Semi-absentee franchises are gaining in popularity, and why not? Who doesn’t want a secure income with a minimum amount of work? Some can be a profitable primary income or a budding side-hustle that is well on its way to becoming a nest egg for you and your family. The biggest secret is thinking ahead.
1. Choose your level of flexibility
The glorious thing about semi-absentee franchises is that they can be incredibly flexible for you as a business owner. Before you even consider investing in any franchise, you must first identify your needs and desires. Putting the cart (franchise purchase) before the horse (needs and wants) can lead you to miss out on incredible undiscovered opportunities. We also recommend a franchise consultant that can bring these opportunities to light for you.
How do you see this flexibility? Consider how many hours you want to put into your business each week (or day). Do you plan to keep a day job or enjoy a life of leisure right away? Your franchise consultant can help you set some realistic goals and expectations about what your life will look like in your first year versus years down the road.
2. Consider growth possibilities
Many franchise models have opportunities for growth potential, while some can remain as small as you wish. Perhaps you want to keep your day job for now and start with a side hustle. You see it as a side hustle first, with aspirations of building an empire.
Many franchises have a path to that ambition set for you already. For instance, vending franchises have this perfected. You can start with a single franchise, build by purchasing additional franchises in a territory, then become an area developer by helping other aspiring franchisees achieve the same dream.
3. Determine your initial investment
Franchises profit from getting you in business by selling you their proven model for success. Prices vary for those trade secrets and branding. Some franchises also require infrastructure and equipment investments, while others can be run from your home office. These cost variances are critical to the equation. Give your opportunity exploration phase plenty of time as you weigh your options.
4. What inspires you?
Perhaps you have an idea in mind already, but don’t let that dissuade you from exploring what’s out there. You may be surprised about the kinds of franchises that have a semi-absentee option. While we encourage you to keep an open mind, we also recommend you think forward in your life. You want to enjoy your franchise business, even as a semi-absentee owner. A wise man once said if you find joy in what you do, you will never work another day in your life.
5. Have an expert in your corner
We mentioned a franchise consultant once or twice already. Franchise consultants are your ace in the hole when it comes to investing in a franchise operation. They are experts in the field. They know all of the answers and all of the steps to business ownership. Hundred Acre Consulting is one of those consulting firms, and having them in your corner guiding the way costs nothing to you as the franchisee. What have you got to lose? Contact us, and let’s start exploring today!