Family business offers unique advantages, but also face unique challenges. Here are some key points to ensuring family franchise opportunities work well for everyone involved.

Family Franchising

The thought of starting up a business to run with family members is a common desire for many entrepreneurs and franchisees. It may be a husband and wife business combination, a sibling joint venture or a parent looking to build a business up in order to pass it on to his or her children.

Combining family and business can lead to the success, or downfall, of any business. Some of the most successful businesses are family-owned and family-run companies, while other businesses suffer from poor planning and unclear family roles and responsibilities, leading to poor performance and, sometimes, failure.

As a family business develops and expands, there are some unique challenges that key business leaders must face in order to ensure the success and longevity of the family business.

The family connection does not necessarily mean certain members are best suited to a particular role within the business. As the business continues and future generations come along, it can mean the number of family shareholders increases.

For these reasons, it is vital to set out clearly defined family shareholder roles and responsibilities for the business in both it’s present and future stages.

Importance of a Business Plan

Apart from helping to get access to finance for start-up and initial operational costs, a thorough and realistic business plan also helps to prioritise the much-needed areas for focus and development in order to get a new business off the ground and turning it into some that is viable and successful.

A business plan lays out goals and objectives, plans, strategies and direction for the business and for each role within that business. A business plan lets you identify, assess and adapt what is being done, how it is being done and by whom it is being done.

One of the best ways to ensure a family franchise opportunity has every chance of success is to have an in-depth and clearly defined business plan, with every role given clear direction.

Keys to Family Franchising

Along with a well-defined business plan, there are a few keys to helping family businesses stay focussed and functioning. According to franchise expert Derek Cafferata, CEO and President of All State Franchise Finders, ensuring you treat the business like a business is key to its success. “All too often, family businesses can be more about family than business,” says Derek. “It becomes difficult to maintain clearly defined roles and goals when more focus is placed on family than business.”

Another important key to family business success is to utilize outside expert advice. An outside, objective opinion can be extremely beneficial to all family business members and can help those within the business see areas for improvement as well as areas for potential development and growth.

Finally, another important key to successful family franchises is to understand and acknowledge the benefits of family ownership. Family businesses can call on unique resources, whether it be hands-on help, financial help or trusted advice.

Franchising Through ALLSTATEFF.COM

Derek Cafferata and his team at All State Franchise Finders has worked with a large number of families looking to move into franchising. With the right advice, family franchise opportunities can be the ideal business model for many franchisees.

For more information, please contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com today. All State Franchise Finders – Your Franchising Experts!