In the franchising industry, there are plenty of myths to debunk. One of the more famous examples is the perception that franchises are just fast food establishments. In actuality, these quick-service restaurants only make up 24% of the nearly 4,000 different concepts in the marketplace. Another such example is that franchise ownership is a full-time commitment. While it’s true that a majority of franchising’s business models recommend that owners run the day-to-day operations, there are plenty of options to choose from that only require part-time, or semi-absentee, participation.
This edition of the FranNet of DFW & Oklahoma blog is dedicated to people who get into the franchising business as a side-hustle. We’ve timed this blog entry to coincide with the beginning of the school year, as many stay-at-home parents are considering the extra bandwidth that comes into their lives once the kiddos are back in the classroom. This situation can be seen as an opportunity to explore side-hustles, primarily as a means to earn additional household income.
Is Having a Side-Hustle a Thing?
Surprisingly, there’s a website dedicated to side-hustles entitled Side Hustle Nation, an online resource for entrepreneurs looking to improve their personal profitability. Earlier this year, in partnership with numerous companies and organizations, their editorial team compiled their “2022 Side Hustle Statistics and Survey Results.” According to the results of their data survey, approximately 45% of U.S. respondents admitted to having a side-hustle of some kind – which is nearly 70 million people! Among Millennials, participation is even higher – 50%.
Why People Invest in Side-Hustles
The survey revealed the reasons why so many people choose to run a side-hustle. By an overwhelming margin, the number one reason is the need for additional income to cover living expenses. As we’re all well aware, the highest inflation rates in 40 years have jacked up the price of our groceries, rent, utilities, and fuel. The second highest reason given was to have more discretionary income to spend. This was followed by the need to boost household savings and pay down existing debts.
How Much Time and Money is Involved?
The average side-hustle brings in an additional $1,122 each month, though more than half of the respondents reported earning between $100 to $500 for their efforts. Half of the respondents reported that their side-hustle only required one-to-five hours of their time each month.
Perhaps most interesting were the biggest challenges facing would-be side-hustlers. Of eight possible answers, the third biggest concern among respondents was “coming up with the right side-hustle idea.” The website has put together 101 side hustle ideas for people to review, which is full of business model concepts commonly found in the franchising industry. With over 4,000 different concepts to consider, we invite you to review this list and ask us if any of your favorite or interesting choices match up with a business model in the franchising industry. You can leave a comment on our FranNet of DFW & Oklahoma Facebook page!
If you or someone you know would like to discuss a side-hustle opportunity and determine whether there’s a franchise that aligns with your business idea, please reach out to us to schedule a no-cost, no-obligation meeting with FranNet of DFW & Oklahoma. We’ve helped hundreds of entrepreneurs in North Texas and Oklahoma become their own bosses and secure a financial future that belongs solely to them. And we can help you do the same! Give us an opportunity to guide your personal entrepreneurial journey, and we’ll introduce you to a whole new world of possibilities through franchise ownership. Getting started with your personal entrepreneurial assessment is easy – just ask us how!