Whether you’re in retirement looking for something productive to fill your time with or you’re already employed but would like to dip your toes in the business world before taking the plunge, a part-time franchise opportunity could be just what you need. As with most things in life, a part-time franchise comes with pros and cons. And deciding for yourself if this is the right opportunity for you could make a world of difference in your personal and professional life.
Luckily, you can choose from a part-time home-based franchise to an on-site part-time franchise. And there are different options to pursue at various investment levels. So, all you have to do is decide if this is right for you and then proceed. But before that, let’s explore some of the advantages and disadvantages of what it means to run a part-time franchise.
Table of contents:
Advantages of part-time franchises
It’s more affordable
We all know that franchises come with a cost. Such upfront and ongoing fees as initial capital investment, royalty payments, franchise fees and other costs (e.g. operating and advertising fees) can and do build up over time.
One of the best things about a part-time franchise is that these cumulative costs are much, much lower. This makes for a strong argument for those who don’t have cash savings on hand or those who wish to approach a lender for a lesser amount.
In many cases, UK lenders generally lend up to 70% of franchise cost requirements and you will have to source the remainder. If you are pursuing a franchise opportunity that’s not only a part-time but a low-cost one as well, this significantly reduces your capital outlay.
It’s an added source of income
With part-time franchising, you’re able to hold onto your existing job, which provides you with certain levels of security. But by running your part-time franchise business on the side after hours or at other times of the day, and your franchise business takes off, you’ll have another source of revenue to rely on. You can build onto this and then later decide if you think you’d like to go the full franchising route.
Ideal for those who are searching for a new start
Whether you’re a parent, someone who is looking to start a second franchise business or searching for a second career option after retirement, part-time franchising could be the right choice for you. You can dedicate as much or as little time to your business as you are able to and work according to your own schedule and at your convenience.
Particularly ideal for retirees, part-time franchising enables you to use your extensive skills, experience and knowledge to grow your own business venture whilst having all the support you need to make it a success.
Enjoy greater levels of flexibility
The ability to plan your time and schedule according to your interests is one of the best ways to ensure a greater work/life balance. This flexibility is great for helping reduce stress, ensure that your business grows according to your capabilities and work in a way that literally works for you or in your favour.
Gives you a taste of franchising
We already alluded to the fact that part-time franchising can give you great insights into the world of full-time franchising. And this is another advantage to consider this option.
You can get a look and feel of what will be required from you on a daily basis, what sort of profitability you can expect, what type of commitment and work will be necessary and other elements that only franchise owners can really know once they’re in the game.
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Disadvantages of part-time franchises
Trust and delegation issues
As a franchisee, whether full-time or part-time, you’ll often be required to recruit your own staff. This means placing your trust in complete strangers, hoping that they turn out to be worthwhile candidates. The vetting and recruitment process should therefore be carried out with utmost attention to detail.
In many cases, you’ll be able to ask your franchisor or a related manager from their team to help you with this. But it’s not over once the recruitment process is over. You’ll also need to delegate tasks, ensure that they’re done in a quality manner and on time and generally exercise an oversight role. This can be challenging and time-consuming, especially if you have another job, which you perform on a full-time basis.
Difficulties in establishing your business while staying focused
Because you’ll only be able to dedicate a smaller portion of your time to your franchise business, it can take a longer period of time to establish it. This also means that it could take you longer to establish closer relationships with your franchisor and employees. And in addition, especially if you have a full-time job, you may find it challenging to stay focused on either activity that you’ve committed to. This may mean achieving your goals will take longer.
In conclusion
The Franchise Fame franchise directory is a comprehensive resource that you can use to help guide you in your search for full-time or part-time franchises that will suit your budget, interests and long-term goals.
If you opt for the part-time route, be aware that there are some disadvantages that may come with it. One of the most important ones is the fact that you’ll have fewer options available to choose from because most franchise opportunities require a full-time commitment.
However, with that being said, you should always look at what you stand to gain as well. In the part-time franchising world, this includes more flexibility, the ability to keep your full-time job, gaining exposure to franchising, managing your time better and having a better work/life balance. It’s all about weighing up your options and seeing what the best opportunity for you is.
