The Benefits of Starting a Part-Time Franchise
If youíve always wanted to run your own business but donít want to commit to a full-time job or commute to work every day, here are some of the main advantages of opening a franchise and running it part-time.
Work from home
Many part-time franchises can be operated from home, so you won't have to deal with the hassle and cost of commuting to work every day. This is another excellent way to save money, and you could also claim expenses for the costs of operating your business from home. For example, you may be able to claim a portion of your utility bills, broadband and council tax, as well as office supplies and any other equipment that you use exclusively or partly for your business.
Working from home also enables you to book appointments at more convenient times and visit friends and family at the last minute, as you wonít necessarily need to be in the same place all day long. Examples of affordable franchises that can be run from home include finance brands like accountancy franchises, home improvement businesses and travel agencies. Sometimes, all you'll need is an internet connection and a phone.
Interestingly, research by the Office for National Statistics in 2016 showed that the proportion of UK workers spending two hours or more commuting to work each day reached 3.7 million, while the average daily commute was 57.1 minutes in 2015. Therefore, instead of spending several hours a week driving or standing on a crowded train, you can invest this time in growing your franchise or pursuing your hobbies. The choice is yours.
With a part-time franchise, youíll have the ability to work flexible hours, which will give you more control over your daily routine. For example, if you work from home, you can take a break in the middle of the day and go for lunch or head to the gym. As long as your business is successful, and you have a fully charged phone with internet access, you donít necessarily need to be in your home office during all business hours.
Many part-time franchises can also be operated by just one individual, which means you won't have to spend time and money recruiting and training staff.
Lowering start-up and operating costs
Unsurprisingly, part-time franchises also tend to be the most affordable franchises. You won't need to invest as much capital to get your business off the ground, which means you won't have to rely on as much funding or take on so much risk to make your new franchise a success. This can save you money in the long term, as you'll have less interest to pay back on a smaller loan. In fact, some part-time franchises, such as van-based businesses, donít require you to have business premises either so that you could avoid expensive rent and utility costs as well.
Continue with your other commitments.
Another significant advantage of running a part-time franchise is that you can continue with other commitments in your free time. For example, perhaps youíd like to study a qualification part-time at a campus-based university or via distance learning. Or maybe you're looking to semi-retire and would like to earn some extra income to put into your savings. Whatever your plans, youíll be better placed to maintain your work-life balance and continue with your other pursuits while earning a part-time income.
Enjoy longer holidays
If you choose a seasonal franchise, you could look forward to several monthsí holiday each year. This will also mean youíll have more time to prepare your supplies and recruit staff before your franchise operating season begins. For example, many businesses prepare their Christmas stock up to a year in advance so they can maximise their revenue during the crucial autumn period and the January sales. Out of season, you could continue with other commitments, spend your time travelling or living abroad, or operate another part-time seasonal franchise. In fact, sometimes it can be more lucrative to operate more than one part-time franchise as opposed to one full-time business, depending on the industry and how many hours you work.
Save money on childcare.
If you can run your business during school hours, you wonít have to worry about spending hundreds of pounds a month (or week!) on childcare. Research from Which? found that the cost of nursery care in the UK has risen well above the rate of inflation. Between 2010 and 2015, the cost of childcare for under twos rose by 32.8%, while childcare costs for over twos rose by 36.2%. Although there is some government support for childcare costs, many parents still have to bear the brunt of the costs.
According to the Money Advice Service, the average cost of a day nursery for 25 hours a week for a child under two is £116.25 (£148.16 in London), while part-time nannies charge £237.50 to £375 a week on average. Therefore, parents/guardians could make significant savings to help partially compensate for the lower income they would earn from choosing a part-time franchise.
Long working hours can take their toll on your mental and physical health. In 2018, The Guardian reported on research by Columbia Universal Medical Centre which identified a correlation between long working hours and cardiovascular problems such as an irregular heartbeat. A particular concern for the researchers was prolonged bouts of sedentary time, which were associated with higher mortality. In 2015, the BBC also reported that data from 25 studies found that the risk of stroke rose by a third for individuals working about 55 hours a week compared to individuals working regular 9-5 hours.
All in all, running your own affordable franchise on a part-time basis can give you more quality time with your family and higher life satisfaction. Although many part-time franchisees will earn less than full-time employees, the rewards include a much more flexible lifestyle, lower operating costs, less risk and a higher standard of living.
The Editorial Team, Point Franchise ©
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