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The Entrepreneur’s Source on the Growing Interest in Semi-Absentee Franchise Ownership

The Entrepreneur’s Source on the Growing Interest in Semi-Absentee Franchise Ownership

 For individuals looking for a side investment or wanting to diversify their income without needing to quit their day jobs, there may be an answer. Many people dream of owning their own business but fear losing the safety and security of their current job. Many prospective franchisees never take the leap from Employment to Empowerment due to this fear. Aspiring entrepreneurs may be thrilled to find out they may be able to have the best of both worlds – become a franchisee while still maintaining their current job.

Franchise experts have reported a recent uptick in the amount of prospective franchisees looking for a semi-absentee franchise model, The Washington Post reported. More people are interested in finding a franchise system that allows them to generate a second income or diversify their portfolio while maintaining a stable job. This type of business ownership in the franchising industry is known as semi-absentee franchise ownership, and today The Entrepreneur’s Source reviews and answers common questions regarding this type of franchise model.

What is a semi absentee franchise?
A semi-absentee franchise is a business that can be started and operated while the owner maintains an outside job or responsibility. Although these models vary by specific franchise, semi-absentee franchises typically requires 10-15 hours of an owner’s time each week, compared to an owner in a standard franchise who logs 50+ hours a week.

How are these businesses successful if less time is spent on them?
These franchise models are specially made to be run on a part-time basis. Where people tend to get into trouble is when they choose a franchise concept that isn’t meant to be run as a semi-absentee franchise and try to turn it into a semi-absentee business. When examining franchise concepts, it’s important for prospective franchisees to understand and determine which businesses are semi-absentee intended and which need a full-time commitment. The key is to make sure the structure is designed with a clear plan and vision as to how it can be operated on a semi-absentee basis. Some examples of these models include hair salons, kiosk-based companies or van-based companies, although not all businesses in these forms are always semi-absentee.

What’s the catch?
There isn’t a catch, but there are some trade-offs when deciding to open a semi-absentee franchise compared to a standard franchise system. For example, many semi-absentee businesses take a longer amount of time to get off the ground compared to a full-time endeavor. When looking at the bigger picture, this makes a lot of sense. If you’re putting less time into your business on a weekly basis, it logically may take more time to develop and thrive. Most semi-absentee businesses require hiring employees, so these types of businesses are a good fit for individuals who have the ability to manage others. However, it’s also important to keep an eye on the different franchise systems. Time and effort does not necessarily equal results. Some franchise concepts have developed systems that save their franchisees significant time, energy and money and yield amazing results.

How do I know if a semi-absentee business is right for me?
A prospective franchise owner first needs to examine his or her Goals, Needs and Expectations to see if they meet the reality of what semi-absentee franchise ownership looks like. The critical piece for success in franchise ownership is to recognize what’s required of you as a business owner and  to invest in a business that meets your expectations for that times and capital.

Prospective franchisees who are considering semi-absentee franchise ownership are encouraged to consult with an alternative career coach. Coaches at The Entrepreneur’s Source are trained in helping prospective business owners identify their Goals, Needs and Expectations along with their Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals to determine if semi-absentee ownership is the right fit for them. For more information about how a coach at The Entrepreneur’s Source franchise can help you achieve self-sufficiency, contact a coach today http://www.entrepreneurssource.com/contact.html.

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Franchise Ownership: 5 Myths & Facts

The Entrepreneur's Source Franchise Infographic

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Why Do So Many People Fear Self-Employment? The Entrepreneur’s Source Reviews this Question

Why Do So Many People Fear Self-Employment? The Entrepreneur’s Source Reviews this Question

If the road to self-sufficiency was challenge free, we all would take it. Unfortunately, there are some obstacles to overcome in one’s journey to self-sufficiency, and the most difficult hurdle for an individual to overcome tends to be the fears they instill in themselves.

According to the Bureau of Labor Statistics (BLS), one in nine people is self-employed, yet fear of self-employment is one of the larger fears that individuals face when looking to achieve self-sufficiency. Many people are afraid of losing what they are familiar with by jumping into the unknown. These people may know what they need to do, but simply don’t take action because the risk involved with the career transition may seem too great. Today, The Entrepreneur’s Source reviews some of the fears associated with self-employment and what the reality of self-employment may look like for you.

So, Why Do Millions of Americans Fear Self-Employment?
Many people fear being the sole decision maker in their career. Nobody wants to be the person who made the wrong call about their business, and when it comes to self-employment there simply is nobody else to blame but yourself. But think about it this way: Wouldn’t you rather be making the decisions in your own life and career rather than having someone make them for you? Fear of making the wrong choice shouldn’t paralyze you from unhappily staying in your old job. In fact, none of us have the ability to always make the right choice; that is called being human.  Having someone else make all of your career decisions for you is a complete loss of power in your career.

Other individuals fear that they’ll fail at being self-employed. Many people falsely associate being self-employed or being a business owner with a higher risk in terms of failure, but in reality it depends on how you define failure. Shouldn’t being unhappy in your career or not meeting or exceeding your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals be considered a failure?

