We’ve explained the differences between independent business ownership and franchise ownership, and the pros and cons of each; but what about the transition from one to the other? Why would someone want to shift from an independent business owner to a franchise owner? How would they go about the process? Is it easier to stay within the same or a similar industry? Is it difficult to build a business from the ground up and then pursue franchise ownership with another business? How do you know if one business concept is better for you than another?
These questions are all excellent and normal questions to think about when attempting to determine a true, viable career path in business ownership. They are also questions we can help you to find the answers.
1. Why would someone decide to transfer from an independent business owner to franchise ownership?
Many factors should come into play, such as if you enjoy the idea of having a solid, established support system in terms of HR, marketing and branding tools and materials, market research and analysis, mentors and networking opportunities, and field managers who are available to help with any questions, concerns or challenges you may need addressed. What about your management style though: If you consider yourself more of an operator than a full on creator and developer, then your calling may be leaning more towards franchise ownership. If you excel better at developing the foundation of a business, its core, and you enjoy the creation from the ground up, then perhaps an independent business ownership is more your cup of tea. We when we say development of the foundation and the core of the business, we mean all the elements, as a whole that allow the business to operate; its legs. Research and market development, figuring out and creating the brand, mission, values, and goals-if those are processes that excite you, then you may be independent business owner material. People who want many of the freedoms of small business ownership, with the extensive support, (and hence far less risk), of a franchise partner are usually better franchisee material because they enjoy optimizing the tools that are already in place for them to build upon; their team, the culture, as well as leverage the strengths of their already heavily researched market.
2. How does someone transition from independent business ownership to franchise ownership?
The process, depending on the chosen franchise system, can be easy, especially if you already have previous ownership experience. For the most part, the only work you will need to do is research various franchise systems in the industry of your choice, speak with their corporate executives about royalty fees, the ownership process as a whole, the brand, its values, mission, and goals, meet with current franchise owners of the specific franchise system you’re considering and see what they have to say about their ownership experience. In a nutshell, do your homework, and do it thoroughly. After you’ve selected the franchise system, the rest of the process will be comprised of training, preparing your office and location, hiring, adapting to the system’s tools, infrastructure, and technology, as well as reviewing operational guidelines, and marketing and branding policies.
3. Is it easier to transition ownership by staying in the same industry?
Unless you feel disconnected or are lacking passion within your current industry, there would be no reason to change, unless you feel it’s necessary for your growth and career. If the industry you currently work in thrives and motivates you, continue on your path. Transitioning ownership and staying in the same or similar industry will definitely help you in the long and short-term. Most likely, you will be an industry expert in some cases, and will need to focus more on staying ahead of or on top of industry trends, instead of playing catch up.
FirstLight Home Care has an excellent conversion process for independent homecare owners interested in converting their business into a FirstLight Home Care franchise. We understand transitioning from an independent owner to a franchise owner can be difficult emotionally. Which is why we make sure that we compliment and build upon all of your hard work to date, not replace or re-invent it. At the end of the day, it’s still your business, only now you have the added benefits of our franchise system. Before any confirmed decision is set in stone, we sit down with you and discuss whether conversion is the right choice for you and your business, as well as the right fit for the FirstLight Home Care team. We are caring, sensitive and thorough in the conversion process because we understand business ownership, no matter what type, is an achievement and mountain of hard work, and shouldn’t be taken lightly.
Change, any change, can be a challenge, whether we welcome it or not. If you’re considering transitioning from independent ownership to franchise ownership, be sure to take the time and consideration necessary to decide what the best option for you are based on career happiness, growth, and prosperity. How do you operate and function as a business owner? What’s the optimal choice for both you and your business in terms of growth?
For information regarding FirstLight Home Care ownership or converting your current independent homecare business, please give us a call at: 1.866.985.5348. You can also view our business conversion page (https://www.firstlightfranchise.com/paths-to-ownership/convert-your-business/), as well as our franchise information page (https://www.firstlightfranchise.com/), to find out why you should join our winning team! You can also sign up for our free webinar (https://www.firstlightfranchise.com/webinar-access.html) and see why FirstLight Home Care is a top-rated franchise!