When learning about franchising, you will most likely hear about semi-absentee ownership. What does “semi-absentee” really mean, and is it feasible?
A semi-absentee franchise model is a business you can own while still working another job. Usually, being a semi-absentee owner means 10-15 hours of work per week once the business is up and running. It may take more hours, in the beginning, to get the business off the ground.
It’s essential to know the difference between running a business that needs a hands-on, full-time owner versus a business model run by a semi-absentee owner.
Several examples of semi-absentee businesses include vending, kiosk concepts, hair salons, or massage franchises. It’s essential to understand how the franchisor has designed the franchise so it’s something that can be managed in 10-15 hours a week, not 40 hours per week compressed into 15 hours.
Some people may be interested in owning several semi-absentee franchises, especially as they transition out of corporate America or retire. This can be done, but starting one franchise at a time is recommended. It’s important to determine which franchise to purchase first, get it up and running then add another franchise to your portfolio.
The best way to decide if semi-absentee ownership is right for you is to know your needs, goals, and expectations. It’s important to think about if you want to own multiple concepts or multiple locations of one franchise. The critical piece for success in business ownership is understanding what’s required of you as a business owner and investing in a business that meets your expectations.
When looking for a semi-absentee franchise, it’s vital to decide if the business will adapt to change or recession, or pandemic resistance. 2020 made us stop and think about business models and what risk we are willing to accept.
If you’re looking for “The Next Step,” a semi-absentee franchise model is a great way to transition into business ownership and away from being dependent on your employer.