Family-owned or controlled businesses make up 90% of all business enterprises in North America, according to the U.S. Census Bureau. Some of the most well-known family businesses include large cooperations like Walmart, Ford Motor Co., and Berkshire Hathaway.
You can join the fun by considering a family-friendly franchise that fits your ambitions, schedules, and talents. Use our list of criteria to determine what family business opportunities you should consider.
What Criteria to Consider When Evaluating a Franchise
First and foremost, determine how much money you have to invest, and consider your liquid capital and net worth. Franchisors will want to know this as they move you along the discovery process.
When deciding on what industry in which to buy a family-friendly franchise, research what industries are in demand, especially in your area. Is there growth potential for the service or product? Check out how saturated the market is for what the franchise will offer. You don’t want to start a business like dozens of others in your area; you want something that’s in demand and unique. In-demand industries include senior in-home care, healthcare, personal care, and the home improvement industry which is expected to reach $450 billion by 2027.
Ensure a quality management team backs the franchise. They should welcome you and your family and guide you through to business ownership. Once you inquire into a franchise and move along in the discovery process, you’ll receive their franchise disclosure document (FDD). In the FDD you can see how long they company has been franchising, their stability from the frequency of opening and closing of locations, any litigation they have been involved with, and bankruptcy information. At N-Hance, America’s No. 1 wood refinishing franchise, franchisees are backed by a mature franchise team. Not only do we bring 15 years of franchising experience, but we were born out of Chem-Dry, the world’s largest carpet cleaning franchise. We have decades of franchising knowledge to help you and your family flourish.
A key benefit of franchising is the support and guidance a brand can provide to you and your family. The kind of training they offer can determine how long it’ll take to get your business up and running. Even more critical is the franchisor’s ongoing support, including marketing, advertising, and employee support. During the discovery process, franchisors should allow you to talk with current franchisees. That’s an excellent opportunity to discuss how they, as an owner, feel about the quality of support and training they receive from the brand.
Finally, consider the skills of you and your family members when looking at family business opportunities. While most franchises don’t require you to have any experience in their industry, you should have some desire to learn those skills. Passion and business management skills are crucial to helping your family franchise business flourish.
What to Expect From Working With Your Family?
Working with your mom, brother, or in-laws can be tricky, but it’s possible. Here are a few tips on setting your family up for success when running a business together.
- Understand and respect each other.
- Keep it professional. Call people by their first names, not “mom” or “dad.”
- Respect each other’s roles and responsibilities. Recognize who has the decision powers in what areas of the business. If someone is in charge of day-to-day operations, let them handle that, while maybe someone else is in charge of accounting.
- Set boundaries. Let work talk stay at work, so you can relax and enjoy family time together.
There are many pros and cons to working in a family business. You can trust and be honest with each other about all business aspects, but sometimes it can cause tension in family relationships. However, by following these tips and finding the right franchise, you and your family can thrive together.
Find the Right Fit With N-Hance
Why not invest in a franchise that has a track record with dozens of thriving family-owned locations? Most families that invested in the N-Hance kitchen remodeling franchise, had little or no experience in the home remodeling industry. Still, through our training platform, they gained the knowledge and skills to help find success. Here is what one of our N-Hance franchisees had to say about her experience:
“Owning a business with your family is great because you share a common goal,” says Lisa Markese, who co-owns an N-Hance franchise with her husband and son in New Jersey. “Franchising with N-Hance is the best decision we made as a family. Our sales have been increasing every year we’ve been in business. I don’t plan on retiring, but when I do, my son is going to take over the business. I wouldn’t have it any other way!”
Take the next steps to own your family-friendly franchise by requesting information on N-Hance.