This lesson is part of our free Franchise 101 course.
As you head into the world of franchising, you should have a dream. A big dream. A bold dream. A dream that will motivate you to keep going however tough things get.
But you should also set realistic expectations for yourself because franchising takes hard work and sometimes those dreams won’t come true. If you go in thinking that you can press the magic franchise button and then your dream will automatically happen, you’re in for a rude awakening. Given the stakes, it’s better to get that awakening up front.
The Burden of a Franchise
Taking on a franchise is a big commitment that brings with it big responsibilities.
You’ll be responsible for representing a brand.
You’ll be responsible for managing your employees.
You’ll be responsible not just for your own financial wellbeing but for the financial viability of a whole business.
Those responsibilities bring with them fantastic opportunities, from nurturing others to getting creative with your publicity. But even when franchising is fun, you’ll feel that burden while you work.
Franchising involves hard work. Just because someone else developed the brand doesn’t mean that there isn’t still a lot for you to do. Despite your corporate connections, you’ll be running your own business, which can mean long hours and a wide variety of work, from accounts and scheduling through to filling in on menial tasks when staff are off sick.
A good franchise will relieve some of your burden through resources and support, but running your own business is never going to be easy, even if you’re doing it under someone else’s brand.
If you don’t work hard, then you’re guaranteed to fail. But no matter how responsibly you take your tasks and how hard you work, there is no guarantee of success. Life can be cruel. There’s always a risk that some factor beyond your control will ruin what you do. Just look at the businesses around the world that are struggling or collapsing in the face of COVID-19, an event no one could have predicted.
Maybe the challenge you face will be something simple, like a great franchisee running a competitor brand in your neighborhood. That could wreck your plans, or it could be the inspiration you need to work harder, do better, and truly excel to beat them.
Informing yourself makes it easier to be realistic about what you’re getting into and reduces the chances of an unexpected challenge. Using Franchise Chatter’s franchise comparison tools can help you to achieve realistic expectations and avoid unexpected problems.
Dream big but have your eyes wide open.