Franchising and families were meant for one another. How so? The most convincing argument holds that close-knit support is absolutely necessary to launch an entrepreneurial venture. At FranNet, we believe that having the support of your immediate family is part of the implied construct of a successful venture into franchising. If you go into franchising without the proper level of support at home, success may eventually elude you. During this edition of FranNet’s blog, we’re going to look at three examples of how families can get into franchising together.
The Husband-Wife Team
A franchise operation helmed by a husband-wife team is often a match made in heaven. In a marriage, you share the closest bond of your immediate family. At least, that’s how it’s supposed to work! By approaching franchising as a team, the husband and wife team bring a united front to the shared success. There are countless examples of couples getting into franchising and finding it to be exactly what they needed in terms of time management, income and freedom. A business which allows you to create your own on the clock hours means more time for children, errands and efficiency. Many franchise concepts are innately designed to appeal to the husband-wife ownership model. If you’d like to know which ones, make an appointment to talk to FranNet and we’ll clue you in.
The Family Business
No, we’re not talking about The Godfather and his Genco Pura Olive Oil business, but rather a franchise opportunity built for another type of family legacy. Many budding entrepreneurs get into franchising for the sole aim to build a family business. In addition to launching a successful franchise, they hope and endear to build it into an empire—often adding additional franchise locations after the first successful run. It’s all about having a legacy of something to pass down to your children. Millions of people do this with their existing small business operations and franchising is no different. Many parents get into franchising when their kids are young. When they turn of working age, they have an instant opportunity at employment. After many years (and hopefully advanced degrees), the children may one day take over the business and carry on the family legacy.
Brothers and Sisters
A third and final example of the family franchise opportunity involves the siblings. Dun-dun-dun! After growing up with one another their whole lives, who better to understand the different strengths and weaknesses of one another? That’s why brothers and sisters (or other same sex combinations) make excellent franchise partners. It’s not uncommon to see the type of success that leads to additional franchise operations in the pursuit of an empire. If you have a sibling you think would make an excellent business partner, we may have a franchise concept in mind.
Families and franchising are a common theme in entrepreneurship. At FranNet, many of our clients contact us and ask about different concepts that are designed around a family working with one another. If this sounds like an appealing idea to you, call us today and arrange a no-obligation, no-cost meeting to discuss your options. It just might hold the key to family success.
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