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I kicked around a few different titles for this blog. At first, it was about what industry is the right match, and then the title migrated to choosing a satisfying franchise industry. Ultimately, I settled on finding a franchise industry choice that is “good.” The final title represents more of what matters in your decision-making.
Franchising is a Lifestyle Choice
People enter into a franchise agreement as part of their lifestyle design. One person claims he wants to be his own boss. Another spouts the need to work part-time to satisfy her family obligations. Yet, both people can find their niche in franchising specifically because there are so many options.
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A good decision on lifestyle means using your imagination beyond just being your own boss or coaching on kids’ homework? How can your daily life look? Unlike a traditional job, when you decide to buy a franchise, you can create a lifestyle that builds around your dreams of the perfect day. A franchise investment allows designing very specific traits in your day-to-day existence:
- Physical activity. If you have struggled for time to work out, dance, swim or participate in your softball league, those activities can become more available based on your franchise industry choice.
- Mental expansion. If you desire more access to lectures, coursework, or artistic expression, it is feasible with a franchise that complements these goals.
- Spiritual nurturing. If your perfect lifestyle allows time for meditation and mindful practices, you might choose a franchise that gives you the freedom to indulge this oft-overlooked interest.
- Family time. Working for someone else often means sacrificing valuable time with your children and partner. You can prioritize your relationships when you invest in a franchise.
- Travel. You can’t be in two places at once; however, if traveling is a priority, you can make it happen when you meld your desires with a suitable franchise operation.
You may have many other priorities and dreams you would pursue if you could. Once you understand your dreams for your lifestyle, you will automatically eliminate some franchise industries that are not good for you.
For example, you cannot help an ailing parent at night if you are operating a restaurant that serves dinner. Nor could you travel every springtime if your franchise focuses on tax services in the first several months of the year. Food and tax franchises are perfectly appropriate for some dreams, but they might not be good for you. When you evaluate your lifestyle preferences, you will discover which industry choices can sustain them.
There is Still a Price to Pay
Investing in a franchise still costs money. Once you have narrowed down your industry choice to fit your lifestyle, you must evaluate which choices fit your wallet. By first designing a lifestyle that you value, you will more easily accept the investment amounts that a franchisor asks.
As with any business, the price to get started in a franchise varies widely. If your lifestyle dream needs to match a low-cost franchise, it is possible when there are so many choices. But no matter your financial situation, you are more likely to find a good franchise industry once you have imagined a good lifestyle.
The price you pay for your franchise, even an expensive one, will be easier to justify and accept when the franchise is helping build the good life of your imagination.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.