SIDE HUSTLE

Can you turn spare time into spare cash with a part-time franchise?

Do you want to make some extra money but don’t want to leave your existing job? Do you want to try out the idea of working for yourself without giving up your main income? Are you looking for a way to boost your retirement income without going back to full-time work? Then a side hustle might be just what you’re looking for.

Google ‘side hustle’ and you’ll get lots of links to ‘Make $$$ in your spare time!’ – some genuine, many dodgy or unrealistic. The best-known ones are Uber or Airbnb, where you use an existing asset to generate extra income. But what if that doesn’t appeal – or you want something with greater potential?

Several franchises offer you the ability to generate add-on income from a proven business model without having to be full-time. Some are lowcost but require you to invest your spare time; others require a higher level of financial investment but can be run in a more hands-off way.

Why choose a part-time franchise?

There are many reasons why people might look for a part-time business to start with. These include:

Second income - As an employee, unless you are in a job that pays commission, then your ability to grow your primary income is limited –effectively, you need to earn a promotion or change to a better-paying job which may mean gaining more qualifications or re-training. But if you’re looking to improve your financial situation and you are prepared to invest in yourself, buying a franchise can provide a far higher income than taking a second job.

Diversification - With job security no longer a certainty for anyone, diversifying your income also leaves you less exposed should you lose your job.

Flexible timing - While a full-time business might be too much for someone with family and other commitments, if you choose carefully then a part-time business can be worked around school hours.

Easing out of the workforce - A part-time franchise can be just the thing if you’re heading towards retirement but not yet ready to put your feet up, or you want to keep the brain active and the bank account healthy.

Testing out self-employment - If you’re not immediately confident of your ability to run your own business, a part-time franchise enables you to dip your toe in the water. You’ll still get a business system to follow, training and support, but you’ll have the security of your regular employment too. Some franchises are available in part-time and fulltime formats, meaning that you can also grow your business over time, as you grow more confident about your ability to run the business and for it to make the return on investment that you need for a full-time enterprise.

Low investment costs - Most part-time franchises require less money to start up than full-time ones, or will allow you to start small and increase your investment later. Having a regular source of income apart from the franchise may make it easier to find funding.

What types of franchises are available?

If you look for opportunities to earn part-time income on the internet you’ll find all sorts of opportunities, from proof-reading at home to nude modelling. Many of these exist as suggestions or ideas only, whereas a properly-developed franchise should have a brand, a customer base, systems and marketing tools to help you get established in a viable business.

The best-known ‘spare time’ franchise is probably commercial cleaning, where much of the work is done outside normal hours. If you’re prepared to do a full day at work then a few more hours elsewhere, this can be a great way to get into a business of your own. The business can be scaled up, too, enabling you to move into it full-time and even employ your own cleaning team. Some home services franchises enable you to do the same.

Other part-time options include some food and beverage franchises, such as coffee carts or food stalls. These can operate part-time during the week with additional days at weekends. Some educational franchises operate during or after school hours, offering everything from maths and English tuition to VR driving skills coaching, with additional options at weekends and during school holidays.

Be aware, though, that part-time businesses also require additional (unpaid) hours to be put in on marketing and admin.

Hands off

If you have a bit of capital behind you and are looking for something that will produce a better return on investment than the bank but without the need to work full-time, there are a number of options.

Vending and amusement machine franchises can often be run parttime or full-time, depending on how much you are prepared to invest in equipment. These are the type of businesses that can be grown as you become more comfortable with the business; the same applies to cabinhire franchises. Laundromats can even be operated remotely, although scaling up means opening additional locations.

Not all franchises are designed for hands-off operation, but these ones have well-designed, robust equipment and well-supported processes that enable you to make money without being on site all the time.

What can you expect?

Spare-time or hands-off, any side hustle will require you to work hard at first. Establishing a part-time business is not an easy task – you’ll probably put in more intense effort part-time than you would in a regular full-time job, because it’s your business and you are the one who has to make things happen. In any business you have to work hard to be successful, and working extra hours can cut into the time that you have free to spend with family and friends.

The good thing about franchises is that having a well-known brand, proven systems and support behind you should make the effort you put in more effective and increase the rewards you earn.

If you work hard and your business takes off, there may come a time when you need to choose between your job and your business – you can only work all hours for so long. It all depends on what you want next. A part-time franchise can be a great way to find out just what you’re capable of achieving.