One of the key benefits of franchise ownership is the flexibility it affords work-life balance. Once you decide to follow an entrepreneurial path, you’re trading out your previous time commitments with one where you’re in the driver’s seat. There’s a joke about the daily commute in here somewhere, but we digress. In this FranNet blog edition, we’re going to look at a few specifics of newfound flexibility that could put you on the road to success.
By nature, the majority of franchise opportunities are purpose-built with a business model that’s both scalable and flexible. After you’ve established your baseline of operations and have a franchise opportunity up and running, the subtle differences in your ability to manage your time will slowly become evident. But first, let’s consider what you could be leaving behind.
The “40-Hour” Work Week…
Jobs in Corporate America are based on the traditional 40-hour workweek. Did you know that this standard began in 1914 when the Ford Motor Company scaled back work hours from 48 to 40? Even Henry Ford, the Godfather of the automated industry, felt that too many hours dedicated to work were bad for productivity! 40 hours is what’s on paper, but the reality is far different if you’re willing to take note. Once you add in the amount of time it takes to “get ready” each morning, your daily commute—of which the U.S. average for metro areas is 52 minutes each day. What is the opportunity cost of this time behind the windshield? Multiply the minutes of your commute with $50 (the average per hour salary of the workforce) and you’ll have your answer. Shocked? You should be.
Additional Opportunity Costs Add Up
What else should you be totaling up to get an accurate figure of your time and monetary commitment when working for someone else? Childcare, after-hours work (checking email long into the night), and work-related errands (dry cleaning pickup, etc.) come to mind. For a reality check, take a moment to review the recent “American Time Use Survey” released by the U.S. Department of Labor. Whatever the final tally in your opportunity cost of time and money, be reminded that this is done in the service of others.
Set Yourself Free
Deciding to own a business of your own comes with a real bonus—the ability to take back control of your time management and opportunity costs. As a successful franchise owner, you’ll eventually have the means and opportunity to create a work-life balance that’s right for you and your family. Many of the tasks related to owning and operating a particular franchise are thoroughly supported by the brand, especially as it pertains to oversight. What would it mean for you to have the ability to run your daily errands at a time of your choosing? How about the possibility of picking your kids up from school? Watching them play sports or participate in piano recitals? How might your life change if you could up and leave at a moment’s notice to take care of a pressing concern?
This type of flexibility likely won’t be an overnight phenomenon. Establishing a successful franchise operation does take its share of time, effort, and critical attention to detail. But once you accomplish a work schedule that allows you to meet your income-producing benchmarks, the balance of your time is something you’ll own—not rent out to someone else.
If you’d like to explore how your outlook might change with a better work-life balance, let’s talk. All you have to do is make a no-cost, no-obligation appointment with a qualified FranNet representative who both lives and works in your area. Together, we can find an ownership opportunity through franchising that could provide the flexibility you didn’t think was possible.