While owning a business and becoming your own boss has its positives, it can have its negatives, as well. And one of those negatives is a potential lack of stable income while your new business gets its legs.
There is an option, though, that appeals to many potential business owners: investing in a franchise that offers semi-absentee ownership capability.
A semi-absentee business is one that can be run on a daily business without the owner being present. The day-to-day operations are often handed over to a manager, who can report to the owner. This allows one to own the business of their dreams while earning a consistent salary at their current job.
What type of franchised businesses can be semi-absentee? There are many brick-and-mortar concepts as well as mobile franchises that can be semi-absentee. A professional franchise consultant can help you sort through the dozens of industries that offer this type of ownership model. The important thing to remember is that you should choose a franchise that is set up to be semi-absentee, and to not try to turn a full-time opportunity into a semi-absentee one.
What Type of Time Commitment Would a Semi-Absentee Business Take?
As with everything else, it depends on the business. But most semi-absentee opportunities require 10-20 hours a week of effort on the owner’s part once it’s up and running. That’s far less time than a full-time business would require. And it still allows time for your current job.
Is There a Downside to Semi-Absentee Ownership?
It is certainly a plus that you can keep earning a steady income at your current job while starting your new franchised business. However, there is one downside. It may take longer to begin making the type of income you’ll need to quit your job and go full time. This makes sense because you’re not putting as much “sweat equity” into a semi-absentee opportunity as you would a full-time business.
Is a Semi-Absentee Opportunity the Right Choice?
That’s a great question with an easy answer: it’s different for everyone. Again, sitting down with a franchise consultant can be the easiest way to determine which business model aligns with your needs and goals. And if you have a family, you may want to bring them in on the process and make sure the decision aligns with their needs and goals, also.
If franchise ownership sounds like an exciting opportunity, then you’re not alone. There are over 3000 franchised business opportunities out there for you to choose from. Get started by contacting a franchise consultant…it’s their job to help you wade through that ocean of choices!
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at email@example.com to find out more about franchising options that are perfect for you.