Inspired by his Father’s Example, Entrepreneur Tom DuFore Shares Valuable Lessons in Life and Business
With Father’s Day upon us, it is interesting to think about how franchising helps fathers be better at business and parenting. For me, I watched my dad run his small business for 31 years and he inspired me to become an entrepreneur.
Since my dad’s retirement, I have been able to recruit him to help out my business, including working at franchise shows (above). He was also the test subject for my podcast, which eventually became the first episode four years ago on Father’s Day.
As a father of three now, Father’s Day and franchising combine two of my favorite things, being a dad and franchising. So how can franchising help us be better dads and better in business?
Here are six ways that franchising helps fathers succeed in business and parenting.
1. Proven Systems
Franchising is an attractive business model because there are processes in place to support long-term success. Franchisors have a methodology to learn from and follow. There is a system of operation and best practices, that when executed, should provide a franchisee success. Having systems in business helps your organization improve and do better. As a father, having a system for your family to follow is important. In each person’s parents, you will likely have some good parenting techniques and bad parenting techniques to keep or discard. The big lesson franchising teaches us, is that having and following systems sets you up for long-term success with your children and business.
2. Common Brand
Think about how your actions impact others associated with you. In a franchise system, there is a common brand. It is one of the greatest benefits to franchising as the franchise system grows. You learn quickly that every franchisee’s actions can positively or negatively impact your business reputation.
Being a dad, your children and your own actions will positively or negatively impact your family’s reputation. It makes you think about how each of your actions will influence each other. If something positive happens, it benefits everyone. If something negative happens, it provides you a great opportunity to make the wrong right. The great lesson learned from franchising is that your actions impact the other members of the business system or your family.
3. Paying Fees
Budgeting and managing your finances are critical parts of entrepreneurship. In franchising, the franchisees are required to pay royalties and other fees along the way. The franchisor has an obligation to use those fees to support the system. As a dad, you will be paying many fees and expenses for your children. There are all kinds of additional payments and investments, such as groceries, sports, music lessons, birthday parties, Christmas, college, and vacations. In order to pay for all of your business or family expenses, you need to have a budget. Franchising teaches us that you have to budget and tell your money where to go; otherwise, you are likely to end up in a compromising financial situation.
4. Training
Franchising teaches you to have a plan for what and how you are going to teach your franchisees and children. When a new franchisee joins a franchise system, the franchisor trains them. Many of franchisees may have no experience in the franchisor’s business. This means there is a person who will need a lot of guidance and handholding. You can’t expect a franchisee to know how to do something if you haven’t taught it to them.
Parenting operates in a similar way. You have to train your children and teach them how to do things. Expecting your kids to learn on their own is setting them up for failure and creating a potential lifetime of bad habits. The old adage by Benjamin Franklin rings true that if you fail to plan, then you are planning to fail.
5. Patience
From a franchisee’s perspective, franchising teaches you patience. You have to be patient for site selection, patient for your revenue to grow, patient for your employees to develop, and patient for the franchisor to share the next changes to the system. As a franchisor you have to be patient for the franchise sales cycle, patient for a franchisee to open for business, and patient for the royalty payments to grow.
As a father, you have to be patient in raising your children. Children take time to develop and they all develop at different rates and at different times. If you don’t learn patience, you will find yourself constantly frustrated and not enjoying the moment. Plus, children are great at testing your patience. If you are not careful, your child’s early years will go by in a flash, and you will miss all of the joy of raising your child.
6. Coaching, Not Commanding
Be the guide, not the villain. Franchising teaches you that leading others happens best when you coach, not command. Whether you are a franchisee helping your employees to be successful or you are a franchisor working with your franchisees, you will quickly find that coaching provides the best long-term results. Commanding might provide temporary or short-term results, but it is likely not sustainable.
As a dad, if you have tried to command your child it generally provides a short-term result. Over an extended period, it is likely that your relationship with your child will deteriorate, much the same as it does in a franchise relationship.
Coaching helps you embrace the business relationships with your customers, suppliers, and employees and turns you into a guide. When you command others, it often leads you to becoming the villain.
Franchising teaches valuable lessons that can help you both in business and in fatherhood. This Father’s Day, consider how franchising can help you build a lasting family legacy. By applying what you learn, you can become better in business and as a dad, improving your relationships with your business and your children.
