While many franchisees plan for economic downturns,...
A semi-absentee franchise in Canada can be the right choice for you if you want to build your own business while having the security of a day job and steady paycheck. For some people, this type of relationship is ideal because they can't leave their job until the business is fully off the ground; for others, the semi-absentee franchise allows them to keep a day job they truly enjoy while allowing them the freedom of owning their own company at the same time. Here are some tips to keep in mind to increase the chances of your success as this type of franchisee.
Know your motivation
Understanding your motivation for your desire to start your own business will help you to keep pushing forward even when it gets stressful or difficult. Motivation comes in many different forms. Maybe the franchise is in an area you're passionate about or you want a bigger challenge in your life. Whatever it is, make sure you keep it in mind so it can act as a source of strength when you need it.
Make a real commitment
Even if you're a part-time franchisee, it's important to remind yourself to treat it as a business and not just your hobby. Part of this entails dedicating time to running your business and making it work. Since working a day job and running your franchise can be overwhelming sometimes, prepare ahead and have a plan for dealing with the added demands on your time.
Have real goals
Without defined goals, it's pretty hard to work toward your version of success. Ask yourself where you want your franchise to be a year from now and five years down the line. Do you want to earn a specific dollar amount or own multiple units? If you do want to quit your day job eventually, do you have a date for that? Asking the big questions and considering your honest answers can help you make an actionable plan that reflects what you have in mind for your company and your future.
Stay positive at your work
Even though you may be planning to leave your day job one day, stay positive while you're still there. Having a negative attitude will just drain you of energy you could put toward your franchise.
Being a semi-absent franchisee isn't always easy, but it can be a way for you to handle the risk that comes along with starting a business. Plan ahead and know what you want so you can develop a business you're proud of and rewarded by.