No longer flying solo
/Why would you give up the freedom of 'flying solo' to join a franchise network? Despite its popularity, some people find the solo business life means long hours and a constant struggle to generate business and stay up to date. For them, a franchise in a related business business could be a good step. In recent years the business soloist sector has boomed. It includes casual soloists making something to supplement their day job, freelancers, and a large number of people working on their own as consultants of some variety.
Some of these soloists are the classic 'consultants' - people who make their living moving from one role with a company to another, often experts in a particular area, hired to fill a short term need. Some are the classic kitchen table startup; people with an idea - often for an online business, having a crack at it from home.
But many soloists have skills that could fit within a larger business. They include bookkeepers, accountants, therapists of various types, tradies, designers, communications and marketing people, mortgage brokers and financial planners.
There are a host of reasons people head down the solo track. Many, I suspect, simply to make a buck; having found it hard to find a job in a business that suits them. There's also that 'stuff the boss' idea; the dream of being free to do your own thing, to choose your working hours, benefit from your own hard work without the boss taking a slice.
Some love it, and make a decent living. But sometimes the dream isn't what you want or need.
It's not easy to create a sustainable business when you are the business. Perhaps there will be times of plenty, but almost inevitably there will also be times of scarcity. That's because the solo operator is either 'selling it' or 'making it', and you're limited by the number of hours you personally can work.
There are other challenges for the solo business person. With only you in the business it is hard to generate new ideas, solve problems and innovate. Possible - yes, but often much harder than when you have others working with you.
Perhaps you want the opportunity to grow your business bigger, or to have the company of others in the same business as you. Perhaps you're tired of the marketing slog that's an essential part of business.
If flying solo is losing its shine for you, it might be worth trading some of your apparent freedom and independence in exchange for what a franchise system can bring you.
Franchising isn't for everybody, and not every franchise is a good business to be in. But my interest in the soloist to franchisee journey was spiked when Robert Gerrish, who has made helping soloists his business, contacted me to record a podcast about franchising.
For some soloists, the move to a franchise could be worth considering. Here are some reasons:
- Many franchises have a good stash of marketing resources you can plug into. This will save you time and possibly money.
- Other franchisees can be a source of business tips and help, or simply someone 'like you' to talk to. It can reduce the loneliness factor.
- Franchises may provide the training which you need to stay ahead in your sector.
- Some franchises provide 'career paths' that help you move beyond solo operator to business owner with a team of staff. I'd like to see more franchisors focus on this.
- A franchise business can have a sale value whereas a solo business can be very hard to sell.
Of course, there are arguments on the other side, and you must must must do thorough due diligence before you make the move. But if the solo life isn't all you want or need, a franchise may be worth a look.
You can listen to the Flying Solo podcast here
https://soundcloud.com/flyingsoloau/53-is-buying-a-franchise-a-smart-move