Let’s be honest. Walking away from a job with benefits and regular pay doesn’t seem like the greatest idea right now with the economy the way it is. But think about this ideal situation: keep your current job while you start a business on the side. This is commonly called “absentee” or “semi-absentee” business. Many people look would love this scenario, but don’t realize understand exactly what it means. Before you get started, here are four helpful tips as you search for that perfect absentee opportunity:
1. IN EMPLOYEES I TRUST: You will have to learn how to really “let go” and trust others. Absentee businesses require employees. While you’re working at your regular job, you’ll need someone who can run the shop. There has to be at least a few trusted workers on site to operate the business, and it can be a challenge to find them. As a new business owner, you’ll learn quickly the importance of acquiring the face of your business – your employees.
2. LOCATION, LOCATION, LOCATION: Learn it, love it, live by it. It will become your mantra. In general, you can’t run an absentee business from your home office. You need to have a place where customers and clients go so they can purchase your product or service. As an absentee business owner, finding the right location to do business will be one of the most important aspects of your business.
3. AN OCTOPUS OWNER: It may only feel like you need eight arms to run things, but you’ll quickly understand the true meaning of multi-tasking. The term “absentee business owner” sounds like you’d never have to be there, right? Well, maybe not after the business is up and running. But at first, it may feel like you’re working two jobs for a little while. It may feel like a lot to bite off at first, but the plan is to get through that phase as soon as you can so that you can transition to a smoothly operating business that doesn’t require as much time and attention.
4. LET THE FUND BEGIN: Funding is always a concern when starting any business. By nature, absentee businesses cost more to set up and run as employees and location contribute to higher overhead. However, in the case of absentee owner businesses, a working owner has a better opportunity to get funding when they need it than someone who isn’t working. A lender has more confidence in awarding funds when you’re cash flowing on your personal side, even if your new business isn’t cash flowing itself yet. You’ll learn that a good relationship with a lender can really help when you’re building your business, and is one of the most important relationships to nurture and maintain during your time as a business owner.
Every opportunity is different for each person. But before you quickly dismiss the idea of becoming a business owner due to your current job, investigate opportunities in absentee or semi-absentee ownership.
FranNet is the nation’s most well-respected leader for matching individuals with franchise opportunities. FranNet has more 90 consultants across the U.S. who use a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets and interests, and has matched thousands of entrepreneurs to rewarding small business opportunities. Recognized by Inc. Magazine as one of the fastest growing private companies in America for the last three years, this year marks FranNet’s 25th anniversary. For more information, visit www.frannet.com.