If you’re interested in owning a franchise but don’t want to devote full-time hours to it, consider semi-passive franchise ownership. This model appeals to people in a variety of situations. Some want to keep their day job while growing a business on the side, while others are looking toward retirement and want to build an asset they can pass to their children. Some people want to grow a business as part of a portfolio of businesses. All of these scenarios are compatible with the semi-absentee ownership model.
You won’t need to put in 40 hours a week…forever
Semi-passive ownership allows you (the owner) to potentially operate the business while maintaining another career or obligation. It contrasts with a business that requires your full-time effort and constant presence. Note, however, that semi-passive ownership may require a full-time effort at the beginning, in order to get the business up and running. The difference is that once you’ve completed the ramp-up period and the business is established, you’ll often have the potential to put in 10-20 hours per week.
Look specifically for a semi-passive ownership opportunity
Here’s what not to do: try to convert a business designed for full-time ownership into a semi-passive model. That’s a recipe for disaster. Rather, look for franchise opportunities specifically structured for semi-passive ownership. Brands that embrace this model span many industries and formats. They include brick and mortar stores (such as hair salons, massage therapy studios, and more), mobile concepts, consulting and advisory services, and many other businesses. The possibilities are vast!
Make sure you know what you’re getting into
Be aware that semi-passive ownership typically involves a longer development or ramp-up period compared to a full-time endeavor. Another thing to consider is that with this model, you’re likely to be managing people you hire to interface with consumers and clients. Be sure to take that into account when determining whether your skills and preferences align with a semi-passive role.
Remember to do your due diligence
In conclusion, owning a franchise doesn’t necessarily require you to give up your day job. You can begin diversifying your income and move away from being fully dependent on your paycheck by pursuing semi-passive ownership. Make sure that whatever model you pursue fits well with your long-term goals, skills/talents, and time availability. As long as you’re willing to put in the effort, do your research, and keep an open mind, you’ll be on a good path.