Whether to run a franchise full-time or part-time is one of the first basic decisions you must make when you start thinking about franchising. Which you choose depends on a variety of factors. Like many other franchising decisions, it is a personal decision and people will come up with different answers for them.
First, is it your desire to always have a part-time franchise just to supplement your income? If so, that will really limit your choices of franchises. Most franchisors want someone that is strongly committed to growing that franchise and if you want to keep it small and part-time, you should tell your franchise consultant that right up front so you don’t waste your time on franchises that won’t be OK with that.
Assuming you want a full-time franchise, the next decision is whether to jump in with both feet and quit your current job or to start part-time with the goal of it becoming your full-time job. Again, you need to be up-front with your franchise consultant so that if you want to start part-time they can point you in the direction of franchisors who welcome that type of franchisee.
Quitting cold turkey so you can put all your energies into the franchise is what many people would like to do. Whether you can do it depends on your savings and a realistic estimate of your profit growth and how it is likely to take. Be conservative, you don’t want to run out of money before your profits are sufficient.
One way you can start part-time is by being a manager of the franchise but hiring others to do much of the work – a semi-absentee franchisee. Because sales and profits usually start slowly, you must be willing to take a loss for a while because profits that would go to you must go to staff to take your place. Make sure you have enough savings to do this and don’t be overly optimistic on your growth curve. Take time to talk to the franchisor and some of their franchisees to help guard against this error. It is obviously much easier to work hard to grow the business and then step back as profits allow for new staff to take your place.
The easiest way to start part-time is with a franchise in which you don’t need other employees or a separate location and can run it from home. There are many franchises of this type, including cleaning or some pest control services, painting, selling blinds or other home products, coaching…there is quite a list. Service-type franchises lend themselves to this most easily but those involving product sales may also fit.
Some types of franchises will not allow a part-time start. For others it may be the norm. Find out quickly which fit what you want, do your homework, check with a franchise consultant, and go for it!
