Starting your own business might be a big commitment but it doesn’t have to draw you away from your other priorities or even your current job while you’re starting out. There are many steps involved in launching a successful business but these are far easier to navigate within the context of a franchise. This means, with the right research, you can find a franchise to join that fits with your lifestyle and gives you the freedom to work on your business part-time until you feel comfortable to expand your business and take on a bigger role.
Build your business at your pace
Diving head-first into business ownership can be a scary prospect, especially if you are a new entrepreneur. Whilst the allure of high rewards draws many people to consider franchising, it is the financial security and established processes of working with a franchisor that convince prospective franchisees to take the leap.
The franchisor provides you with the tools you need to make your business a success but you may still want more time to build up your business before leaving your day job. Alternatively, you might have other life commitments that mean you want to establish a clear work/life balance that suits you best from the off. For many, they start their career in the 9 to 5 world and eventually, as big life changes come, they realise this doesn’t work for them anymore. Instead, they need to reassess the balance and find an option that will allow them to continue their standard of living but also allows them to manage their new commitments. This is where the option of becoming your own boss becomes very tempting.
As a franchisee, you can build your business up at the rate that feels right for you, tacking each step on the road to growing your business at your pace. Your first year might be all about finding your feet and growing your confidence as an entrepreneur, but you might also have plans to take on more when you’re established. Once you’re ready to take the leap and expand your business or buy an additional franchise, you’ll be able to draw on support from the franchisor to guide you through that stage in your business growth.
Benefit from the security of an established franchise
It’s important to be upfront with your chosen franchisor about your goals and aspirations for your business at the beginning. Whether you’re just planning to start part-time or you’re looking for a business that enables you to work part-time permanently, you can have a discussion with the franchisor to ensure you’re all on the same page and you share these expectations going forward.
The franchising landscape is incredibly varied these days with a whole of array of industries and business setups to join so you really can pick which one suits your lifestyle best. Make sure you’re taking time to do your research to see which ones would be most appropriate for those looking for part-time opportunities.
Once you have an idea of which business to join, you can also speak to your prospective franchisor about the growth that their existing franchisees have seen to gain an understanding of whether it’s the right fit for you and your business goals. Maybe you’re a parent thinking long-term about your career and want the opportunity to work part-time while your child is young and then build up your business as they get older, or maybe you want to keep up your day job until you feel fully settled in your new role as a business owner. Either way, joining a franchise gives you financial security and tried and tested business practices that enable you to thrive in your business, whether part-time or full-time.
Stick to a Schedule
Becoming your own boss is a freeing experience but it doesn’t come without its challenges, especially if you’re used to the 9 to 5 world. You will need to manage your time effectively and decide your own working hours. This will need to suit both you and your customers so give yourself a clear schedule and be upfront about your availability to your customers and suppliers.
Remember to also take time to consider how you’re feeling to decide if and when you’re ready to upscale your business. Give yourself breaks and make sure you can recognise the signs of burn out to avoid tiring out too quickly. Running your own business is a marathon, not a sprint but with a dedicated schedule, hard work and a franchisor team to support you, you’ll reap the rewards in time. It’s also key to remember that you can always reach out to your franchisor for advice and guidance at any time if you feel like you need it.
Ultimately, if you’re planning to start your own business part-time, franchising is a great way to approach entrepreneurship. You’ll benefit from the balance of being your own boss and setting your own hours whilst also having the support and resources provided to you by an established franchisor for a win-win scenario and a lucrative business.
This article comes courtesy of Drama Kids the worldwide drama academy, which focusses on developing students confidence, communication and creativity.