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
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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