Here are our tips and advice on becoming a part-time franchisee!
Part-time franchises are ideally suited for the world we live in today. They can help stressed out parents get back to work and contribute toward the household expenses – while allowing them to be there for their children when they’re needed.
Or they can give the recently retired a chance to keep themselves active in the workplace – and top up those diminished pension pots – while still enjoying some free time during their retirement years. Part-time franchises can encourage that first tentative step into self-employment. It’s not the all-or-nothing commitment of a full-time franchise, which can understandably put some people off.
With part-time franchises you can keep your day job while kickstarting your new venture. And that has a number of benefits:
- You maintain a regular income, removing the financial pressures associated with building up a new business
- You don’t put all of your eggs into one basket, leaving something to fall back on if it doesn’t work out for you
- You might actually enjoy your day job, but just want to supplement your income or develop new skills
Ultimately, part-time franchises are flexible. They can be used to your advantage, and used to fulfil whatever financial need or vocational calling you might have.
Finding the right opportunity for you
Like any franchise you invest in, you need to do your research. It begins with time spent checking out all of the brands in the sectors that appeal to you. Lots of part-time franchises can be found on daltonsbusiness.com and with opportunities in areas as diverse as cleaning or consultancy, and online marketing to vending, there are part-time franchises to suit most people.
But while a part-time franchise might be an investment to fill a gap in your time or your finances, it is still a serious commitment. And it is still your time. So you need to make sure you choose the right one for you.
Think carefully about your skills and attributes. Consider the type of working environment in which you will thrive. Find something that you will truly enjoy.
It goes without saying that you should thoroughly research each franchise model. Dig well below the glossy veneer of the marketing literature. Speak to franchisees and other professionals from within the sector. Research each brand at length online.
Then, when you’ve narrowed down your search, you should make contact with the franchisors themselves. They’ll be quick to get in touch with you, and you need to be prepared for that. While the franchisor, or their recruitment team, will have lots of questions for you – and perhaps some form of psychometric testing or profiling to help them choose the right candidates – you should be prepared with lots of questions of your own.
The important thing to remember is that you are entering into a partnership. It’s a two-way decision and a big one to take. So don’t let anyone ‘sell’ their franchise to you, and enter into any deal with your eyes wide open.
This might be part-time, but there are financial and legal obligations to be aware of. You’ll be signing a contract with penalties attached if you renege on your side of the deal. So, before you sign up to any franchise, no matter how short your working week will be, you need to know what you’re signing up for. The usual bfa affiliate solicitors will give you sound advice on a franchise agreement. It will cost you a few hundred pounds, but it is money well spent.
Are part-time franchises right for you?
A part-time franchise doesn’t always mean you get to choose your own hours. So you might not be able to fit your new venture in around all those household chores and parental responsibilities. You need to research the market place and its trading patterns first, and then decide whether they will suit your lifestyle.
Part-time franchises can mean part-time returns. There is often a direct correlation. So if you’re looking to bring in a six-figure income, it’s unlikely you’ll be able to do that working 20-or-so hours each week. A big advantage of part-time franchises is that they are often pitched at a lower investment level. That makes them more accessible to most. So, if you don’t have tens-of-thousands-of-pounds lying unused in a bank account, or you don’t have the means to take on a huge loan, then a part-time and lower-investment franchise might suit your budget.
But like any investment – no matter how low – you’ll still want to see a return.
So how long will it take you to draw a salary and make some money?
Franchises are known to be one of the safest routes into to self-employment. But part-time franchises are an even safer option. You could hedge your bets by investing in a couple of opportunities, doubling them up to work full time hours. Or, as mentioned before, you could keep your day job to mitigate the financial risk of starting a new business.
Visit daltonsbusiness.com right now to browse a selection of part-time franchises.