MANAGEMENT FRANCHISING T
he definition of a management franchise is where the owner manages the business while the product, business or service is provided on a day-to-day basis by another person or team. There’s a variety of sectors offering franchise investment opportunities that fall under the banner of ‘management franchise’. Across the following pages alone there’s cleaning, healthcare, security and fire services, business coaching and beauty! In fact, any industry in which you can manage a team to carry out the business could be described as ‘management’. Some franchises will require that you understand the day-to-day operations by getting involved, initially, at a hands- on level (and no bad thing, as all bosses should understand what their company, and everyone in it, does), but with the intention that once established, you will be running the business as a management concern. Experience in the industry the franchise serves, therefore, is not essential, but a background with some people management and a passion for business will be advantageous.
Room for growth
One of the major attractions of running a franchise as a management operation is that it affords the franchisee the potential to grow exponentially. You aren’t carrying out the service or provision yourself, but overseeing others that do, so you are not limited to how many clients, customers or contracts you alone can fulfil in a day. Many franchisees are attracted by the scope to run their business partly from home or arrange their hours around family, achieving that all-important work-life balance. In addition, a franchisor will often provide a variety of office admin services. With head office handling, for instance, your invoicing, IT and payroll – aspects that you would either be working on yourself in a small business startup, or paying someone else to – you are free to concentrate on customer relationships, hiring the best people to work with and keeping an eye on your future expansion plans if you wish!
Making a difference World domination aside, there’s personal
fulfilment to be had, too! Seeing how their leadership positively influences their
business and world around them is a component of working life that franchisees report as a particularly satisfying. Many are motivated to ‘give back’ to their networks of fellow franchisees or to their local communities. As Amit Tayade of Caremark says: “I wanted to run a business that would be financially rewarding and would make a difference to people’s lives.” ActionCOACH UK co-founder Ian Christelow also supports this view: “Yes, growing an ActionCOACH business brings financial rewards but that’s not the ultimate driver. Our franchise partners are passionate about improving the lives of their business owner clients, their staff and the communities they live within. They are passionate about gaining a work-life balance and showing how others can do the same. There are so many motivating factors for our franchise partners.” Author Henry Mintzberg defines ‘management’ as “a practice where art, science, and craft meet”. Certainly, the franchisees (and one franchisor) featured over the following pages would concur. Here, they discuss reaping the rewards of their management franchise businesses...
SECURING YOUR FUTURE
MANAGEMENT FRANCHISING – THE BENEFITS: • Potential to achieve work-life balance • Continually hone your business and leadership skills • Backup and support of a brand and network • Opportunities in a wide range of industries • Good potential for growth
GROWING A MANAGEMENT BUSINESS – WHAT THEY SAY:
INDUSTRYWORTH OVER £8.8BILLIONWITHIN THE UK, I KNEWTHAT I WOULD BE ABLE TO BUILD AND GROWA SUCCESSFUL BUSINESS”
– NIC SERVICES GROUP 68 |
BusinessFranchise.com | June 2018 “I COULD SEE THE HUGE POTENTIAL … WITH AN
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