The Benefits of Investing in a Franchise for Your Children
Securing your children’s future doesn’t have to be just a dream—you can make it a reality thanks to franchising. Rather than starting a business from scratch, investing in a franchise offers a range of opportunities that allow your children to find success in their chosen industry while having the support required to do so.
Investing in a franchise, and allowing your children to run it, is gaining popularity as a way for parents to help their children prosper in a business world that’s becoming increasingly harder to break into. Below are just some of the benefits if you are considering doing the same.
OPPORTUNITY FOR A FAMILY-RUN BUSINESS
Investing in a franchise and having your children take the helm can be an excellent opportunity to start a family business. Depending on the franchise ownership model you select, you and your children can run day-to-day operations, or you can choose a less hands-on model (i.e., semi-absentee or absentee) that still allows you to assist your children with the training and support they need to run the business.
If your children are not yet at a working age, but you are looking to hire them when they are, you can teach them the skills necessary to take over the responsibilities and tasks, which can be a great way to ensure you have someone you trust in charge. The same can be said if they are at a working age, as you can pass down the skills and training you acquired from the franchise business to them, and they can bring their own professional and leadership skills into the role.
Another benefit of running a franchise as a family business is knowing that you and your children are working toward a common goal. You can feel reassured that your children want the business to succeed, as a personal connection is involved. Running a business as a family can be a great way to grow and succeed together.
SUPPORT IN THE BUSINESS WORLD
Compared to launching a startup, franchising offers the stability of support and training by the franchisor to the franchisee. There is already a set business model to follow that has proven to be successful, and the initial and ongoing support provided by the franchisor allows those who may have a limited amount of experience in running a business the opportunity to succeed.
If your children have yet to gain experience within the business world, investing in a franchise can be an excellent opportunity for them. They can access franchisor support as they build their knowledge, develop greater business confidence, obtain leadership skills, and more. Franchising can give them a “safety net” as they learn the ropes of running a business.
PROSPECT FOR FINANCIAL FREEDOM
Simply put, when you invest in a franchise for your children, you automatically provide them with a consistent, reliable job. This can be a significant step if your children want to skip or step back from a corporate role and move into something that will offer them greater flexibility as they earn an income.
One of the significant benefits of franchising is the brand recognition that exists. With this comes customers who are already familiar with the brand or that associate positively with the business. This is a result of the work put in by the franchisor over the years, which franchisees can benefit from to form customer relationships. Because of this, trying to attract customers is less of a hindrance, which can lead to a greater likelihood of revenue.
This is not to say that no hard work is needed to succeed in a franchise. However, with the steps already taken by the franchisor, you and your children running the location can feel better prepared to generate profit. In turn, this can allow your children a sense of financial freedom, as their income is not capped as it would be in a corporate role.
If your children are successful at running the franchise business, they have the opportunity to build on their profit through multiple streams of revenue, choosing to invest in a second location, and other profitable opportunities. As a result, investing in a franchise for your children to run can be the first step for them to reach financial freedom long term.
MORE TIME TOGETHER
As a parent with adult children, finding opportunities to spend time together is not always easy, especially with busy schedules. However, if you invest in a franchise for your children to oversee, there is a greater opportunity to bond. Keep in mind, there are many daily responsibilities in running a franchise, but knowing that your children are not in an office setting where they can’t leave during business hours allows the chance to see them throughout the day. Also, if there are any franchise conferences or network events by the franchisor, you can go together since you are both part of the business.
FRANCHISE WITH DOGTOPIA
Investing in Dogtopia and bringing a doggie daycare to your community can allow your children to enter the booming pet industry. If you want to know more, be sure to check out our Why Dogtopia page for greater insight into who we are and our comprehensive FAQ page for answers to our most common franchising questions.