Want to murder your boss?
Want to murder your boss?
Sick of working for someone else, day-in and day-out without seeing benefit from your hard work? Want to break free but not confident enough to risk it all and build a business from the ground up?
Owning within a franchise business could be the solution – it’s time to take control and be the boss!
While there are benefits in working for an employer, the benefits of being able to manage your own time, money, team and be the one to make the crucial decisions far outweighs them.
• You get to be the boss: Probably the most appealing part of owning a business is that you’re the one in charge. You’re responsible for your own success and don’t have to report into anyone else on a daily basis.
• You can manage your own time: Whether you want to work full time or part time, start your day late or finish it early, you have complete control over hiring staff to fit in with your schedule and the hours you want to work.
• You know exactly what you’re spending and earning, and can actually do something to change it: As an employee, working hard to improve the business often doesn’t result in more money in your pocket. Investing your time, energy and creativity into improving your own business, more often than not will result in increased profits that you actually receive.
• You get to build your own team: Everyone has worked with a boss or colleague who doesn’t pull their weight, doesn’t understand the brand, or they simply don’t get along with. As a business owner, you can select your staff based on their work ethic, whether their personality fits your team and ensure their passion aligns with your business.
You may be thinking that this all sounds like a lot of responsibility for someone who has never owned a business, but the perks are even greater within a franchise business because the company has done most of the groundwork for you such as market testing, initial research, branding and marketing.
• You get to run a small business with operations that have been tried and tested with proven results: One of the biggest risks in opening your own business is not knowing whether your product/store look and marketing is going to work. As a franchise owner, you are given a product that is proven to be profitable such as a launch plan, training, marketing packages, and most importantly, support every step of the way.
• You don’t need business experience: Most new franchisees have little to no background in business or management. Fear not, you’ve got a whole company behind you who provide training and support along the way to build your business and deliver the best possible results for your business and the brand as a whole.
• You’re going into business for yourself, but not by yourself: As the business owner, you are the leader and controller of your store, but you also have the opportunity to draw on experience from a leadership team who have assisted franchisees all over the country and helped set up a number of successful business. You also have the opportunity to speak with and learn from other franchisees within the organisation.
• You can choose the location: You can work with the company to open a store within an area you understand and are confident in.
Over the years, the most common questions that I have received from people looking to buy within a franchise are around the personal qualities and skills it takes to own and run a successful business. While there is no ‘one size fits all’ approach to what makes a good franchisee, there are some key characteristics that go hand in hand with being a good business owner.
• They are risk averse: Every new business involves some element of risk, but a good franchisee will do their research and ensure risks are as small and controlled as possible.
• They can work with established systems and processes: As a franchisee, while you have control over most aspects of your business, you will need to comply with systems and operations that have been established by brand. Being able to learn quickly and operate successfully these is essential.
• They are eager to learn from others: A good franchisee will be eager to learn from others within a brand and approach business with an open mind.
• They have a passion and determination to get the job done, no matter what.
• They have strong people skills: Being able to develop trust and loyalty with customers and staff alike is critical to a business.
When it comes to career progression and increased earning potential, the process tends to be more black and white as an employee – you work hard, you deliver results and you are considered for a promotion. However, for many employees, their hard work and contribution to a company goes unnoticed, leaving them dissatisfied and unwilling to give more than the bare minimum.
Owning within a franchise business opens up a whole host of opportunities to further challenge your skills and increase your earning potential. Managing a business challenges you every day, and you don’t know what will be thrown at you next.
Whether it’s managing staff, rolling out a new brand menu or trying to reach new customers within your community, the learning never stops. Brands are constantly on the lookout to expand and establish themselves within new areas – so if you are managing a successful business and are satisfied with what you are earning, why not re-invest the profits into another business and challenge yourself in a new market? So what are you waiting for? Find a brand you are passionate about and start the process. You could be managing your own team, choosing your own hours and earning more than you ever imagined!
Matt Manzie is the Head of Franchise & Property at Burger Urge, one of Australia’s leading burger franchise concepts.