Buy a franchise and you'll never work aloneA staggering 69 percent of all New Zealand businesses have zero employees. That’s 338,745 business owners going it alone* - and working by yourself can be a very lonely business.
One of the main benefits of the franchise system is that as a franchise holder, even if you don’t have any employees, you will never be on your own.
On any given day you might be covering reception, quoting for jobs, chasing leads and actually doing the job, but the franchisor is always there in the background to share the load - providing anything from support, administration, marketing, training, systems and/or strategy.
Even with the support of the franchise system, franchisees are still at risk of burnout - trying to do too much for too long. Here are some tips that can help you maintain your work-life balance, stay focused and get the support you may not even know you need.
When buying a franchise:
Don’t do everything yourselfEven if you don’t have employees, it doesn’t mean you have to do everything. Make the most of the support available from the master franchise owner and learn to say no (even if it’s to yourself). It’s not realistic to think you can do everything, all the time. Your time is valuable, so prioritise well.
Keep your balanceWhen you are running a franchise on your own, the boundaries between your work and personal life can easily get blurred. Working long hours, not taking a holiday and not making time for your own wellbeing are all common themes for business owners. Try keeping to a routine and be clear about what keeps you sane. Whether it’s a game of golf or time with loved ones – make time for it.
Manage your timeWith so many hats, it can be a bit of a juggle. To avoid getting bogged down, take one hat off before you put another on. If you are doing bookwork, do bookwork. Don’t get distracted by other issues. Set aside chunks of time for specific tasks and work to a routine, just like you are you would if you were working for someone else. This way you are more likely to follow things through to completion.
Find a business mentorFor business advice and support, what about a mentor? You could approach the master franchise holder for advice or choose someone you respect and initiate an informal mentor-mentee relationship. You could take the more formal route with a business mentoring organisation or hire a business coach.
Find ways to connectIncreasing your level of connectedness is great for support, advice and second opinions. It also helps build your brand, generate sales leads and could even attract capital.
And remember, although you may not have any employees, as a franchisee you are never really alone. So, make the most of it. Use the master franchise owner and the resources and advice on offer, and connect with other franchisees. You are all part of the same brand so there is no reason to feel like an island.
* Data source: Statistics New Zealand Business Demography, Feb 2014
Buying a franchise can be a great way to get into business while enjoying some support, training and guidance without going through the process of starting up from scratch and forging your own path. For more information about buying a franchise, choosing the right franchise and the advantages of franchises, check out our collection of franchise resources.
Take your time to look at many, and identify a successful franchise opportunity before you make your move.
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