Any parent will tell you that providing for their children is their main concern. So many parents become stressed by the constant struggle to balance work with children and home life. Many traditional or corporate jobs do not offer the flexibility and freedom that makes it possible, enjoyable, or cost-effective to raise a family while pursuing a career.
And I should know – I finally left behind the “security” of a corporate job where I was working long hours, and not having the balance I wanted, after 25 years. It took me too long as I missed the quality time I needed, and wanted, with my children during the years they needed it the most.
Just because you are a parent does not mean you cannot invest in your own business and in work-life balance. In fact, parenting helps prepare you for a new career as an entrepreneur. Being an entrepreneur is not much different to being a parent. An entrepreneur invests much of their time nurturing and growing their business, much like a parent gives of their time in raising a child.
So, what does this mean for parents thinking of starting their franchise business? It means that starting a business may not be as foreign to you as you may have thought. Note, though, that by no means am I saying that if you are a great parent you will automatically make a great entrepreneur. There are many more factors involved in making the decision to go, or not to go, into business for yourself. However, more and more parents are finding themselves drawn to the idea of franchising because it offers them everything they are looking for as they pursue their professional and life balance goals, including:
Lower Risk Investment
Financial considerations are one of the major factors drawing parents towards the franchise model. Many parents do not want to jeopardize their family’s financial security when starting up a new business. Investing in a franchise is seen as a “safer” financial undertaking. A franchise model can offer parents a secure and trusted business model that has been proven to work and comes with great support. In many cases, investing in a brand where the product or service is already developed and the systems and procedures are in place, the entrepreneur is up and running in a relatively short time. This is a big advantage for “parentrepreneurs” who more than likely have financial obligations each month, and income needs to be replaced quickly as well as for those that doubt their entrepreneurial abilities.
Flexible Hours that Fit Your Schedule
No matter what industry you buy into, or the role you play in your business, “work-life balance” is a term “parentrepreneurs” are living more and more these days. Make no mistake, most entrepreneurs work very hard – but they control their own schedule. Being an entrepreneur allows you to manage your own time and decide when to focus on family and when to focus on business. Having said this – not all franchises are equal – you need to do your homework to identify which business models and brands will provide you with the work-life balance you are looking for.
Passing Down A Legacy
Many entrepreneurs get into business for themselves with the hope of one day passing it down to their children. Children who work in the family business may eventually take it over. Often, the parents will retain a percentage of the business as a revenue stream in retirement. Even if your children do not stay in the family business, studies show that parental entrepreneurship increases the probability of their children being entrepreneurs by about 60%.
I am a parent of 2 teenage boys. Being a parent is no easy task and being an entrepreneur is no easier. But for me, working for myself has meant being able to spend more quality time with my sons – helping with homework, taking them to soccer practices, attending their soccer matches, tournaments & other events and just being more present in their lives. My only regret is that I took so long to do it. So, if you have thought of starting a business, remember that it is seldom too late to take action.
I would love to help you find that franchise business that affords you the lifestyle you are looking and the financial stability you need. Call, or text me on 440-673-8154 or email me craig@franalign.com and I will be happy to share the opportunities available to you and your family.
