One of the biggest differences between management and ownership is the financial responsibilities required of a business owner. Both roles require leadership skills and business sense, but we believe that franchise ownership offers day-to-day and long-term benefits that just aren’t part of the package for franchise managers. Read on to find out how management and ownership differ in the franchise world.
Building a Legacy
When you own your own business, you have the opportunity to create—and leave—a legacy. No matter how long you might manage a business, you will always be working to build up someone else’s vision. And, when it’s time for you to move on or retire, will you have truly left your mark on this business you dedicated so much to?
As an owner, you’re going to leave your mark. After all, the business would not exist if it weren’t for your enthusiasm, tenacity and skill. And, when you are ready to retire, you will have options. Franchise owners can choose to not renew their franchising deal and let another owner take over. Or, they can increase the duties of their management team and just step back from the day-to-day. Other franchisees are interested in building a family business; owners can pass their business to the next generation or bequeath it in their wills. Being an owner instead of a manger gives you more choices when it comes to building and maintaining your legacy.
Building a Team
Franchise managers and franchise owners each have the opportunity to build their teams, depending on how tasks are delegated and how involved the franchise owner wants to be in the hiring process. The biggest difference between management and ownership when it comes to hiring is that owners have more choice. They can choose whether or not they want to be involved beyond hiring managers. They can choose to interview everyone themselves. They also make the call when it comes to team building and making sure everyone is on the same page.
Managers might get to hire their direct reports but, when it comes down to it, managers don’t get to choose other managers or handpick who is involved in hiring processes. Managers have to answer to business owners.
Building a Business
Do you want to build a business from the ground up? Or do you want to be a support beam? That’s the real difference between owners and managers. Owners evaluate all aspects of their business and work with their franchisor to strategize for long-term growth and expansion. Generally, managers are more focused on day-to-day functions. If you already have experience handling daily operations, it might be time for you to explore franchise ownership and take your career path to the next level.
Is owning a franchise what’s next for you and your career? It could be. Explore America’s Best Franchise and discover the franchise opportunities that meet your budget, your goals and your ideal lifestyle. Owning your own business—versus managing someone else’s— puts you in the driver’s seat.
