You Can Have It All: Become a Franchisee and Keep Your Career
Have you ever considered the idea that you may be able to become a franchisee and keep your career? For some, itís an incredible opportunity to become a business owner, without risking everything. For others, itís a way to achieve financial security. Most successful franchises offer some sort of part-time ownership scheme, so itís worth contacting a number of different franchises and enquiring as to what your options are.
Being a part-time franchisee
Being a part-time franchisee isnít as rare as you might think. There are plenty of franchises who offer part-time ownership roles and many who specifically market themselves at part-time franchisees. While the range of franchises you have to choose from may be more limited, youíll still have access to a wide range of high quality investment opportunities that could help you make a little extra money, prove to be the first steps on the path to a new career, or help you realise a long-held dream of business ownership. However, before you become a part-time franchisee, itís important to work out whether youíre well-suited to this type of business model.
Benefits of being a part-time franchisee
There are a number of benefits to part-time ownership. This includes maintaining your existing income while you build your new business. Many entrepreneurs struggle to realise their business goals because they donít have access to the working capital necessary to sustain their venture during its early stages. With part-time ownership, you can continue earning while also growing your new business. Part-time ownership also benefits from franchisees being able to hedge their bets. Rather than putting all their eggs in one basket and betting everything on a single venture, they can retain their career and have a go at building their dream business.
Can you keep your existing job?
To some, the idea of starting a new business and keeping your existing career sounds impossible. Itís not, but it does depend on what kind of career you have. For instance, if you work in an office keeping 9-5 hours and also have to take care of other responsibilities, itís unlikely that youíll be able to find the time to run a part-time franchise.
However, if you already work in a part-time role Ė or maintain some flexibility when it comes to hours, where you work, and how you work Ė part-time ownership is a realistic proposition. When it comes to finding the right investment opportunity, itís vital that youíre sure that youíll be able to dedicate sufficient time to run the franchise. If not, you may expose yourself to unnecessary financial risk.
How to keep your career and become a franchisee
1. Find the right franchise
If you want to become a franchisee, one of the first things you need to do is find the right franchise. For prospective part-time franchisees, this is more difficult than usual, as your criteria are stricter than those searching for a traditional franchise opportunity. In order to find the right franchise, youíre going to need to talk to those in the industry, research online, and look at franchise-specific publications, including magazines, forums, and websites.
2. Discuss part-time ownership with the franchisor
If you're considering part-time ownership, it's vital that you discuss the issue early on with your franchisor. They'll have a great deal of experience working with part-time owners and will understand what works and what doesn't. They'll be able to offer you guidance and talk you through the practicalities and realities of part-time ownership. Some franchises may say that they encourage part-time applicants to apply, but when you get to speak to the franchisor you may feel that there's a little resistance to the idea. If so, it's probably not the right opportunity for you.
Many franchises advertise themselves as part-time friendly to attract applicants. However, having declared their interest, the applicant will then find that the franchisor tries to upsell them full franchise ownership. Donít fall for the trap and walk away from any franchisor that doesnít seem completely happy that youíre joining the team as a part-time owner.
3. Ensure your existing career wonít suffer
As well as ensuring that youíre happy with the franchise and franchisor, you need to think about whether thereís going to be any detrimental effects on your existing career. If so, walk away. The whole point of becoming a part-time owner and retaining your old job is to provide some financial security. If you lose your job or damage your career while becoming a part-time franchisee, it seems as though youíre missing the point.
4. Work out whether your skill set suits the arrangement
While part-time ownership may sound like an attractive proposition, itís important to consider whether you have the necessary skills and abilities to pull it off. For instance, if you donít possess the required time management and organisational skills, the part-time arrangement is unlikely to work. Keeping your career and starting a part-time franchise isnít as simple as juggling the two jobsí working hours, youíll need to step up and perform to the best of your abilities.
5. Make sure part-time ownership is for you
Finally, before you sign any franchise agreement, itís essential that you make sure that part-time franchise ownership is what you want and if it suits your lifestyle. By signing a franchise agreement, youíre making a large financial commitment and potentially exposing yourself to a high degree of risk. Before you commit, perform your research, do your due diligence, and seriously consider whether part-time ownership really is for you.
Becoming a part-time franchisee and keeping your old job can be an incredible opportunity. It can provide you with financial security while you begin building your new business. It ensures you're not risking everything to make your dream of business ownership come true. It's a chance to develop your skills, gain greater experience, and learn a lot about yourself and running a business in the process. If all goes well, you'll soon have the freedom to choose whether you become a full-time franchisee, continue on part-time hours, or keep working two jobs.
The Editorial Team, Point Franchise ©
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