More and more the trend nowadays is for a family to come together to make a business work.
Through a survey I did towards the end of 2009 – I’ve found that the growing trend is that people are pushed out of employment and into self-employment for a variety of reasons. Some of these are:
1) Dissatisfaction with the quality of management within their current job
2) No incentive provided in the workplace for any initiative or true involvement in the business (in fact any ideas are squashed before they are even heard), and most of all…
3) No real financial reward (vs the time and effort put into the job) that matches expectation (this includes time in lieu of many hours of overtime above and beyond the call of duty).
So, what does this mean? Well, you will probably be so unhappy that your family around you may well say ‘Hey, why don’t we just do something for ourselves?’. This is why franchising then becomes an attractive idea – because:
- There is a lower risk at start-up (especially with established franchise models with proven statistics and performance from current franchisees)
- Any money invested upfront is going towards business support, set-up etc – and this has all been worked out for you
- Working with people you know and trust (your family) helps to eliminate the worry of employing unreliable staff
Now, of course, we could have a whole discussion on the dangers of going into business with family – but there are more than enough families out there making a go of it than you think!
The top tips for making a family run franchise business work?
- Everyone needs to have their own roles very clear from the outset
- Someone is elected as the Boss (end of story)
- Someone is elected as the Organised One (every business needs one of these) – to whom everyone needs to listen to in order to be efficient and cost effective
- Someone is elected as the Finance Person (every business needs one of these – this maybe outside of the business)
- Everyone needs to be earning a salary (or at least agree what that WILL be in the future…give a date…if there is a consensus to hold off for the first few months)
- A Team meeting needs to happen at least every two weeks to have a talk around the table to clear any issues, or PAT anyone on the back for a job well done
Respect who you are working with and they will respect you – this goes DOUBLE for family run businesses. Mom, Dad, Daughter, Son, Aunty, Uncle….those titles are not relevant during the work day.