Running a Franchise While Keeping Your Career!
Running a Franchise While Keeping Your Career!
Something that is possible with franchise ownership that may not always work with a start-up business is the ability to maintain your career while you run your business. Although many franchisees rely on their business unit as the basis of their revenue stream, there are more people interested in buying a franchise to generate a second source of income. A flexible franchise option makes this a possibility and can afford some opportunities that other franchises cannot.
Franchise Owner Profiles
All kinds of people that come from different backgrounds with various goals are interested in buying franchises. The individuals that are interested in being a part-time franchisee want the benefits of owning a business but want to invest in a franchise that doesn’t take over their life. People that want to be involved in a part-time franchise opportunity typically fall into one of the following four categories:
- A good portion of their time is consumed by a career but they would like to make additional income on the side.
- They may be involved in freelance work or business consulting and want to add a steadier stream of income to their overall revenue.
- They are not currently employed but don’t want to commit all their time to running a business.
- They have recently retired and would like to supplement their retirement income without taking on a full-time venture.
Keeping Your Day Job
It is becoming more and more common for franchise owners to keep their day jobs as they run their franchise. Whether they are looking to generate additional income or create more security for themselves it is possible to achieve this while running a franchise part-time. This does not mean that you won’t have an active role in your business. Instead you will be taking on a role that dominates less of your time.
While this is not possible with all franchises, numerous companies apply a manager-run model that does not require the constant presence of the owner. This makes franchise ownership simpler and allows the franchisee to keep their current job and the option of opening new franchise locations in the future. These types of franchises will also typically receive a good deal of support from the franchisor.
The ability to run a franchise with a reduced number of hours spent at the business unit is a relatively new concept and the demand for this type of franchise is growing. Technological advances have supported this shift and have made it possible for franchise owners to keep track of their business from a distance. Whether you are interested in growing your income, building your financial security, or starting a new business venture with a part-time commitment then investing in a franchise may be the thing for you.
Author Bio: Orlando Rivera is an authorized internet marketing representative for Supercuts, which offers low cost franchise opportunities. In addition to being an avid rugby fan, he is also very competitive when it comes to participating in dog shows with his bulldog Gordo.
Running a Home Based Franchise Effectively
The first step in starting your home business should be in identifying the type of business you wish to get into. You have to ensure that the business you are entering does not have any legal or community barriers which would cause it troublesome to operate from home. The business should be viable to run from home and should be legally permitted.
"Buying" A Franchise
Here at FranchiseHelp we’re constantly asked about the opportunity to buy a franchise. Unfortunately I’m going to have to tell you something that might disappoint you. You can’t “buy” a franchise. In reality you are engaging in a “leasing” transaction rather than a “purchasing” transaction. Why is it a lease? In any franchise deal, the franchisee receives the assets up front, but only for a period of time - the term of the franchise agreement. The term of the agreement may run for five to ten years, or in some cases it may run for as little as a year or two. At the end of the day the renewals of these agreements are at the option of the franchisor, and the reasons for not renewing an agreement should be completely spelled out in the Franchise Disclosure Document (FDD) and franchise agreement.
Why Should I Open a Franchise Rather Than Open My Own Business?
America has always been the land of free enterprise, and the prospect of self- employment may sound like a dream come true. Imagine the schedule flexibility, the freedom to explore and expand while pursuing an interesting career. The alleyways of entrepreneurship are so vast that it can be rather daunting to entertain. What is the right business for today? What product is in demand? Which business model is most profitable? What concept is most likely to succeed? Potential owners also must consider that franchising may be a better option than small business start ups. Yes, when entrepreneurship meets franchising, the parameters change. There may still be freedom, but new franchisees find themselves absorbed into a preset business model with a tried and true support system.