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 cover everything from restaurants to gyms to cleaning services. Find something that resonates with your interests, expertise, and budget.
Again, consider how much time you are able to dedicate. Some franchises are described as ‘semi-absentee,’ which implies that you do not need to be there in person the whole time.
2. Understand the Costs and Legal Details
All franchises have their fees and rules. Most probably, you’ll have to cover the franchise fee, royalties, and, sometimes, marketing fees. Besides, the U.S. Small Business Administration suggests reviewing the franchisor’s Franchise Disclosure Document, or FDD; it discloses everything you’re getting into even before you sign.
In addition, you should refer to your employment contract to verify if it’s possible to have a job and run another business. Being aware of all the costs, needs, and limitations from the outset will save you from much hassle in the future.
3. Plan Your Time Wisely
The Harvard Business Review discovered that individuals who organized their schedules and committed to doing one thing at a time were roughly 35 percent more productive than individuals who were constantly multitasking. Thus, schedule uninterrupted blocks of time for your company, from early mornings and evenings to weekends.
Always adhere to your regular timetable. You might employ a part-timer or a manager to do many of the daily chores. As a result, you can take some time off. A well-considered strategy will always succeed over exhaustion.
4. Build Systems That Work Without You
Franchisors usually offer training, manuals, and marketing support. According to the Entrepreneur Franchise Handbook, the best owners spend less time reinventing these systems and more time leaning on them, fixing what isn’t working with the rules rather than deciding what to do in every situation.
It is essential to guarantee that your business can run correctly when you are not available. Please ensure you have reliable staff and utilize the existing tools for scheduling and communication.
Pay attention to the established methods that the franchise offers. The stronger the systems, the simpler it will be to manage them part-time.
5. Track Money Carefully and Reinvest Early
According to the U.S. Chamber of Commerce, entrepreneurs should control their revenue, expenses, and taxes starting on the first day. Monitor what drains your safe and what replenishes it, and reinvest profits in the company rather than paying them to yourself.
Invest in marketing, training for your staff, or even more advanced tools or equipment. Through these early reinvestments, you can power the rapid growth of your future franchise and provide a solid foundation for long-term triumph.
6. Know When You’re Ready to Go Full-Time
After your franchise is up and running smoothly and operating profitably on a consistent basis, you can consider making it your full-time job. According to the SCORE Business Mentors, it is important to postpone this move until you have approximately six months of living expenses saved up.
Quitting your job too early can create pressure and stress, and that is not counting the fact that your income is still unstable. There is no need to rush: wait until your franchise can support you and develop an exit plan in advance.
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.
