You have always wanted to run your own business, and now you feel like the perfect franchise opportunity has arisen. It feels like your dream of becoming your own boss and running a business is now a possibility.
You know you will need your partner’s support during this process, but you may not realize just how important it is for your success until you are in the middle of the process. Why is your partner support so important when you start a franchise?
The opportunity won’t come cheap
Franchises are expensive. They require financing commitments, direct financial investment and a willingness to continue investing in the company until it begins turning a profit.
You may have an obligation to match advertising investments or make other personal contributions based on the contract you have with the company. Your partner may need to adjust their standard of living or accept that they will be the sole wage earner until the franchise becomes profitable.
They may have to pick up slack around the house
It is common for those managing a new franchise to work 60 or even 80 hours a week. You may put in 12-hour shifts when running your business at first, working from when it first opens to when it closes at night.
Your partner may have to adjust to the implications of needing to maintain the household and family without your direct involvement.
You will need emotional support
Starting a business is stressful, and you need someone there to be your cheerleader and to remind you of the light at the end of the metaphorical tunnel. If your spouse is bitter and resentful about what you have invested in the franchise, they will be very unlikely to meet your emotional needs throughout this complicated process.
Having the right support can make a big difference when buying into a franchise opportunity.
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.