Franchise ownership is a significant financial...
Many people understandably think that owning a franchise means being there, on site, whenever the brand is open. It brings to mind someone who is married to their business, running daily operations and not having a lot of free time.
This, however, is a misconception, and it's one that sometimes prevents people from realizing their dream of owning their own business. Although you can live and breathe your franchise if you want to, you can also own one from somewhat of a distance. This is something many successful franchisees have already done in Canada.
Why do people own franchises remotely?
As you search for your ideal franchise business, you may know that you just can't spend all your time at that location. Maybe you live in one province but see the opportunity in another province yet don't want to move. Perhaps you aren't yet ready or willing to let go of your current job. Whatever your reason, it's important to keep in mind that your inability to be at your franchise all the time doesn't mean you can't own a successful one!
Operating a franchise remotely
As noted, a franchise business can thrive even if the owner isn't there often. However, you have to have a plan in place that you follow to pull this off successfully.
The first part of your plan should be finding a person you trust and are confident in to run your location's daily operations. You could bring in a co-owner to act as manager or hire someone if you prefer to be the sole franchisee. Make sure the manager is aware that you will want to receive paperwork on daily operations. This will keep you in the loop, and it also shows your manager you are invested in the business. Communicate with your manager and staff occasionally as well. This will instill trust in you. When the staff trusts you, it's more likely you will be contacted if a problem arises.
Make visits to the franchise when you can. It's good to show your face, so to speak, plus you'll be able to take measure of your business and staff. You can also hold occasional staff meetings to hear new ideas and get the pulse of your business. Thanks to technology, these meetings can be remote for you as well!
Last but certainly not least, keep an eye on the finances. Whether you handle those yourself or have an accountant or bookkeeper who does, you should always know what's coming in and going out. This way, you will know the financial health of the business and won't encounter any unpleasant surprises.
Owning a franchise from a distance is certainly possible, especially when you have the right staff in place. Keep in mind that some brands do require that a franchisee be present on-site for a set number of hours per week. If you plan to be remote, be sure to go with a brand that allows this ownership style.