Franchising Provides A Channel To Establishing A Lasting Legacy
By Victor Ochieng
Many people want to live an enriching life and leave a lasting legacy. Unfortunately, due to difficult economic times among other life dictates, they end up engrossed in activities that don’t build their names or have any notable impact on the communities where they live.
In fact, it’s the desire to leave a legacy that has seen many employees quit their jobs to venture into entrepreneurship. With entrepreneurship, you have the possibility of providing solutions, building your own brand and creating a product or service that lives beyond your lifetime.
There are many different things one can do to leave a strong legacy.
In her article published on BlackEnterprise.COM, Nancy E Williams says building a franchise is a great way to leave a solid, lasting legacy.
To establish a franchise, the first thing to do is get the most fitting area or industry you’d like to venture into. Service industry has many options and sports enormous growth potential. Once you’ve chosen a preferred business, start it up and run it ethically, clearly defining firm guiding principles. This will trickle down to the entire organization so that staff members, contractors, accounts as well as customer service team are fully absorbed into your business culture.
To realize growth, seek partnerships and collaborations with other business owners. Consequently, your brand will flourish and people will recognize you as its foundation. Organizations and event organizers could eventually start requesting you to offer speeches and lectures as well as mentor others.
Why is franchising better than starting a personal business when it comes to building a legacy? Well, one of the advantages of a franchise is that most of them are operated under 10-year agreements, with the franchiser and franchisee allowed to renew their engagement when the contract period lapses. Over the period, you’ll still enjoy unlimited access to resources such as software, accounts and service training as well as close coordination with the franchise support team.
Another important aspect of franchising is that it makes it easier for someone else, maybe your child or any other family member, to fit in after you’re gone. This is because the successor comes into an already established system with properly established guidelines of operation. This even makes it easier for your legacy to live longer.
In many cases, if a private business owner retires or passes away, the support system collapses and the business too might completely terminate its operations.
Therefore, if you’re yearning for a strong legacy, ensure you work with the right people, give back to the community, take risks and challenges, have self confidence and commit yourself fully to your work. And if you want it to continue for generations, consider franchising.