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.