Keep Your Day Job Through Semi-Absentee Ownership


During the franchise investigative process—whereby you, a budding entrepreneur will commence learning about all things related to owning a business of your own, you’ll come across a term that’s exactly what it sounds like. Semi-absentee. No, it’s not a call for banning tractor-trailers on the interstate, but rather a specific business model within franchising designed to provide a hands-off ownership experience. Many within the industry refer to this business model as a franchise where you, the owner, get to “manage the manager.” And it can be an attractive way to begin your entrepreneurial journey because, in all likelihood, you can keep your day job.

Many prospective franchisees routinely come from impressive backgrounds. They might already own a small business of their own. They may have had an illustrious career to date, spanning decades of routine promotions and advancement. And many aren’t yet ready to leave that legacy behind full-time. Thus, the option of running a franchise in the semi-absentee model becomes an attractive proposition.

So how hands-off is the semi-absentee franchise model? Surprisingly, that’s up to you and wholly dependent on your particular background and preferences of time management. Most semi-absentee franchise owners spend anywhere from 10-20 hours per week engaged with their new business. Aside from the typical 40-hour work week, keep in mind that there are, in fact, 168 hours to fill every seven days!

Many semi-absentee franchise owners repeat a common refrain about why they chose this particular path. Simply put, it gave them a greater sense of security, not just financially, but also from an emotional standpoint. It’s sort of like dipping your toe in the water, fully aware that you have a built-in safety net if necessary.

Not all semi-absentee owners do keep their day jobs, however. One attractive proposition for prospective franchisees is the multi-unit purchase. There are countless stories of successful franchise journeys which began by buying more than one franchise unit and splitting the time managing two, three or more additional units. This management tactic showcases the positive benefits of franchising’s repetitive business processes, built right into the franchise concepts.

One of the lynchpins of a successful semi-absentee ownership is finding just the right manager to put in charge. We’ve spoken before in this space about the importance of hiring the highest quality employees you can find (and afford, of course). This all-important position is not one to take lightly. A manager needs to be dependable and high-performing because he or she is going to be on the scene much more than you intend to be. Getting this candidate right can make or break your operation.

If you have been considering an exploration of franchising for you and your family and a semi-absentee business model appeals to you, give FranNet a call to set up a no-cost, no-obligation meeting with one of our qualified franchise representatives. We can walk you through dozens of franchise categories which offer concepts specifically designed for you to take a hands-off approach to beginning your own business empire. 

If you’re able, you also might want to check out an upcoming FranNet webinar in which we’ll discuss the basics of business ownership from a franchise perspective. It goes live on March 28 at 2 p.m. EST and you can register by following this link. If you are unable to make that time, check back in a couple of days and you can watch an archived copy of the webinar.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Visibility: Partner Your Franchise with a Local Nonprofit 


During today’s edition of the FranNet blog, we’re going to take a look at a fairly common outreach tactic that can help your franchise or small business increase its visibility footprint within the local community. And you’ll feel a sense of satisfaction with this suggestion. This is all about finding a suitable nonprofit partner, right in your own community, that you can team up with. It benefits the nonprofit either monetarily or through an in-kind benefit and has the potential to permanently link your brand with a benevolent undertaking. 

Before we begin, we must state that many well-known and national franchise brands may have already mapped out this charitable outreach strategy for you. Always inquire about outreach programs (even with a local nonprofit) to make certain you are within compliance of your franchise agreement. It’s also important to note that many franchises have their own built-in nonprofit programs, which benefit numerous causes. At the end of the day, you want to make sure that any independent outreach you conduct will be a good fit for the franchise brand. But always check with your corporate office first.

So, presuming you’ve gotten the green light to pursue a local nonprofit or charity, here are some of the benefits your franchise or small business will retain in the deal:

First and foremost, there’s a certain satisfaction that comes from doing good in your own community and benefitting others. You’ll feel it, your employees will feel it and the boost it can provide to your company’s morale is priceless. To conduct things the right way, you’ll want to map out a personalized strategy that helps the nonprofit or charity fulfill a critical need. Perhaps if you own a QSR, it’s feeding the homeless on a holiday. If your franchise is in the health and wellness category, perhaps it’s promoting a 5k to benefit heart health awareness. Or if your franchise is in the handyman industry, perhaps it’s a Habitat for Humanity home build.

That’s the beauty of the arrangement—it can be whatever you want it to be. And finding the perfect nonprofit, charity or cause that could benefit from exactly what you provide is precisely where the magic happens. 

It’s not at all uncommon for the media to be alerted to such instances. If you’re doing good works for your community at your expense, there’s nothing wrong with having someone give you credit where credit is due. A small writeup in the local paper, perhaps a couple of minutes on your local news affiliate—these are things we see in the news every day. 

