Franchise freedom: Steps to success


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Franchise Freedom

Freedom monthThis month we celebrate freedom month and help you spot the traits you need to achieve freedom in your franchise. If you are craving #freedom@work and want to see how this leads to success, read on. We look at successful franchisees and their top tips to achieve their dreams while minimizing their business risk.

The important questions…

Questions to ask a business ownerDon’t use someone else’s measure of success for your work and life. Work out what means the most to you. Earning potential? Time with your family? Charting your own course? It’s only after you know what you want, that you can start to structure your business and life to get you there.

 

We look at the following 5 top questions when considering franchising;

  1. Top 5 Tips for Choosing the Right Business Opportunity for YouWhat does freedom mean for you?
  2. Do you believe you were destined to accomplish so much more?
  3. Are you craving to learn, grow, succeed and share your knowledge with others?
  4. Do you want freedom at work?
  5. Do you believe you can be free?

The only way to create freedom in your business is to have a crystal clear picture of what freedom means for you. That being said, clarity comes with time, much like a diamond being refined over time.

Freedom and motivation

Most entrepreneurs are motivated by the idea of achieving freedom. But this freedom may mean different things to different people.

For many it’s earning enough not to struggle and afford some luxuries in life. For others, it’s having time off to spend with loved-ones, travel or accomplish something extraordinary. Here are some thoughts on what freedom could mean to you.

Freedom is not being a slave to your business

Slave to your business stop watchMany entrepreneurs leave a steady job, only to find themselves working twice as hard as before! Having a business that consumes all your days and nights is not freedom; there has to be some balance in life.

Fortunately, the systems and support that accompany the franchise concept often lessen the burden of running a small business. For husband and wife King Delivery franchise team Daniel and Lerouxna Martiz the appeal of the concept was in the ‘almost paper-free’, no stock holding and low start-up costs of the business. Less administration equals more freedom!

Freedom is not doing everything

To do Everything crossYou’ll never be truly free in business if you can’t delegate and trust people to manage your tasks. Let’s also be honest: you can’t possibly be good at everything that you do.

Many business experts advise entrepreneurs to document everything that they do in the business and start thinking about how to delegate even before hiring the first employee.

You don’t have to be superman or superwoman all the time; it’s quite acceptable to let a professional come in and help you with administrative tasks.

Freedom is having an end game

Exit aheadWhether you’ve bought a KFC franchise or a King Delivery franchise, you should enter the business with an exit plan in mind, always be aware of the following;

  • When you plan to sell the business
  • What financial returns you are targeting
  • What you plan to do afterwards

Remember that owning and selling a successful business is one of the surest ways to build substantial wealth.

Learn from the best

If you haven’t taken the first step into franchise freedom then what are you waiting for? Have a look at the wide selection of franchise concepts on the market.

These include international options like a Subway franchise or local greats like Anat. Drop our experts a line with any of your franchising questions.

 

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