Are you considering a semi-absentee franchise ownership opportunity? It can often be the best of both worlds as it allows you to maintain your current career in addition to growing a franchise business. Explore what semi-absentee ownership actually looks like.
What is Semi-Absentee Ownership?
Semi-absentee ownership is a franchise opportunity that doesn’t require a full-time commitment from the franchisee. It’s a great option for franchisees who want to earn additional income through a franchise investment while they maintain their current career, or who are looking for a business to sustain their lifestyle during their retirement.
You’ll handle some of the executive functions of your business but, as a semi-absentee franchise owner, you won’t be in your store or shop on a daily basis. Semi-absentee ownership can be the best of both worlds; you can go into your office when it’s necessary while maintaining another career or being semi-retired. As a semi-absentee owner, your business will continue to thrive even if you decide to go on vacation or turn your phone off for a few hours.
In order to have a thriving business as a semi-absentee franchise owner, you’ll have to find, hire and train trustworthy managers to handle day-to-day operations. Depending on the franchisor, you might hire a general manager in your early franchising stages and bring them along to franchise training. This will ensure they have all the knowledge necessary to operate your business according to franchisor requirements.
Your managers will be responsible for hiring your staff, maintaining high levels of customer service and keeping the business up and running every day, allowing you to focus on your chosen executive duties. A manager you trust is crucial, as are open lines of communication. Your general manager (or managers) will be your direct link to the daily goings-on of your franchise business.
Each semi-absentee owner can structure their involvement in a way that works for them specifically. But often, they choose to oversee financial aspects of the business, strategize for growth and communicate with the franchisor. Of course, depending on the managers you hire, or where your passions lie, you might take on different responsibilities. If you love training others, have accounting experience or have a background in marketing, you can choose the ways you want to be involved as a semi-absentee franchise owner.
When to Delegate
One of the many pros of semi-absentee franchise ownership is the opportunity to delegate tasks. Running a business, even according to a proven franchise system, involves juggling a lot of tasks. If you don’t want to be bogged down with things like weekly staff schedules, you can delegate to a manager. If you have questions on the type of tasks you can delegate and those you should handle yourself as the owner, talk to your franchisor. They can let you know how other semi-absentee owners delegate.
Does being a semi-absentee owner seem like a lifestyle you’re interested in? It gives you the flexibility to choose the ways you are involved in your business. As you explore America’s Best Franchises for franchise opportunities, be sure to consider the investment opportunities that will allow you to be a semi-absentee owner.