It’s December, which means it’s time to start planning for the business year ahead. So many distractions, though, with visiting family and friends, running to crowded stores to find gifts, or planning a holiday party for your business.
Regardless of those distractions, this is the time when I see people eager to set goals and pursue business ventures in the year ahead. A primary goal, and theme, that has emerged is that people want to have more flexibility, and a higher quality of life, to spend more time with family and friends without having to make any type of financial sacrifice.
When consulting with multi-unit franchisees and investment groups, I like to make sure the term “semi-absentee franchise” is mentioned as an option. A franchise of this nature is one that is set up to have a manager in place from the time the business is opened, meaning the franchisee doesn’t have to be a full-time owner/operator.
By hiring “industry insiders” to run the daily business operations, the business owner can roll a franchise into their portfolio and diversify, and engage in a meaningful role without the magnitude of responsibility overseeing day-to-day operations.
However, to reap the benefits of a semi-absentee franchise, you need to find the right fit for your portfolio – it’s not a one-size-fits-all approach. Many concepts thrive under semi-absentee ownership while some concepts are most profitable with owners who are actively engaged in all operational aspects of the business on a full-time basis.
When it comes to long-term financial planning and wealth building, it’s crucial to ensure your investment strategy is setting you up for success. You should work with a consultant who acknowledges the risks of going into business, can guide you to find answers that make you feel completely informed and comfortable with your decision, and who aligns with you as a strategic, long-term partner.
Those interested in franchise opportunities don’t necessarily need to be actively involved with running the business. Give yourself the gift of time this holiday season, and consider semi-absentee franchises for your diversification strategy.
Ready to take the first step toward making your dreams of business ownership a reality? Contact me to set up an initial appointment.