Many individuals fear being self-employed because they cannot escape the sense of insecurity that arises from the lack of a perceived corporate safety net, when in reality this corporate safety net may not even exist. Taking the leap toward self-sufficiency leaves you in charge of your career path. It is about getting your head wrapped around the idea that you are no longer going to be compensated for time and effort, but purely on results, regardless of how much time and effort you put in. For some this idea is liberating and admittedly for some it can be unnerving.

The Reality of Self-Employment and Business Ownership
Yes, on average individuals who are self-employed tend to work slightly more hours and, on average, are paid slightly less than those who work for someone else, according to Pew Research Center. But just how big is this discrepancy? On average, self-employed people work 42.7 hours per week, compared with 41.7 hours for other employees and make on average $26 dollars per year less than an employee who works for someone else. Although these individuals are putting in slightly more hours for slightly less pay, the overall difference isn’t overwhelmingly significant. In fact, according to Pew Research Center, individuals who are self-employed actually tend to have a higher level of job satisfaction than those who work for others.

So why are people who are self-employed happier if they’re working slightly harder for slightly less? In short, people tend to value autonomy, flexibility and opportunity. When you put those ideals into practice, you’re a much happier professional. If you had the chance to enjoy the freedom, flexibility and work environment that comes with being self-employed, wouldn’t you work harder for that lifestyle?

As humans, we don’t like to leave our comfort zones, but what if there was a way to explore and learn what it takes to become self-sufficient? What if you focused on what you have to gain as opposed to what you have to lose? What if you found out that there was a career option that can lead to a more fulfilling life?

This is where working with an alternative career coach can be of benefit to those questioning their career paths. A coach at The Entrepreneur’s Source can help talk you through the advantages and disadvantages of self-employment and help you discover if it may be the right career choice for you to achieve self-sufficiency. For more information about becoming self-sufficient, contact an alternative career coach at The Entrepreneur’s Source today.

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The Entrepreneur’s Source Terry Powell Discusses Franchising vs. Independent Business Ownership

The Entrepreneur’s Source Terry Powell Discusses Franchising vs. Independent Business Ownership

Small businesses are a gigantic component to the U.S. economy, comprising nearly half of America’s GDP and generating 63 percent of new jobs between 1993 and mid-2013, according to the U.S. Small Business Administration. As the number of small businesses in America continues to grow – demonstrating that business ownership is a viable career for many people. Business ownership is an optimal vehicle to success for those looking to leave corporate America and take control of their career.

“In general, business ownership requires a large amount of personal investment and hard work to succeed, but the benefits of success are never-ending,” said founder of The Entrepreneur’s Source Terry Powell. “Self-sufficiency through owning a business allows you to achieve your desired Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals, and the satisfaction of being in the driver’s seat of your own career path.”

There are many entrepreneurial paths that an aspiring business owner can take to achieve self-sufficiency, and business ownership isn’t the same for everyone. Among the first things for a hopeful business owner to contemplate is whether independent ownership or joining a franchise system is the right path to follow for their unique skillset and desires.

The Entrepreneur’s Source Terry Powell on Franchising vs. Independent Business Ownership
It’s important to examine the benefits and drawbacks of both routes to business success – franchising and independent ownership – to consider which pathway may be the right fit for your unique I.L.W.E. Goals. To start the conversation, The Entrepreneur’s Source Terry Powell sheds light on some of the differences between independent business ownership and business ownership through franchising to help you decide with path is right for you.

  • Business Structure: When an aspiring entrepreneur takes the route of independent ownership, they have the ability to call all of the shots. They’re in charge of creating and monitoring inventory, services, strategy, hours, marketing etc. When looking at franchise business ownership, the franchisor largely makes the larger decisions. Franchisees are truly never in their business alone and have someone to turn to for assistance and guidance. In franchising, everything is tested and proven to work, and with an independent model, the owner is free to experiment and develop their own strategies. Both models can be successful depending on the aspiring business owner’s personality and work style.
  • Total Investment: When looking at opening a franchise business, the franchisor typically plays a large role in helping to get the business up and running. They oftentimes assist with real estate site selection, lease negotiations, vendor discounts, marketing assistance, grand opening support and more. As a payment for this assistance, franchisees oftentimes pay a monthly royalty fee to the franchisor. In an independent business, the business owner chooses how much money they’re willing to put into the business and at what times. The owner can choose to delay expansion or downsize service offerings when money is tight, but because of financial obligation, a franchisee may not have this option. However, it may take an independent business more money to open shop and turn a profit because they don’t have the assistance, experience or expertise of a franchisor.
  • Marketing and Branding: When a business owner takes the route of franchising, they are investing in an established and probably well-known company, so the brand and service offerings are common knowledge among potential consumers. Franchisors are also able to invest much more money into advertising, marketing and public relations than independent owners, meaning a franchisee has to put in less work to get people to walk through their door. Independent business owners don’t have this same luxury because they don’t have the same amount of resources or recognition from the get-go. They will most likely have to work harder and put more money into building a presence and recognition in their community.
  • Operational Assets: For some, independent ownership may supply an outlet by which they can creatively manage their business and drive their way toward success. For aspiring entrepreneurs that have a business background, independent business ownership can give them more freedom to experiment in their business. For those with less experience or knowledge, the ongoing support that a franchise system provides can be priceless. In franchising, the franchisor only succeeds if their franchisees succeed, so consistent support is essential.

