During the franchise investigative process—whereby you, a budding entrepreneur will commence learning about all things related to owning a business of your own, you’ll come across a term that’s exactly what it sounds like. Semi-absentee. No, it’s not a call for banning tractor-trailers on the interstate, but rather a specific business model within franchising designed to provide a hands-off ownership experience. Many within the industry refer to this business model as a franchise where you, the owner, get to “manage the manager.” And it can be an attractive way to begin your entrepreneurial journey because, in all likelihood, you can keep your day job.
Many prospective franchisees routinely come from impressive backgrounds. They might already own a small business of their own. They may have had an illustrious career to date, spanning decades of routine promotions and advancement. And many aren’t yet ready to leave that legacy behind full-time. Thus, the option of running a franchise in the semi-absentee model becomes an attractive proposition.
So how hands-off is the semi-absentee franchise model? Surprisingly, that’s up to you and wholly dependent on your particular background and preferences of time management. Most semi-absentee franchise owners spend anywhere from 10-20 hours per week engaged with their new business. Aside from the typical 40-hour work week, keep in mind that there are, in fact, 168 hours to fill every seven days!
Many semi-absentee franchise owners repeat a common refrain about why they chose this particular path. Simply put, it gave them a greater sense of security, not just financially, but also from an emotional standpoint. It’s sort of like dipping your toe in the water, fully aware that you have a built-in safety net if necessary.
Not all semi-absentee owners do keep their day jobs, however. One attractive proposition for prospective franchisees is the multi-unit purchase. There are countless stories of successful franchise journeys which began by buying more than one franchise unit and splitting the time managing two, three or more additional units. This management tactic showcases the positive benefits of franchising’s repetitive business processes, built right into the franchise concepts.
One of the lynchpins of a successful semi-absentee ownership is finding just the right manager to put in charge. We’ve spoken before in this space about the importance of hiring the highest quality employees you can find (and afford, of course). This all-important position is not one to take lightly. A manager needs to be dependable and high-performing because he or she is going to be on the scene much more than you intend to be. Getting this candidate right can make or break your operation.
If you have been considering an exploration of franchising for you and your family and a semi-absentee business model appeals to you, give FranNet a call to set up a no-cost, no-obligation meeting with one of our qualified franchise representatives. We can walk you through dozens of franchise categories which offer concepts specifically designed for you to take a hands-off approach to beginning your own business empire.
If you’re able, you also might want to check out an upcoming FranNet webinar in which we’ll discuss the basics of business ownership from a franchise perspective. It goes live on March 28 at 2 p.m. EST and you can register by following this link. If you are unable to make that time, check back in a couple of days and you can watch an archived copy of the webinar.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!