As more Americans report feeling burnt out at work, it may seem like now is a great time to leave the corporate rat race – whether to start a passion project or retire. But what if you’re not ready to have no job at all? Fortunately, you have the option of turning your interests into a promising business venture by investing in a turnkey franchise opportunity.
Ready to start an encore career where you call the shots and don’t have to toil in the day-to-day of normal business ownership? Semi-absentee businesses may be a perfect fit.
What’s a Semi-Absentee Franchise?
There are actually three different types of franchise models: owner/operator, semi-absentee, and absentee. If you’re looking for an opportunity that’s not fully involved in daily tasks but also isn’t completely hands-off, then a semi-absentee franchise is the best fit for you.
Typically run by a well-trained manager, semi-absentee franchisees don’t need to work within their store every day. Instead, they only need to check in a few times a week to troubleshoot any issues that may come up or handle any bookkeeping. Not many franchises run as a semi-absentee model, but there are a few types of businesses that do, including beauty salons, gyms, ice cream parlors, car washes, and vending machine franchises.
How to Know if a Semi-Absentee Franchise is Best for You
Before you jump head first into your encore career, you may want to evaluate if a semi-absentee business model is the right fit for you and your goals. Are you looking to retire in the next couple of years and want to begin building a sustainable revenue stream so you feel more prepared? Maybe you’re not quite ready to walk away from a long-term career for something different. Semi-absentee ownership allows you the flexibility to continue working at your current job while building up your business.
Whatever your reason may be for starting this venture, know there are some characteristics you’ll need to possess in order to be successful.
- Previous business experience: While you may not necessarily need experience in the industry you’re looking to join, having solid business knowledge will only help you get your new business off the ground.
- Strong motivation: Every business owner needs to be driven, but semi-absentee owners need to have a stronger focus. Given that you won’t need to work on your business site every day, you need to be determined to put at least 10-15 hours a week into your business in order for it to grow. If you’re someone who thrives within the typical 9-5 structure, you’ll need to be sure you can adjust to having more flexibility in your schedule.
- Creative thinking: As with any franchise opportunity, you as the owner need to be innovative. Sure, your franchisor does a lot of marketing on your behalf, but you should also be bringing ideas to the table.
- Leadership skills: Recruitment and retention is vital to the success of any business. As the owner, it’s your job to build a strong team that’s committed to your business the same way you are. Since you won’t be there daily, you won’t be able to keep an eye on your employees like an owner/operator would. Strong leadership skills allow you to foster a healthy culture that makes people want to work for you.
- Flexibility: As a semi-absentee business owner, you’ll need to successfully delegate tasks to your staff so you can focus on the bigger picture. However, if an emergency arises with one of your employees, you need to be ready and willing to step in and help your team until your staff is back at full capacity.
It’s also important to note that many semi-absentee franchise opportunities require a larger investment upfront. You’ll need to fully assess your financial situation – and potentially consider finding business partners – while you research different brands.
Start Your Encore Career with MY SALON Suite
MY SALON Suite is the top salon suites franchise in North America. With more than 270 locations, and many currently in development, we offer a promising semi-absentee franchise opportunity with a proven business model and top-notch support. Our team is dedicated to setting you, your team, and your business on the right path before you even open your doors.
Our franchise partners are able to take advantage of the time and freedom they have with our investment opportunity. Many of our owners only work between five to 10 hours a week – giving them time to enjoy other ventures, retirement, or continue working at their full-time job.
To own a MY SALON Suite franchise location, franchise candidates need to have a net worth of $1.5 million, $500,000 in liquid assets, and a credit score of 700 or higher. Interested candidates do not need to be well-versed in the salon industry. However, previous business experience is always helpful.
If you’d like to learn more about our franchise opportunity, fill out this form, and one of our representatives will be in touch.