Why a Franchise Might Make a Great Side Business


Why a Franchise Might Make a Great Side Business

According to a recent survey, almost two out of every five US adults are working a side job to supplement their regular income. Given that most of us are under increasing financial strain in the current economic climate, for some, finding a way to earn some extra money may be a dire necessity. For others, it may be a means of turning a passion or hobby into a source of income while gaining experience and confidence before making a complete career change.

It can be a way to try to build a stronger financial foundation for the future, when days of a "job for life" are long gone and the risk of corporate redundancy and job uncertainty can be a real concern. This is especially true for younger Americans, where one in two Gen-Zers (aged 26 and under) and fifty percent of millennial (aged 27 to 42) are reported to have a side hustle.

Whatever the situation, franchising can present a desirable choice for someone looking to start a side business. There is a widespread misconception that opening a franchise must be expensive and time-consuming. 

However, there are a lot of low-cost franchise opportunities available that can be operated part-time or partially remotely and that can offer the ability to be up and running and making money from the business pretty quickly.

While purchasing a franchise does not ensure business success, you are investing in a tried-and-true business model when you purchase a franchise. All of the hard work has already been done to establish the brand, product, or service, and systems and procedures.

Another benefit of starting a franchise business as a side gig is the support that ought to come with belonging to a reputable franchise brand. When time is limited and time is money, having the franchiser and wider team available to offer assistance and advice when problems arise as well as to be able to respond quickly to inquiries is an invaluable asset.

This is especially true if you are managing your side business while working a full-time job and juggling the demands of life, family, and home.

Considerations for Investing in a Franchise to Run as a Side Business

Why a Franchise Might Make a Great Side Business

As with starting any business, there are a few things to think about carefully before making the decision to invest in a franchise and run it as a side business.


1. It's generally a good idea to choose a franchise side business that fits your personality, interests, and passions. There will undoubtedly be time constraints and occasionally stressful situations if you add another business venture to the mix. Making sure that your franchise side business is something you are passionate about will make investing the additional time outside of your regular job much more appealing.


2. Can the franchise be set up so that you can be semi-absent from the business and have staff in to run it on a daily basis while you are only involved at the top. If you are looking to run the business yourself, will the days and hours that the business needs to be operational fit in with your employed role, especially if that role is a traditional nine to five job

Whatever your strategy, it's critical to be open and truthful with the franchiser about your intentions for the business, the role you must play, and the amount of time you can commit to it. You should also make sure that the franchise agreement contains no provisions that will prevent you from operating the business as you see fit and running it concurrently with your job. Additionally, if you already have a job, double-check your employment contract to make sure there are no provisions that prevent you from working a side job.


3. A franchise side business will unavoidably require an investment of time, money, and effort. The numbers need to add up - for obvious reasons. In terms of sacrificing free time or family time, it probably entails some sacrifice. The franchise's return on investment must be sufficient if you intend to run it part-time, hire staff to manage it, or even run it yourself.


4. The right franchise opportunity can offer the possibility of a lucrative side business and can have important advantages over starting a business independently, regardless of your motivation or long-term goals. To ensure its success, it will nevertheless take effort and dedication, just like any other business endeavor.

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