Being your own boss and becoming a franchise owner is a rewarding and fulfilling journey! You likely have a long list of questions, decisions to make and research needed to narrow down your focus. Another important consideration: Do I want to be a solopreneur or have a business partner? Hard work, skills and resources are needed to make your franchise successful. While some choose to take the path alone, having the right business partner offers many benefits. We take a look at the pros and cons of having a franchise business partner, and questions to ask yourself before entering into a partnership.
Do I Need a Franchise Partner?
If you have too much on your plate, want to be more productive or require a skill set that complements your own, then a business partner may be just what you need. Typically, a partner splits the responsibilities and work needed to run the business. Joint financial responsibility may lower the barrier to entry with a partner by bringing more capital and contributing to the start-up costs and expenses. Partners can also be a sounding board, provide mutual support and motivation.
On the flip side, decisions and liability are shared as well. This means you may need to compromise on your ideas as opposed to having total control. Partners are liable for the business activity and debts that can impact the bottom line – jointly and individually.
What Should I Look for in a Franchise Partner?
A great partnership needs different strengths, experiences and insights. Look for someone who has complementary skills and can bring added value. For example, one partner excels in sales and the other is in the background analyzing and planning.
What should be the same: Mutual trust, work ethic, vision, values and goals. Partners need to trust each other completely, have a similar work ethic and be on the same page with what your business should represent and where you want it to go. Know your potential partner’s background, discuss potential scenarios, finances and expectations to determine if this person is a good match.
Entrepreneur has comprehensive information about steps to take at the beginning and setting up and managing partnerships. Wall Street Journal also assembled this guide that lists a number of key questions to ask your potential partner before signing on the line.
Making Franchise Partnerships Work at BirthdayPak
At BirthdayPak, we’re fortunate to have a number of successful franchise partnerships, including husband and wife teams and established business partners. Lorie Marrella, BirthdayPak franchise owner of Delaware Valley, values the role teamwork plays in her long-lasting partnership with Megan Cavanaugh. “We get to share the stress and bounce ideas off of each other.” Emphasizing that communication is key, Lorie says, “We talk, text or email at least once a day and meet every week.”
Whether going solo or forming a duo, BirthdayPak has a team behind you to help set you up for success. If you’re looking for a franchise that stands out with a unique offering, flexibility to accommodate important life events and a collaborative, supportive environment, BirthdayPak might be right for you. View available markets or call 1-888-206-0083 to learn more.