You can picture yourself running your own business. In your daydreams you might spend a few hours a day doing the books, let your trusted employees handle the bulk of the business day, and show up to collect the deposits at the end of the day.
That is a nice dream, but it is unrealistic. Franchise ownership can pay off only after a significant amount of hard work.
Every situation is different
A lot of what you can expect with your workload could depend on your franchise agreement and whether it includes requirements for when you must be open. The more hours you are required to be open, the more hours you’re probably going to have to put in each day.
The nature of your business is also going to dictate the number of hours you put in. For example, a restaurant that’s open 20 hours a day is going to take significantly more time to manage than a cleaning business that only operates on weekends. A retail store may have regular hours most of the year but extended hours during holiday rushes.
Ultimately, you have to decide if the time investment you make up-front is worth it, and you have to level with yourself about specific issues:
- Do you prefer to keep tight control over your business? If so, you will need to put in more hours, especially when you are getting started.
- Are you physically, mentally and emotionally capable of the time commitment? What about your loved ones? This is a discussion you need to have with them.
- Would you be more interested in (and better suited to) a semi-absent franchise model? Those do exist, and it might be an alternative if you are uncertain about the hours you can commit.
Operating a franchise offers many benefits, but you need to go into the process with your eyes wide open. Finding someone who can offer experienced guidance as you make your decisions may ultimately be critical to your success.
NOTICE: This blog is intended solely for informational purposes and should not be construed as providing legal advice. Please feel free to contact us with any questions you may have regarding this blog post.