When you think of a franchise owner, you may assume the role is a full-time commitment requiring a substantial amount of hands-on effort. While this can be true for some franchisees, it is not always the case.
Depending on the franchise system, franchisees can choose which franchise ownership model they would like to pursue. One option aligns with a more hands-on, greater involvement approach, while others require less of a time commitment and involvement in day-to-day tasks. This means you can take on the title of franchise owner without committing to the major responsibilities that often go along with it.
If you are someone currently pursuing a career and do not want to switch paths, are looking to generate passive income as you maintain your current lifestyle or are looking toward retirement and want to have additional income set aside, it is possible for franchising to be your side hustle.
A side hustle is considered an additional job to your primary profession that is much more flexible and provides an added source of income. It is not meant to take over the responsibilities of your primary job nor require as much time and attention. Some have side hustles that bring in passive income, which means money is acquired automatically without being involved in making it.
Below are details regarding what franchise ownership models can allow this role to be taken on as a side hustle and several benefits of opting for this investment. If you have questions about franchising with Dogtopia, details about our franchising options are available here.
SEMI-ABSENTEE AND ABSENTEE OWNERSHIP MODELS
Both the semi-absentee and absentee ownership models are similar in nature but have minor differences. A franchisee who pursues a semi-absentee model will remain engaged, to a degree, and be involved in some of the business decisions and overall operations within their location. However, they are not the ones managing day-to-day tasks. Instead, a manager would take over this role along with a team of employees, while the franchisee would check-in from time to time.
A franchisee who pursues an absentee model is entirely absent from day-to-day operations. This means a manager and team of employees are the ones to run the franchise location, make business decisions, keep up with vendor relationships, and so on.
The model you select depends on how much involvement you want to have. If your current career or lifestyle has room for some involvement, a semi-absentee franchise model may be a good choice, especially if you want to experience parts of the role of a franchise owner. Meanwhile, the absentee model would be best if you want to generate a passive income that requires no involvement.
THE BENEFITS OF FRANCHISING AS A SIDE HUSTLE
One of the benefits of pursuing franchising as a side hustle, and in general, is the proven business model that franchisees follow. As you enter a franchise agreement, you are stepping into a business that has already moved past the more difficult steps involved in starting a business from scratch. You are provided with a significant amount of training and support that those launching a start-up, for example, may not have access to when beginning their business venture. You follow a strategy that has proven to be successful, allowing you to start off on the best foot possible. This can intrigue those looking for a side hustle that has the opportunity to generate great success.
It is important to note every franchise location requires time, attention, and effort to be successful. Still, those looking for franchising to be a side hustle can carefully select a team of employees with the motivation to generate that success. Franchise owners pursuing a semi-absentee or absentee model are trusting their team to run their location, which is why special attention should go into hiring a team that directly coincides with what you are looking for in owning and operating a successful business.
Another benefit of pursuing franchising as a side hustle is the opportunity for passive income. This is dependent upon selecting an absentee model. However, there is the possibility to generate profit month-to-month without needing to put in much ongoing attention. This can be especially helpful for those looking to build their retirement plan and wish to pursue an absentee model now and increase involvement later.
FRANCHISING WITH DOGTOPIA
Whether you are looking for income on the side or want to pursue franchising while also maintaining your current responsibilities in your career, franchising can be a great choice. If you are interested in pursuing an opportunity with Dogtopia, check out our Next Steps page for an overview of what is involved and our FAQ page for more details.