Feel like you should pick up a second source of income, just in case? You’re not alone. According to the Bureau of Labor Statistics, 5.5% of Americans work multiple jobs–the highest percentage since the Great Recession of 2008-2009. In fact, fully 40% of millennial workers (those aged 29-44) have a side hustle.
According to the Wall Street Journal, these side hustles differ from those of previous cohorts. Past workers tended to take on second jobs as a creative outlet, or to supplement seasonal work. Today’s multi-job workers are just trying to get by, or to build a cushion against the possibility of layoffs, a recession, or a downturn in their industry.
If you’re feeling some of the same pressure, I’ve got good news. Franchising makes an ideal side hustle, and the industry offers plenty of options that are financially affordable for the average professional. Franchise ownership also provides a path to financial independence. More than many other types of side hustle, it has real potential to eventually replace your current day job.
But where do you start? If you’re seriously thinking about taking on a second job (whether a franchise or some other type of work), these steps will help you get off on the right foot.
Do a Self-Assessment
Any endeavor will be more successful if you start by assessing your own skills and experience. You should also consider your financial and scheduling needs, and any family constraints. Based on my experiencing helping franchise candidates with this process, here are some questions that can help:
- What jobs will I be good at, or what jobs will hold my interest so I don’t burn out easily?
- Do I have skills or certifications that I’m not using in my day job but could put to use after hours?
- Do I have the skills to operate my own business, or will I be more successful as an employee?
- Am I limited to a nights-and-weekends gig, or can I be flexible?
- What family obligations (e.g., childcare, elder care, children’s activities) do I need to work around?
Know Your Why
Before you take on a side hustle, also think about why you’re doing it. As with the self-assessment, this will help you choose work that’s a better fit for yourself and your family.
Ask yourself, is this second job to:
- Improve your professional skills so you can move up in your main career?
- Help you meet an immediate financial need, like a budget shortfall or paying off debt?
- Provide a fallback in case of job loss?
- Start you on the path to a new full-time career?
- Help you meet long-term financial goals, such as early retirement or wealth-building?
Then focus on opportunities that actually fit what you’re trying to accomplish.
Check the Rulebook
Before you start a side hustle, make sure you know your primary employer’s rules about second jobs. Even if you want to eventually transition to doing your side job full-time, you don’t want to give anyone an excuse to force you out before you’re ready.
Most employers do allow “secondary employment,” as long as it doesn’t compete with their core business. However, some companies require employees to notify their manager or the HR department about outside jobs. And of course, you should never use company resources for your side work or try to do business with your employer’s clients.
If you’re especially nervous about how your employer might view outside work, consider looking for a side hustle in a completely different industry. This could have the added benefit of bringing some variety to your professional life. You might find yourself learning some interesting new skills, meeting people you never would have known, or just adding some new wrinkles to your brain!
Know Your End Game
I always encourage my franchise candidates to have an end game in mind. You may know why you’re taking a second job, but how will you know when you’ve actually achieved that purpose?
To help create a clear path for yourself, define your end goal and what you want to do once you’ve accomplished it. For instance, if you want to operate a side hustle so you can pay off some debt, how much debt? And once the debt is paid off, what next?
Or if, like a lot of my franchise candidates, you want to retire early, what does that mean? Do you want to quit work altogether at 55? Or do you just want to quit your day job early, and keep working part-time in your own business? What kind of savings or income do you need to make that possible?
The SMART framework–setting goals that are specific, measurable, achievable, relevant, and time-bound–can be very helpful here.
Your Final Step
If you’re interested in franchise ownership as a side hustle, there’s one final step to take: book a free consultation with me. The franchise industry encompasses thousands of options. While that variety means there’s something for almost everyone, it can quickly become overwhelming when you’re trying to find a fit.
As a long-time corporate executive who made the leap to franchise ownership, I know what you’re facing and can help you make a smooth transition. I work with an exclusive list of pre-vetted franchisors, so I can help you narrow your list quickly to a high-quality opportunity that meets your needs and goals. And as someone who’s passionate about mentoring, I stick with my candidates through the launch of their businesses to help ensure they succeed.
Best of all, my services are completely free to you. There’s no obligation–just 20 minutes of your time to start your journey to the future you want!
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