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Is owning a franchise one of the top goals you have for 2023? If so, you’re probably spending this holiday season checking out various types of franchises to start and narrowing your selection around which model will be the right one for you.
One popular franchise model many Canadians turn to is a lifestyle-based franchise. While this option might sound appealing by name, there are a few things to consider before diving in feet first.
What is a Lifestyle-Based Franchise?
A lifestyle-based franchise is a business that turns something you’re passionate about into a business model that allows you to earn while you do what you love. If you love to spend your days on the green, you might want to start a franchise in the golf or sports industry. Or, if you are a self-proclaimed foodie, you might want to start a food franchise, such as a restaurant or bakery.
Spending your days surrounded by activity or a fulfilling lifestyle sounds like a healthy balance. Still, there are a few essential things to remember as you decide to start this kind of franchise.
What Are Your Franchise Ownership Goals?
Starting a franchise certainly has its perks, but there’s no sugarcoating it — franchise ownership takes effort. A lifestyle franchise will still require you to put in time running the business, marketing or selling what you offer, and managing backend operations.
If your franchise ownership goals center around the activity rather than a passion for helping others enjoy the activity, you might be disappointed. Likewise, if you have a lukewarm interest in the lifestyle or industry you’re entering through franchise ownership, you might get burnt out faster than expected.
How Much Do you Want to be in the Business Rather Than Working on the Business?
Thinking through what it means to run a business will also help you identify if a lifestyle-based franchise is the right fit for you or if you’d rather start a franchise in a different industry. For example, if you’re starting a fitness franchise to work out more often, you might be surprised at the other elements that go into running the business, such as sales and operations.
Often, people think that starting a franchise in an area of interest will allow them to experience that industry more often. While there is certainly truth to that for some franchise owners, others shy away from the idea of turning their passions into a job. If you’re worried that you might be the latter, you might want to consider other types of franchises to own.
How Will Your Franchise Fit Into Your Lifestyle?
Do some personal reflection to clarify why you want to start a franchise. That reflection will help you better understand if a lifestyle-based franchise is right for you or if you might want to consider starting a franchise in a different industry, leaving your hobbies for outside of the workplace.
There are many industries where you can start a franchise. You don’t necessarily have to be fully qualified in those areas to manage the business. Choose an industry that aligns with your goals, interests, and desires as a franchise owner. Sometimes that will be a business within a lifestyle you love. Other times, you may decide that you’ll feel more balanced by keeping your personal life separate from your business life.
There’s no right or wrong way to approach franchise ownership. If, after considering these options, you’re ready to dive head-first into a lifestyle franchise there are loads to choose from that will get you closer to the activities you love. If not, there are plenty of other ways you can become a franchise owner and achieve a balance between your business life and personal life. That choice that you get to make? It’s the beauty of franchise ownership.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.