Partnering with a local beneficiary can also greatly expand your networking reach. To be seen as a good corporate citizen never goes out of style and you can take advantage of this good will on behalf of your franchise operation. If at all possible, see what type of long-term planning you and your charity partner can develop. Because the longer the relationship lasts, the better your name recognition as a couple will be. 

What really matters in a long-term partnership with a charity, cause or nonprofit is the perception of your franchise operation. How will you be known in your community? As a business that just provides a good or service? Or a business that is in touch with the community in which it operates? A business that is known for benevolent outreach? A business that cares? 

There are numerous business benefits to partnering with a local nonprofit that could use assistance. But perhaps the greatest benefit is the one you’ll carry within your own conscience.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Is Franchising a “Couples Friendly” Business Opportunity?


Don’t look now, but Wednesday is Valentine’s Day and it’s approaching fast for all you men out there still lacking a plan. Pro-tip—make sure the florist shop on your commute home stays open past 6 p.m. on weeknights and you should be fine. In all seriousness though, Valentine’s Day is a big deal. Fortune Magazine wrote a story last year estimating the financial aspects of the couple’s holiday. According to the National Retail Federation (NRF) we spent $18.2 billion in 2017. Breaking down that number, over $4 billion went to jewelry purchases and $2 billion was spent on flowers. All in all, consumers spent an individual average of just under $150 apiece.  

Now to tie this romantic holiday to franchising…is entrepreneurism a “couples friendly” business opportunity? First off, it goes without saying that FranNet highly recommends spousal or partner support before beginning an entrepreneurial journey. It’s extremely important to be on the same page as a family when investing in a business of your own. So, for inspiration, we thought we’d put the spotlight on a few couples who made the entrepreneurial leap together—and flourished.

Inspectors with Gadgets

Paul and Heidi Ferguson came from a home remodeling background. While they did their best to become the next Chip and Joanna Gaines’ Flip or Flop devotees, they feel short—and behind on payments. Almost at the end of their financial rope, they found salvation in a home inspection franchise. It took a $30,000 initial investment, literally down to their last dollar, but they claim it was the best decision they ever made. They’ve been in business for almost 20 years and are happier than ever after entering the franchise world. 

Wings and Things

For a couple who always subscribed to the team approach, Todd and Audra Fetter hit the jackpot when they entered franchising as owners of a restaurant operation. They started with one franchise, have grown it to eight locations and are planning two more in their native state of Ohio. They credit their success to the one-two punch of combined strengths. He handles site locations, construction and oversight and she handles the day-to-day business operations. The Fetters were just named Franchising.com’s 2017 MVP Influencer Award winners. Now that’s a recipe for success!

The ”Art” of a Deal

Meet Tyler and Veronica Jordan. She was once a 9-to-5 office drone until she couldn’t take it anymore. She researched and found a creative outlet in franchising. It’s an artwork class with a social twist (wine drinking!) which has brought both happiness and prosperity into their lives. They now have three studios and employ 15 people. And for this couple, it all began with a $15,000 startup fee to land a franchise of their own.

These three stories were carefully selected to showcase how couples can work together in a franchise setting while making all their entrepreneurial dreams come true. Many people are of the belief that it’s a bad idea to work with a spouse or partner, but the evidence—at least in the franchising world—seems to buck the trend. That’s likely because your internal support system is so important to achieving success in becoming a true entrepreneur.

If you and your significant other happen to have a chat over a romantic dinner this Wednesday night and the topic strays into owning a business of your own, act on that information and give us a call for a no-cost, no-obligation visit. FranNet would love to help you begin a couple’s entrepreneurial journey of your own! 

Happy Valentine’s Day everyone!

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Former Presidents Who Owned Their Own Businesses


In just a little over a week, our nation will celebrate the annual President’s Day holiday. The third Monday of the month, this year falling on Feb. 19, marks an annual tradition in which America celebrates George Washington's Birthday (actually the 22nd). It was first observed as a holiday in 1880. President’s Day was bestowed as a federal holiday in 1885. Beginning in 1971, this holiday was moved to the third Monday in February. With our attention focused on honoring our nation’s forefather, we began to search for a connection to our cause—franchising. And here it is. We present to you former presidents who started as entrepreneurs and owned their own businesses. Something we can all celebrate together!

Though this is a subjective opinion, perhaps our greatest president, Abraham Lincoln, was a business owner. It’s well known that he ran a law practice of his own before running for office. It’s been written that he and his partners worked on over 5,000 cases in all legal practice areas. Long before entering politics, Lincoln himself had several instances in which he argued case law before the Illinois Supreme Court. 

