Beating the cost of living crisis by franchising as a side hustle.
There are two ways to beat the cost of living crisis: earn more and spend less. As the cost of non-discretionary expenditure such as groceries and gas continue to rise, it is not easy to spend less, so many people are considering franchising as a way of diversifying and increasing their income.
Franchising is an ideal side hustle thanks to the ability to piggyback on the reputation and success of an established brand while also having the flexibility to operate in a time and way that suits your personal circumstances.
You may be wondering which franchises best lend themselves to a side hustle. It is important to choose a business from a sector that you are already interested or experienced in, as running a business alongside your main income and responsibilities will leave you with less time to undertake any training that is necessary to become a competent franchisee.
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Some of the sectors that are best suited to side hustles are:
Health and fitness: There are many opportunities within this sector, from selling merchandise or equipment to offering remote fitness classes.
Mobile food or drink sales: These businesses provide a good degree of flexibility to people with an interest in catering and customer service. You may be able to work evenings and weekends, or target parties and corporate events.
Tutoring: You may choose to tutor local students in the evenings or foreign students via the internet. The advantage of tutoring is that qualified educators can quickly boost their income without an initial outlay on premises or special equipment.
Pet care: You could choose to offer dog grooming at your home, pet sitting at owners' premises or sell pet food over the internet. There are plenty of pet care franchises to choose from that could suit your personal circumstances.
Cleaning: You could invest in a domestic or a commercial cleaning service. Domestic services are usually carried out during the working day, while commercial cleaning tends to take place outside of business hours. Both are scalable to suit your availability and can offer a good return on investment.
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It is important to research which franchises from your chosen sector will best suit your availability and experience, but when you choose the right business, you will benefit from increased financial security and the opportunity to grow your business, if desired, in the future.
