Are you looking for a new career path? Do you daydream of dedicating your precious time to something that’s more rewarding, personally or financially? Maybe you’re getting sick of watching your boss swan off on golf trips while you graft and bring in the cash. Would you love a new challenge that got you out from behind your desk so you can meet or help more people?
Those who seek out a franchise lifestyle have all kinds of motivations. But more often than not, they’re looking for a way to make intentional life changes in a way that works for them. Could a franchising lifestyle work for you?
Franchisee versus Employee Life: What Changes?
If you have plans to become your own boss, you should know that franchise ownership isn’t for everyone. Franchising offers a business roadmap with systems and support for success but there are some trade offs along the way. Let’s compare being a franchisee to employment and entrepreneurship, so you can consider your personal pros and cons of franchise life.
The Pros
When you’re sick of living to work and ready to quit the 9 to 5, becoming a franchisee could put you in the driving seat. It’s often said that when you work for yourself, you uncap your potential income because you are responsible for your own success. Over time, as a franchisee you could create a lifestyle that works for you. And by seeking out a franchise that aligns with your personal motivations and goals, you might just improve your sense of fulfilment, too.
Many franchise opportunities allow you to set your own working hours aligned with the functional needs of your business, offering you the ability to build in flexibility where it matters. That means you might never need to miss another school play or struggle with the pain of toothache because you can’t dip out of work. Plus, when you’ve got extra energy and time to give, you can put in extra hours.
The Cons
As an employee, you’re likely to take home a set salary and have fixed minimum or core hours, possibly with the option of paid overtime. There’s also holiday and sick pay that provides stability. As a franchisee, those kind of benefits work differently. And realistically, you may need to work longer hours at least for an initial period while you get things set up and running well. Your income is likely to fluctuate and you’ll enter the world of cashflow planning. These financial considerations all need factored in alongside the fact you’ll need to make an investment up front to finance your franchise.
As your franchise develops, your might choose to be very hands on and work alone, so more profit is retained in your business. Of course, this means lower levels of flexibility and scalability. Hiring staff and appointing a manager could help you grow your business – but it will also mean sharing some of the responsibility for your business’s success.
Franchisee vs. Solo Entrepreneur: Which Suits You?
The Pros
If you’re eager to get started with building a business you love, being a franchisee could help you skip some of the startup hurdles. You’ll also buy into an established business brand, with a proven business model and back up support. For your initial investment, you’re likely to get support with business fundamentals like marketing and training. After launch, many franchises also offer access to specialist franchise tools and platforms to streamline and take some of the stress out of running a business. Crucially, all of this typically comes with a lower start up cost than if you decided to start a business from scratch.
Another advantage of joining a franchise versus setting up a business is that you become part of something bigger. You instantly gain an experienced network of peers that you’ll hopefully be able to lean into. Top franchises often run community events where you can connect and learn from one another. If values matter to you, choosing a franchise opportunity that aligns with your personal principles means you’re likely to join a network where your business peers hold similar values and have a shared vision, too.
The Cons
If you’re overflowing with entrepreneurial spirit, have your own big business ideas or crave creative freedom, franchising might not be for you. Freedom and flexibility does vary depending on the type and needs of the franchise you choose. Although franchisees can be strategic and innovative within their business, you must operate within an agreed franchise framework.
Examples of franchising operational constraints you might come across include:
- Needing to stick with fixed opening hours (e.g. offering after school and holiday clubs)
- Adhering to brand guidelines for marketing
- Following standard operating procedures
- Being limited in your ability to evolve products or services.
Initial franchise fees can also be substantial. It’s also likely you will have a level of financial commitment beyond that first investment. Most franchises charging an annual royalty fee and often marketing or other fees for ongoing support.
Another financial point to consider is procurement. Joint franchise buying power could snag you lower rates with suppliers, buy may find you are restricted to purchasing products or services from agreed suppliers.
How to choose the best franchise for the lifestyle you want
Think about your motivations for starting a business, as well as the working hours and income you’d ideally like to achieve. From here, you can create a picture of your ideal franchise life.
Explore lifestyle implications of franchise categories
There are so many different types of franchise opportunities on sale in the UK. To find your best fit, think about how businesses in different franchise categories are likely to operate. How might they work with the lifestyle you crave? For example, if you like helping people you might consider a care franchise, but this could mean working early mornings, weekends and potentially overnight and during holiday seasons, too.
Consider about franchise location and operation
Your desired location and franchise premises can also be factors in creating the lifestyle you want. Do you want to be part of and positively impact your community? Would owning a work from home franchise help you achieve better work life balance? If you like to travel, could a home services or mobile franchise opportunity work for you?
Think solo, family or couple, or management franchise
Finally, picture who you’d like to be part of your ideal business:
- Do you want to be hands on and handle as much as you can solo?
- Could a family or couple run franchise give shared goals and more time with the people you care about most?
- Or, are you driven to maximise your income or reduce your working hours through scaling by taking on employees?
Ready to embrace the franchise lifestyle? Here’s your next step
Do you think a franchising lifestyle could be a fit for you? Hopefully you now have some clarity to go forward to build a life you love. To understand how different franchises could change your lifestyle, talk to existing franchise owners about what their life looks like, and why. Get in touch with us and we can arrange a conversation with one of our franchisees.
Franchising A-Z of terms for beginners will help you with franchising lingo.
Steps to starting a franchise can help you create a roadmap to your new life.
