Maybe some of you reading this are under increased pressure financially and looking at options to generate additional revenue. Options might be limited if you are already working part or full time, with family constraints too. There is a lot that can get in the way, isn’t there?
There is some good news for you though, and one that is often overlooked: investing in a part-time franchise. You might think this is a myth that does not even exist, but let us explore the options in this short article.
What Is A Part-Time Franchise?
There will be a franchise for just about any sector and investment level that you can think of, and this will help you because there will almost certainly be something suitable somewhere that fits whatever capital you have and within your desired field.
When you get to signing almost any franchise agreement, this will often mean you commit to attend to the business full-time. This is because franchisors rarely want sleepy franchisees, and most of the time, you as the franchisee would not want to limit your own time to dedicate to the business as it would also limit the earning potential. That said, it can be recognised by both parties that some businesses can take some time to get established; this can be due to the nature of the business, or indeed, an agreement that you, the franchisee, needs to come into the business on a part-time basis, due to other commitments, and as long as you start the relationship with this mutually agreed understanding then you are good to go. Sometimes all parties understand that there is no one size that fits all and agreements can be designed to suit everyone.
You must then think about you do when the business becomes more successful. If you can then morph from part-time into full time and whether you do this yourself or bring in extra team members, this decision might be a little easier as it becomes more profitable of course!
What To Look Out For In A Part-Time Franchise
You will need to think about a franchise that you can personally manage yourself, often referred to as an ‘owner operator franchise’. This does not limit to it just being you in the business; you might want an employee to take some of load, especially given that you can only focus on certain days or times in the week as they might be able to fill the void when you cannot!
In addition, look for a franchise that is repeatable and scalable, you will note reference to this statement if you have spent some time researching franchise options too, as a franchise that typically requires huge skill sets or knowledge banks can be too limiting for what it is that you are aiming to achieve.
Is Low Cost Good For You?
Low-cost franchises are by that very nature, quite appealing if you are looking for a part-time option. They often require simple business modelling that needs a little initial and ongoing support. Do check out how profitable these might be compared to your desire to create additional income and you might see something that suits that does not break the bank!
Franchisor-led promotions might help you also. It’ll be one task that you wouldn’t need to commit time to, however; this might come at additional cost to you though, so there might be a balancing act for you between your time and money, but for sure, it's one option to help the business along its way.
Types of franchise to look for might include: sales roles, advice or consultancy types, perhaps mobile options as you can often chose your own hours. You will find many such examples of these on the very platform that you are reading this article on. Go and have a lookfor yourself now and see what might be of interest!
Discover What Is Your Own Motivation
Why is it that you are looking for a part-time franchise? Is it to spend more time with family, or friends? Perhaps to fill your time between school hours? Do you just desire the additional income to keep things afloat?
Think carefully about this because whilst you might want a business to commit part-time hours to, your obligation timeframe could be as much as five to maybe even ten years, so not a short-term solution!
Is A Part-Time Franchise Worth The Effort?
You might have heard individuals talking about how buying a franchise is just buying a job, and that might suit you if you have uncertainty in employment or the threat of redundancy. Everyone makes these life decisions for different purposes and yours will be no exception, however; be realistic with yourself that investing small sums will probably impact on the earnings potential. Franchising in general is not a get rich scheme, but a sound business that should be delivering the additional income you crave in exchange for your time or commitment.
One final comment: Make sure that you're aware of the fact that you could well be building an asset that you might well have the ability to sell on at a later date, but maybe this is a topic for an article for another time!
Richard Pakey is a franchising expert and Managing Director for the award-winning Lime Licensing Group and can be contacted in the following ways:
- Email: richard@limelicensinggroup.co.uk
- Mobile/text/whatsapp: 07904 697591