Semi-Absentee Franchise Ownership
“Don’t quit your day job.” That phrase is often said tongue-in-cheek to people who dream of making it big in show business, even though they aren’t very talented. However, if you’re a new entrepreneur thinking about starting a business in a different field than you currently work in, it may be excellent advice. Starting a business comes with risk. Starting a franchise business can be less risky, but it’s still going to take time to get it up and running before you start earning a profit. But if you quit your day job, you won’t have any income. That’s why some first-time franchisees consider a semi-absentee franchise model.
What is a Semi-Absentee Franchise Model?
When it comes to owning a franchise, there are three different ownership models. The most common type is the owner/operator. These franchisees are hands-on, involved in the day-to-day operations. They may perform the work themselves, or book appointments and handle customer service questions. They make all the decisions for the business. These franchisees have left their former jobs in order to devote all their working hours to making the new business a success. One of the downsides of being an owner/operator is you have no time to diversify because you’re so focused on running this one business
On the other end of the spectrum are absentee owners who may not even live in the same state as their franchises. They hire a management team to make all the decisions involved in running the franchise while they’re working another job or running other businesses. Basically, the franchise is just an investment for them. However, many franchisors do not allow for absentee owners, and the ones that do often make you commit to buying multiple franchises.
In between those models is the semi-absentee business owner. The semi-absentee owner works part-time at the business, relying on their managers to run things when they aren’t there. This is a great way to see if you like owning a business before you devote yourself to it fulltime.
What You Need to Know Before Becoming a Semi-Absentee Owner
Before investing, it’s important to make sure the franchise you’ve chosen is structured to operate as a semi-absentee business concept. Buying a franchise designed to fit a hands-on owner/operator model and trying to run it part-time is a recipe for disaster.
Also, getting your business up and running will most likely take the same initial investment of both time and money as an owner/operator model. Only once you are open for business will you get to reduce your time commitment. Most semi-absentee owners dedicate between 15 and 20 hours a week to the business. Even then, however, you’ll need to make sure you have enough capital available to support your business until it begins turning a profit.
Is Semi-Absentee Ownership Right for You?
If you like to have a say in all decisions having to do with the business, semi-absentee ownership may not be the best fit for you. If, on the other hand, you’re less concerned with the business itself and more worried about building wealth from a number of investments, a semi-absentee business will fit nicely into your financial plan.
Finding the Best Franchise for You
Many industries have begun allowing semi-absentee franchise ownership in hopes of appealing to prospective franchisees who may not want it to be a full-time job. Cleaning services are just one example of an industry that not only allows, but encourages, semi-absentee owners.
Two Maids is one of the best-known companies in the cleaning industry. About 50% of our franchisees are semi-absentee owners. Some are students, some own other businesses, some work for other people, but all devote between 15 and 30 hours a week to their Two Maids franchise.
Find Out More About Two Maids
If you think buying a franchise is a better alternative than starting a home cleaning business on your own, contact Two Maids today. One of our franchise advisors will be in touch to answer your questions.