There’s no doubt about it: this is a special time of year. Most of the world’s population celebrates at least one major holiday between November and January or February, and it’s a time of year when people often refocus on priorities and major goals for their lives. For people who are at some stage of the franchise journey, this is an excellent time to plan ahead for your business or enjoy the fruits of your new lifestyle. Depending on where you are on your franchise path, try one of these action plans as you enjoy the holiday season.
If You’re Still Thinking About Franchising
Maybe franchising is on your radar, but you haven’t yet decided to make the leap. This is an excellent time of year to look around you and take note of the areas of your life that would be most affected by franchising. As you’re thinking about your priorities for your life, ask yourself:
- Do I want more money to be generous with gifts?
- Do I wish I had more time to spend with my family doing the things we love at this time of year (like baking, caroling, or watching holiday movies)?
- Would I enjoy more time to attend special holiday events?
- Would I like to travel more at this time of year?
If you answered yes to any of these questions, an executive-model or home-based franchise can help you achieve those goals.
This is also an excellent time of year to do some self-assessment. Use this list of key questions to figure out whether you’re truly ready to be a franchisee. I also recommend doing a year-end review of your finances, so you have a complete picture of your assets and liabilities as you consider investing in a new business.
If You’re in the Process of Choosing a Franchise
As with those who are still deciding whether to become franchisees, the holidays are a great opportunity for you to consider your most important lifestyle goals. Look for franchises that match those priorities and focus your time and energy on researching them.
Maybe you’ve already decided which franchise(s) you’re interested in and are completing your applications or going through due diligence. In that case, use some of your holiday time off from your day job to make progress on any tasks that are on your plate. Put your paperwork and financial documents in order, make a list of questions you have for franchisors or lawyers, and book travel for any franchisor visits you know are coming up.
If you own a franchise…
…and this is a busy time of year for you
If this is a hectic time of year in your franchise sector, that’s OK. Self-employment often involves hills and valleys, ebbs and flows. Remind yourself that, overall, business ownership still gives you more freedom to focus on your priorities. Plan now for some extra down time–and some strategic assessment and planning–once the busy season has ended.
Also remember to be supportive of your employees at this time of year. If this is a busy time, be up-front with everyone about schedule and workload expectations. Before scheduling people to work on or adjacent to holidays, put out a call for volunteers to staff those days. Certain employees may want (or need) the extra holiday pay. Or if they don’t celebrate particular holidays, they may appreciate having comp time to take at a later date that’s more meaningful to them.
…and you’re an executive owner, or this is a slow time of year
Congratulations! You can take full advantage of all the flexibility that franchising has to offer. Enjoy having control of your schedule, and make time for all the holiday traditions you love most. Want to travel to see far-away family, or spend a lot of time with your school-age kids on their winter break? You can do that! Been building wealth through your franchise? Be generous with holiday gifts and charity!
In all the holiday fun, though, don’t lose sight of this chance to plan ahead for next year. Once 2024 arrives, you’ll need to be ready to review year-end financials with your accountant (or assemble them yourself). Take advantage of some of your down time to start compiling the paperwork you’ll need for this task. This is also an excellent time to do some goal-setting and strategic planning for your business–more on that soon!
If the holiday season has you thinking about priorities and what you really want for your life, book a call with me or Lauri. We’ve been down that road, and we love nothing more than helping others on their journey. Best of all, our services are free to you!
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