When you have strong credit, your franchise's financial...
Being your own boss has a lot of benefits, and many of them are obvious, such as setting your own schedule and making key decisions. However, there are some other benefits you may not have even considered to becoming a franchisee, and they can be of even greater value to you than having the final say and being able to create your own schedule.
Franchises are a big source of employment across Canada. According to the Canadian Franchise Association, franchises were the direct or indirect source of employment for one out of every ten working Canadians in 2018 alone. Even if you don't have staff at first, you may in the future, especially if you decide to expand and own more than one unit.
When you work for someone else, you generally can only get so many promotions or go so high. After all, you don't own the business, so it's not likely that you will ever receive a direct share of its profits. When you own your own business, however, there are a lot fewer limitations on where you can go, and this can serve as a great motivator to you as well.
When you are an employee for someone else, you usually get a job or a specific area where you are expected to work. Generally, your job title sets what your daily tasks are, and it doesn't often leave room for much variety.
As a franchisee, however, you will probably work in many areas of your business and get hands-on experience doing things you never thought you would do. Not only is this exciting for many people, but it involves you in every element of the business as opposed to just parts of it.
When you are part of a stellar team, work can be a great experience. It gets even better when you are the person leading the group to success. When you see your franchise reap the rewards of the decisions you've made, you will experience a feeling that is hard to compete with.
Having the courage to start a business on your own can be very invigorating, and it can also boost your confidence in yourself and what you can do at the same time. Going out on your own does take courage, even with the backing of a franchise system to guide you.
Before you make your final franchise decision, make sure you do all the research necessary to ensure you have found the right opportunity. The benefits of being a franchisee are most evident when you have become part of the system that fits your needs, goals and preferences the most.