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.
Top 5 Reasons to Join an Emerging Franchise
Investing in any franchise is a risk. You’re counting on franchisors for guidance; other franchisees for support and you’re investing a ton of money to build your business. Now add the risk factor of investing in an emerging franchise, a franchise with only a few franchisees. Does it add risk? Maybe, but there are far more benefits of investing in an emerging franchise that the little added risk, is a fleeting concern. Your voice is not only heard by the franchisors, but it’s also helping to make positive changes for future franchisees. Take a extremely large franchise such as, McDonalds or Hilton. Can you imagine a franchisee picking up the phone to call the President of the company to share an idea they had on how to make franchisees daily operations more efficient? In an emerging franchise, you are able to have a close relationship with the corporate team behind the concept and your ideas will be taken seriously. They believe in you as much as you believe in them. Here are five more reasons to join an emerging franchise:
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Understanding Franchise Opportunity Rankings: The Entrepreneur Franchise 500
The Franchise 500 list is the most well-known and commonly cited of the various franchise rankings, but some confusion surrounds the methodology behind Entrepreneur's ratings. Through a series of articles on FranchiseHelp.com, we'll take a closer look at what goes into compiling these rankings (those from Entrepreneur and those from other sources) and what a prospective franchise buyer can glean from them when trying to make an informed decision about joining a particular franchise system.