How to run a franchise as an additional income stream
In today’s flexible and fast-moving society, everyone is looking for ways to make a little bit more cash. There are roughly 44,000 franchises in the UK and many of these are run part-time, alongside traditional 9-5 jobs.
You may have overlooked running a part-time franchise, but there are several benefits to operating a franchise part-time. In many areas of franchising, you have the flexibility to take on more business during quiet spells in your 9-5 and pare back when you are busier. Part-time franchising is particularly popular with parents, or those looking to make a career change who are not quite ready to make the switch. In this article, we provide our top tips for running a franchise alongside your day job.
What are the benefits of running a part-time franchise?
There are many benefits to running a franchise part-time. Whether you are looking to turn the business into your full-time role, or just looking to make some money on the side, we are sure you can find an opportunity to match your ambitions
Part-time franchises are flexible and can be much more suitable for your lifestyle than taking a part-time job when you need extra cash. You will be your own boss, so your hours of work are completely up to you.
Many part time franchise opportunities allow you to work from home, and you only need a laptop to get started. Without having to go to a place of work, you can easily fit in your role as a franchisee around the other elements of your life.
Keeping your full-time job whilst starting a new business can provide you with a great safety net while you work towards profitability.
Potential for growth
Although you may have no intention of buying a franchise to become a franchisee full-time, it is good to know that there may be scope to grow and scale your business.
Pay attention your full-time job
Running your own business can be exciting but you must not let your part-time franchise interfere with your full-time job. Even if you find your franchise to be more interesting, it can be very stressful to attract negative attention in work and you could end up struggling to juggle both. You will need to be strict with yourself and focus completely on your full-time job when you are at work, turning your attention to your side-hustle afterhours.
Have a schedule and practice effective time management
Adjusting to your new life may be challenging at first – suddenly it seems as if there simply are not enough hours in the day. However, to ensure you maximise your time and productivity, you should set a clear schedule for the times when you will work on your part-time franchise. This can also hep you to avoid becoming distracted and allow you to give your franchise your full attention during these hours. Analyse your current schedule for ‘dead time’. Do you spend a couple of hours each evening watching TV? Perhaps you could work on your business instead. Maybe you are an early riser, and have plenty of time in the morning. Find a schedule that works for you and stick to it.
Opt for low-cost opportunities
Many part-time franchises allow you to start up with very low costs. For example, education franchises and cleaning franchises are relatively cheap and straightforward. Without a massive upfront investment, you will see the extra income from your side-hustle much sooner. This can be motivating to help you keep going.
Get help when you need it
One of the key benefits of franchising over starting a business on your own is that you have a network of support there if you need it. You should ask your franchisor for advice to help you grow your business – after all, they want to see you succeed.
When you are trying to get your business up and running, it is easy to get carried away and forget that you need time to rest and recover. Keeping yourself focused, getting enough sleep and taking regular breaks can actually promote greater productivity. Make sure to take time off too. Failing to give yourself time away from work can quickly lead to burnout, which could mean both your franchise and your full-time job will suffer.
Are you ready for a side-hustle? Discover part-time franchise opportunities here at Franchise UK
As we have learned, managing a part-time franchise along with your 9-5 job is possible when you know how to. Hard work, dedication and organisation are key if you want to build a successful business and reap the benefits of extra income. No matter what type of part-time franchise you are looking for, we are confident you will be pleased with the opportunities available here on Franchise UK. Browse all of our part-time franchise opportunities here or contact us today for more information.