There’s hard work, and there’s really hard work. Owning and operating a franchise business falls under “really hard work.” Are you prepared for it?
Owning a Franchise
“If it was so easy, everyone would do it.” That’s a true statement, especially when it comes to being the active owner of a franchise business. Most franchises require their owners to be active — to be working in the business. But some, like these, don’t. In this post, I’m going to focus on active, full-time franchise owners.
When you own and operate a franchise business, you’re going to put in very long hours — especially at first. That’s because you need to oversee many aspects of your business, including:
- Interviewing and hiring employees
- Planning your grand opening
- Ordering inventory/supplies
- Setting up the technology
- Doing “dry-runs” with employees before you open
If you own a franchise that requires employees, they’ll need leadership. Initially, that leadership will come from you. You’ll set the tone. You’ll let your employees know what you expect from them, and what they should expect from you, as the owner.
After some time, you may be able to delegate some of the management/leadership aspects of the business to an employee. Doing so can free you up to other thingshandle other business matters, like business-building.
For the most part, expect to put in 10-12 hours a day, six to seven days a week, depending on the type of business you own. For example, if you own a food franchise, 12 hours a day is pretty much the norm. And most of those hours are going to be spent on your feet, since food-service work is very physical at its core.
Similarly, retail franchise ownership requires lots of 12-hour days, with most of those hours being in an upright, standing position.
On the other hand, if you own a B2B franchise, although there is physical work involved, you’re probably not going to be working 12 hours a day. Plus, since most B2B franchise businesses tend to only be open Monday through Friday, your total hours will be less than a food franchise or a retail franchise business.
Tip: As you search for a franchise to own, ask the franchisors you contact about the hours you’ll have to work in order to be a successful owner.
Working long hours requires you to have lots of energy. But owning and operating a successful franchise business requires more than just physical energy. You’ll also need:
1. Mental energy
You’re going to need a lot of mental energy to get you through the daily twists and turns all franchisees experience. Things like equipment breakdowns, employee no-shows, and technology problems — to name just a few — can and do happen. You’ll need to handle them quickly and professionally.
2. Positive energy
To be a successful franchisee, you need to be positive. You need to believe in your business, and the products/services you offer. You need to believe in your talents, and in the talents of your team.
Because when you are positive, your employees and your customers will feel the positive energy you’re putting out. The result: Your employees will be more cooperative and more energetic, and your customers will gladly hand over some of their money.
The bottom line: If you have the physical and mental energy needed to run a franchise business, and you can tap into your leadership abilities, the sky is the limit.