Lifestyle: find franchise opportunities to improve your lifestyle!
The lifestyle category looks at how positively franchisees perceive the balance between their work and home lives as an indicator of their satisfaction with their choice of franchise as well as how family and friends perceive the success of the business. Franchise companies who cater for a good lifestyle according to their franchisees create an environment and an operating system where a good work life balance is very achievable.
When reviewing franchise opportunities it is important to consider the lifestyle that you want to have and to select a model that fits your expectations. When you are doing your due diligence ask the franchisor and existing franchisees about the time you need to put in to achieve your goals.
When considering franchise opportunities If you are weighing up the number of hours you will need to work also consider your family and friends in your support network and what affect the hours you put in will have upon them and your relationships with them. If you create the right expectations with family and friends from the start they are more likely to be understanding and supportive if you need to put in a few extra hours every now and then.
One of the other elements in lifestyle is how your business will look to family and friends. Consider how the franchise' s business model and branding is presented and how well other franchisees represent the brand, this is an important element as when you step into a franchise and own a business which is highly visible you will quickly want to be proud of your business and happy to tell friends of the career choice you have made.
Our congratulations go to all the franchisors that made the top 10 in the lifestyle category for franchise opportunities and particularly to the top 3 of Smartline Personal Mortgage Advisers, Mr Rental and Mister Minit.
#1 Congratulations Smartline Personal Mortgage Advisers franchise
Service based franchisees often have the luxury of scheduling work around life. Many Smartline franchise owners choose to work from home rather than an office and find the time to take kids to school and pick them up again, whilst choosing to work some longer hours in the evening to catch up on administration. That said administration is kept to a minimum required level within the group with the support office mindful of creating systems which are efficient and reduce the number of hours required to keep on top of the business. One such example of a new system implemented in recent times to save time is an automated electronic system to comply with industry regulations that relate to providing customers a statement of advice. The system takes information from the consultation and produces a document which shows the exact advice provided in a consultation.
Smartline' s internal culture involves about making a positive contribution to the community and encourages franchisees to get together and offer their services together to charitable organisations. As well as this Smartline provides forums for franchisees to get together on a quarterly basis for social lunches to share best practice and enjoy each other' s company.
#2 Congratulations Mr Rental franchise
Mr Rental is an 8am to 5pm Monday to Friday franchising system. Mr Rental keeps these opening hours to give franchisees a great lifestyle. The other plus point to the Mr Rental franchise model is that it is built on recurring revenues. So a franchisee rents a product such as a fridge out, that fridge then keeps on providing an ongoing rental stream as long as the customers needs it. This means that hard work is put in once and then the franchisee keeps on getting paid again and again.
#3 Congratulations Mister Minit franchise
Mister Minit is a market leader in the key cutting, engraving and shoe and watch repair business with over 80 franchisees in Australia and New Zealand out of 215 shops. Mister Minit have a unique model in that franchisees come from existing Mister Minit staff. This allows for a great matching of franchisee and franchisor as both parties get to experience each others qualities and characteristics before committing to an even more aligned working relationship. Franchisees already understand the business and the financial potential of their shop, as well as the hours that are required to be worked a week.
During the term of the franchise agreement the franchisee pays a fixed flat monthly royalty fee, meaning that the salary they take home is uncapped. Typically the transition from staff member to franchisee has resulted in a salary increase of two to three times depending on the shop and the balance between how many days a week the franchisee works and the number of staff the franchisee employs.
From a lifestyle perspective this model allows the franchisee to be in control of their work life balance by bringing in staff members as required and trading the money they take from the business for time off when they need it.