You may have dreamed about owning your own business, but have you ever dreamed of owning a business with your family?
With family-owned businesses accounting for 62% of the nation’s employment, it has been a great option for many. Imagine growing a successful business together as a family, and then leaving a legacy for your children!
Of course, we know that owning a franchised business can be a great path to success. Starting a business that already has a known brand, superior training and support, and a masterplan for growth and success makes franchising very attractive. In this article, we would like to discuss how to go the franchise route as a family. How do you choose the right franchise, and maintain a harmonious personal and professional life?
Can the Family Handle the Stress?
You know your family. You may all still live together. You may have adult children living on their own. You need to take a close look at your family dynamic and determine if everyone can handle the stress of working together while maintaining the family unit.
There are many issues that come up when running a business. Financial, customer service, vendor problems, and employee management to name a few. You just need to make sure that everyone can handle the pressure. After all, family is always more important than business.
Make Sure Everyone Knows Their Role
If every family member does not know their pre-determined role, the chaos that could ensue can be dangerous.
Every member of the team should understand what their role is, what their individual expectations are, and what their personal goals are. Only when these are assessed can everyone work towards the common objective of creating a successful business.
Create Boundaries!
Keeping family life and business life separate will be tough. The two don’t always mix well, so it is something to be fully aware of. You may be in that meeting room with your spouse and children, but that cannot be confused as family time.
Build it as a Family
As you create payrolls, benefits, and other ongoing procedures, be sure to include the family. This will help them understand their roles (and future roles) in the franchised business. Bring in a professional to help structure the family-owned business, and to create a succession plan that is a right fit. If your children are involved in the business, this will let them know just how serious you are about making it work for them.
Communication, Communication, Communication.
Finally, an open line of communication between the family members will be an integral part to making the business run smoothly. An open line of honest communication can only help keep the business in sync with both your, and the franchisor’s, plans and vision.
If you are considering starting a business with your family, we are very excited for you! It’s an amazing way to not only provide them with great security and income potential, but to also grow closer together. And one of the best ways to get started is to find a franchise consultant that can guide you through the process of franchise ownership.
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at info@franchisematchmakers.com to find out more about franchising options that are perfect for you.
