Everyone wants what owning a business can provide. Freedom, flexibility, and not having a boss look over your shoulder telling you “how to improve.” Sounds great, right? But there’s a big reason why people don’t take the leap and start their own business. Hint: It’s not money. The reason is risk. It’s scary to trade a seemingly good job for the unknown and unproven. Most people can‘t get past this because it’s a legitimate reason to maintain the status quo.
Still, the frustrating thing as an employee working for someone else is that you are trading time for money. And since time is finite, your income is largely capped. There is a limit to what your employer is willing to pay you. When you own a business, your income potential is unlimited.
We all hear about how hard it is to start a business and the owner putting in crazy hours in the beginning. Plus, the failure rate for new businesses is staggeringly high. What If there was a better way to get started on your business ownership path?
Marshall Reddy, a private franchise consultant describes this as the semi-absentee franchise model. “Most of my clients in the last 5 years have no interest in working their fingers to the bone. They’re choosing franchise businesses that are proven (less risky) and allow the owner to put in just 10-20 hours per week.”
While that may sound great, there are some caveats. Starting a business is a grind and it takes some hard work in the beginning and likely more than 20 hours in a week. However, once key management talent is hired and systems are put in place, it is possible for the owner to continue with their career and report to their previous work like they always have.
The franchise manager will handle day-to-day operations, check-in weekly or daily to report performance, and discuss any major decisions. The owner doesn’t have to be on-site for the business to thrive.
There are many concepts where you can be a semi-absentee owner. How much time you spend in the business will depend on your leadership skills, staff, and of course the business model itself. You can find semi-absentee businesses for sale in nearly every industry including business services, health and wellness, beauty, and nearly everything else.
Many of the clients Reddy works with are established executives that understand they want to retire from their jobs soon. Getting started now with a semi-absentee business allows them to get established for a few years, and have an easy transition to their next life with income still coming in.
Marshall says, “In my process in helping people evaluate franchise opportunities, I take them through an exercise where we ‘future cast 3-5 years. I ask them what they want their life to look like. The answers vary from traveling in my RV or moving closer to family. As long as they can be connected via a laptop and cellphone, all those dreams can be a reality.”
Investigating franchise opportunities is as easy as an internet search. However, Reddy encourages someone to work with a franchise consultant that isn’t committed to any one concept. Working with an independent advisor means you get real-world advice. Franchisors are motivated to sell territories, so their idea of being a semi-absentee owner may be different than yours.
There is something better out there for everyone. You just have to take the initiative to look into your options.
