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What No One Tells You About Owning A Semi-absentee Business
Manage episode 379584557 series 3393253
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What happens when you step out of your comfort zone and take a leap into the world of franchise business? My wife and I can tell you – it’s a rollercoaster of experiences, lessons, and realizations. In our journey, we've discovered the power of a semi-absentee ownership model, a concept that allows you to maintain your current lifestyle and financial security while exploring new business avenues. It's a path we followed, juggling our corporate roles with our entrepreneurial dreams, all the while relying on a manager for the day-to-day operations.
That's not to say, however, that you can be completely hands-off. The early days are crucial – it's when you get your hands dirty, learn about your business, and lay the groundwork for success. This is your chance to establish clear expectations with your manager, build a structure that ensures accountability yet offers autonomy, and immerse yourself enough in the business to become an expert. And let's not forget the importance of creating an effective compensation plan for your manager – a well-thought-out plan can pave the way for motivated and successful team leaders.
But the ride doesn't end there. As we navigated our entrepreneurial journey, we faced challenges with our business manager. We learned the hard way about understanding when a manager may not be the right fit for your business and the courage it takes to make a change when necessary. We share our story, the highs and lows of managing the manager, the impact of waiting too long to make a crucial change, and what we learned from it all. Join us as we open up about our franchise business journey, sharing the lessons and insights we've picked up along the way.
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7 Steps to Owning a Franchise:
https://path2frdm-1.hubspotpagebuilder.com/path-to-freedom-about-franchising
If you would like to learn more about this particular franchise opportunity, or discuss franchise ownership in general - feel free to use the link to my calendar below to schedule a free, no-obligation introductory meeting.
https://calendly.com/Is-barefoot/introcallwithIs
Part one of Semi Absentee
105 episodes
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