Being close to the family often leads people to do everything with them. Whether you’re making decisions to move away, enrolling in a course or having a BBQ, you want them to be a part of all aspects of your life.
Which is why most people find it natural to want to extend from a personal relationship to a professional relationship with the family member(s) they are close to. Many families opt to start a franchise together, but the output may not be successful.
Here are a few things you should consider before you choose a family member to be your franchise partner.
Are You Both Complementary To One Another?
The deciding factor of a good business partner is whether they can balance out your weaknesses with their strengths. Maybe you are amazing at managing inventory and marketing the franchise but your brother is excellent at accounting and dealing with customer complaints. Having someone who understands your weaknesses and has skills that can balance them out is beneficial for a franchise.
Especially for more demanding franchises, such as education franchises and food franchises, you need a partner who has strong managerial skills if you lack them. And the most important thing is you need to trust one another.
The tricky part of involving the family in business affairs is that they do sometimes get in the way of making objective executive decisions. Just think twice before involving someone you love into your latest business endeavor and have in-depth discussions about your expectations beforehand.
Are You Both Working Towards A Similar Goal?
Someone who invests in a franchise obviously does so with a goal in mind. Some want a regular income without having to work full time and others want to really be in charge of their venture. You should know your family member’s stance before partaking in a franchise together. Maybe your brother wants to look through home-based franchises while you want to invest in one of the van-based franchises listed on Franchise UK. Make sure to have clarity on where you both stand.
Can You Keep Home and Work Separate?
This is probably the most important thing that one needs to consider when signing up a close relative to be your franchise partner. No matter which member of the family you run a franchise with, whether they are a sibling, child, parent or spouse you need to take into consideration whether your personal relationship will be affected negatively by working together.
Many families face the problem of talking about work matters in the home as well, which can really not be healthy for personal relationships. However, if you and your relative take professionalism very seriously and you can separate home from work, then you do have a clear shot at success.
The Bottom Line
Make sure to put everything on the table when you decide to invest in a franchise with a loved one, and ask them to do the same. Share your fears, goals, and expectations with one another so as to work out whether or not running a franchise together is feasible or not.
Find the work-life balance you have always wanted. Get in touch with Franchise UK for more information on how to become a franchisee.