Owning vs Managing Business. Motivated business professionals often find themselves with a wide variety of opportunities in front of them. Somewhere along the way, they will be faced with two separate paths that they can take in their careers, managing and owning. While there is a lot of overlap between the two job functions, there are a lot of important differences to consider. If you have been thinking about owning a franchise and are comparing it to managing a franchise, don’t stop reading now.
Difference between Ownership and Management
Owning your own franchise is a better investment from time to money to effort. Becoming a franchisee gives you a lot of responsibilities, which includes hiring and training a team, developing a storefront, and of course; becoming profitable. Managers have much less of a burden. They may hire and train, but the financial and time investments are limited. And although it can be more intense to be an owner, owners see more of the profit and success. When a manager’s franchise does well they might get a pat on the back or a small bonus, but the owner gets significant financial and career gains.
Owning Vs Managing. Other Questions
It’s a common belief that opening a business is a risk. However, very rarely is it discussed that working for someone else is just as big of a risk. As an owner of a company you are in control, you know how the company is doing, what changes need to be made and how the future of the company is projected. Managers aren’t always privy to this information. In fact, in just hours notice a manager can be out of a job and back to looking for their next career path. Managers leave their fate in other people’s hands; owners take control of their own fate.
Franchise owners are given the unique opportunity to create something of their own but also with support from a nationally recognized organization. They have the ability to plan and implement for the big picture of success, while managers typically focus on the day-to-day. It can be difficult for managers to see the big picture, and much less to have time to focus on it while they deal with employees, products, services and customers. This particularly can be a very frustrating situation for professionals that want to own their own business, but have found themselves in a management role. See also Are you Ready to be a business Owner?
While owning and managing a business are two different roles and career paths, they should both be considered. If your interests are making you lean towards owning, you should consider franchising. Owning a franchise is the perfect opportunity for someone that is motivated, determined and ready for an exciting and rewarding challenge. Franchises are less of a risk than starting a brand-new business, as there is much more support. For example, the owner of a franchise gets support from the headquarters of the franchise, as well as the team that they build to help bring them success in their endeavor. Not to mention support from the qualified individual they choose to be their manager.