Work/life balance is paramount to happiness and fulfillment. How do you strike that balance as a franchise owner? And is there more freedom in a franchise than a start-up business? The Daly Coach answers these questions and more in this video.
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It’s a common question and even a concern by many people. The answer is: it depends! It depends on you and on the franchise you’ve invested in. When starting an entrepreneurial business, work/life balance is where the rumor or the myth probably comes from because you have to be the one creating everything. And many entrepreneurial businesses are centered around the owners’ center of influence and what that owner knows. But because in a franchise, you can invest in a business that doesn’t rely on your expertise because you don’t need prior experience to be successful. You can invest in a franchise that leverages systems, people, technology, and even a brand. Then, owners can come into the franchise, working on the business rather than in the business. And that’s what allows them to come in as a semi-absentee owner.
Now, not all franchises allow semi-absentee owners. Many franchises say, “Look, we know that our top-performing owners will always be those who take a full-time role in the business.” But a select group of franchisees allows semi-absentee ownership. They even promote it! They’re looking for executives who have full-time jobs to be franchise owners in their system. They’re looking for business owners who are looking to diversify their investment into this particular franchise. So, a semi-absentee owner may be putting in somewhere between 10-20 hours per week, but it’s going to depend on the owner. So, the other depends on this “is work/life balance possible when you start a business?” is—it depends on YOU, the owner. You are the biggest factor in the success of your business and the biggest factor that nobody can predict other than the business’ success.
Suppose the franchise allows semi-absentee ownership. You can validate with other business owners working their business part-time, who have full-time jobs or other businesses, who are top-performers in the franchise. In that case, there’s no reason to doubt that you can’t do it, too! Believe in your leadership skills. Trust the systems, the brand, and the location.
If you want a work/life balance, you have to be disciplined and hold yourself accountable to a plan. When do you want to take a vacation? How many days off do you want to have? Plan vacations and days off before you plan how many days you’ll be in the office! This is the best way to never feel like a slave to your business because you are totally in control. You can take as many days off as you want!
One other tip for finding a work/life balance is delegating. If there are things that you don’t like to do, delegate them to others. Being conscientious of different activities as a business owner, picking the ones you’re best at, and then delegating tasks to your employees so that you can have more time to do what you love to do is another great way to accomplish work/life balance.
So what’s the definitive answer on work/life balance?
It depends. It depends on you, and it depends on the business that you invest in. The best coaching advice that The Daly Coach would give to you and any business owner who buys a business or invests in a business and feels like they can’t get out from underneath it is to step back and go back to your vision goals. Why did you buy this business in the first place? The business becomes the vehicle driving your life to this new place and break down your financial goals nto weekly, monthly, and daily sales goals. It allows you to work with clarity and know exactly what you have to achieve that day to be on the path to where you want to end up. Build a clear and specific daily sales plan for yourself and hold yourself accountable. Get serious, focused, and clear about your goals. Focus on what you can do day-to-day.
For more information on this idea of building a daily sales plan that would help you enjoy a strong work/life balance, I would love to be your Daly Coach. Leave a comment below or e-mail me now. And please like and subscribe!