Running your own business is demanding, but a role running a part-time franchise could complement a busy schedule and provide rewarding, flexible work to a franchisee. What are the pros and cons of running a part-time franchise?
Running a part-time franchise comes with positives and negatives, like anything else in life. The key decision to make, before diving into investment, is whether or not running a part-time franchise is right for you. Read this article, weigh up the options, and make an informed decision about your route forward.
Pros and Cons of Part-Time Franchises
With over 710,000 people in the UK employed in franchising, both part and full time [British Franchising Association], the industry is a big one, and it’s growing every year. If you’re interested in becoming a franchisee, but you’re unsure about the full-time commitment, part-time franchising could be the perfect solution. Here are some of the key benefits to running a part-time franchise...
Advantages of Part-Time Franchises
1. Less expensive
Starting a franchise can be an expensive process, from the initial minimum investment to royalty, operating and advertising fees. Though most UK banks may lend up to 70% of start-up costs (depending on your unique circumstances), it can still be costly for new franchisees. Becoming a part-time franchisee will still require an investment, but in a smaller or shared role, this cost will be substantially reduced. Part-time franchising is one of the best ways to start a franchise with a limited budget.
2. Provides an extra source of income
Part-time franchising allows you to keep your existing job, but top up your monthly income. If you’re looking to earn some extra money, this might be the right move for you.
3. Perfect for stay-at-home parents
Running a part-time franchise could be an excellent option for stay-at-home mums and dads. If you’re juggling the joys of parenthood, and searching for a flexible financial opportunity, why not consider becoming a part-time franchisee?
4. Allows you to ease in to franchising
If you’d like to enter the world of franchising, but you’re not ready to go all in just yet, a role as a part-time franchisee is a chance to wet your feet and get a taste for running your own business. The great thing about part-time franchises is that the majority are scalable; you can choose how few or how many hours you put in each week. If you find that you thoroughly enjoy your role, most franchises will have room to accommodate your expansion into a full-time role farther down the line.
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5. Offers general flexibility
By far the biggest advantage to becoming a part-time franchisee is the flexibility of your time. You can craft hours that work for you, and as long as you’re getting the work done, your franchise can continue to thrive.
When you’ve got other responsibilities to contend with, like another job, or a child, or a role caring for someone else, being your own boss affords you the space to effectively plan your time in a way that works for you. Many part-time franchise opportunities are also mobile or remote, meaning you can save time on your commute, too.
6. Reduces stress
There’s no doubt that full-time work can be stressful, especially with other circumstances on your plate. In 2020, 79% of people in UK employment were experiencing work-related stress [Perkbox]. Having the opportunity to run your own business, determine your own working hours, and potentially even work in the comfort of your home, could help you to dramatically reduce your stress levels.
You still have to commit yourself (and your capital) to owning and running this franchise, but you don’t have to commit all of your time. Part time franchising permits the franchisee to grow the business at their own speed. Part time franchise owners can spend more time on their business as familial and other life obligations allow.
—Rob Lancit, Be The Boss
On the flipside, here are some of the biggest disadvantages that come with part-time franchising...
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Disadvantages of Part-Time Franchises
1. Having to trust and delegate
When you’re running a franchise part-time, you’ll need to learn to trust and rely on your employees and team members. Be careful during the recruitment process, and only hire people you have 100% confidence in, because when you aren’t there every day, you’ll have to delegate often and well. You’ll need to be ready and able to let go of control in order to keep your business running smoothly on the day-to-day.
2. Time demands
Despite the fact that you’ll be part-time, franchising is a demanding industry. Though the rewards often make it worthwhile, some days you’ll be required to put in more work than other part-time roles would require. When issues crop up, they’re likely to come with additional time commitments on your end, and if you’re running a part-time franchise alongside your full-time job, this could result in a long working week.
3. Harder to establish yourself
As you will be working less hours, and oftentimes working from home, it might be harder to form a close-knit relationship with your franchisor and your employees. If you’re looking to build a career in franchising, starting from a part-time position might mean that it takes you longer than you’d like to get to where you’re going.
4. Harder to stay on the ball
Less time working with the franchise during the week means you won’t be aware of certain day-to-day happenings. If issues build at work, you might miss them. It’s harder to stay on the ball when you’re not on the ground every day.
5. Limited options
The franchising world is a dynamic one, and it’s likely that you’ll find a business that speaks to your interests. However, if you’re only looking to enter on a part-time basis, this will undoubtedly reduce your options.
There are really only a few franchise concepts available that offer the freedom and flexibility that can allow you to keep your day job, and be an owner.
—Joel Libava, The Franchise King
Finding the right investment opportunity for you can take time
The huge range of available options is one of the biggest draws of franchising for many people. Whoever you are, and whatever your situation, there’s a franchising opportunity out there which will work for you. Knowing the pros and cons of running a part-time franchise, you’ll now be able to decide if part-time franchising works for you or not. To view the full range of available investment options, visit Point Franchise’s UK franchise directory.
Lily Sweeney, Point Franchise ©