During this edition of FranNet’s blog, we’re going to delve into a topic we think entrepreneurs should know about. While franchising requires a firm commitment, it doesn’t necessarily mean you have to quit your day job. That’s because there are different business models crafted into the franchise landscape. And one of them is called the semi-absentee model. It literally means you, as the business owner, get to “manage the manager.”
A good deal of what we discuss in our blog series includes advice. We want to educate our audience on exactly what it means to enter the world of franchising. Dispelling stereotypes and providing you with information you may not know about franchising is a vital goal for FranNet. For instance, many people are unaware that owning a franchise doesn’t necessarily mean being at the helm for day-to-day operations. While a good deal of franchise opportunities are designed to have you at the seat of daily decision-making, the semi-absentee model is an alternate way to enter the business in a scalable sense.
So how does it work, exactly? Let’s look at the definition. The semi-absentee franchise business model blends the aspects of both owner and operator. It’s ideal for those looking to enter the franchise world hoping to diversify income, but protecting their existing assets (like a day job). You’ll continue to build equity in the new franchise while your current salary and income remain uninterrupted. How much time is required to run a franchise in this manner? Typically, about 10 to 15 hours a week. The key is to hire a qualified manager to run the operation, preferably one with intimate knowledge of the industry you’re representing through the business
Semi-absenteeism is an excellent fit for people who already have good managerial skills. Many people prefer this type of setup because it gives them the flexibility necessary to scale operations. In many cases, it allows for a seamless transition into multiple locations—what we call a multi-unit scenario.
What type of franchises can be run as a semi-absentee ownership model? Almost all of them. What you have to decide is whether or not you’re comfortable running a franchise on the side from afar. It may not work well if you’re the type who has trouble delegating authority. It comes down to preferences. As an entry point into franchising, semi-absentee models are a great way to discover an entrepreneurial side to your business acumen. A good deal of semi-absentee candidates begin their franchise operation in this manner, but with the goal of taking over the full operation down the road. Call it a safe bet, if you will.
It all comes down to planning and preferences. We wrote about the semi-absentee model today because many franchise candidates are unaware that this option is available. Part of what we do during our investigative process is deciding whether or not this is a viable option for you to choose with your franchise concept.
We’d be happy to discuss your options and find out if a semi-absentee business model is right for you. If you like your current job, it’s salary and benefits and don’t want to risk everything right off the bat, semi-absenteeism can be a sound choice.
It is possible to enter the world of franchising without quitting your day job. Just ask us how!
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!