Recessions are always a possibility, even when an...
Semi-absent franchisees are just who they sound like: someone who is working on their franchise in a part-time capacity. If you want to run your own business but don’t want to let go of that day job, investing in a franchise that allows semi-absent franchisees may just be the right move for you, but it does come with some unique challenges.
You need to have a commitment mindset
It’s all too easy to start treating a franchise you work on part-time as a hobby instead of a business. You will need to be able to set aside time to work on the business and its success, and you have to stick to those time allotments. If you’re still working another day job, it can be overwhelming to handle on occasion, so you need to be prepared and have a plan to handle all the demands on your time.
Always have set goals
Goals are important for any franchisee, but they are crucial if you are going the semi-absent franchise route because the franchise isn’t fully supporting you financially. Write your goals down on paper. Ask yourself where you see your franchise in a year, five years and even ten years down the road. Decide what you want to earn and whether you want to have multiple units in the future. Once you have goals set, you can begin taking small steps to reach them every day.
If quitting your day job is also a part of your goals, decide when you’re going to do that. Determine a date and look at what you need to do realistically to make that quit date happen.
Invest in yourself
Don’t forget to work on yourself while you are working on your business. Improve your knowledge of business and your industry in general by reading and doing research on your own. Look for or create a business meeting group that is relevant to your franchise so you can learn from others, share ideas and network. Take advantage of any additional training or information your franchisor offers in the terms of courses, webinars or workshops.
Approach your day job positively
Even if your day job is only temporary, you should still approach it with a positive outlook. Being negative will just rob you of energy you could be investing into your franchise instead.
Having a semi-absent franchise while working another job isn’t easy, but it can be very rewarding. Plan ahead and take it step by step so you can build a successful franchise while still getting a regular paycheck.