4 benefits of being your own boss
If you crave the kind of control that only being your own boss can provide, you may have considered franchising as means to get there.
It’s a system that has allowed a number of mum and dad entrepreneurs to become successful small business owners, leveraging their chosen network’s pedigree for profitability.
While franchising does offer a streamlined opportunity to enter business-ownership, it is important to remember the model is not an invitation to do as you please. Franchisors develop set structures and processes for a reason.
Once you sign on to become a franchisee, it is your responsibility to follow the guidelines laid out by your franchisor. If you pick a top franchise, do you research, play by the rules and run a tight ship, there’s no reason why you can’t enjoy the benefits of being your own boss.
Here’s four of the top perks franchising can provide.
1. Individual alignment
The franchising industry is one of the nation’s largest economic contributors, worth an estimated $182bn. With so many established franchise brands on the domestic market, inspired entrepreneurs are spoilt for choice when it comes to selecting the right franchise for them.
To help make the selection process more simple, conduct a life audit. Consider your current lifestyle and identify your professional and personal goals. Are you a hands-on worker? Do you want more work/life balance? Are you passionate about customer service?
By taking the time to audit your current situation and motivations for entering the market, you can more accurately identify the type of franchise business you should operate.
In addition to being an economic giant, the franchising sector also represents a wealth of booming industries. While fast-food and fitness are the mainstays, rising interest in allied health, children’s services and logistics are broadening the horizons of the nation’s entrepreneurs.
The majority of models offer extensive training, opening the opportunity for franchisees to kickstart a new career, regardless of industry experience.
For a number of first-time franchisees, being your own boss can present easy access to an industry of their choice. If you are passionate about food, fashion or finance, there are a number of franchise models that provide the expertise and training to help you achieve your entrepreneurial goals.
Similar to the previous point, conduct a life audit and determine what industry excites you the most. Remember, a franchise business is a long-term investment. Make sure you are confident that this is an industry you could potentially work in for the rest of your life.
Starting out a new business can be exciting, but often fraught with anxiety and apprehension.
In franchising, being your own boss isn’t about struggling on your own. The whole purpose of the model is to provide a stable platform for new business owners to get a leg up in the often-competitive small business landscape.
Here is where the franchisor and network support can come in handy. Be sure to contact your franchisor regularly and speak at length with your field support manager.
This advice can be invaluable to the overall success of your business, particularly in the early days of operation. Similarly, be sure to contact other members of the franchise network for support.
If your chosen model has a positive franchise culture, other franchisees will be more than willing to provide information and advice on they overcame similar issues. Franchising is a relationship-based model, be sure to take advantage of this!
The biggest benefit of being your own boss is the rewards you receive! As a business owner, there is always a strong potential for financial success, dependent on your chosen industry, offering and outlet, but there is more than just money on offer.
Go back to your original life audit and reassess your personal and professional goals. Have you achieved a more manageable work/life balance? Are you spending enough time getting hands on?
A major benefit of being your own boss is self-direction. One of the most important things any entrepreneur can do is take the time to analyse their current structure and routine, accounting for a predetermined set of goals.
If you aren’t achieving the goals that you originally set out in your life audit, or those goals have changed, consult your franchisor and develop a pathway to get you back on track.
The network is there to support you and help you achieve your entrepreneurial goals, never be afraid to reach out for assistance. After all, in franchising, being your own boss doesn’t mean going at it alone.
Being your own boss
For entrepreneurs looking to make a break into business-ownership, franchising can offer the support and structures to streamline the process.
It is important to remember, however, being your own boss is a difficult job, and one that will require a vast amount of time and attention.
Be sure to do extensive research as part of due diligence process, conduct a life audit to determine your goals and follow the processes outlined by your franchisor.