Congratulations! You decided to buy a franchise. Running a franchise has long been considered a popular business venture for newcomers and veteran business owners alike. In fact, the International Franchise Association reports that 4 percent of all small businesses in the U.S. are franchises.
The next step in your journey is to decide what kind of franchise owner you want to be. But before you jump into a franchising opportunity, you must evaluate your needs and desires when it comes to business ownership. Knowing the answer can point you in the right direction.
If you need help deciding, check out our breakdown below, and discover which franchise model is best for you.
Out of all the franchise model opportunities that exist, full-time franchising is the most common option for business owners, and it offers the most options. Full-time franchise ownership often means countless hours of work, which means there won’t be much time for a secondary job.
As the owner, you’re also the manager; involved in every aspect of the business, from its construction and training employees to handling daily operations like taking inventory, sales, hiring, and ordering products.
The type of owners interested in the full-time franchise model is those who like to be fully involved in their business. You’re required to be on-site most of the time, and your workdays consist of you being the first person in and the last one to leave for the day. It’s also perfect for those looking to further their business career and be their own boss. However, full-time franchising is extremely rewarding. And after establishing a healthy business, you can expand your reach to multiple locations. A few full-time franchises include:
This franchise model is perfect for owners who want to diversify their income but have a limited schedule to dedicate to the franchise. A favorite benefit of becoming a semi-absentee owner is that you don’t have to spend as much time in the business. It’s said that semi-absentee owners spend between 10-20 hours weekly on their franchise.
Because of this, they have more time to focus on the business strategy and they tend to keep their day jobs. They often hire managers to oversee daily operations like hiring and training, while the owner manages the manager and ensures the business is flourishing. Like with a full-time franchise model, the semi-absentee franchise model allows owners to be their own boss and create their own schedules.
However, it’s common for semi-absentee owners to need above-average financial resources because multi-unit franchise ownership is often required. A stable and decent-paying job is also necessary to help sustain you as your business gets off the ground. Popular examples of semi-absentee franchises are:
-Frozen yogurt/ice cream shops
Nicknamed “manager run franchises” by other franchise owners, absentee franchises are a model where the owner doesn’t work there and is entirely uninvolved in the business’ day to operations. They’re one of the most challenging franchise models to find opportunities for, as many franchisors don’t allow businesses to be absent because all business operation areas must be carefully overseen to maximize profits.
This franchise model appeals to business owners who want to be hands-off with the business, looking to buy investments, and are comfortable with letting others run the show. Before being completely hands-off, though, there’s still a period of being full-time and even semi-absentee, with you needing to learn how every position functions to help train employees. Examples of franchises that would be best for absentee owners include:
Hundred Acre Consulting
Buying the perfect franchise model is an important part of your business career. Luckily, you don’t have to make a decision alone. Our team at Hundred Acre Consulting is at your side. Together we can find your franchise match and get you moving down the road to success.
If you’re ready to get started, contact our team, and let’s chat!