By Colt Florence
The allure of entrepreneurship is hard to deny. Many people dream of going into business for themselves in order to be their own boss, experience greater work-life balance or achieve further financial security. Aspiring entrepreneurs may also desire to leave a legacy for themselves, for their families, even for their community.
In short, entrepreneurship is widely seen as an avenue to self-improvement—a way for aspiring business owners to live the life they have always longed for, and to be a more idealized version of themselves.
As admirable as these goals are, achieving them can be difficult—and anything but certain. In periods of economic unrest or uncertainty, starting a new business may seem like an especially big gamble.
That’s where franchising comes in. While becoming a franchise owner does not eliminate uncertainty—nor does it eliminate the need for hard work—it does provide some important safeguards, mediating risk and providing a clearer path to a life of balance and security.
For those who wish to use business ownership as a means for self-improvement, buying into a franchise system may be the most prudent option.
Proven models, established systems
In fact, the risk inherent to entrepreneurship is a big part of franchising’s draw. Anyone who’s considering starting their own business knows that the outcome is uncertain, yet franchising provides proof-of-concept. A franchise system can provide evidence of how their model has proven successful, again and again; new owners simply have to take that proven model and replicate it in their own market.
One way to consider the appeal of franchising is to consider the distinction between entrepreneur and intrapreneur. The former is someone whose gift is for creating a vision and executing it from the ground up. Intrapreneurs, on the other hand, are skilled in taking an established system and running with it—often identifying ways to make it even better or more efficient.
Not everyone possesses the skillset or disposition required for entrepreneurship—but those who have spent years working in a business setting, gaining familiarity with different internal processes and systems, may have a leg up on intrapreneurship. For these professionals, franchising provides a low-threshold opportunity to pursue the life they dream of.
Greater balance, greater security
There are several specific ways in which franchising can help aspiring business owners enjoy greater balance in their life, experience greater financial security and even start thinking in terms of their legacy.
One way to think about work-life balance is to consider the franchising royalty. Every franchise owner is required to pay royalties to the franchisor, and new owners often want to know: what exactly are they paying for?
In a very real way, that royalty is paying for greater personal and professional balance. Think about it this way: starting an independent business from scratch means hiring or outsourcing to customer service representatives, enlisting a marketing agency, sourcing IT vendors and more—or else, it involves the business owner doing all these tasks on their own. Franchise royalties pay for system-level support, which saves owners the time and headache required to shoulder these burdens—potentially leaving more time for family, hobbies, fitness and more.
Self-improvement isn’t just about having more time and balance, though; it’s also about feeling more financially secure.
Here, it’s relevant to mention that franchising is a heavily regulated industry, with legal requirements for significant financial transparency. What this means for aspiring owners is that they don’t have to speculate or guess as to how profitable a franchise is. They can actually review large volumes of historic data, review trends and gain real clarity about how the particular franchise model performs.
None of this means that franchise owners will achieve perfect balance right out of the gate, nor that financial success is a guarantee—yet franchising does provide a clear path toward achieving a better life.
Leaving a legacy
In short, franchising can help cultivate a better future—in fact, it even provides an opportunity for owners to leave a legacy for their family and their community.
Because franchising is all about executing established systems, it makes it easy to build a business and then pass it on to children or grandchildren when the time comes—turning a franchise opportunity into a family business lineage.
Also note that many franchises—particularly those in spaces such as home services or property restoration—allow local owners to become trusted authorities within their community, impacting their neighbors through competence and expertise. Establishing credibility within a local community can be a powerful legacy in and of itself, especially when paired with support for local charities or non-profits.
The bottom line: for anyone looking to grow into their best self, looking not just to the present but to the long tail of their legacy, franchising represents a path worth exploring.
Colt Florence is Chief Development Officer for Five Star Franchising, an innovative, growing platform of home service brands, including Five Star Bath Solutions, Five Star Flooring, Gotcha Covered, Bio-One, 1-800-Packouts, Card My Yard, Decorate With Lights and Mosquito Shield. He has more than a decade of experience in franchise development and sales, including leadership positions with successful franchise brand platforms.