Without a doubt, everyone at one time or another has heard the phrase, “Don’t quit your day job.” Usually, it’s heard after repeating a particularly bad pun — or maybe even after a poor attempt at cooking a meal seen on a celebrity chef show. However, this phrase has a literal meaning in the world of franchising. And its message is one of comfort and security.
For most dipping a toe into the waters of franchise ownership, there is an assumption that you will be trading one job/lifestyle for another. Surely a well-run business is going to take a full-time owner/operator, right? Well, not exactly. In the franchise world, which is designed to meet an adaptable working situation, there exists the “absentee” and “semi-absentee” business model. Franchise industry experts also refer to this concept as a “managing the manager” scenario. While it may not be suitable for every candidate, it could be your safer route to success. There may be less pressure to have the venture succeed quickly and you’ll have the luxury of being able to overcome obstacles at your own pace. All because you’ll be allowed to keep the safety net you depend upon—your day job.
Quitting a job in a sluggish economy is probably the last thing a successful full-time employee would want to consider. In fact, some might deem it downright crazy to leave the stability of a salary and benefits. However, with a semi-absentee model, you won’t have to worry about your peers questioning your sanity. It is possible to have the best of both worlds if you carefully research your business model and craft a stable plan for graduated growth. Some small business and franchise candidates may gravitate toward opportunities in areas where they already have experience, knowledge and know-how. In a semi-absentee business, this can be an important factor.
One of the first benefits you may recognize is the reduced concern of funding your venture. In addition to the working capital necessary to launch a franchise or small business, banks and lenders will see the supplementary financing as less of a concern with a working and salaried owner at the helm. If done correctly, you’ll always have your secured cash flow present while building out the future profits necessary to maintain your initial investment costs.
Keep in mind that growing a business on the side while you keep your day job must be done in phases. It may take a while longer to see the results, but during this period you will be operating with the safety net you’ve come to depend upon prior to your business launch. Remember when we mentioned “managing the manager”? Now would be a great time for you to begin your calculated search for just the right employee to shepherd your side business. While searching for the right fit, ask yourself if you can really “let go” of things and allow this manager to drive your business and subsequent profit margins.
Absentee and semi-absentee businesses can be a safer alternative while starting a successful venture. Locating and launching a valuable franchise opportunity while keeping your day job, your salary, and your benefits is possible to achieve. It’s perhaps a safer route, but it requires an intricate set of segments. Taken together, the venture will become a bit of a “balancing act.” And who among us would admit to a lack of this feature already present in our own lives?
Despite what you may have always been told, it is possible to have your cake — and eat it, too!
If this article has inspired you to at least investigate absentee and semi-absentee business models, perhaps it’s time for a free consultation with a qualified, experienced and local franchise specialist. As it turns out, FranNet is just the place to find one! As a franchise consultant company having helped many others to keep their day jobs, allow us to pass along some encouraging wisdom on this subject by speaking face-to-face with your local FranNet specialist today.