Earn Supplemental Income as a Franchise Owner Without Quitting Your Day Job - Franchise Business Source


Earn Supplemental Income as a Franchise Owner Without Quitting Your Day Job

Earn Supplemental Income as a Franchise Owner Without Quitting Your Day Job

07 February, 2020 0 comment

Did you know you can earn supplemental income through franchise ownership without full-time dedication to the business?

Many clients I work with as a franchise consultant are fearful of giving up a so-called stable and secure job to start a business.  “No, I don’t want the financial risk. I can’t afford to leave my job while building my own business. And I can’t work two full-time jobs.” 

Aside from the myth that a job is 100% percent stable and secure, here’s something to consider: franchise ownership doesn’t have to drain your energy since you have the option of part-time involvement.

Yes, some franchises require owners to commit financially along with full-time immersion in the business.

There are, however, many franchises with solid, successful business models designed for part-time (aka semi-absentee) engagement from their owners.

Perhaps you’re the type of person wanting to stick with a full-time job while supplementing your income as a franchise owner with part-time involvement.

Two Types of People Suited for Franchise Ownership with Part-Time Involvement

  1. Wants to keep working for a company and also own a franchise that provides supplemental income. Views the possibility of full-time involvement in the franchise as a fallback option if laid off.

  2. Wants to own a franchise that provides supplemental income, but only work part-time during the start-up phase until quitting or retiring from current job. May remain part-time in the franchise or switch to full-time.

Finding a Franchise Willing to Work with Owners Who Want Part-Time Participation

To more easily and quickly find a franchise that has a solid operational model for owners seeking part-time involvement, utilize a franchise consultant.

A franchise consultant will use their extensive franchise knowledge to sift through hundreds of business ownership opportunities. Afterwards, they’ll present a handful of possibilities that are an appropriate fit to your unique experience and interests.

What Part-Time Work in Your Business Looks Like

A franchise expects semi-absentee owners to be engaged with the business. Typically, this means having a general manager to keep operations running smoothly.

Your role then takes on an advisory, consultant, or CEO function. You focus on planning, profit-and-loss, and engaging with the manager on staffing, sales, expense containment, marketing, and other business tasks.  

In partnership with your manager, a portion of your time should include becoming the face of the brand within the community and with local commerce.  

You should also interact with other franchise owners as well as the franchisor headquarters staff. You will learn how to achieve business success from the real-life accomplishments and challenges of others.

Free Advice to Help You Find a Franchise Allowing Part-Time Involvement

Start your search today for a franchise that offers you the option of part-time involvement as owner. See how you can earn supplemental income by calling me, Jeri Lucco, at 614-768-3884 for a free, no-obligation discussion. Together we’ll consider your entrepreneurial goals and review franchises matching your current interest in part-time work.

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