How to terminate a franchise agreement
Although a franchisor will give you the tools,...
A semi-absent Canadian franchise could be the right move for you if you want to build your business but still need the security of your day job and paycheck while that's happening. This type of ownership has its own unique upsides and downsides, so if you are considering becoming a semi-absent franchisee, here's what you need to keep in mind.
It's not a hobby
When you are working at your franchise part-time, it's all too easy to begin looking at it like a hobby and not a business. However, it is a business and will still require regular, dedicated time and attention for it to grow. Since you will still be working your regular job, you will need to rearrange your life schedule in advance to make time for your new business.
You still need goals
As mentioned above, a semi-absent franchise is still a fully functioning business that needs goals. Ask yourself how much you want to earn, when you want to leave your day job (if ever), how much you want to grow, and where you see your franchise in the future so you can set goals. Once you have those goals set, you will be able to craft plans that will help you reach them.
Get yourself out there
Becoming immersed in your business isn't a bad thing, but you need to remember to work on yourself, too. Get more knowledgeable about the business and the industry you are now a part of. Network with local businesses and mentors in a similar field so you have a better understanding of your business as a whole. If your franchise offers extra training, take advantage of it. The more time you are willing to invest in yourself, the better chance you will have at success.
Keep it positive
If you want to leave your day job eventually, there's nothing wrong with that. However, it's still important to stay positive when you are still working it. If you are negative all day at your day job, you'll zap the energy you need for your semi-absent franchise.
While running a franchise and working a day job at the same time isn't the easiest thing to do, it can be a rewarding experience. With some planning and the ability to take everything step by step, you can build a business while still collecting your regular paycheck.