How to terminate a franchise agreement
Although a franchisor will give you the tools,...
As a prospective Canadian franchisee, you've likely got a lot of questions about everything from profitability to viability. One particular thing you may be wondering about is just how much time you'll have to put into your new franchise. Will you work eight hours a day or more? Are there ever any days off?
Of course, there is just no one set answer to this popular question. You can, however, get a clearer idea of just how many hours you may spend in your new business on average as you get deeper into your franchise option research.
New businesses always require more time
In the beginning, when your business is new, assume you will be putting a lot of long days in and that your time off will be limited at best. As a new owner, you need to learn your business inside and out while you learn how to manage it, and this means a lot of your time will be required. It helps to think of your spent time as an investment in your future and to remember that things will get easier over time.
Consider your industry
The type of franchise you are getting into will have an impact on your time commitments to it. A cleaning franchise, for example, may only operate four to five days each week, while a child care franchise might only be open after school. A shipping business, on the other hand, may require longer hours to meet the needs of customers and a lot of extra time on the holidays and weekends.
Think about the details
Many other factors can influence how much time you'll put into your franchise, including your personality. If, for example, you're a workaholic, you'll likely put in more hours yourself instead of hiring a manager to ease the burden. If you are more laid back, you may be willing to bring a manager in early on.
The franchise model has an impact on your time commitment, too. If it's seasonal, you'll put in more hours when the busy season is upon you and less during other times. If it's a semi-absent franchise, you'll put in less hours than with a more traditional ownership role. A mobile franchise may allow you to essentially dictate your own hours, which can be a blessing and a curse--you must be very motivated and focused to keep yourself going on this type of model.