How many times have you thought, dreamt, or wondered how it feels to own a business? How many times have you wondered what kind of commitment would be required to start something of your own?
There’s no doubt that a franchised business is one of the best and safest options you have for starting your own business. Yet, many people fear taking that step toward franchised businesses due to their lack of information. Here’s a simple reminder of why most franchised businesses skyrocket: People are loyal to their brands.
71% of consumers are more likely to purchase a product from a brand they recognize
Owning a franchised business is great, but it comes with a lot of questions that need to be addressed and answered. And that’s why franchise consultants like me are here for, right? So, without any further ado, here are the 3 types of franchise ownership you need to know before considering your own franchised business:
1. The Operator:
This is the closest you’ll get to starting your own business from scratch, except it’s a franchised location. It requires your full attendance and commitment. You’ll be in full control of the location operations, and you’ll be required to make all the operating decisions yourself, so a little industry knowledge is always a good thing.
It’s time to put all of your management skills into action, and by “all” I mean all. This is the most popular style of franchising with people making the commitment to transition themselves into a new role as business owner. You’ll leave your current daily job to take care of your own entrepreneurial dream. This comes with the risk of leaving a stable income to start something of your own, yet alleviates the risk of having someone else in control of your future. Nevertheless, here’s a tip from an experienced businessperson like you:
Don’t fear the journey, but love the destination instead
Owning multiple locations is still a possibility with this type if you find yourself able to manage the managers and possibly multiple crews.
2. The Semi-Absentee:
This type comes in the middle where you get both control and time. Semi-absentee requires you to work only 10-15 hours per week on your franchised business. This allows you to keep your current daily job with the benefit of its steady income. You’ll manage the place as an owner, share the vision to other managers and employees you hire, and leave your qualified people to take care of the operations while staying in control at a higher than day to day level.
Don’t work hard, work smart
Remember that it’s always your responsibility to lead your business to success, so great leadership skills are always required to drive your people. And owning multiple locations is still a possibility with this type if you find yourself able to manage the managers at different locations.
No matter what type you prefer, always keep in mind that your future is within your hands, and your hands only. Sometimes, we have to invest our time and money to bring our dreams to life.
3. The Absentee:
Think of this type as an investment opportunity, nothing more. You’ll put the capital in place, hire the right people to operate it, and watch the return on investment come back to you while you focus on your other priorities. You don’t have to attend at all, you don’t need industry background, you don’t have to worry about the daily operations, and you don’t have to make most of the decisions. You’ll hire managers to take care of all of that.
The major issue with this type is the high staffing and operating costs, but if you got that covered you have nothing to worry about. In fact, with some of the operations load off your back, you’ll have more personal freedom for yourself. You’ll also have the option to keep your current daily job as a steady income, in addition to the new business.
Don’t work for the money, let the money work for you.
- Robert T. Kiyosaki, Author of Rich Dad, Poor D - Robert T. Kiyosaki, Author of Rich Dad, Poor Dad
The possibility of starting multiple locations is very likely as you’re not required to put your time and focus in one place only. This is why this type of ownership is sometimes referred to as a “Multi unit franchise.”
The above is literally just the beginning at a very high level.
Let’s talk! I have plenty of experience and insight to support you in deciding the road to choose that’s best for you. Let’s bring you one step closer to your dreams. And always remember: my consultations are free to you! All you need to do is take the first step and reach out, then we’ll take care of the rest together.