Being self-employed is a dream that many share, and when it finally becomes a reality, it’s hard to put into words how good it feels. It also involves a period of adjustment that can be challenging, which is why those making the jump from employee to boss should be mentally prepared for the hurdles yet to come.
However, that’s all part of the fun, provided your attitude is positive, and your enthusiasm is boundless. It also represents a total shift in both lifestyle and career, and the changes may be surprising for first-timers. If you’re considering becoming a restaurant franchisee, here’s how you can expect your life to change as you grow and become more accustomed to running the show.
YOU RUN (MOST OF) THE SHOW
This is the big one, and it’s the most attractive prospect for would-be entrepreneurs. No more following orders, meeting deadlines, or answering to managers. Of course, you’ll still need to put in the hard work to make your franchise location a success, but it’s a different thing altogether when you’re the one calling the shots.
You’ll be in charge of how things play out on a day-by-day basis, from hiring new employees and dismissing bad ones, to tweaking and optimizing the daily workflow to save costs, and maximize efficiency. It’s great to be at the top, provided you love responsibility, and aren’t afraid to invest yourself in your business from top to bottom. However, all prospective franchisees need to be aware that the franchisor has the final say on things like branding, marketing and menu items, which means you don’t get to dictate the direction of the entire operation. It’s a small caveat in exchange for an excellent business model that nets real-world results.
YOU WILL EXPAND YOUR SKILL SET
No entrepreneur ever walked into any business venture with an omniscient mind, and part of the experience means learning as you go. Throughout your franchise venture, you’ll realize your weaknesses and inefficiencies, which will give you plenty of opportunities to learn more skills. This will have a trickle-down effect into every aspect of your career, and it’s an invaluable situation to find yourself in.
Don’t be afraid of walking blindly into a situation and not having an immediate solution. Sometimes it’s a matter of hiring the right employees, reaching out to the franchisor head office, or simply devising a strategy of your own. Different challenges will necessitate a different approach, whether it’s dealing with employee concerns, labor problems or legal matters. The more you face those challenges with a positive mindset and a readied approach, the more confident you’ll become as you successfully overcome them, and add another notch to your belt.
YOU WILL BECOME FINANCIALLY CONFIDENT
The more you handle money as an entrepreneur, the more experience you end up accruing over time. This can help boost your confidence, even during times of economic uncertainty and volatility. You’ll learn to weather the storm of an economic slowdown, deal with the added costs of inflation, and trim the fat in order to prioritize saving money, versus spending unwisely.
When it comes to paying fees, unit costs or employee wages, you’ll be able to reference your balance sheet and plan accordingly, while always searching for ways to streamline the financial efficiency of your franchise location. Every business has its ups and downs, not to mention slow periods, but restaurant franchises are able to fend off the challenges of economic uncertainty, thanks to their established brand power and presence. With a little nudge in the right direction courtesy of your existing and/or untapped entrepreneurial skills, you’ll quickly become a monetary master.
LONG HOURS ARE REQUIRED
Every entrepreneur knows that long hours are a standard expectation if they wish to see the business grow to enormous success. First-time franchisees experience this the most, and they should be ready to invest several years into their first location, getting to know the ins and outs before they can start pulling back on oversight, and hiring a general manager to do the job for them.
At the onset, it’s up to the franchisee to roll up their sleeves and get down to business, and it’s a great learning period that will pay dividends in the future. Franchisees tend to streamline one franchise location into a rip-roaring success before opening up a second location, and so on and so forth. This is how many reap vast fortunes, first by standardizing an efficient work model, and then exporting it to the other locations. Once that day comes, franchisees can relax a bit and communicate with their managers to make sure everything’s running to their expectations.
CONCLUSION
The switch from employee to boss is a big one, but franchisees see the change in dynamic through an entirely unique lens. It’s an exciting industry to get into, and one that allows for a high degree of flexibility, while at the same time requiring hard work and due diligence to succeed.
Sound like fun? We think so, which is why we invite you to get in touch with St. Louis Wings if you think you’re ready to ditch the 9-5 routine, and create a franchise success story of your own. We’re breaking into new markets and reaching millions of new customers, and if you’d like to be a part of the adventure, we’d like to hear from you.
