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Perhaps you’ve dreamt of starting a franchise for a while. After all, having autonomy over your business while having guidance and support from an established brand has a lot of allure. But there’s one glaring question as you start to zoom in and consider franchise ownership — what will your life look like as you leap this new journey?
The franchise owner journey is unique because there’s flexibility and a structure to guide your way. For those thinking about investing in a franchise, a common question arises in the consideration phase — what will the journey look like as a franchise owner after the initial investment? Let’s break it down into a few core parts.
Operations
Staffing. Human resources. Making sure the lights turn on each morning and go off each evening. There’s a lot to manage with the daily operations to ensure the franchise runs efficiently and productively. As the franchise owner, it’s your job to maintain those quality standards and extinguish any operational fires as they arise.
Customer Service
Customers are the lifeblood of any business, so it makes sense that as a franchise owner it’s your job to ensure they’re happy. While you don’t have to be the one answering every phone call or question, it is important to keep a pulse on customer sentiment. Are you receiving positive reviews of your restaurant online? Are your customers happy with the level of cleanliness they receive from your cleaning franchise?
Knowing your customers' feelings will help you determine how well your franchise performs. Staying on top of those service levels will allow you to resolve problems before they arise.
Financials
As a franchise owner, you track sales, costs, and cash flow. In addition, you’re in charge of analyzing the financial health of your particular franchise division. Keeping a handle on where your money is coming in and where you’re spending money will help you stay within budget and profitable.
Business Development
One of the biggest roles of a franchise owner is growing and developing the business. This requires you, the franchisee, to do a lot of networking, marketing, and sales, especially in the beginning as you establish yourself in the market. Regularly expanding your footprint in the community and bringing in new business is a huge part of your journey as a franchise owner.
If the idea of spending much of your day building the business worries you, take comfort in knowing that you’re supported as a franchise owner. One of the best parts of working with a franchisor is getting access to marketing collateral, creativity, and ideas. You’ll also get to network with other franchise owners who can help you brainstorm new ways to reach your local audience. This level of support is hugely beneficial and can make business development more fun.
Work/Life Balance
Ultimately, as a franchise owner, you’ll get the benefit of creating your own work/life balance. With the perfect amount of support and flexibility, you’re uniquely equipped to design a life around your business in a way that feels good. This part of the journey is one of the most enjoyable and perhaps the biggest reason anyone starts a franchise.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.