Managing Your Personal Life as a Franchisee - dummies

Managing Your Personal Life as a Franchisee

By Michael Seid, Dave Thomas

Part of Franchise Management For Dummies Cheat Sheet

Starting a franchise is hard work and the pressure can sometimes affect you and your family. The support of your loved ones is important so put time aside to spend with your family. Remember that you have a life outside of your business and follow these simple rules:

  • Never miss events in your kids’ lives — no matter how insignificant they seem. Don’t skip out on your kid’s ballet, baseball game, or parent teacher meeting, because family should always come before business, even for the busy franchisor or -ee. It’s possible to be successful as a businessperson and still be a devoted parent — both of your authors did it! If you’re swamped at work, let your manager and assistant manager spell you for the hour or two.

  • Plan your vacation to the same degree you plan your business. Every week when you pay your staff, put something aside for the fun that you and your family deserve.

  • Play golf, take up tennis, go to the gym — whatever you need to keep your blood pumping. Running a business is stressful, so you need to keep your energy and your stamina up.

  • Don’t risk everything you own getting into franchising. Keep some money in reserve for both your new business and your family — you’ll sleep better.

  • Brings the kids to work often. They’ll enjoy getting involved it the business, love the time they get to spend with you, and they may even like it enough to take over when you’re ready to retire.

  • Remember, your business is your business, not your home. No one can sustain 100-hour weeks and still be pleasant when he or she gets home — if everyone at home hasn’t yet moved away, that is. Shoot for a 60-hour work week — if you train your staff well, that time requirement is definitely doable.

  • Become friends with the other franchisees in your area. On occasion, every one of you will hit a problem, and a local support group of people who share your brand is a terrific thing to have.