Multi-Unit Franchise Experts

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Advantages of Owning a Franchise – More Time with Family

Owning a franchise business is a poignant opportunity for ambitious entrepreneurs who are intent on making their dreams of starting a business into a reality. Those looking to spend more time with their families while unlocking business ownership and financial security can look into the world of franchising, as many franchisors strive to create business models that allow franchisees to balance a career and family life.

At the International Franchise Professionals Group (IFPG), we pair up entrepreneurs across the world with the best franchisors that meet their particular goals. Our experienced members of the IFPG network offer seasoned advice that has permitted many franchisees to find the perfect fit for their families and investment goals. This FAQ seeks to answer some of the core questions aspiring franchisees may have on what benefits a franchise business might have for those desiring a better balance of work and family.

What are the Key Benefits of Owning a Franchise?

Owning a franchise business provides many investors with numerous tangible advantages. These advantages include access to a reputable brand; established customer base; streamlined operations; marketing support; national advertising; supplier discounts; access to industry tools and technology; and ongoing support from the franchisor and international franchise community.

Some unique advantages of franchising include the freedom to create a regime that allows for involvement from family members, the latitude to make decisions on how to operate the business, and the benefit of having a – quite literally – “tried and tested” system in place that increases the chances that your business will not only survive, but also thrive.

What Factors Should an Aspiring Franchisee Investigate When Considering a Franchise?

For anyone looking to purchase a franchised business, there are many factors beyond the brand and market potential that deserve thorough investigation and consideration.

A key factor to be aware of is the cost and availability of financing. Talk to your IFPG broker to understand the financing options available, and compare the various loan products that are available to you.

Other aspects to investigate are compliance with legal and regulatory requirements, franchisor longevity, royalties charged by the franchisor – both explicitly and in terms of any hidden costs, the exclusivity of the franchise territory being offered, and the franchisor’s support that is in place. It’s also wise to investigate the parent company’s business record and the track record of the franchisor to guarantee that the franchise relationship will be fruitful.

What Type of Franchises are Best Suited for People Seeking to Spend Time With Their Family?

People hoping to balance a career and family life should generally focus on investing in franchise operations that are lower cost and have minimal staff requirements. Businesses like a real estate office are more likely to provide an opportunity for success and the chance to appreciate quality family time. Work-from-home franchises such as tutoring services, insurance sales, and meal delivery franchises, are also excellent considerations as they often permit a great deal of flexibility.

Conversely, those hoping to find a franchise which will allow them to bring their children to work may look into franchises that are family oriented such as a children’s recreation center or an ice cream/candy shop. Such businesses often have weekly hours and activities that involve the participation of family members, making them ideal opportunities for those looking to be with their children occasionally.

What are Some of the Benefits of Owning a Franchise Over an Independent Business?

The main benefit of franchising is the benefit of having an established system in place. Since many independent businesses can be difficult to start and run, successful franchising systems often provide investors the luxury of having resources already put into place that will help them succeed. Franchisees often get access to resources that are already in place such as a turn-key operating system, marketing tactics, and tools, as well as franchise-level training to help streamline the franchisee’s success.

Furthermore, most franchisors are able to provide economies of scale and may extend vendor discounts in purchasing power, which often generates cost savings and makes it easier for the franchisee to run their business.

Concluding remarks

When it comes to investing, considering a franchise business could be the best decision you make for your family and future. Franchisees have the opportunity to offer financial security while still having the time to spend with family.

The IFPG is here to help you get started on your journey to business ownership. Our experienced network of franchise professionals and advisors can provide you with sound industry advice to help you make the best decision for you and your family.

Topics:

Franchise Business,

Family Time,

Business Ownership

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