Most of us started out in the workforce as an employee under the direction of someone else. Our job was to fulfill a certain need, or a set of tasks, and collect a paycheck as our reward. Those who have shifted from employee to business owner understand the changes involved, and they go far beyond simply working for yourself.

Being a franchise owner is very much the same, but there are a few notable differences. Choosing to become a franchisee is a monumental step, particularly because it will shift your entire mindset, and cause you to adopt a new philosophy as it relates to both work, and your personal life.

 

1) YOU’RE NOT TRULY ALONE

While it is true that franchisees essentially run the show from top to bottom, it’s also true that they work within a partnership scheme. No franchisee is truly independent, due to the nature of the business model. A franchisor works out of head office to establish the functionality of the franchise model, which is constantly being tweaked and updated to capitalize on new trends, as well as a shifting economy.

Therefore, franchisees must operate within this framework, rather than dictating the direction of the business at all times. As a partner in a much larger franchise pool, it’s up to you to work with the franchisor to achieve mutual benefit, and some would-be entrepreneurs may have trouble adjusting. Those who do quickly realize how much better the system is, and why it works so well.

 

2) THE POTENTIAL FOR SKILL BUILDING

Employees are typically hired to fill various roles that require a specific set of skills. However, franchise owners will need to wear many hats if they wish to make the business succeed, and that’s part of the fun. By working multiple roles, franchise owners have a unique opportunity to pick up valuable skills, while brushing up on old ones. It gives them an eagle eye view of what needs to be done in order to optimize the efficiency of the business.

Franchisors do take care of many things related to business operations, but franchisees are still responsible for day-to-day operations such as labor and wage issues, quality of customer service, and hiring the right people. While it might seem daunting to juggle so many tasks and responsibilities, most franchise owners quickly figure out a balance in short order, while figuring out ways to make the business run smooth as silk.

3) GETTING USED TO FINANCIAL INSTABILITY

Every single business owner must come to grips with the concept of being financially unstable, at least in the beginning. Risk is part of the game, yet fortune does tend to favor the bold. However, it can be difficult to abandon being an employee who only has to worry about doing their job correctly, in order to collect a stable weekly paycheck. For a franchise owner, the onus is on them to make the money pour in.

Ironically, this is a golden opportunity that can build massive confidence and self-reliance. Franchisees will learn to identify every single problem and correct each one accordingly, thereby saving money at each turn. The more money saved, the more money earned. By streamlining the business and making quality of service and product a number one priority, franchisees will learn that “financial instability” is really just another way of saying they hold the power to build their own fortunes. 

 

4) LONG HOURS

Those who seek to become a business owner probably understand that it means long hours, and hard work. For franchise owners, it’s no different. While a lot of the heavy lifting is taken care of courtesy of the franchisor, there’s still a lot to do during the day. Fledgling franchisees quickly learn that long hours are necessary in order to get the business up and running, build clientele, and hire the right people for the job.

However, once the hard work has been done, most franchisees can sit back and watch the business operate all by itself, while requiring the occasional nudge to keep it on track. Franchisees will often hire a general manager to take care of daily tasks, especially if they decide to open up a second location. Best of all, franchisees can take all the tricks and secrets they’ve discovered to make a business run smoothly, and apply it to future franchise locations they decide to open. This is typically where vast fortunes are built, and the model is very rewarding, not to mention highly addicting.

 

5) YOU’RE THE CAPTAIN

Employees have the benefit of calling on their manager or boss for advice or direction when they aren’t sure where to go. Franchise owners, by contrast, will need to steer the ship all by themselves, and make hard decisions. This requires many people to step outside of their comfort zone, and take the reins. 

That being said, the franchisor is always on hand to help out, and they’ve already done a lot of the hard work as it relates to branding, menus and company guidelines, which is a major weight lifted off a franchisee’s shoulders. Day-to-day operations require you to be in the driver’s seat in order to get the franchise location running in an optimal fashion. Though it might seem scary at first, it quickly becomes one of the most rewarding and beneficial aspects of being a franchise owner.

Interested in exiting the role of employee, and forging your own destiny as a successful franchise owner? Contact St. Louis today, and learn how you can get started on your path to financial freedom, and personal confidence!