5 Ways Franchisees Can Become Happy Business People
Entrepreneur's New Year’s Guide
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It is not just about owning a business or being your own boss that makes franchisees happy business people. There are many factors that add up to happy franchisees and here are some of them:
Franchisees have a strong base and a predefined model on which they are working. Therefore their level of insecurity is much lesser than conventional or solo business owners. Respect comes with the pre-established brand or service backing a franchisee gets and that is something which makes any businessman a happy professional.
Shares Greg Nathen, Founder, Franchise Relationships Institute, “We all have a need to feel respected and many franchisees use their business to build a sense of status and respect in the eyes of their family, friends and colleagues. The importance of respect often only emerges when it is not shown.”
Flexible working hours
In today’s time, women can be forerunners in owning franchisee businesses especially in the fields of organic cosmetics, baby products, accessories, home décor to name a few. Franchise business options give great flexibility of working hours and do not tie you down to a nine-to-five routine, leaving you enough room to balance personal and professional commitments. Such a business model makes for another reason why franchisees opt for franchise business in the first place and remain happy.
Sense of Achievement
As a franchisee is replicating the franchisor’s tried and tested model of doing business or delivering services, the return on investments are predictable. Therefore, sense of achievement in terms of owning your own thing and making a profit is also predictable, taking away a sense of uncertainty or insecurity out of a business model.
Sense of Contribution
Without having to invest too much in setting up and equipment, franchisees enjoy the brand and reputation that comes with a franchisor they opt to work for. This also means that it becomes easier to acquire funding from private institutions. Like any other business, where sense of public contribution is a deciding factor, franchisees are known to feel great joy in creating employment and taking care of extended families of those employees, in a way, they can give back to society.
Learn and Earn
The best thing about a franchise business is that a good motivating and engaged franchisor will share best practices across board, creating a sense of belonging and motivation for other others. By gathering what is working extremely well, they encourage franchisees in a manner that does not threaten their territories, yet gives each franchisee the option to try something new or add it, to increase their business share, profit or product prominence.
The article was originally published on Franchise India by Uttara J Malhotra.