How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
There are many Canadian franchisees whose main goal is owning a business, and it's their regular job. However, there are those who want to own their own business but don't yet want to be married to it. There are two basic kinds of franchise, and which one you fall under will just be a matter of preference. In the end, it's important to realize that you don't need to live, eat and sleep a business just because you own it. If you want a business on a part-time basis, there are Canadian franchises that fit that bill.
If you want to be a franchise part-time, there is more than one route you may take. You can, for example, become a part owner and work with other people. In this arrangement, before working in the financials. you and your partners will set a schedule. They will work a set number of days, and so will you. Maybe you will divide up the responsibilities among you. The main point is that everyone involved is happy with the schedule and working when they want to, not feeling as if they can't step away from the business. Of course, you could also choose to own the franchise alone but hire workers and managers to handle the daily onsite work.
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Working when you want to
For a part-time commitment, it's wise to look for franchises with a lower overheard or ones that don't require you to work so many hours each day. Even as a sole owner, you can work when you want if you offer a weekend service, sell products remotely or even work from a vehicle. Mobile businesses are generally only open when the owner wants them to be.
Of course, you can always hire employees, but do keep in mind that this will keep you "on call" if you don't have strong management in place.
Begin your side gig franchise search by looking into business models. Look for franchisors with lower overheard fees and start-up costs that don't require you to be open during traditional business hours. Think location-centric, mobile and service businesses where you book people in within certain time slots or franchises that teach a hobby or some sort of class. Make sure the business model is something you would enjoying doing on a part-time basis and that there is a potential for profit. A side gig franchise is still a business and not a hobby, so you don't want to lose money.
Whatever brand you chose, franchising as a side gig is definitely possible, whether you want to stick with your current day job indefinitely or plan to switch to a full-time franchisee in the future. When you plan ahead and follow your wishes from the start, you can make your dream of owning a business part-time a reality.
