Offering both the flexibility and independence of being a small business owner, plus the support and infrastructure of a larger corporation, a franchise can be the ideal opportunity for anyone interested in becoming an entrepreneur. However, while many articles will breeze through some of the positives and negatives of owning a franchise, few take the time to actually detail out thoughts and research behind the points they raise.
The goal of this is to help you see the positives of opening a small business through a franchisor. We’ll share some stories, statistics, and antidotes detailing why we think franchising is the right path for many inspiring entrepreneurs.
Here we go…the fifth of seven reasons why franchising may be the right path for you to open your business.
Franchising Offers Flexibility
When I first began my career the big buzz phrase was “work/life balance”. I think they since updated the phrase, but for me, it remains the same. The problem was, everyone had their own definition of what this meant. For a kid fresh out of college, to me, it meant how can I get home as soon as possible!
What I have come to learn over time is that work/life balance is not a definition of strictly time. If someone says they need 6 hours at home each night to achieve their work/life balance they are somewhat clueless about the concept. Work/life balance is the equilibrium between the effort required to be satisfied with both your professional and personal lives. For some people, they require less time to achieve satisfaction professionally than others and likewise at home. To each their own….there is no standard right answer for everyone to this equation.
The bigger problem is how to achieve this. While going to work every day helps satisfy one side of the equation, you are most likely working for someone that is more concerned with the bottom line then your work/life balance. In their eyes, they are more concerned with achieving the best result for the business rather then if you are succeeding professionally or personally. According to Gallup, only 34% are happy at work. We don’t know how many of this percentage is also happy at home but at best, we can say two-thirds of people out there aren’t happy with their balance. At worst, and more likely, it is a much higher percentage of people that aren’t happy either professionally or personally.
This is where flexibility becomes the key. When it comes to achieving happiness either personally or professionally (ideally both), before one can even start, they must have flexibility. According to a Deloitte survey, 84% of millennials say that some degree of flexible working conditions is extremely important to them. This should come as no surprise since this generation is the first that has been fully raised in this new work/life balance world we now live in. However, that same survey found that only 39% were given this flexibility in their current position.
Some people are surprised when I tell them I took 4 weeks of vacation last year as a business owner. Their surprise turns into outright shock when I mention that I am home most days to meet my son walking home from school or coach both of my sons’ flag football teams. Everything out there says that business owners don’t have this sort of flexibility. Everything you read conditions business owners to feel guilty if they are not working 80+ hours a week on their business. While the premise of much of what the media and others put out there regarding dedication to your business is true, the methods should be seriously questioned.
Owning your own business gives you the flexibility that you need to balance your professional and personal lives. I love being a business owner and it continues to fulfill my professional aspirations. Each day brings new challenges, some of which quite frankly aren’t that much fun. However, I get to make the decisions and I am in direct control of my own fate. Working with a franchise provides even more flexibility because of the assistance and support they provide. A franchisee doesn’t need to shoulder all of the marketing or technology burdens. Rather, the franchisor shares in that responsibility.
What it Comes Down To
The decision is a very personal one. No matter which you route you decide, the business will ultimately be yours. Hopefully, this has given you a little more insight into the decision then you had before.
Below are links to each article in the entire series of 7 Reasons to Franchise.
- #1 The Franchisor is your Business “Partner”
- #2 Experience of a Franchisor Translates into Dollars
- #3 Most Franchisors Offer the Expertise of a Professional Business Team
- #4 Franchisors Aren’t Selling a Job, Their Selling You a Business
- #5 Franchising Offers Flexibility
- #6 Franchising Can Help Financing Your Business
- #7 Franchising and the Risk Equation – What is the right amount of risk?
If you are interested in discussing franchising or oppurtunities with Monkey Bizness, please reach out to us.