4 Ways Franchising Empowers Your Future

The word “unprecedented” shows up a lot in news stories today. Whether because of wars, politics, artificial intelligence, or the economy, the future feels increasingly uncertain. That doesn’t mean that it can’t be successful, though. In fact, if you’re reading this blog, the odds are good that you have solid experience as a leader through uncertain circumstances. But you’ve probably been using that experience to benefit a company. I’m here to tell you how?franchising empowers you?to use it for the benefit of your own and your family’s future.

Choose Your Own Adventure

Do you remember the Choose Your Own Adventure books? They were – and still are – wildly popular with kids, thanks to their empowering premise. Kids have very little control over their day-to-day lives, but Choose Your Own Adventure books let them direct the narrative. And if they choose a path that results in an unpleasant outcome, they can just back up and keep trying other options until they get the ending they want.

It may sound kind of silly, but franchising is a bit like a Choose Your Own Adventure book. As a franchisee, you choose your way forward. If things get rocky, you can shift gears and try a different tactic. That’s why I tell people that franchising is the best career choice I’ve ever made: I have complete freedom to pick my path and do what’s best for myself and my family.

Franchising Empowers Wealth-Building

When you own your own franchise, you own a wealth-building machine. But here’s the best thing about it: the wealth you build can be?whatever you define wealth to be.

In the corporate world, no matter how hard you work or how high you climb, you can really only build a few types of wealth. If you get paid enough, you can amass money. Depending on your compensation package, you might also build up wealth in the form of company stock. And if your work allows you to learn and grow, you might build wealth in the form of skills.

However, franchising empowers you to build wealth in any number of ways. Will you likely build monetary wealth? Sure. But you can also build wealth in time, thanks to the?flexibility of an executive franchise owner’s schedule. Then you can invest that wealth of time in your relationships. I can’t count the number of franchisees I know whose marriages,?parenting, or friendships improved after they shed the punishing demands of a corporate executive’s schedule.

You can also build relational wealth through your connections to your employees and the?franchise owner network. Other types of wealth you can build through franchising: a?legacy for your children,?service to your community, the fulfillment of?building a career around your values…The list goes on.

Franchising Empowers Choice

Business owners are self-employed. They are their own bosses. As a franchisee, you don’t answer to anyone but yourself regarding where or when you work.

When you’re?first launching your business, you may put in some long hours – but no more than an experienced executive can handle?as a side project. And if you choose to be an?owner-operator, you’ll need to adapt your schedule somewhat to the needs of your business. The point, however, is that it’s your choice. You can run your franchise yourself, or you can?hire a manager?and be an executive franchise owner. The decision is up to you, based on what fits best with?your goals?and the future you want for yourself and your family.

My personal choice was to be?an executive owner. I spent a few years building up my multi-unit franchise business as a side hustle while I worked full-time at a small company. Then I was able to step back and watch the business thrive. In fact, I had so much time on my hands that I started The Empowered Franchisee! And?franchising empowers me?to work from anywhere. This year, my wife Lauri and I will divide our time between three or four states as we enjoy extended visits with family and plan for our daughter’s wedding.

Franchising Empowers Your Decision-Making

Remember that uncertainty I mentioned at the beginning of this post? It will always be with us. Life may be less uncertain at some times than others, but it’s never completely predictable. We can’t eliminate uncertainty or surprises any more than we can get rid of the air we breathe. But?we can control?how we respond to them.

In a corporate environment, even executives report to someone. Directors and VPs report to people with a “C” in their title: the CMO, the COO, the CFO. Those individuals report to the CEO, the CEO reports to the board, and the board answers to the shareholders. I experienced this myself as a longtime executive at a Fortune 50 company. Even when I oversaw hundreds of people and a budget in the hundreds of millions, I had to justify my decisions to someone. And in the face of surprises, downturns, or other challenges, my choices had to align with the wishes of the people above me on the ladder.

In contrast, franchising empowers me to manage uncertainty according to my own priorities and goals.?I am free?to draw fully on my own experience as a leader to assess the situation, choose a way forward, and pivot when needed. If I realize that a particular path is headed toward a dead end, I don’t have to wait weeks or months for approval to change direction. I just do it.

Franchising Empowers Your Growth

I won’t say a lot here because I’ve already written?an entire post on this subject. But I want to mention it because many of our candidates come to us starved for opportunities to learn and grow. Corporate environments aren’t always the best for professional development. Franchising, however, is made for it. Again, it all comes down to?freedom?and choice. As a franchisee, you set your goals and decide what, when, and how you want to learn.

What Empowerment Really Means

Sometimes, I encounter people who are frightened by the idea of empowerment. They think it means they’ll be entirely on their own, with no support or help – that they’ll have to sink or swim in isolation. When you’re a franchisee, however, that’s not how empowerment works. A franchisee operates as part of an ecosystem of other business owners. While you have all the freedom of entrepreneurship, you get the?support of a franchisor, a?proven business system, and a network of peers.

That’s why franchising works, even for?people who’ve never owned a business?or?held a corporate leadership position?before. To be a successful franchisee, you need?certain key qualities, but you don’t need much more.?You don’t have to be fabulously wealthy, and you can come from nearly any kind of background. I spent decades as a corporate executive, but my partners Mack and Sharon are?a former pastor and a former schoolteacher. My wife Lauri, who recently joined our team, has worked as an interior designer, operations manager, and the CEO of our household.?Retired military personnel?also make great franchisees.