Type of Franchise Models

The idea of business ownership might conjure up images of burning the midnight oil and working through weekends and holidays, but it doesn’t have to be that way. Believe it or not, business ownership can offer a work-life balance.

Since franchised businesses are proven concepts, there is no guesswork for new franchise owners, which, in my experience, can help save time, money and energy. Essentially, the franchisor has endured the sleepless nights for you, so you can get started in a position that’s light years ahead of where you would be if you started from scratch. Things that take time to develop, such as branding, systems, and procedures, are already figured out. The kinks have been worked through, and the franchisee is in the best position for success.

Of course, even with everything in place, not all franchised businesses offer a perfect work-life balance. Some, like home restoration companies and senior care agencies, are on call 24 hours a day, seven days a week. Even though these businesses provide meaningful work, owners have to be ready at a moment’s notice to serve or at least to make sure an employee is on call. Other franchises, like some brick-and-mortar food businesses or big-box gyms, are open for long hours that need to be covered.

So, what’s left? There’s plenty, actually. The options are extensive and run the gamut as far as investment levels and ownership models. Below are a few recommendations for franchisees looking for business opportunities that can contribute to a healthier work-life balance:

No ownership:?Mostly in this type of ownership model, the investment level tends to be much higher, and the franchisee will have no involvement in the actual business. Here the whole operations will be managed by the brand & its only the investment which is done by the franchisee. Most of these are FICO/FOCO models.

Absentee ownership:?With this type of ownership model, the investment level tends to be higher, but the franchisee can have little or no physical presence in the actual business. However, a strong, reliable team is essential. As the franchisee, you own the business, but you hire everyone needed to operate it, including management.

Semi-absentee ownership:?With semi-absentee ownership, the franchisee usually hires a team but has involvement in the day-to-day activities.

Owner-operator ownership:?As the name implies, franchisees are hands-on, running the entire business solo or with a small team.

When it comes to work-life balance, there are many options in franchising. It’s important to ask the right questions before taking your next step so you can find something that suits your lifestyle and interests. Do your due diligence. It’s worth the effort. After all, if you’re going to make a change, you should make it count.