Preparing Your Family For Your New Franchise

Preparing Your Family For Your New FranchiseOne of the many reasons people become franchise operators is to spend more time with and better support their families. However, before you embark on any new business venture, you’d better get their support.

That’s because transitioning from the workforce to franchise ownership is a big change that can impact not only your career but also your family’s finances, schedules and lifestyle.

So if you’re thinking about making the switch, make things as easy as possible for you and your family by taking these five tips to heart.

Explain Your Decision — And Show Them Why It’s The Right One

Employees quit their jobs for a variety of reasons, and it’s important to let your family know what’s motivating you. Describe why merely changing jobs won’t change your frustration, and detail why becoming a franchise operator makes sense for you.

You should also be prepared with case studies from other franchise operators to demonstrate just how successful you can be and prove that this change isn’t a pipe dream, but the path to a better reality for you and them.

Make A Financial Plan And A Budget

Preparing Your Family For Your New FranchiseGiving up a corporate paycheck to become a franchise operator will require a financial adjustment. Chances are, you’ll need to leverage savings or your spouse’s income to support your family during the transition. Though this can be a source of stress, you can make it a lot easier by planning for the change in advance.

Work with your spouse to determine expenses — eating out, travel, shopping and more — that can be eliminated in the short term so that you can put all of your money towards essential items, and then make sure that everyone in your family understands the changes that are coming.

Set Aside Family Time

Getting a franchise off the ground requires a lot of time and effort, but if all of your time and effort goes to your business, your family could end up resenting your decision.

Schedule “family time” once a week, and make sure to treat these as appointments that you need to keep, just like you would for your business. After all, the health of your new franchise means a lot to you, but the health of your family means even more.

Keep Lines Of Communication Open

Don’t shut yourself in or your family out; make sure to let them know what’s going on with you at work and take the time to understand how the transition is impacting them at home. This will ensure that everyone is on the same page at all times and nobody feels left out.

Bring Your Family And Your Business Together

When you start a franchise operation, you’re investing in something that you can pass on to your children. Don’t wait until retirement to get them involved; let them learn about the business and take an active part in helping it grow.

By involving your family in your franchise, they can become as invested in and excited about the venture as you are.

Become A Part Of Our Family

At Bin There Dump That, we make the transition from the workforce easy for our new franchise operators and their families by providing ample training, access to funding and a built-in support network. Get more information on becoming a part of our family today.

And to learn more about moving from the 9–5 workforce to operating a franchise, download our FREE e-book Living The Dream: How To Transition From The Workforce To Your Own Franchise.

 

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