We all have personality characteristics and experiences that may suit us better for one type of business over another. And that especially applies to franchises.
For example, those who have spent a business career in a teamwork environment, may also want that environment when they start their own franchise businesses. Or they may not.
Likewise, those who became accustomed to and, successful in managing others may look to continue that when they become entrepreneurs. Or they may not.
There are also those who have longed for years to escape the corporate world, or an unfulfilling job, who desperately want to be their own boss, never again manage an employee, and not have to depend on others to help make decisions that they often see as bad. They often view teamwork and management as impediments that have held them back.
Fortunately, there are franchises for both types and anyone considering a franchise should first determine what it is that he or she will feel most comfortable with.
Franchising: Are You A Lone Wolf Or A Team Player?
If you don’t like managing people, then you probably won’t be happy doing it in your own business any more than you did in your job. If you want to make your own decisions without anyone else interfering (except probably your spouse – you can’t escape that!) then you won’t want partners, either.
Let’s look at an example that I have some expertise in. We all know that Senior Care is a hot market and one that has been expanding rapidly due to the growing elderly population. Some estimates are that persons over 85, most of whom will need some care, will double in the next twenty years.
So let’s say you want to consider that market. There are two primary types of franchises in that market; home care agencies and referral agencies. There are a few others that help people move, auction off their possessions, and so on. I haven’t seen too much success in those businesses.
Home Care Senior Care Agencies
Home care agencies are businesses that provide direct care to the elderly, usually in their home. They require employees and nearly 24/7 management of those employees. There are bills to be sent to clients, checks to be written to employees (or an employment agency if the home care agency rents its staff). And if the agency also deals with medical home care, there’s Medicaid and Medicare to consider. This might be right up your alley –or it might not. There’s a lot of paperwork. You might like that or you might not. Much of it depends on how much responsibility you are willing to take on. Almost always an office or retail location is required.
Senior Care Referral Agencies
Referral agencies (Ask-Carol is one) don’t provide direct care. Instead they work with families to help them decide what type of care their elderly parents need and then place them with home care, assisted living, independent living, or skilled nursing. The referral agency is paid by them, not by the client. Usually the facility makes a one-time payment to the referral agency, a commission basically.
Unlike home care, there are usually no employees or partners involved. Sometimes, as in home care, it is a husband-wife combination, but usually it is one person working alone, setting his or her own hours, usually working from home. There is little paperwork other than invoicing the facility for a move-in, and some franchises take on that responsibility. This type of business is ideal for those who want to spend their time working directly with families. It requires some empathy and organizational ability. The majority of these agencies are owned and operated by women, though men can do well, too.
So before you rush out to by a franchise because it makes a better cookie, or installs mufflers faster, or requires salesmanship that you never mastered, think about what kind of owner you want to be, then find a franchise in a growth industry that matches your personality. After all, you might be doing it for the next ten or twenty years!
And do consider senior care. Our seniors need all the help they can get.
(Bill Shockley is co-owner of Ask-Carol Senior Living Guidance, based in New Jersey. Fill out the contact form below for more information on this unique Senior Care franchise concept.)