If you are considering opening a business which will provide employment for a number of family members, franchising could offer benefits over starting a business from scratch.
Structure and Guidance
Becoming part of a franchise you are signing up to a proven business model that has worked for a number of other business owners. A reputable franchisor will have opened a number of other franchises and will have a road map for getting your franchise up, running and profitable within the first year of trading. They will also be aware of any potential pitfalls which could occur when opening a new franchise and will be able to act to guarantee the best outcome.
The brand and support
The brand which you choose to open your franchise with should have kudos in its field of expertise; the brand’s equity should draw customers to your doors by association. The franchisor should also have a support team, including a network of suppliers, marketing and public relations, business consultants and accounts that will be able to offer support your business. When opening a family business you would have to outsource all of this expertise at a cost which may be difficult to justify when starting out, with a franchise, these support operation are included in your franchise fee and would be readily available to you.
In order for franchising to operate a successful franchise they must have a clear training plan which ensures continuity of operations in their successful franchise network. Before opening your franchise all members of staff should be fully trained in their roles, for family business, entering training together would reinforce learning and more skill sets could be taken on earlier than if you opened a business on your own.
Thriving at a local level
Franchisors have key areas that they wish to target for the growth of their network, if you wanted to open your franchise in a local area that was complimentary to their objectives, your family’s local knowledge of the area, its history, industry and community could help you to develop a network of customers quickly.
Planning for the Future
Working with family members often means that the team holds the same basic work ethics and beliefs, the will also have a fierce pride in how they are contributing to the family business. As the business grows alongside the family, younger generations may wish to join, they would be entitled to training and would easily be able to carve a role for themselves within the business. There would also be opportunity for you to take on a second franchise within the brand and become a multisite franchise.
Conversely, older generations may wish to leave the business, the franchisor will be able to help them leave the business without disruption to the remaining team.
Over 50% of FASTSIGNS centres are family run, with some centres being into their 3rd generation of family members. Click here to request more information.