For those who want to get their foot in the entrepreneurial door and still keep their day job, starting a part-time business is a great solution. But what if you don't have the creativity or resources to launch a startup? Purchasing a franchise eliminates the need to come up with an original idea, but doesn't franchise ownership require a full-time commitment and a lot of money? Not always.
Many people who want an easy, flexible way to run their own business are turning to companies that offer part-time franchise opportunities. Whether they're stay-at-home parents or people who want to work their way toward full-time entrepreneurship, these individuals are attracted to the lower startup costs and time commitment involved in operating a franchise on a part-time basis.
Two companies that currently offer part-time franchise opportunities are ABC Do-Re-ME!, a music education program for children, and Maui Wowi, a company that sells Hawaiian coffees and healthy fruit smoothies. Ellie Greenberg, who founded ABC Do-Re-ME! in 2009, recently began franchising her company to give mothers like herself the opportunity to make extra money while still having plenty of time to spend with their children.
"We currently have two operational franchises and 25 franchisees in the process of being certified, and the majority of them are stay-at-home moms, teachers and musicians doing it part-time," Greenberg told BusinessNewsDaily. "We want our franchise owners to be people with a passion for music that can add a personal touch."
Maui Wowi, on the other hand, has been offering franchise opportunities for 13 of the 30 years it has been in business, and currently has 215 full- and part-time franchisees. Mike Weinberger, a former franchising attorney and CEO of Maui Wowi, said that many of the company's part-time franchisees begin with the goal of making their franchise a full-time job. Regardless of your schedule, it's important to remember that franchise ownership is a big commitment.
"Even if you're part-time, don't take it lightly," Weinberger advised. "Do your due diligence, and don't make any decisions until you've gotten all the information you can."
- Franchising laws vary from state to state. Do your research, and make sure your franchise is in compliance with your home state's policies.
- Application and training processes are required for all franchisees — if you apply for a franchise, don't expect to be up and running tomorrow.
- While you will have a certain amount of flexibility, you are expected to follow the parent company's business model and retain a consistent brand image.
- Federal franchise regulations require the parent company to provide a disclosure document outlining its fees, investment, and bankruptcy and litigation history to the franchisee. This is as much to protect you as it is to protect the company: You have the right to know everything about the business you're joining.
Visit BusinessNewsDaily's franchising guide for more information.
Originally published on BusinessNewsDaily.