Business owners are happier, statistics show, than people who work for someone else. The reasons for this are not completely clear — usually that question is left to speculation after the report of the research results.
Here are seven great things about being in business for yourself that might be part of the explanation:
- Flexibility. Sure, business owners — including franchisees — may work long hours. But they also have a lot of flexibility, whether from choosing the kind of franchise business they prefer to invest in to setting their own hours. Franchise business owners often can work where they please or take off to watch a matinee in the afternoon if they feel like it. Big choices or small, being able to choose can be satisfying.
- Passion. “Do what you love,” someone once said, “and you’ll never work a day in your life.” Some credit Confucius, but that seems unlikely. No matter who first said the line, it’s true for many franchisees. They love dogs and spend their days with dogs. Or they love fashion, and build their lives around fashion. Employees can feel the same, but they often have less involvement in the business than owners do, and spend less time doing the fun stuff.
- Security. This may seem counterintuitive, but business owners, including franchisees, may have more job security than employees. Your job depends on the whim of your boss, but your business depends on you. If your franchise isn’t performing the way you want it to, you can make changes and turn it around. As an employee, you might have to watch your boss make mistakes and end up out of work.
- Prestige. Owning a business may give you a different position in your community and in the eyes of your family than working in someone else’s business. For many franchisees, building a business is a source of pride.
- Income. Multi-unit franchisees are not just building a business — in many cases, they’re building an empire. Most jobs have a maximum income level, but a business you own, including a franchise business, has no upper limit. Your income depends on your choices. This can be especially important for people in industries where working hard doesn’t always lead to higher wages. Owning a cleaning business is very different from working as a cleaner.
- People. You pick the people you work with when you own your own franchise. The staff are chosen by you, you pick the kind of customers you want, and you pick the franchisor and franchise community, too. In a job, you may dislike your boss or find your coworkers difficult, and you certainly can’t pick the customers you choose to work with.
- Creativity. Franchises have systems and rules that franchisees must work within. But as the owner of a franchise, you can have a great idea within those parameters and go with it. As an employee, you have to pitch your ideas, and someone else makes the decisions.