Are you thinking about getting into a franchise business but would like to do it with a partner? And is the business partner that you’re thinking of also happen to be your life partner? Operating a franchise business with your spouse or significant other can be a wonderful adventure, but there are also some pretty serious pitfalls if you’re not careful. In the best case scenario, you can have a thriving and successful business together but in the worst case scenario things could end in financial ruin and divorce.
So before you go ahead and take that giant step, here are a few things that you should consider carefully:
Can you both afford to quit your day jobs?
Any new business can take some time before it becomes profitable and franchises are no exception. If the two of you have built up substantial savings of at least a year’s expenses, then you should be able to make it through the first few lean months.
Additionally, you both need to ask yourself whether you can emotionally afford to have both of you quit your jobs. Even if you have savings, getting that regular paycheck from at least one of you can be a real comfort. Ask yourself if you are ready to forgo that.
Are you both equally committed to the franchise?
Are both of you excited and ready to dive first into this franchise opportunity or is one of you doing all the driving while the other is going along for the ride?
Just like nurturing a good relationship or raising children, operating a business is a lot of work. It can involve long hours and sometimes spending time and energy on the business when you’d rather be doing something else.
If your spouse isn’t really passionate about the business, it might be better to run the franchise on your own and let them stay in their current position.
What roles will you play in the franchise?
Couples often have diverse skill sets and this is one area which can really help them if they want to go into business together. Is one of you really good at sales and schmoozing at networking events while the other is a whiz at keeping HR records and financial accounts? Then make sure you divide your labor accordingly!
Work to your strengths and don’t get down on your partner because for their weaknesses. Use your diverse skills to your advantage.
Do you have the same vision for the franchise?
“Where do you see this going?” is a question couples often ask in the early stages of a relationship. Well, it’s also a great question to ask at the beginning of a business venture. Is your goal simply to have a decently successful business and take care of your family? Or do you dream of building your own franchise empire with multiple units?
Make sure you and your spouse are on the same page before you begin. You can always change your vision down the road – just make sure that you do it together.
If you have respect for your spouse as a business partner and are able to work well side by side with them, then operating a franchise together can lead to financial success and happiness. Just make sure you work through the tough questions first and make sure this is really right for you.
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