Fast Company in the Wall Street Journal have been publishing stories about how people are working two full-time jobs during the pandemic. Why are people working two+ full-time jobs at a time? Because they can. Their main goal is not to get fired!
The reporters are noting that many people are working side hustles and to bring in a second stream of income. They found that these “two-timers” are making a total compensation of anywhere between $200,000 and $600,000 a year by doing this.
I want to talk to you about this idea of moonlighting. There is nothing new about moonlighting but working two full-time professional jobs at the same time, is the surprise. In the franchise space, for years we’ve seen people working a full-time job take on a part-time role owning a “Semi-Absentee Franchise.” In the past, this may be somebody in the cubicle or the office next to you. Today, these are the people on the Zoom box next to you. They now have that flexibility and extra time, because they are no longer traveling so much and they are probably joining meetings by Zom.
Zoomers are now seeing the Semi-Absentee Franchises as an option to this remote work world. The idea with the semi-absentee franchise is that you’re managing the manager. You have a general manager running the day-to-day operations while you’re taking the higher level CEO management view. Yes, you’ll have to pay that GM, but that person is making less than you do in your full-time job.
Franchises with the Look and Feel of a Real Estate Investment
There are many different types of semi-absentee franchises available with few of them that have the look and feel of a real estate investment so they are more passive from an ownership standpoint.
For example, salon suites or co-working spaces where you are essentially sub-leasing the space to tenants who are business owners themselves.
Automotive Franchise Options
We have various types of automotive franchises from windshield tinting to oil change and auto repair franchises to auto painting franchises and even a waterless car wash. You don’t have to be an auto mechanic or painter, for example, to run the business. You hire someone with that technical expertise, while you focus on running the business at the CEO level.
Beauty and Fitness Franchises
We have great franchises in the beauty category and the fitness category. Again, you don’t have to be the technician or trainer, you hire those with licenses and certifications needed to do the work. You’re the one running the business aspect of the business. The technicians – stylists and trainers – oftentimes don’t have the business acumen needed to run the business well. So let them do what they do best, while you run the business.
Clothing Recycling & Portable Storage
Two semi-absentee franchise businesses that can be somewhat more passive than other semi-absentee businesses include a low-cost clothing recycling business with technology-forward bins that requires only one employee, and a portable storage unit business that only requires three employees are also intriguing to those who a more passive business.
No Control Freaks Needed
For all these semi-absentee businesses, the key is making sure that as an owner, you don’t need to be in total control. You’ll need to be able to let-go of some of the control by delegating. If you’re a savvy delegator, a semi-absentee business might be a great opportunity for you to bring in that extra stream of income or replace your current stream of income.
If you’re interested in looking into franchise ownership, please complete your no-cost confidential Entrepreneur Profile at www.frannet.com/ccward/cq or let me know if you’d like to talk.