How you can earn a full-time wage with a part-time franchise

09/07/2018 17:00 | Start a business

Earn a full time wage as a franchisee

Earning a full-time wage on part-time hours sounds like a fantasy. In most cases, it is. However, the adaptable nature of the franchise model makes it uniquely suited to semi-absentee ownership. Here, we take a look at what you need to be doing to earn a part-time wage from a full-time franchise.

Change your mindset

Theres a big difference between working in a business and working on the business. Many franchisees jumped at the opportunity to invest in their franchise because it gave them the chance to own a business and build it from the frontline. They wanted to be a part of day-to-day business operations, enjoyed the micromanagement aspect of owning a franchise, and thrived working amongst customers and their staff. If you're looking to earn a full-time wage with a part-time franchise, this isnt an approach youre going to be able to take. Instead, youll need to change your mindset, reevaluate how you run the franchise, and become a different type of leader.

Rather than setting up your business so that it requires your continued presence, its necessary to take on a slightly different role. The first step in this process is to consider your position from a new perspective. While the majority of franchisees consider themselves business owners, youre going to think of yourself as more of a CEO type figure. You are necessarily removed from the action, viewing operations from a slightly detached vantage point, from which you can map out the future with greater clarity. You are working towards a very specific objective building a franchise that allows you to reduce your working hours while still receiving a full-time pay packet. That is never going to happen if you're always getting your hands dirty and aren't capable of delegating to others.

Find a suitable franchise

There is a wealth of profitable franchise opportunities out there for you, but not all of them will be well suited to your ultimate objective. Some franchises require you to take a role inside the business as a day to day manager. Others won't be profitable if you have to hire additional staff. Many franchisors wont consider your application if youre intending to run the franchise from a distance or arent interested in putting in a full working week. Consequently, it's essential that you do your research and identify those franchises that will allow you to step back and leave the everyday business to your employees.

Most franchises that are compatible with the part-time franchisee model will openly advertise themselves as being so. For many, it's one of their biggest draws. Others won't market themselves as suitable for part-time owners but have systems in place that do facilitate such a management system. If you're not sure whether a particular franchise permits part-time ownership, the best thing to do is contact them. The franchisor management team will be able to provide plenty of information relating to part-time ownership and help you work out whether it's feasible if they don't already have semi-absentee franchisees.

Turn employees into leaders

Nurturing the staff that will become the franchise's leadership team in your absence is possibly the most important step in becoming a part-time owner. Unless you can develop a team of individuals that you trust to take on day to day management, youre never going to be able to fully step back and reduce your hours. There will always be something calling you back a nagging doubt, a desire to check in and ensure everything is running smoothly, or urgent calls from inept and under-skilled managers will always keep you from developing the franchise into a part-time venture.

Consequently, its necessary to begin grooming your employees for leadership from day one. Identify those individuals you believe demonstrate the highest potential, start delegating more significant responsibilities, and try to provide them with as many educational and training opportunities as possible. Ensure that they understand what the end goal is and let them know that advancement is a distinct possibility. If theyre able to handle running the franchise, they will do. This can be a major motivation for many employees and can encourage them on to bigger and better things in a way that's just not possible if they don't see career advancement in their future.

It takes time

Its also important to remember that becoming a part-time franchisee takes time. You're not going to be able to set up the business and step back immediately. There will be months, maybe even years, of hard, full-time work before the franchise is secure enough that you feel comfortable in taking a back seat. This is the price youll pay for the work-life balance youre searching for. In most cases, part-time franchisees believe this to be a price worth paying. In the early days, much of your time will be dedicated to learning how the franchise operates, where problems are likely to arise, and how the franchisor expects the business to function. This experience endows you with an in-depth knowledge that is invaluable when it comes to setting up the franchise for part-time ownership.

Utilise support structures

Even the most affordable franchises have developed comprehensive support structures that allow franchisees to benefit from the wealth of experience and expertise that theyve accumulated. Part-time franchisees need to take advantage of these support structures if they're to begin minimising their hours. Make sure you understand what kind of support you're eligible to receive before you sign any franchise agreement. Look for ways that the franchisor can help ensure your business is ready and utilise all the assistance you can get your hands on.

If you're going to become a part-time franchisee with a full-time wage, it's necessary to plan ahead, prepare the business for your reduced role, and build a replacement leadership team. This needs to begin happening as soon as possible, to ensure that the business doesnt become over-reliant on your presence. Always work with your end goal in mind and ensure that you have a trusted team beside you to take over the reigns when youre ready.

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