Why You Should Start a Franchise While Still Employed
Not quite ready to leave your job but still want to invest in your future? Franchise ownership can make that happen.
Whether you’re happily employed, tired of the corporate rat race or stuck in a dead-end job, running a franchise part-time while you’re still employed is possible and can be a smart way to achieve your personal and financial goals.
Here are three reasons why it’s a good idea:
- Achieve Your Retirement Goals: If you’re happily employed but don’t think you can save enough for retirement on your salary, owning a franchise on the side can give you a way to build equity in a business that you can sell for a profit when you retire. Or, you can keep the franchise well into retirement and use the profits as a source of income.
- Escape the Corporate World: If you’re not enjoying your job, feel it’s at risk from downsizing or age discrimination, or you’re just plain tired of the corporate world, a franchise can allow you to generate a significant income stream on the side as either a safety net or nest egg to use after quitting your job. In both scenarios, you may need or want to keep your job for a period of time while the franchise ramps up to a financial level that can sustain you. Then, you’re free!
- Leave a Legacy for Your Family: A franchise can be a great asset to pass down to your children to manage as an ongoing income source. Or, they can sell it for a lump sum that can be used how they please.
At this point, you might be thinking this is an appealing option. But, you also might be wondering how you can run a franchise while working full time. It may seem daunting, but it’s easier than you think.
Many franchises are set up to run as “semi-absentee” ownership models. This means that the owner does not need to manage the business full time. They can hire people to run the day-to-day operations of the business, while they continue to work for another company – or enjoy more leisure time for family and hobbies.
According to Merri Cronk, Owner of FranNet Texas Southwest, this model works well for those employed full or part time – as well as for parents who need to juggle work and family responsibilities.
“Many semi-absentee models provide a great deal of flexibility, which allows people with children or serious hobbies to create a schedule that works best with their lifestyle,” says Merri. “It’s an especially good scenario for moms and caretakers.”
All of that said, franchise ownership is not for everyone. They do require a significant commitment up front while working at your other job. However, some franchises require less set-up time than others.
If this is intriguing but you’re not sure it’s a good fit for you, Merri and her team of franchise consultants will help you assess your readiness for no charge. If it makes sense to move forward, they can match you with a quality franchise that best fits your specific goals and lifestyle needs.
To learn more or sign up for a free consultation, click the “Get Started” button at the top of this page.