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FRANCHISING: Franchising and Family Tip Box

 



Recent Western Cape Business News

Franchising is a model that lends itself well to families wanting to go into business together. “What’s important to keep in mind is that everyone needs to work toward the same direction and goal. Families also need to understand that business is business, but there is a way to work together,” says Morne Cronje, Head of FNB Franchise. Some things to consider when going into business with family include:

Business is Business – Keep it professional

It’s important to run your business like a business and not like a family. Franchising as a business concept is very successful, so run it like a business and not how you run your family. The structure of franchising is beneficial because the foundation of an established business structure and branding can help families to build up a client base quickly, and they can take advantage of the franchisor's marketing strategies.

Family members as employees

Having family members as employees can be very useful if the franchise is run in the correct way. They will be fiercely committed to making the business succeed, as they all have a stake in the profits or losses made. If everyone helps out with administrative, sales and organisational tasks then the business will be  productive.

Use known strengths and weaknesses

The strengths and weaknesses of each family member will be well known -  so their best roles can be sorted out in a short time.

Don’t let family issues get in the way

Personal issues between family members must not hamper the working environment and  problems should be cleared up before taking on the franchise.

Stick to your role

The general trend in most families is that everyone likes sticking their noses into everyone else’s business. This is not conducive to a successful working and professional environment. Everyone should know, understand and stick to their roles.

 


 
 
 
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