Important Tips for Starting a Part Time Franchise
We’ve all dreamed about it – having a job that allows us to make a substantial income whilst having a flexible lifestyle. This is achievable with a part time franchise.
The ideal candidates for a part time franchise are busy professionals looking for a second income or stay-at-home parents who want to spend time with their kids and make extra money. Part time businesses have all the added benefits of traditional franchises including brand recognition, training and support, and a tested, proven system, all allowing the franchisee to take less risk.
Further, most part time franchises allow the franchisee to work from home, although they may require regular visits to clients depending on the business. Examples of part time franchises include:
• Business consulting and accountancy franchises where the franchisee works with clients to cut their costs or put their finances in order.
• Dating franchises where the franchisee organizes events at different venues and provides Internet dating services for clients via their website.
• Vending franchises where a vending machine or snack boxes are installed and maintained by the franchisee.
• Automotive franchises where the franchisee travels to provide convenient car repair and valet services to the clients.
Benefits of Part Time Franchises
A part time franchise opportunity presents many benefits, including a healthy work/life balance, a second income, and reduced risk. However, do not let these benefits fool you into taking it less seriously than a full time franchise. Do your research and ask the tough questions. You don’t want to enter into the franchise opportunity and find out it’s not as “part time” as was advertised. Also keep in mind some franchises are not exclusively part time opportunities, yet you can make them that way. For example, if you become a domestic cleaning management franchisee, the time requirement will be determined by how much business you solicit. Alternatively, if you do lease a retail space, you may manage it part time and hire someone to oversee the operations on-site. This option will work well if you have a great pool of candidates to choose from since you want a qualified individual with the interpersonal skills to effectively manage other employees you may hire.
Evaluating Part Time Franchises
Consider the following elements when investing in a part time franchise opportunity, as you will want to make sure you benefit from them. They are:
• Flexible hours: You usually get to decide how much time you put into this business and what your hours will be, making it much more flexible than a typical 9 to 5.
• Few employees (if any): Depending on the franchise, you may need to hire some employees. For instance, domestic cleaning management franchises usually allow you to operate out of your home by hiring cleaners to do the actual cleaning.
• Low overheads: Part time franchises are generally low-cost, low risk endeavours, largely because they don’t require a storefront or office. The low capital and operating costs allow for a relatively quick return. For instance, some online business franchises can be run from your home with nothing more than a computer, an Internet connection, and a phone.
• Minimal equipment and stock: Part time franchises generally don’t require much equipment or inventory stock. This means that you don’t have to spend money on costly items and you won’t have to find the space to store them!
Steps to Achieving a Part Time Franchise
Before becoming a part time franchisee, discuss important details with the franchisor about the opportunity, including what you will specifically need to do, what kind of support and training you will receive, and how much capital it will take to start the business. Make sure to ask pointed questions to determine whether this is really a part time franchise or not.
Then, speak with current franchisees to find out the real deal on the part time franchise. Ask how many hours “part time” constitutes for them, whether or not they work from home, what kind of earnings they are seeing, and whether they recommend this franchise to others.
Keep in mind you will need to be motivated enough to put in the hours, disciplined enough to work from home, and highly organised.
Also, beware of opportunities that sound “too good to be true” – they often are. Even if this is only a part time franchise, you will still need to put in the effort to make it a success. Those franchises that guarantee you will turn a large profit in a short amount of time with no effort at all are probably not legitimate. Set realistic expectations for how much you can make with a part time franchise.
Browse through Franchise Direct’s many part time franchise opportunities to find one that catches your eye.
For more information visit: http://www.franchisedirect.co.uk/parttimefranchises/199
About the Author
Franchise Direct (McGarry Internet Ltd)
Reg. Office: 106, The Capel Building
Capel Street, Dublin 7, Ireland