A couple of weeks ago, I posted about options for transitioning from corporate employment to franchise ownership. To recap: while every situation is different, most people choose one of three paths. Some make a clean break and quit their day job to develop their new business full-time. Others treat their franchise as a (semi-)retirement plan, and they leave the corporate world to become an executive franchise owner as soon as their new business generates an income. And still others, usually those who see franchising as a wealth-building opportunity, operate a franchise side hustle for many years.
Whether the arrangement is temporary or long-term, a franchise side hustle can be a very smart way to enter the world of business ownership. When I mention the option, however, candidates often aren’t sure they can manage it. The objection I usually hear, especially from corporate executives: “My job is so demanding. How can I possibly add a side hustle to my plate?”
Executive work is indeed demanding. It pays very well, but it often involves long hours and a great deal of responsibility. Despite those challenges, however, juggling your corporate job with a franchise side hustle may be easier than you think it is.
Management Makes It Work
If you’re uncertain about whether you can manage a franchise on the side, remember how you got to where you are. Odds are, you climbed the corporate ladder on the strength of your management skills. And I’m not just talking about people management. Successful executives usually have some mix of excellent time management, financial management, operations management, and/or project management skills.
All those abilities can make it easier for you to balance a corporate gig with franchise ownership. Identify the management areas where you’re especially strong, and think about how you can apply those to your situation. Can you use your time management skills to optimize your schedule? Your project management skills to reduce roadblocks that might complicate your franchise launch? Or your people management skills to smooth relationships with vendors?
Franchising: Your Special Assignment
Especially if you’re an executive, you’ve probably taken on the occasional special assignment from the CEO or board. Maybe you helped launch a new division or branch of your company, led the development and launch of a new product, or managed a special audit or accreditation process. When you accepted the assignment, did the CEO or board tell you to set aside your usual responsibilities until the special project was complete? Of course not! They expected you to juggle both. And of course you rose to the occasion.
How did you do it? Yes, you probably put in some extra hours or did some additional traveling. But you probably also hired and trained new people or an agency to do the heavy lifting, and then managed them. Operating a franchise side hustle works the same way. You’ll take on some extra work, yes, but if you’re smart, you’ll hire a franchise manager ASAP. That person will take care of the day-to-day responsibilities for you, and–as you do at your day job–you’ll simply manage the manager.
In other words, you won’t work two 40-hour-a-week jobs. You’ll work a 40-hour-a-week job and an 8-to-10-hour-a-week job. That’s the equivalent of just one extra workday a week. And just like a special assignment, this won’t be a permanent arrangement. Not much of a price to pay for professional and financial freedom.
Switch Things Up
Despite how well-equipped you are to manage this extra project, you might decide that you simply don’t want to juggle your day job with a franchise side hustle. Maybe the extra work is a line you’re not willing to cross, for the sake of work-life balance. That doesn’t mean you have to give up on your franchise dream, even if you’re not ready to quit the corporate world cold-turkey.
You always have the option to trade one day job for another. If you’re currently an executive at a large corporation, consider taking a leadership position at a smaller company where the pressure might be lower. Or try working as a fractional CXO or a consultant, to gain some flexibility in your schedule. Even taking a step down the corporate ladder–say, from CMO to marketing director–can be a good option.
A Final Word of Caution
If you choose to work a franchise side hustle while keeping your corporate job, remember this one caution: don’t mingle resources. Be very clear about the line between your day job and your franchise work, and don’t use your employer’s resources to support your franchise business. Aside from the fact that you could get into legal trouble for violating an employment agreement, you could also damage your integrity and relationships–assets worth far more than extra money in your bank account.
Want more tips for managing the transition from the corporate world to franchise ownership? Check out my blog posts on how to conquer the fear of self-employment, why the leap to entrepreneurship isn’t as scary as you might think, or how to pay your bills during the transition period. Or book a 20-minute call with me to start the conversation about how franchising can help you achieve your American Dream!
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