Joel Libava
Do you know that it’s entirely possible to be an owner of a franchise and keep your day job?
Most of the people that call on me for advice and franchise consulting requests, aren’t aware of the plethora of franchises out there that offer some very flexible arrangements.
Does having a bit of flexibility sound nice?
Your Day Job
Now, before you pick a day or two on the calendar to blow off work, so you can start investigating a few different franchises to buy, read the next line;
I was being sarcastic, (big surprise) when I used the word, “plethora,” up above. There are really only a few franchise concepts available that offer the freedom and flexibility that can allow you to keep your day job, and be an owner. Here’s why;
Most franchise businesses need The Owner on site.
In most cases, The Owner is the face of the business, and runs the business. Even a major league franchise like this one requires The Owner-the franchisee, to be there during business hours.
(At first)
These Franchisees Had To Leave Their Jobs
- Mike Burzminski own a Batteries Plus franchise. (3 actually) He couldn’t keep his job and run his businesses.
- Margie Toombs and her husband, Ray, own a Maid Brigade franchise. Again, they are not part-time franchisees.
- Pat McCoy owns 3 Snap Fitness franchises. He didn’t keep his day job, either.
As much as the three franchisees that I worked with probably wanted to have the option of keeping their jobs and starting their businesses-they couldn’t. That’s because the franchise concepts they chose don’t have that option as part of their model. And as I stated above, most franchise businesses need to have the franchisee on site.
But, Not This Franchise
A few franchise opportunities exist that encourage their franchisees to keep their jobs-at least at first. One franchise in particular excels with this model. But, you have to have pretty deep pockets for it. You’ll need to own multiple units, and hire managers to run things, every day.
Check out this retail franchise.
That franchise was just featured prominently in a Washington Post story that will certainly attract many prospective franchisees who like the idea of having a cushion. A job. But, the article is really more of a tease.
That’s because most people don’t have a sizeable net worth, nor the liquid capital required to even qualify for a franchise like Great Clips.
But, for those that do, keep your job and consider starting a franchise that offers a flexible model. Having a few up and running franchise units when it’s about time to retire would be good.
And speaking of retirement, here’s a neat way to use a portion of your retirement funds to open a franchise business.
