Parent-Child Franchise Teams Combining Skills to Succeed
When parents and children work together they have a unique dynamic that can have a huge influence on their success. Combining skills and resources to own a clothing franchise is part of an increasing trend of parents and children investing together. These investments allow you to capitalize on some of the major benefits of franchising, including:
- Easy to follow systems
- Independence of business ownership
- Advantages of a brand name
- Proven systems
- Training and ongoing support
In addition to these benefits, parent-child teams have distinct advantages when they go into business together. The following are some of the strengths that come from investing in your child.
Unique ability to communicate well because of existing relationship
Tip: Learning to communicate as business partners means changing ideas about authority
Learning from each other—generational differences can be a benefit in many ways; parent has experience, child has new knowledge
Working with someone you are very close to comes with a serious communication advantage. Whether you are working as equal partners in the business, the parent is the financial backer, or anything in between, the ability to communicate openly and honestly is crucial.
An important facet of communication is learning from each other. The unique dynamic of a parent-child relationship allows for the two of you to learn from each other’s different experiences and perspectives. The generational differences are a benefit in this way, because the parent has more career experience while the child has new ideas and knowledge.
Tip: Learning to communicate as business partners and not as parents and children may mean changing some of the authority dynamics in the relationship. It is important to decide roles and responsibilities from the outset to keep these challenges to a minimum.
Division of Labor
Before you invest in a clothing franchise together, sit down together to decide exactly how you plan to divide the responsibilities. Some parent-child teams work together as equal partners, while others teams have the parent provide the financial investment and the child put in the time and work to make it succeed. Whatever works best for your situation, make sure that both parties know their roles so neither of you are stepping on toes.
It is important to be specific when you divide roles. Making these decisions ahead of time will help you avoid or resolve conflict down the line.
Clothing Franchise Investment
An investment in a franchise requires both money and time, and many people who wish to own a business are short on one or the other. That’s why the parent-child team can be so strong. The parent typically has the capital to invest, but is lacking the time to put into building a business. The child, who doesn’t have the funds to invest in something, is passionate about working hard to see their dreams come true. This combination allows for each party to invest what they have to offer—money or time—to help the franchise thrive.
Taking the opportunity to invest with your parent or child will certainly have its challenges, but the benefits of this type of working relationship are significant. Clothing franchise opportunities like Apricot Lane work especially well with parent and child teams who are committed to working hard and harnessing their passions.
Do you have what it takes to be an Apricot Lane franchisee? Learn more about our brand to find out!