How do you effectively convey the benefits of a good franchise lifestyle without suggesting a franchisee’s work life is a breeze?
John Barley, partner, Let’s Talk Business Consultants (NZ) talks about lifestyle balance. “The sense of well being or should it be being well. A friend of mine said that the definition of well being: is having peace, joy and a sense of change.”
So what happens when it goes awry? Ultimately, it’s crucial for there to be clarity between franchisee and franchisor about what that flexibility looks like.
What to tell franchise buyers about lifestyle
Troy Bingham, managing director Froyo Robotics (Reis & Irvys)
“I think you start by conveying the truth! Rather than sugar coat how great it is to own your own business, we need to explain the downsides as well, or you just end up with bigger headaches later. In my experience as a previous franchisee this area of staffing is downplayed to make the financial model work and look attractive.
“Now as a franchisor I talk more about the issues they will face to see if they have the resilience to stay the course when it gets hard. Give them the actual financial and staffing models and allow them to do what if analysis to see the various outcomes before they make a decision.”
Natasha Morgan, founding franchisor and CEO, My Home Watch
“Most of our prospective franchisees are looking for a franchise model that gives them lifestyle flexibility. They understand that it’s going to be hard work and that they aren’t buying a job and ultimately what they put into the business they will get out. Most are looking not to be tied to a lease or business with set opening hours and enjoy the flexibility that our franchise system and model provides.
“As a franchisor we are transparent about what kind of dedication, passion, commitment and service it takes to create a great business which then can ultimately result in a lifestyle of choice.”
Luke McKavanagh, franchising & commercial, Stone Group Lawyers
“In terms of selecting the right candidate, I tell my franchisee-clients to ask themselves whether they can see themselves working in that business daily and if they’d be happy doing that. The sky’s the limit when you have a franchisee who is passionate about what they do.”
How to sell flexibility
Tell the truth…honesty, transparency and an open approach pay dividends. It’s important to ensure good communications with franchise buyers.
Advise the potential franchisee to speak with other franchisees in that network so that they can evaluate exactly what time is needed to maintain the lifestyle that they are seeking.