This statement ‘work smart not hard’ has been at the core of our franchise approach for many years, however we are still asked on a regular basis exactly how we interpret the ‘work smart’ aspect.
We believe that there are three main categories that contribute to this ‘work smart’ approach. Everybody understands the ‘work hard’ element and many potential franchisees transitioning from the corporate world into self-employment and entrepreneurship have first-hand experience of working 50 – 60 hours a week for somebody else, and they have now come to the conclusion that it’s time to put in that same effort and commitment into their own business. While we endorse the ‘work hard’ aspect, we believe that, combined with working smart, a successful franchisee with The Interface Financial Group definitely does not have to think of a 50 to 60-hour work week.
There are 3-key ‘work smart’ aspects of the IFG 50/50 franchise – a franchise environment, life/work balance and working with other people’s money.
Franchise environment
The IFG 50/50 franchise has been crafted as a professional white-collar franchise, and the IFG brand has been in the financial service marketplace for over 45 years. The franchise environment means that for potential franchisees the initial work and research has all been done and proven. More and more individuals turn to franchising as a vehicle to transition into owning their own business because acquiring a franchise invariably means that systems, market research, financial modelling, legalities and red-tape have all been dealt with many, many times and turned into a replicable formula for new entrepreneurs. In any business, getting started and getting the business up and running is often the biggest challenge. Franchising eliminates a large portion of that challenge because a franchise comes ‘pre-packaged’ and usually ready to open and operate.
The IFG 50/50 franchise fits those criteria and is a leader in the alternative finance market for expanding businesses. Interface franchisees provide a valuable cash flow acceleration service for their clients through an innovative invoice discounting program.
Life/work balance
People gravitate to franchising for many reasons, not the least of which to achieve a more equitable life/work balance. As previously mentioned, many senior executives moving from the corporate world have left positions where they were working 50 hours a week, and often engaging in extensive travel away from their family. The IFG 50/50 franchise has been created with a ‘work smart’ element – that means that the franchisor is handling the bulk of the routine elements involved in day-to-day transactions. With extensive technology backup, franchisees can enjoy a virtually paperless franchise and concentrate their time and skills in creating people relationships. This ‘work smart’ approach means that many IFG 50/50 franchisees will be engaged in their franchise for considerably less than 50, or even 40 hours a week. A life/work balance is all about ‘being the boss’ and creating your own timetable, and The Interface Financial Group has been careful to ensure that this is an integral part of their franchise model.
Other people’s money
This element is definitely part of the ‘work smart’ approach and is firmly incorporated in the IFG 50/50 franchise. In almost every franchise model the franchisee will require, over and above the franchise fee and start-up expenses, working capital to run the business on a day-to-day basis. That working capital usually comes from savings or investments that are liquidated or, in some cases, it is borrowed money. Invariably as a business expands in the early years additional working capital is required and, again, this is quite often borrowed money that is used for growth support.
The IFG 50/50 franchise is no different in that as the business grows, more capital is required – the ‘work smart’ difference, however, is that the franchise includes a capital leverage element whereby the franchisor provides capital leverage to each and every franchisee on a no-cost basis. This is not a loan from the franchisor and, as such, there is no cost or obligation on the part of the franchisee to the franchisor. This leverage capital, together with the franchisee’s own capital contribution, enables income to be generated using other people’s money (the franchisor’s), thus creating an exponential growth opportunity.
Entrepreneurs who wish to ‘work smart’ and not hard should always explore a franchising model as it is the starting point for working smart, and then they should explore various franchise opportunities that give them additional work smart features.