Starting your own business does not always mean that you have to give up the other one. Franchising provides a viable path to owning something that is solely yours while also maintaining a reliable source of income. With the perfect schedule, you can easily juggle the two until you branch out and franchise your own. Here is a comprehensive guide on how to go about it.
1. Find the Right Franchise for You
There are over 800,000 franchise locations in the United States, according to the International Franchise Association. They range from restaurants to gyms to cleaning services, making starting this as a side business more accessible than ever.
Consider how much time you can realistically commit. Some franchises are designed for semi-absentee franchise ownership, meaning you don’t need to be physically present at all times.
2. Understand the Costs and Legal Details
Every franchise has fees and rules. You will probably have to pay a fee and royalties and possibly make marketing contributions. The U.S. Small Business Administration also recommends that you thoroughly review the Franchise Disclosure Document before finalizing your agreement.
You should also carefully review your employment contract to ensure it aligns with your existing business operations. The earlier you know these details, the less likely you are to make expensive mistakes.
3. Plan Your Time Wisely
Scheduling regular blocks of focused work makes people about 35 percent more productive than they are when they multitask, according to the Harvard Business Review. You’re going to need to do this while working a full-time job and running your franchise.
Stick with some kind of routine, and think about hiring someone part-time or a manager to take care of the day-to-day stuff. Add a well-thought-out schedule and your goal to start while working full-time with no burnout.
4. Build Systems That Work Without You
Franchisors often supply training, manuals, and successful systems. And these systems help franchise businesses become successful without having to reinvent the wheel, according to the Entrepreneur Franchise Handbook.
Robust systems help keep the business running even when you’re not around. No less important are the dependable staff and scheduling technology needed for anyone learning to run a part-time.
5. Track Money Carefully and Reinvest Early
The U.S. Chamber of Commerce urges small-business owners to keep a tally of earnings, costs, and taxes from the outset. Financial monitoring is super important when you open a franchise while working full-time and can’t check in on the business very regularly.
Use early profits to market yourself, hire and train staff, or purchase equipment. These reinvestments drive growth, and they help fortify your franchise for the long haul.
6. Know When You’re Ready to Go Full-Time
Once your franchise runs profitably and consistently, you may consider leaving your job. SCORE Business Mentors recommend waiting until you have at least six months of living expenses saved. Leaving too early can create stress and financial instability. There’s no rush—wait until your franchise can reliably support you.
Building Your Franchise the Smart Way
Sure, starting a franchise while still employed full-time is anything but easy. However, it is also achievable, and this is the right way to do this more often than not. It just takes a bit of patience, planning, and dedication. In next to no time, rather than seeing it as just another job, you may indeed come to regard your side business as a blossoming full-time career.
