You don’t necessarily have to quit your day job to become a franchise owner. Not all franchise concepts need an always-present franchisee at their location. Instead, many franchise concepts solely require a semi-absentee owner with a smaller time commitment to work on the business. Below, The Entrepreneur’s Source explains the ins and outs of the semi-absentee franchise model.
What is a Semi-Absentee Franchise?
Essentially, a semi-absentee franchise is a business concept that an individual can start and operate on the side while simultaneously having another job or obligation in the mix, compared to a full-time business that requires complete effort and constant presence. It’s important not to confuse semi-absentee ownership with partial ownership. Being a semi-absentee franchise owner oftentimes requires the same amount of capital, time and initial investments from a franchise owner to get the business up and running, but once it’s operating the semi-absenteeism begins. Once this is achieved, semi-absentee franchise owners typically spend 10-15 hours per week working on the business. It’s imperative for prospective franchisees to understand that semi-absentee models can potentially longer for them to turn a stable profit due to spending less time working on the business.
How do these Concepts Work?
Many franchise brands specifically structure their models to run this way for various reasons, but regardless of the reason, it’s important for prospective franchisees to understand this. Where people tend to get into trouble is when they try to turn a business that is intended to be run by a full-time franchisee and try to turn it into a semi-absentee model. For this reason, individuals looking to invest in a semi-absentee franchise brand are advised to contact a business coach at The Entrepreneur’s Source to help them to identify specific concepts that employ this model. In the end, it’s important to make sure that with whatever concept you invest in it fits in with your overall long-term strategy, ability and time availability. Franchise brands that embrace this model range from brick and mortar stores to mobile or portable businesses even to vending and kiosk-based concepts – the options are vast.
How to Know if A Semi-Absentee Franchise is Right For You
When contemplating whether a semi-absentee business is the right investment for you, it’s essential to examine your needs, goals and expectations of your investment. Do you want to become a franchise empire builder? Do you want to build numerous concepts? How much capital do you have to invest? Consulting with a business coach at The Entrepreneur’s Source can better help a prospective franchisee identify the right questions that he or she should be asking himself or herself before deciding on a model. Prospective franchisees need to consider what will be required from him or her with the presented franchise opportunity and if this meets the needs, goals and expectations of that individual.
Take the First Step, Contact The Entrepreneur’s Source Today
For those wanting to take the next step toward the route to self-sufficiency and business ownership or for individuals looking to learn more about semi-absentee franchise brands, contact a business coach at The Entrepreneur’s Source today.