Why Owning a Franchise Business Is Good For Your Family

How Franchising Can Help You Spend More Time With Your Family With the right team and lots of loyal customers, owning a business offers numerous benefits like financial prosperity and flexibility when it comes to working hours. For franchise operators, these benefits are multiplied, especially when you have a family at home.  In fact, many […]

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Why Owning a Franchise Business Is Good For Your Family

How Franchising Can Help You Spend More Time With Your Family

With the right team and lots of loyal customers, owning a business offers numerous benefits like financial prosperity and flexibility when it comes to working hours. For franchise operators, these benefits are multiplied, especially when you have a family at home. 

In fact, many franchisees specifically choose to enter the franchise business because of all the ways it brings value to their families. So, if you are looking for a way to achieve work-life balance while providing financial support to your family, buying a franchise could be the way to achieve this. 

Want to know more about the advantages of running a franchise and how it will benefit your family? Keep reading. 

What Is a Franchise? 

Franchising is when a business owner, also known as a franchisee or franchise operator, purchases the rights to run a business under the name and branding of an existing chain of businesses, known as a franchisor. The franchise operator will own the business outright but must pay the franchisor to use its name, branding, and systems. In exchange, the franchisor offers training along with other support and guidance that will help the franchisee be successful.

Examples of Successful Franchises

Anytime you walk down the street, chances are you will see some kind of franchise. Franchises are everywhere, particularly ones in the restaurant industry. In fact, some of the most recognizable businesses are, in fact, franchises.

Here are some examples of the most popular and recognizable franchises:

  • McDonald’s
  • Starbucks
  • Gorilla Bins
  • KFC
  • Pizza Hut
  • Dominos

What Are the Benefits of Becoming a Franchise Operator?

Compared to starting a brick-and-mortar business from the ground up, running a franchise is often more advantageous. Some of the main benefits that franchising offers include:

  • Reduced start-up costs
  • Lower risk and reduced failure rate
  • Ongoing advice and support from the franchisor
  • Built-in brand recognition
  • Easier access to financing
  • Free advertising and marketing on the national level

How Franchising Can Benefit Your Family

Along with the business and financial benefits that operating a franchise offers, your family will also greatly benefit. Below we explain some of the numerous advantages of being a franchise operator when it comes to your family life. 

Financial Support

When the business is successful, running a franchise can offer significant financial freedom and the ability to support your family and give them the life you’ve always dreamed of. Whether it’s investing in their post-secondary education funds and saving for their future or being able to pay for all their activities, having that extra cash in the bank will benefit your family greatly. 

Of course, your earning potential depends on the franchise that you choose to invest in. Look for a fast-growing franchisor with a high success rate like Gorilla Bins.

Gorilla Bins is Ontario’s leading waste management company. Over the past five years, Gorilla Bins has tripled its revenue and achieved a growth rate of 328%, making this franchise a solid and highly rewarding business worth investing in.

Flexibility

As with any business, running a franchise means you are your own boss and get to make your own schedule. Of course, in the beginning, you will need to put in some extra hours to make sure things get up and running smoothly. But once you have hired and trained a manager to oversee the day-to-day operations, you can take a step back and spend more time with your family.

Less Risk

When starting a business, you assume a certain level of risk in the event that the business fails. When you have a spouse and children to support, they also take on this risk. 

Franchising is significantly less risky than starting your own business from scratch as the franchisor already has brand recognition and a loyal customer base. 

You Can Pass Down the Business To Your Children

Once your kids are old enough to start working, you can start showing them the ropes and get them jobs at your franchise. Having your children participate in the family business is a great way to teach them about responsibility and help them develop a strong work ethic. Then, when you are ready to retire, you can pass down the business to them. 

Even if your children don’t want to enter the family business, seeing their parents become an entrepreneur can inspire them to start their own businesses. In fact, studies show that children of entrepreneurs are 60% more likely to follow in their parents’ footsteps. 

Tips For Balancing Your Franchise With Family Life

Still unsure how you’ll find time to balance your family life with running a successful franchise? Here are a few tips for making it work:

Set Clear Boundaries

As a business owner, you take great pride in your business, making it very easy to become a workaholic and lose out on valuable family time. 

It’s important to set clear boundaries at work and not force yourself to work overtime when it is not necessary. Remember, you hired your team for a reason, and have spent hours training them with help from your franchisor. Have trust in the capabilities of your staff to keep things running when you are not around. 

Always Keep Your Family In Mind When Making Big Decisions

Let’s say you want to expand your franchise and open more locations. Remember to keep your family in mind before you make such a big decision. Maybe opening more locations will generate more revenue, but if it means you get to spend less time with your family, it may not be worth it. This is something that is very important to consider.

Franchise with Gorilla Bins

Gorilla Bins is Ontario’s leading waste management business with several locations across the Greater Toronto Area. We offer extensive training and support to help ensure your franchise thrives so you can maintain a strong work-life balance.

Contact us today to learn more about franchising with Gorilla Bins and find out how we can help you create the life you want.

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