It’s necessary to take of the aspects of business ownership into account to determine if franchising or independent ownership is the right fit for you based on the unique skills, talents and preferences that you bring to the table.

Attend Start a Business Weekend to Explore Your Options!
For those individuals considering business ownership as an alternative career path and are looking to explore their options, The Entrepreneur’s Source is hosting a complimentary, virtual career expo, Start A Business Weekend (SABW) March 26-28. Start A Business Weekend gives attendees the opportunity to explore a variety of franchise opportunities.

“Attendees have access to three days of industry experts’ informative sessions hosted in the virtual auditorium, without leaving their home or office,” The Entrepreneur’s Source Terry Powell said. “It’s complete convenience—coaches are accessible all weekend long to guests. Plus, attendees gain all the benefits of a franchise expo without the travel expenses and time commitment.”

All attendees have access to 80 virtual online booths, free videos, coaching conferences, enlightening seminars, a virtual briefcase and networking opportunities. After SABW concludes, all attendees will be given a 60-day pass to revisit their SABW resources and explore their exclusive franchise opportunities in more detail.

To attend Start a Business Weekend, register here: www.StartABusinessWeekend.com. The virtual fair will be held March 26-28 from 10:00 A.M. to 7:00 P.M. EDT and is free for all attendees.

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The Entrepreneur’s Source Franchise Examines: Can Franchising Help You Achieve Your Possibilities, Options and Dreams?

The Entrepreneur’s Source Franchise Examines: Can Franchising Help You Achieve Your Possibilities, Options and Dreams?

Do you ever wonder if investing in a franchise can help you achieve your Possibilities, Options and Dreams? Well, the simple answer to this question is yes, it can. Franchising is a great route to self-sufficiency for prospective entrepreneurs looking to achieve their Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals. Today, The Entrepreneur’s Source franchise explores why franchising is an optimal route to help an individual reach his or her Possibilities, Options and Dreams (POD.)

The Entrepreneur’s Source Franchise on Examining Your POD
The first step toward achievement is discovery. You’d be surprised by how many individuals who are unsatisfied in their current employment situation look for their next move before analyzing what possibilities and options stand before them and what their ultimate dream encompass. For this reason, an individual must take some time to do some soul searching and examine what their unique POD’s are before making any decisions on what path they will take to achieve them.

When analyzing one’s possibilities and options, the key is keeping an open mind, especially towards things that you not have been exposed to before or have experience in. That is where the true opportunity lies. Otherwise you are simply trapped by the definition of insanity: Doing the same thing over and over again, expecting different results. When analyzing the options that stand before you, it’s important to look at options that can be used as vehicles to attain your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals. This position will ensure that you will be happy with the end result of the path you choose.

When an individual works for someone else, whether it’s a billion dollar company or even just a medium sized business, there are many tradeoffs that these employees may have to make. Some people choose to commute to work, clock in extra hours on the weekends or even working overtime to satisfy their company to and to get all of their work done. When you work for someone else, you are foregoing the opportunity to follow your own dreams and instead are spending your energy building someone else’s.

Some of your dreams you may have had since you were a child or maybe new dreams that have formed for you later in life, but no dream is too unattainable. Do you want to have enough money to vacation with your family each year? Do you want to make more time in your schedule to spend with your family and friends? Or is it that you want to be able to retire comfortably when you turn the right age? No matter what your dream may be, franchising should be considered when you are looking for a vehicle to achieve your dream.

Franchising as a Vehicle to Success
Franchising is just one possible option that may stand before you, but it’s important to take a deeper dive into this possibility because it offers many benefits. Franchising is a great vehicle to self-sufficiency because investing in a franchise model enables each individual to move from Employment to Empowerment. Because franchise brands are built upon proven systems and operations, franchise owners will truly never be alone in their business but will rather have a franchisor there to guide them when they need.

Franchising allows business owners to work for themselves but not by themselves, giving these franchisees a new sense of freedom in their career path. Franchisees can determine how aggressively they want to grow their businesses or not. For those who decide to give it their all, there is a direct correlation with the reward they reap – unlike when you are working hard for someone else. Become your own boss and call the shots!

Explore Your I.L.W.E.

Contact a Coach at The Entrepreneur’s Source Franchise Today!
Are you looking to find a way to achieve your POD? Contact a career coach at The Entrepreneur’s Source franchise today.  E-Source coaches are trained in helping their clients find a path to success through franchise ownership and can help you every step of the way.

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