You may want to own your own business but you also don’t want to quit your day job. Is it possible to find the elusive extra income to add to your bottom line and possibly even give you the freedom to quit your job in the future?
Is it easy?
Of course not.
But she discusses some basic elements you should look for when trying to find a franchise side hustle. Those elements include:
BACK OFFICE SUPPORT
If you are going to have a side hustle, back office support is essential. Things to look for include call centers to help with marketing, accounting support, billing, and appointment booking.
TURNKEY OPERATIONS AND PROCESSES
The benefits of owning a franchise in theory are the turnkey operations and processes. But in my experience, all franchises are not created equal in this regard. Really examine this factor hard and put the franchise to the test. Talk with several franchisees to determine if the franchisor’s processes are effective and beneficial.
RECURRING REVENUE MODELS
A recurring revenue model is ideal. It is tough to chase customers all the time. And if this is a side hustle, you want to avoid that. Find a business where customers need to use your service over and over again.
FEWER SALES; MORE SERVICE BASED
Again, a side hustle is tough if you are constantly selling. Service based models enable you to manage operations and grow while not going all-in with the business from the beginning.
The place where I am seeing the biggest opportunity in franchise side hustles is the home services industry. Many of home services franchises meet the elements discussed above. Right now though keep in mind that hiring employees is one of the most significant challenges faced in starting a side hustle. One franchisee I represented recently told me his business was really taking off, but the only problem was finding enough employees to grow. No matter what count on it being work. There is no such thing as an easy side hustle.