Six Tips for Running a Part-Time Franchise Alongside Your Full-Time Job
Nowadays, it seems like everyoneís looking for a side hustle, and a part-time franchise is the ideal way for many of us to bring in a bit of extra cash. You can scale your operations up during times when budgets are tight and give yourself more breathing space when things are hectic at your 9-5 (freedom that a part-time job will not usually allow).
There are around 44,000 franchises in the UK and thousands can be run on a part-time basis. While there arenít any figures to show exactly how many part-time franchises are currently operating in the country, franchisingís popularity with parents and businesspeople running other operations alongside a franchise suggests that lots are likely to be. Here are six of our top tips for running a part-time franchise alongside your full-time job.
What are the benefits of part-time franchise opportunities?
There are lots of fantastic reasons to start a part-time franchise, but why is it such an appealing prospect for those who already have a full-time role? Whether you want to use a scalable franchise as a way to transition from full-time work to business ownership or need something flexible that will give your bank account a boost every month, two of the biggest benefits of running a part-time franchise alongside your full-time job are:
- Flexibility Ė Arguably the best thing about running a part-time franchise rather than taking on a simple part-time job is that it can be as a flexible as you need it to be. Work 20 hours one week and put in two the next; as your own boss, itís totally up to you how much time you give to your part-time franchise.
- Convenience Ė Most part-time franchise opportunities will only require you to have a laptop to work from, meaning it can be run from the comfort of your own home. This makes it much more convenient to squeeze in around your full-time job, as you can whip your laptop out in your lunch break, at breakfast and while you watch TV in the evening to work on your side hustle.
Even if youíd eventually like to become a full-time franchisee, choosing to keep your job while youíre building your own business provides a great safety net. Youíll have the security of a guaranteed income while youíre working towards profitability with your franchise business.
Alternatively, if you donít want to leave your full-time job, you wonít have to chase hours of overtime anymore, as you know that your part-time franchise will bring in some extra income.
Overcoming the challenges of running a part-time franchise
The most significant challenge of holding down a job and starting a franchise is your time. With only 24 hours to fit in a full-time job and dedicate time to a business on the side, you might feel overwhelmed to begin with.
If you canít juggle everything at first, remember that things will get much easier. Some of the most common problems include time management, winning clients and getting your head around the franchiseís processes and operating systems.
Most of these issues are temporary hurdles that can easily be overcome with patience and the help of your franchisor. Within the first few weeks or months, itís likely that you will have found a great routine, worked through initial problems and will be enjoying the extra pounds flooding into your bank account.
So, how do you make running a part-time franchise while holding down a full-time job work for you? Here are six of our top tips for balancing your side hustle with your daily grind.
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Part-time franchise top tips
1. Donít neglect your full-time job
Itís easy to get caught up in the excitement of running your very own business and let thoughts of your part-time franchise run away with you at your 9-5. However, if your performance slips drastically at your full-time role and youíre neglecting your responsibilities, this could bring negative attention your way.
You may not be working in your dream job from 9am till 5pm every day and find your part-time franchise much more inspiring. If you want the two to work alongside each other though, youíll need to treat both as a priority. Be strict with yourself and only work on your franchise outside of your full-time shifts to establish a clear mental border between the two.
If an idea about your franchise comes to you at your day-job desk, itís OK to quickly jot it down so itís not forgotten. Then, put it out of your mind and only allow yourself to think about it again once your shift is over.
2. Manage your time effectively
When youíre first building your business, youíll also need to adjust your daily and weekly routine to make more time for your franchise. Set yourself time to work on your part-time business, perhaps in the evenings or first thing in the morning and try to avoid distractions during this period. Hereís an example of how you could structure your time:
- 5:45pm: Get home from work.
- 5:45pm Ė 6:15pm: Unwind from your day job, spend time with family, catch up on social media.
- 6:15pm Ė 7pm: Check your franchise emails, organise appointments, respond to clients (anything that needs to urgently be done).
- 7pm Ė 7:30pm: Dinner and time to catch up with family/friends.
- 7:30pm Ė 9pm: Continue working on your franchise (for example, looking at new business leads, organising your calendar further ahead).
- 9pm onwards: Relax and unwind ready for the next day.
Discover ways to make the most of your time. Could you give up your favourite TV show for a while? Say no to the odd evening out so that you can spend more time working on your new venture? You could even consider setting your alarm for 30 minutes earlier to give you some uninterrupted time first thing in the morning. Once youíve got yourself into a routine that works for you, whether youíre an early bird or a night owl, youíll likely make your life much easier.
3. Choose low-cost business opportunities
As lots of part-time franchises have a simple concept behind them (e.g. tutoring and domestic cleaning), they donít require you to invest five-figure sums for equipment, premises and vehicles just to get started. This means that youíll enjoy the extra income you set out to achieve sooner, as your franchise will be in a position to fund itself more quickly than other franchise alternatives.
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4. Ask for help if you need it
One of the main benefits of investing in a franchise is the support that is available. If you're struggling to fit everything in and need help with some aspects of your business, then ask your franchisor for advice and guidance. Remember to reach out when youíre struggling, as thatís what your franchise support team is there for Ė itís in their best interest to support you, after all!
Family and friends are also a great resource, as they can help you with some of the manual work you need to do to set up your business. For example, your partner or best friend may be able to act as your assistant as you temporarily adjust to your new workload.
5. Be patient
If youíre running a part-time franchise alongside a full-time role, you wonít have as much time as youíd like to get your business off the ground. As a result, it might take you a while to see financial rewards from your franchise.
Donít get frustrated by this Ė according to startup.co.uk, the average franchise (thatís being run on a full-time basis) will only reach profitability by its second year, so itís normal for things to take a bit of time. A franchise should be invested in with the understanding that youíre in it for the long-haul Ė be patient and youíll be rewarded handsomely in the end.
6. Remember to take breaks
Itís tempting to work into the early hours of the morning on your exciting, new part-time franchise, but make sure you donít work yourself into a burnout. Be strict with yourself about switching off at a certain time to make sure you get enough sleep.
Also, take the time to do at least one thing for yourself per week, even if itís just popping to the pub for an hour or two to see friends. If youíre exhausted and never let yourself rest, both your full-time job and part-time franchise will suffer, so donít work yourself into the ground.
Running a part-time franchise successfully
Of course, not all franchises can be managed on a part-time basis, but the popularity of this type of business model is growing. Franchisors understand the importance of making franchising accessible to different kinds of budding entrepreneurs. If this means making it possible for franchisees to hold down a day job too, then the industry looks set to support this trend.
Not only is demand growing, but technological advances have made it much easier to run a franchise from home. So, whether youíre interested in earning an additional income just want to start your franchise career with a part-time commitment, then investing in a franchise may be the perfect solution for you. Check out our wide range of scalable franchise opportunities right here.
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Sophie Cole, Point Franchise ©
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