Have You Talked With Your Spouse About Wanting To Buy A Franchise?
I hope so.
Because if you haven’t talked to your spouse/partner about your “idea,” things will get rather uncomfortable around your house.
But before I share what I know about getting your spouse involved in the franchise buying process early on, I want to go over a few things.
On Buying A Franchise
When it comes to owning a franchise, there are lots of things you can do to increase your chances of franchise business success. These include:
- Making a good choice in a franchise
- Determining if you can afford a franchise business
- Doing incredible research
- Writing a powerful, detailed, business plan
- Preparing yourself to work harder than you’ve ever worked in your life
But there’s something else you need to do.
Buying A Franchise Is Serious Stuff
Your decision to own a franchise…to be your own boss, is going to affect your family. (Big-time)
That’s why it would be incredibly selfish of you to dismiss the impact your decision will have on your family.
I addressed the seriousness of the decision to become the owner of a franchise business in an article I wrote for The U.S. Small Business Administration’s Blog.
“This is serious stuff; you need to treat it as such. Here’s how:
Schedule a formal meeting with your immediate family members.
During this meeting, share the reasons why you’re thinking of going this route. Tell them that you’re going to learn all you can about franchising. Be honest about the financial risk associated with going into business. Ask them about their concerns. If they’re frightened about your idea, be empathetic. Ask them what you can do to alleviate their fears. Do whatever it takes to get them in your court.”
Have you met with your family yet?
No One Talks About This
I get it; scheduling a sit-down with your family on a subject that may not excite them (as much as you) isn’t on the top of your list of things to do.
But you need to put it out there.
You need to share your story about why you want to become the owner of a business.
In other words, you need to tell them why you want to do it.
And more importantly, you need to tell them why you want to do it now.
But you can’t stop there. Why?
Because they’re going to want to know how their lives will be affected by this change. The change from employee to employer.
In addition, they’re going to want to know the worst-case scenarios.
Financially.
They’re also going to want to know if they’re going to be seeing you less.
Note: you need to tell them the truth.
You need to tell them the thing that no one wants to talk about when it comes to owning a franchise business-or any type of business. Which is?
You need to tell them that you’re not going to be home much.
And if you have kids, they’re going to be sad. And mad, too, potentially.
But you can’t walk it back. Don’t tell them “It will only be for a little while.” Because in most cases it won’t.
Franchise ownership means long hours. Period. However…
In a lot of cases, after you’ve become an established franchise owner, and you have some managers in place, you’ll probably be able to have more flexibility in your hours.
That means you should be able to spend less time at your business and more time with your family.
But it’s going to take a while. Years probably.
So tell them that too.
On Hope
You need to share what you’re hoping franchise ownership can do for you. And them.
Share your goals with them. Tell them how you envision things working out. Be specific.
Tell them how their lives can and will change if things go the way you’ve planned. Use your words to paint a picture of what success will look like.
The bottom line?
Involve your spouse and family as much as possible.
Talk with them a lot during the process of buying and starting your franchise business. Share what you’re doing. What you’re learning.
And talk about the things no one else wants to talk about.
You’ll be glad you did.
Want more?
