In a professional landscape that gives increasing value to concerts and side hustleit's important to make sure we're carefully evaluating new ventures before taking the plunge. After all, there are only so many hours in the day, and entrepreneurs in particular need to ensure that their time is allocated efficiently.

From a business model perspective, franchising offers a middle ground between the stability of a corporate job and the uncertainty of a true startup business. Franchises offer a actIoN for new franchisees detailing proofs of concept and profitability. It's no wonder that many professionals looking to transition from a corporate and business-owned role are considering franchising as a viable option.

As a franchise consultant, I have observed firsthand the value that a corporate background can have when applied to franchise ownership. These aspiring entrepreneurs are hardworking, motivated, decisive, and have strong leadership skills (among many other traits). The trick is knowing when to make the jump.

I am often asked if franchising is something that can be done on the side while still working in a full-time corporate position. The answer? After all, DEPENDING on your circumstances.

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Why Franchising Might Not Be a Good Side Hustle

1. Your level of flexibility

The biggest issue that sets the franchise at odds with holding a traditional 9 to 5 is the lack of flexibility. There's no getting around it – running a business requires attention during the work day. Even if you have a manager running it for you, supervision and the ability to be present at a moment's notice is vital. This means time and focus that is completely separate from your day job. Only you really know how time is spent each day in your current position.

Imagine a typical workday. You're in the middle of a task and get a notification that a pipe has burst in your franchise storefront. Are you able to get up right away and take care of this urgent matter? If not, you may need to reconsider whether you really have the flexibility to maintain a franchise and your corporate job.

2. How much upfront capital investment you can make

Typically, side hustles may require no startup capital (or may require minimal startup costs). However, they often take a lot of time and work up front (hence the “side hustle”) before they can create semi-passive income. Consider internet businesses or affiliate websites that are conducted entirely online and require no real estate, overhead or additional employees. This is not realistic franchise ownership.

Because being granted a franchise means you have access to business materials, marketing plans, employment assistance and many other resources that bypass the usual headaches and waste of time and money in the traditional startup route. it, you have a leg from day one. And while this is a major selling point for many people who are motivated to own a business, it adds to the initial investment cost.

There are many different franchise concepts and, subsequently, very different investment costs. However, as a rule of thumb, even the minimum capital investment for a franchise will approach $100,000 (the franchise fee alone is often between $50,000 and $60,000).

*Note: According to US Small Business Administration on the website, the franchise fee is described as “the cost of entry. Paying the initial franchise fee opens the door to the franchisor's proprietary business systems and more. You get the full setup. The franchise fee is literally a license to own and operate a franchise business.”

3. How much supervision you can provide

Working hand-in-hand with flexibility, it's important to understand that franchising – or owning any business – is never truly absent. Even if you hire a manager to run day-to-day operations, you are responsible for oversight. Additionally, you need to be able to step in immediately if your general manager leaves or is unable to perform his role.

Since most franchises are local and regional brands that fall under the category of everyday essential services, they require local representatives and therefore will have employees. Due to the nature of employee management, it is difficult to maneuver employee management in a side hustle.

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When can franchising work as a side hustle?

At the end of the day, much of this question comes down to how much control you have over your daily schedule. If your current job allows for flexibility in the middle of a workday (perhaps if you work in real estate, sales, or telecommute and have flexible deadlines), then franchising can often work. as a side hustle.

Additionally, if you have a large amount of financial capital to work with, then you will be able to hire employees and managers who can offset the workload. Sufficient capital can solve almost any time-related problem. However, as mentioned above, this is not a one-size-fits-all solution. It is likely that you will need to invest more time to set up and renew the franchise. Over time, developing a hierarchy of employees and managers can minimize your time commitment.

We all know that when you make a big career change, it's important to perform proper care and make sure you are making the best informed decision possible. If you're considering franchise ownership as a side hustle, I encourage you to carefully consider your lifestyle and decide if you could really use a franchise on the side, or if you're in the larger category of owners who they should devote more time to this effort. .