this together, but that is precisely what makes a good franchise thrive.