Does an entrepreneurial spirit run in your family? If so, pursuing franchising as a family business can be an excellent opportunity for you and your loved ones to come together in an industry that interest everyone.
If you and your family are looking for the next steps in your careers or have always wanted to run a family business but desire greater security and support, investing in a franchise can be an attractive option. Franchising offers a unique business model and support structure, which differs from a career in the corporate world or launching a startup. As a result, this opportunity can be a new and exciting way to pursue a career that better aligns with your collective lifestyle and ambitions.
There can be many advantages to running a franchise as a family business, one of the most significant being you are around those you know, care about and trust. Who you work with can play a big role in any business, as it can impact how a business functions, the workplace culture, your level of contentment and more. However, with your family members as employees, you can skip some of the initial stages involved in putting together a team and instead quickly formulate a strategy that highlights each other’s strengths to create a daily routine that works best for everyone.
This article delves into the benefits of running a franchise as a family business to assist in your decision of if a franchise is right for you. If you are interested in learning more about franchising with Dogtopia, check out our different franchise ownership models to determine a path that aligns with you and your family’s business goals. Our FAQ page also has answers to our most common franchising questions.
WORKING TOWARD A SHARED GOAL
It can take a great amount of time and commitment to run a franchise and having a team you can trust is important. When running a family business, each family member desires to succeed and meet business goals, especially because there is a personal tie to the business. This can be highly beneficial, as you want that amount of effort in order to generate the most success.
If you have additional employees outside of your dedicated family members, they can also demonstrate these qualities. However, because you and your family began the franchising process together, along with the collective monetary and personal investment each of you has made, there is a greater drive to see the business take off rather than only seeing it as a job.
PASS DOWN VALUABLE BUSINESS KNOWLEDGE
One of the major benefits of entering the franchise industry is the established business model that franchisees follow. Having a set plan, along with initial franchisor training and support, allows a family to focus on the products and/or services they provide and carry out their role successfully. This means even if they do not have pre-existing knowledge and experience in the industry or running a business, they have the ability to succeed.
Through this experience, younger family members can obtain the necessary knowledge of what it takes to run a franchise business, both from the training by the franchisor and other family members running daily operations. In turn, this can be beneficial if you pass down the business to future generations, as they can feel better prepared and more experienced in the industry.
A SUPPORTIVE TEAM FROM THE JUMP
Running a successful franchise requires support from both the franchisor and your employees. As a family business, you can feel assured that you have a supportive team, as it was a combined decision to work together. Everyone wants to see the business succeed, especially because that success will impact everyone in the family. This supportive nature and abundance of empathy can be valuable leadership qualities that are key to maintain a successful and positive workplace.
PLAN FOR RETIREMENT TOGETHER
Whether you are interested in running a family business with your partner and/or children or with those directly related to you (i.e., parents, siblings, cousins, etc.), the idea of being able to retire together or have a retirement plan set in place can be extremely appealing. In typical corporate positions, the age of retirement can look different depending on the role. However, with franchising, there is much more flexibility regarding the involvement in running a location over time. This corresponds to greater freedom to carve out a retirement plan that can work for everyone’s needs and lifestyles.
GREATER WORK-LIFE BALANCE
Running a franchise as a family business allows you to combine your personal and professional life. Rather than spending hours apart from your family, you can be by their side and spend quality time together. Being around family more often is something many professionals desire. Although you would be with family within a professional work environment in this situation, there is still a level of comfort and familiarity that working with your family can provide. This combination of both worlds can create a positive work-life balance.
AWARENESS OF STRENGTHS AND WEAKNESSES
It is not expected that every family member will know it all when it comes to running a franchise. Thankfully, that’s where franchisor training and support come in. Having family members as your employees and knowing their existing strengths and weaknesses helps speed up the process of assigning roles and responsibilities. This can be extremely beneficial, as you can create a plan of action with each family member that plays to their strengths. This can create an efficient system and allow for smoother daily operations because you know each family member is doing something they are skilled in.
FRANCHISING WITH DOGTOPIA
If you are considering opening a family business and want unwavering support from a franchise to offer guidance every step of the way, our team at Dogtopia is here to provide exactly that. In fact, many of the franchise locations in our network are run by families! You can learn more about franchising with Dogtopia on our Why Dogtopia? page, while our About the Pet Industry page can provide more insight into the industry you are about to enter. To take the first step, please fill out our online franchise inquiry form if you meet our franchise requirements.