Franchise Ownership – Donning Many Hats
Just because you’re passionate about a particular business or industry doesn’t necessarily mean you’re going to find great success running that business. You might be a whiz in your own kitchen but is that enough for the success of running a pizza restaurant? Every business owner has to wear a number of hats and that means a need for far more skills than just the core skills or duties required to operate in a specific industry.
There may be people who work for you when you launch a franchise, but you aren’t going to have a person for every task. In many cases, the employees are only there to support the day to operating of the franchise – you still have to deal with all the administrative tasks. Here are a few of the hats that you’ll be expected to where as your launch and begin operating your franchise.
Tax Collection – Planning on selling goods on the retail level? If you sell goods that require a sales and use tax then you’ll have to collect those taxes from every customer and submit taxes on a monthly basis to your state. Likewise, you will be expected to handle collecting local and state income tax from your employees.
Managerial Duties – As the boss you have to handle a great deal of duties including the managerial and HR stuff. Hiring, termination, coaching training, performance reviews, benefits paperwork, mediation, etc.
Marketing – No one knows your business better than you so you need to put together a plan for your marketing and advertising. This is the only way that you’ll be able to grow your business. Marketing increases visibility and unless you hire an ad agency to manage your branding and PR you’ll need to tackle it all on your own.
Accounting – It’s all a numbers game and if you’re not savvy on keeping track of finances, expenses, P&L statements, utilities and profit you’ll need to have someone handle that information for you. Not only will they keep your regular finances in check but they can help deal with all the taxes associated with running a business.
Bill collector – Without an accounting staff to handle your invoicing and collection you’ll have to be the one that deals with customers and clients when it comes to handling invoices. If someone doesn’t pay on time then it’s your job to chase them down and collect your money. This comes with some legal knowledge because you need to know what you can and can’t do when it comes to collecting your money.
Administrative Clerk – It would be beneficial to have an administrative staff or assistant that can handle the light stuff but the reality is that you’ll likely be doing a lot of this – at least at first. That means fielding phone calls, service issues, answering emails, dealing with mail, cutting checks, etc.
These topics just scrape the surface of what you could be doing as the owner of a franchise. There’s a lot of work involved and it takes more than passion to get everything done every day. There are few franchise business opportunities out there that are a 9 to 5 gig but when handled properly, including managing the extra hats, it’s the most rewarding way to be an entrepreneur.
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