Can I Keep My Full-Time Job as a Franchise Owner?
Owning any business is no walk in the park. There are ups and downs that any business owner has to be prepared to deal with. Being a business owner requires dedication, intention, and stamina. Being a franchise owner is a unique role. Whether you want to be fully involved in the franchise’s daily operations or more hands-off, there is an option for any business owner, but it may take time to get there. Here, we’ll look at some of the required traits of a franchise owner and explore whether or not you can keep a full-time job as a franchisee.
Franchise Owner Traits
Franchise owners differ in industry, skill, and focus, but many of their traits are similar. Being a business owner, in general, requires a specific set of attributes to be successful.
- Persistent – Business owners have to have a thick skin and be persistent. Whether that means being persistent in their quest for new knowledge or holding strong to their openness in taking risks, persistence is a key trait of business and franchise owners.
- Leadership – Business owners are leaders. At the end of the day, they have to make the final call on a myriad of things related to the business. Franchise owners need leadership skills in order to succeed.
- Financial Sense – Business is all about dollars and cents, so understanding the general principles of finance is key. You can hire people to handle the nitty-gritty numbers, but a solid financial sense is crucial to being a successful franchise owner.
- Passion – Whether you want to admit it or not, there has to be some passion involved in the business. Whether it’s a passion for the product or industry or simply a passion for profit, something has to light the fire of business ownership to keep it interesting and successful.
- Collaboration – No business is built alone. Franchise owners and business owners must have a sense of collaboration and teamwork to succeed. You’ll be working with employees, vendors, customers, and more, so having a collaborative attitude is key.
Success does not come overnight in business, whether a franchise or an independent operation. Franchises inherently have some recognition so that it may give you a quicker path but that doesn’t mean fast. As a franchise owner, you have to be committed to the business’s success. As a franchisee, you have to be patient, prepared, and realistic during the first year. There will be ups and downs but staying committed to your business is essential. There is a lot of work that goes into getting a business off the ground. However, it’s certainly feasible that you can continue to hold a full-time job while opening a franchise.
With a franchise, you have support already built into the system. You still have to put in the work, but there are more resources available to you when it comes to a franchise compared to opening an independent business. At Fantastic Sams, we offer industry-leading training and support to help you start your business. You also have access to a network of franchisees just like you who can provide insights and tips.
So, can you keep your full-time job?
The first year will require hard work, perseverance, and patience. It can take some time to turn a livable profit. So, it often doesn’t make financial sense to leave your full-time job to live off the franchise for the first year or more. Maintaining your career until you’re financially and psychologically comfortable cutting the cord may be in your best interest. While opening a franchise and working full time will be hard work, in theory, it will pay off, and you’ll be able to make the franchise your focus.
The short answer to the question, “can I keep my full-time job as a franchise owner” is: it’s up to you. You’ll want to make the transition away from your “day job” as smooth as possible, so only you can truly know when it’s time. If you opt to open a Fantastic Sams franchise, you’ll have decades of experience to draw on when it comes to figuring it all out. With more than 700 franchise locations across the country, many people have been in the same situation.
Contact us today if you’d like to learn more about franchise opportunities with Fantastic Sams!