When the job hunt doesn't meet expectations, either in terms of length of time left unemployed or lack of opportunities in any given area, many individuals opt to enter into franchise industry investments with family members, to begin a fresh career prospect outside the typical grind without having to start a brand new business. Across the U.S., many families are entering into profitable franchise agreements after thoroughly researching how their skills partner up with the overall franchise concept and system.
Some key aspects of family franchise arrangements must be considered and weighed between all involved to make sure that franchise business operation in any given market and segment is compatible with the personality, talents, and interests of each individual. Family franchise teams make some of the most successful and lasting enterprises in franchising, and in kind, many families find the benefits of franchise operation far outweigh risks associated with investment, or potential downfalls of opting for a career route leading to employment.
Consider some of the following aspects of operation with a family unit:
- Many recent grads on the hunt for steady employment and unemployed job seekers closer to retirement opt to collaborate, with parents and children, or even other interested family members, joining forces rather than continuing the job hunt. Investment potential leads many parents to franchise operation prior to retirement, working with their children to combine energy and talents. This collaborative effort benefits retirement plans and can then be passed onto children into the future or re-sold down the line.
- What collateral can you and your family members bring to the table in terms of investment and how can you create collateral that will enable you to enter a desired career of entrepreneurship rather than employment? Is operating multiple locations of interest? Be prepared for initial costs, research available investment dollars, and consider a franchise situation that suits your capital situation, whether it’s $20K or over $100K.
- If your aim is to invest and then re-sell later, count on setting aside around 7 – 10 years to create a successful and reputable family operation. Short term situations rarely lead to fast success or impressive resale values. Expect to create something of value and you will. Involve your family in this process and be united to reap rewards from the benefits associated with family team work that boosts a system’s stability in a local area.
- Trial and error is the name of the game, and many former college age folks, and even former corporate career focused individuals find their experience is valuable though has its limits in the world of business management. Family franchisees often invest and train within the system, while learning as they go, which makes franchise industry prospects exciting and potentially unlike any former professional or educational pursuits.
- Dynamic family energy and creative ideas must still operate within the framework of the franchise system, so choose which system you enter and invest into with care, focusing on a concept you’re excited about while researching how franchisors encourage innovative franchisees and feedback. Organize each individual’s talents by their respective position, assigning responsibilities that make sense and maximize the overall value of family operation. Choose a franchise segment that is compatible with each family member’s aims, and discuss options in detail. Know yourself and know your family, considering how certain characteristics will work with the demands of business operation.