The development of side businesses is arguably one of the most fascinating current business topics. Whatever you want to call it: the gig economy, micro-business, passive income, or a side business. Approximately 42% of these people also have a day job.
When you consider how our working environment has evolved, the news isn't all that shocking. According to the most recent data, 30% of all Americans work a hybrid schedule, and 15% never work in an office at all.
These circumstances have created a very favorable environment for generating additional income, which is easily accomplished through franchise ownership.
There are numerous benefits to owning a franchise as a side hustle, whether you are a stay-at-home mom whose children have returned to school or an enterprise-level business owner looking to diversify your holdings.
It is entirely possible to keep your day job while earning a passive income, depending on the franchise opportunity and the circumstances of your situation.
This additional discretionary income could be useful for activities or projects that you would otherwise have to put off. For other franchise owners, starting a side business will serve as a stepping stone to expanding your business before taking full-time control.
These semi-absentee franchise models are successful when talented individuals can be recruited and retained to run the day-to-day operations. In franchising, this is referred to as a managing-the-manager model.
One of the most common misconceptions about franchising is that ownership requires your full time and attention. Actually, many of the almost 4,000 different franchise concepts available on the market are created with the intention of being run under a semi-absentee ownership model.
It is no longer necessary to give up your day job in order to own a franchise. Considering starting a side hustle through franchising? Yes, that is now a thing.
If you’d like to find out how I can help you start your side hustle, please schedule a brief call here.