Owning a franchise is a great investment strategy, but most are incredibly time-consuming. Here’s how to own a franchise that you can run in your spare time.
Buying a franchise doesn’t have to mean making a full-time commitment. Absentee franchise ownership can be the perfect model for those who aspire to make a steady living without being tied to a full-time work schedule. MY SALON Suite’s model is ideal for entrepreneurs who wish to pursue other careers, enjoy their retirement years, or simply diversify their investment portfolios with a promising investment opportunity.
BENEFITS OF PART-TIME OR ABSENTEE FRANCHISE OWNERSHIP
If a lesser time commitment is a major priority for you to become a franchise owner, you likely have your reasons, whether it’s wishing to spend more time with your family, focus the majority of your workweek on another career, or simply have a reliable source of income that can run itself without your physical presence at all hours. In addition to meeting your own goals, whatever they may be, there are a few other benefits to choosing a part-time or absentee franchise model:
- It’s economically prudent. During an economic downturn, having your own, or additional, source of income positions you to withstand any challenges you may face, giving you a sense of security. And as the economy recovers, you’ll already be reaping the benefits of your franchise’s sustainable growth.
- Costs are generally lower. In addition to lower overhead for part-time franchises, there is usually a lower initial investment in product inventory. With a MY SALON Suite franchise, the stylists who rent the suites are responsible for their own inventory.
- No industry experience required. As a semi-absentee franchise owner, you don’t need to have any previous experience in the business model. Instead of being fully hands-on, you will hire managers and other salon professionals to fill those roles, leaving you to focus on collecting rent and managing the business on a part-time basis.
- Multi-unit arrangements. Perhaps one of the greatest advantages of being a semi-absentee franchise owner is the opportunity to own multiple salon suite locations. Franchisees who don’t work “in the business” can focus on working “on the business,” recruiting members, overseeing marketing and community outreach, managing finances, and growing additional units.
AN IDEAL OPPORTUNITY
MY SALON Suite is perfect for business owners who want to enjoy the benefits of a six-figure income without the responsibilities of a six-figure work schedule. Franchise owners have learned how to utilize all of the benefits of a semi-absentee model to their advantage. Some work no more than 5–10 hours per week once salon occupancy is established and managers are put in place to keep things running smoothly day-to-day.
MY SALON Suite owners’ primary source of income is the rent collected from salon Members, like the way that apartment and business complex owners operate. Rent, size, and occupancy contribute to net profit; and may vary depending on location, but the model remains the same. No matter where you choose to open your franchise, the MY SALON Suite team provides all the tools you need to establish your business and help it succeed long-term.
Beyond collecting rent, MY SALON Suite franchise owners are responsible for recruiting Members, maintaining occupancy, marketing strategies, financial management, and working hand-in-hand with the MY SALON Suite franchise team to help grow the brand. Unlike some other franchises, all of these responsibilities feed directly back into your earnings potential and success.
BECOME A FRANCHISE OWNER WITH MY SALON SUITE
MY SALON Suite franchise owners will enjoy one of the most promising semi-absentee franchises on the market, with a brand named a Top Franchise for 2021 by Franchise Business Review, noted for its high earning potential and flexible ownership model. Beauty professionals are similarly attracted to fill occupancy at MY SALON Suite for the ability to manage their own hours and workspace while growing their own business within the supportive structure of a winning brand.
With over 180 locations open across the country and 300 properties currently in development in the United States and Canada, MY SALON Suite looks forward to growing with ambitious, like-minded entrepreneurs who are naturally drawn to our system for success.To learn more about how to become a franchise owner with MY SALON Suite, please visit us.