Balance profitability with your sanity!
Naturally, the primary goal of all entrepreneurs is to reach the plateau of personal success and financial rewards. This goal will certainly endure the test of time. However, some priorities of today’s potential business owners, members of generation X and Millennium’s, view business ownership a little differently than those brought up in baby boomer era.
Many potential franchise owners that we speak to seem to place a strong emphasis on the importance of free time! Time for travel, time for recreation, quality time for family, and time for themselves. We are finding that in addition to the potential economic benefits that can be enjoyed through self-employment, today’s candidates see business ownership as the most viable means for achieving more freedom and independence.
As a franchisor, we have long recognized that a happy and successful franchise owner (and employee), will need some quality personal time, and not be trapped into the slavery of business responsibilities day in and day out! When we developed the Freedom Lawns model, the concept included provisions for all owners and employees to have personal time with their families the majority of weekends and of course, holidays. When a franchise candidate is looking for a potential franchise opportunity, it’s certainly all about the numbers. What’s the long and short term financial potential of the franchise! Show me what other franchise owners have done! This is a ligament concern, as the nature of any business is to be profitable for without profits, there is no business.
However, a well-organized franchise model should include a system with some balance that if followed, will offer profitability, along with a less stressful lifestyle, and sanity! When selecting a franchise organization, find out the amount of your time that will be required of you to reach the point of acceptable profitability and /or to meet the goals required of your franchisor. How many hours each day are required? Weekends? Holidays? Evenings? In some cases, compromising the potential to earn a few more bucks for a little free time to enjoy life, may be a wise tradeoff in the long-term!
Mark A. Tamn is President and CEO of Freedom Franchises and Freedom Lawns USA, Inc.