In this post, I’m going to focus on franchising and your family.
That’s because it’s something that’s not talked about nearly enough by people looking to buy a franchise-and those who offer franchise opportunities for sale.
A Promise From Me: Buying And Owning A Franchise Will Affect Your Family
Your decision to own a franchise…to be your own boss, is going to affect your family a lot.
And as harsh as it sounds, it would be extremely selfish of you to dismiss the impact your decision will have on your family.
On Owning A Franchise
- You need to make a good choice in a franchise
- You need to make sure you can afford it
- You must do good research
- You need to write a strong (and flexible) business plan
- You need to be ready to work harder than you’ve ever worked in your life
In short, buying and owning a franchise business is serious stuff; you need to treat it as such.
Franchising And Your Family: Schedule A Family Meeting
Before you get too far down the franchise buying road, I want you to schedule a formal meeting with your immediate family members.
During this meeting, you need to share the reasons why you’re thinking of going this route. Now this is important.
Tell them you’re committed to learning all you can about franchising.
Then, have a discussion about your finances (not in front of the kids, obviously). Talk about how much you’re willing to risk. But be honest about some of the financial risks associated with going into business…any business.
Next, ask for their feedback. Have them voice their concerns. And if they happen to be frightened about your idea, be empathetic. Ask them what you can do to alleviate their fears.
The Part of Owning A Franchise No One Talks About
I get it; scheduling a sit-down with your family on a subject that may not excite them isn’t on the top of your list of things to do. Especially since you’re going to be talking about one thing no one else usually bothers to share about franchise ownership. But you need to do it (sooner rather than later).
The truth is, you need to put it all out there.
That means you need to share your story. Tell them why you want to do this. Tell them why you want to do it now. Tell them about the risks involved. Then be quiet. Just listen.
I’d be willing to wager that they’re going to share their concerns. And they’re going to want to know how their lives will be affected, including worst-case scenarios.
They’re also going to want to know if they’re going to be seeing you less.
This is where you need to tell them the truth. You need to tell them the thing that no one wants to talk about when it comes to owning a franchise business-or any type of business.
You need to tell them that you’re not going to be home much.
If you have kids, they’re going to be sad. And mad, too, potentially.
But don’t walk it back. Don’t tell them “It will only be for a little while.” Because it won’t. Franchise ownership means long hours. Period. But it’s not all bad news.
That’s because after you’re an established franchise owner, and you have some managers in place, you’ll probably be able to have more flexibility. You should be able to spend more time with your family. But it’s going to take a while. Years probably. But they need to know. Right?
Share The Good Stuff About Owning A Franchise
When it comes to your family and franchising, you need to share what you’re hoping franchise ownership can do for them…for you.
So share your goals with them.
Tell them how you envision things working out. Tell them how their lives can and will change if things go the way you’ve planned. Use your words to paint a picture of what success will look like.
The bottom line: Involve your family as much as possible. Talk with them a lot before and during the process of buying and starting your franchise business.
You’ll be glad you did.
Here’s to your success!