Rebecca Newenham, a seasoned entrepreneur and franchise consultant, discusses how you can manage a franchise alongside an existing corporate role.
Taking the leap from a corporate role to running a franchise can be incredibly exciting and the best choice you have ever made. But it’s a huge commitment and massive risk to walk away from your employment to start something new. If you’re torn between the two, it is possible to combine security and adventure and have the best of both worlds.
Talk to your employer
One of the more positive outcomes of COVID-19 is employers’ approaches to flexible working. Many more companies are open to embracing flexible and hybrid options, which may allow you the time and space to open and run your franchise alongside the security of your corporate role.
Consider requesting a change in your working pattern, such as moving to compressed or reduced hours. All employees have the legal right to request flexible working, including requesting a change to the number of hours they work when they start or finish work, the days they work and where they work. Whilst employers don’t have to agree if they have a good business reason for doing so, they must deal with requests in a ‘reasonable manner’. As the saying goes, you don’t know if you don’t ask.
Pick the right franchise
Some franchises lend themselves to being run on a part-time basis more than others. For example, if your corporate role is Monday to Friday, a party-based franchise could work alongside that, as it is more likely to be busier at weekends. However, be practical about burnout if you’re considering working seven days a week. That’s unlikely to be manageable in the long term.
The type of franchise can also make a difference. Are you planning to actually deliver the franchise services or manage others to do it? Management franchises may work more effectively on reduced hours, but you still need to have enough time and energy to get the right team in place to deliver your services and manage the client relationship.
Be honest with the franchisor if you are planning to run the franchise part-time – at least to begin with. You might be worried it will put the franchisor off, but it will cause more problems down the line if you are not transparent. You want a franchisor who will support your transition to franchise life, not one who will blame you for failing to meet unrealistic expectations.
Be realistic
Running a franchise alongside a corporate role is possible, but it won’t be easy. You need to set realistic objectives. Consider how you will measure your success and how long you plan to combine the two. Is it a short-term approach to see if you think the franchise can be your sole income? Your franchise will never be as successful with you running it part-time as it would be if you were devoting all your resources to it. Is there a tipping point where you will feel reassured enough to move into franchising permanently? Review your progress regularly and talk to your franchisor about how you are managing both forms of employment.
Set clear boundaries
Doing neither role well is a recipe for disaster; you don’t want to feel that you are failing on all fronts. You will need to be very disciplined and communicate that with friends and family around you so that they can support you. Think about blocking out time in your diary to work on your corporate role and franchise so everyone knows what to expect. You may also need to consider separate equipment for your franchise, such as a dedicated laptop, to protect your employer’s and your franchise’s intellectual property and help you mentally shift between the two.
Be brave, and just do it!
Once you have done your homework, consulted your employer and the franchisor, spoken with your family and friends and made your decision, go for it! There is only one way to determine if you can combine running a franchise and a corporate job. With the right mindset and determination, anything is possible.
