Can You Juggle A Job And A Franchise?

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Wednesday, July 2nd, 2008 Subscribe To Our Feed

Face it, the current economy is not showing any sign of improvement. Hence, having an extra income source is always welcomed. There are many franchises that allow absentee ownership, if you buy a franchise from them. In such scenario, you can hold on to your job and run a franchise as well. But, there are some points you have to keep in mind, if you want to succeed in both the fields; and here we present some of them:

• The first and foremost thing that you have to take care of is choosing a franchise concept that can be run remotely. Taking the franchise offer of such businesses that don’t have huge overnight stock is always a good idea.

• Then you have to select a very good manager. He or she will be your eyes and ears in the business when you are not around. The salary of a good manager may eat into your profit (and you have to bear that from your pocket while starting the franchise); but it is a necessary investment, if you want to juggle a job and a franchise business. Furthermore, make sure there’s no ego clash or authority issues with your manager to avoid disturbance in running the unit.

• Take the help of Internet and other technologies as much as possible. Some franchise opportunities that allow passive ownership have such mechanism in-built in their system. For example, Snap Fitness allows the owners to remotely observe their units, which members can access through a card. This key-card records all the vital information regarding that member.

• You have to spend at least some time in the location every day or at least, once in a week. So, make sure that you have that much time in your hand before making any commitment.

• Franchise opportunities that allow passive ownership have the provision of training the manager together with the franchisee during the initial training period. So, make sure you take your manager along with you for the training.

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