President Warren G. Harding, who served in the early 1920s, once bought a fledgling newspaper operation—becoming the editor-in-chief of the Marion (OH) Star publication. By all accounts, he made a successful run of it and his decision-making skills were said to have been honed while behind the editing desk. His motto for running the business was, “All paid in, all paid out, books even." Now that’s some sound business advice!

President Herbert Hoover, who presided over the nation during the disastrous Great Depression, was once a mine-owning consultant and speculator, employing thousands of others. Having traveled all over the world as a mining engineer, he began his company in 1908.

President Harry Truman, widely considered the force behind ending World War II in the Pacific

Theater, was once a clothing store owner. After returning from service in World War I, he and a fellow servicemember opened the menswear storefront in Kansas City, MO—and named it Truman and Jacobsen Haberdashery.

President Jimmy Carter was a family farmer long before he ran for president. The peanut farm, which had been in the family for generations, was struggling until Carter brought it back to financial stability and prominence in 1959. He famously turned the farm and its assets over to a blind trust when he was elected president in 1976—all to avoid any conflict of business interests with the fortunes of his political future.

President George W. Bush had a much more exciting term as a business owner before becoming a twice-elected President of the United States. He and his partners owned the Texas Rangers, the Dallas-Fort Worth Major League Baseball team. He and his investors bought the team for $89 million in April of 1989.

Last but not least, our current president, Donald J. Trump, was a well-known businessman before he threw his proverbial red MAGA baseball cap into the ring in running for office. The son of a New York City real estate scion and developer, Trump not only took the reins of his family business, but branched out into countless other business ventures of varying success over the past four decades.

If you’re a budding entrepreneur and you happen to admire many of the men who have famously held the highest office in the land, perhaps you may see the connection with our presidential leadership and their attempts at business ownership. Some weren’t successful and others were practically business tycoons. Either way, it’s comforting in a way to know that not every president who has led our country was a career politician!

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Black History Month: DiversityFran Review


February marks the annual recognition of Black History Month. As such, FranNet would like to draw some attention to an impactful program run by the International Franchise Association (IFA)—it’s DiversityFran program. Begun over a decade ago in 2006 as MinorityFran, it was an initiative borne out of the IFA’s Educational Foundation’s Diversity Institute. In 2013, the initiative was rebranded as DiversityFran

From the IFA’s website: 

The mission of the IFA Educational Foundation's Diversity Institute is to increase both the number and success of minorities involved with franchising.  The Institute provides educational information and programs to IFA members and prospective minority franchisees. It also participates in outreach activities to increase the awareness of franchising in minority communities.

MinorityFran provides one convenient place where minority prospects can explore franchise opportunities of companies actively looking to recruit minority franchisees. The goal is to not only increase the numbers of minority franchisees, but to send a message to all communities that franchising is a smart and affordable way to realize the American Dream of small business ownership.

One of the first undertakings of the DiversityFran initiative was to find out exactly what obstacles existed in preventing small business ownership in minority communities. The findings zeroed in on three specific areas: shortfalls in information, relations and funding opportunities. As one of its first responses, the Institute created a series of online webinars across the country, “One-Day Opportunities in Franchising for Women and Minorities.”

According to the IFA’s most recent statistics, approximately 21 percent of all franchises are minority owned establishments. Last fall, they arranged a panel discussion to discuss both progress and areas of improvement going forward. According to IFA CEO Robert Cresanti, ““Franchise businesses play a vital role in the U.S. economy, and can be an economic powerhouse within minority communities. IFA is proud to host a panel discussion that will hopefully inspire more minority business owners. There is a true pathway to success through franchising, and we are committed to ensuring that significant gains are made within minority communities through this model.”

The U.S. Small Business Association does an excellent job of tracking statistics for minority ownership and their most recent study (2016) showed the following points of progress: 

  • Nationwide, 29 percent of all small businesses are majority-owned by minorities, and this share is quickly increasing
  • In 2012, 8.0 million minority-owned businesses contributed $1.38 trillion in revenue and 7.2 million jobs to the economy
  • From 2007 to 2012, the Black/African American population increased by six percent, but their business ownership increased by an impressive 34 percent
  • The Hispanic population increased by 17 percent while Hispanic-owned businesses increased by 46 percent

Exploring the issue further, the SBA found that minority business startups are on the rise for African Americans, Latinos and Asian-Americans: According to their 2015 data, African Americans represented seven percent of all new businesses, Asians represented just over four percent and Latinos accounted for over 10 percent of all entrepreneurial ventures. 

The numbers themselves are impressive in presenting an overall picture, however there is still much progress still to be made. During this month, FranNet reflects on this progress and history, pledging to assist all budding entrepreneurs in their quest for franchise ownership and financial freedom.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


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