Talking to Your Spouse about Becoming a Franchise Owner
If you are thinking about becoming a franchise owner but feel like your spouse might need some convincing, there are many advantages to the franchise model that you can explain at length. Not only is the franchise model effective, but it’s an ideal setup for a built-in partnership. Spouses working together is quite common, actually. According to the National Federation of Independent Businesses, about 1.2 million Americans run a business with their spouse. So, couples working together can be done — and done successfully.
Advantages of Buying a Franchise
Regarding the franchise ownership opportunity, let your spouse know the strength of buying into a brand. Franchises provide the franchisee with a proven business model and operating system in exchange for an entry fee into the business called a franchise fee. Unlike the amount of capital you would have to put down for an independent start-up, your initial investment gets the ball rolling for you to be in business. You have a ready-made business designed to provide training, support, marketing, and all the tools you will need to build and grow your business. You are the boss, it’s your business, with guidelines in place to give you every chance for success.
Franchising eliminates the guesswork from business ownership. You have the playbook for a proven system. You know what the financial investment is with little deviation anticipated in the price tag. Comparatively, you do not have that confidence in an independent business pursuit.
You have a blueprint which eliminates the guesswork. Although there are no guarantees for success in any business, being involved in a franchise does provide a bit of a safety cushion, knowing that the model has worked for countless others and you have a franchisor in your corner dedicated to your success.
Your Spouse as a Business Partner
That potential for success doubles when you have a spousal and business partnership. Many franchises are structured for two owners, each having a significant, equal, and specific role in the business. This is certainly a huge selling point because it means that your spouse is an equal partner with a voice and a vote. They play a major role in the business and the investment. From a business perspective, it solidifies the role of checks and balances and allows each partner to stay in their lane without interfering in the others’ expertise and ensuring that nothing is forgotten.
Marital Property
From a legal standpoint, in most cases any business that gets underway during the course of a marriage is considered marital property. Even if your spouse chooses not to be a business partner, it does remain marital property. Courts usually assess that the business was purchased with joint marital assets.
Another issue to keep in mind is that spousal partnerships are subject to different tax laws than if your spouse is an employee. Always check with an attorney and/or accountant for specifics.
Ideal Business Structure for Married Couples
Some may say that marriage is tough enough without throwing in the extra challenge of living and working together. It does take a level of patience and understanding from each spouse to keep work at the office and save your home life for family. Experts say it’s about achieving a workable balance and doing what works for your individual situation. It may turn out that you are able to have both a highly effective work partnership and marriage. Instead of straining your relationship, it actually enhances it because you motivate each other and are working for the same result — success.
The key is to agree on the big decisions. Choose the franchise together so that there is buy-in from each of you. It needs to be a business that aligns with your beliefs and skill sets and is a good fit for your lifestyle. Set the tone from the beginning. Put your marriage first, business second. You made a vow to go through good and bad together; why wouldn’t that include the ups and downs of business?
Franchising With Allegra
Allegra is a highly scalable business that offers marketing, print, direct mail, and other services. We are a unique B2B opportunity that combines the best aspects of a printing franchise with the best aspects of a marketing franchise. It’s an ideal business model for spouses who want to be business partners because it provides each individual the ability to draw upon their strengths while working together.
If you and your spouse have franchising questions about Allegra, we are more than happy to provide answers. We are always looking for qualified candidates with business or leadership experience. This is a great opportunity to own your own center or for existing print shop owners to convert to the Allegra brand.
Let us know if you would like to learn about purchasing your Allegra Center and enjoying a great partnership with your spouse.
