“A gig economy, also known as the sharing economy or access economy, relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees.” Investopedia
The gig economy has grown rapidly over the last several years, and “in the U.S. alone, at least one-quarter and nearly one-third of workers participate in the gig economy and independent work arrangements” (Park University). This number is only expected to increase in the coming years. Along with this shift is the growing trend of part-time franchising. Several reasons for these changes include:
- An increased desire for flexible work
- Lower barrier to entry
- A rise in supplementary income needs
What Are Part-Time Franchise Opportunities?
A part-time franchise allows individuals to operate their business on a reduced schedule, which means fewer hours or seasonal operations. Traditional franchises, however, generally expect owners to commit to managing the business full-time.
There are various types of part-time franchise opportunities to consider:
- Mobile services (e.g. food trucks, cleaning services)
- Online or home-based franchises (e.g. business consulting, tutoring)
- Event-based businesses (e.g. party planning, inflatables)
- Passive income operations (e.g. vending machines, storage units)
Benefits of Part-Time Franchising
The benefits of part-time franchising are plentiful. A few notable ones include:
- Flexibility – Part-time franchisees don’t necessarily have to sacrifice other endeavors. They’ll have the time to continue managing other work or personal commitments.
- Low Start-Up Costs – The nature of a part-time franchise lends itself to low operating costs overall including the initial fee, equipment costs, and overhead expenses.
- Scalability – For individuals who like to get their feet wet first, part-time franchising gives them the opportunity to start small and then grow into a full-time business.
- Diverse Industry Options – There is a wide variety of part-time franchise opportunities, from tutoring to fitness to food delivery and everything in between.
4 Challenges to Consider
The flip side of the coin for part-time franchising includes some challenges. Aspiring part-time franchise owners need to be aware of the following:
- Time Management – While part-time franchising offers flexibility to manage multiple ventures, it could present challenges when trying to balance the franchise with those other responsibilities.
- Limited Earnings Potential – Part-time franchise opportunities can be lucrative, especially when considering how much less time is required to manage them. However, the nature of a part-time gig often means individuals won’t earn as much as they would if committing to it full-time.
- Initial Learning Curve – A part-time franchising opportunity doesn’t exclude individuals from having to understand the franchise model and industry specifics so there might be a steeper learning curve at first.
- Compliance with Franchise Terms – Part-time franchising doesn’t give full entrepreneurial freedom since franchisees will still need to adhere to the rules set by the franchisor.
How to Choose the Right Part-Time Franchise
Franchising is not a one-size-fits-all industry, meaning that individuals will be better-suited for different franchise opportunities. Here are a few tips for finding the right franchise for you:
- Research Industries – Look at franchises in industries that align with your skills and interests. For example, someone who has experience as a teacher might consider looking at part-time education franchises.
- Assess Franchisor Support – Even for part-time franchisees, effective training, marketing, and ongoing support are critical to success.
- Evaluate Costs – While part-time franchising is usually less expensive overall, it still costs something. Make sure you have an accurate understanding of the upfront fees, royalties, and other financial commitments.
- Consider Your Schedule – A huge perk to part-time franchising is the flexibility it gives you with your time, so make sure you select one that works well with the time you have available.
- Read Reviews – The “proof is in the pudding” is a good guide when looking for a part-time franchise. A franchise might tell you they’re amazing, but getting testimonials from current franchisees about their experience will be a crucial part of your decision.
Looking for a Part-Time Franchise Opportunity?
One final tip for finding the perfect franchise opportunity is to let FranNet help you! Our franchise consultants will be able to evaluate your skills and interests and match you with the right franchise brand. We’ll answer any questions you have and walk you through the process from start to finish. Schedule your free consultation today to get started!