Is a Franchise Side Hustle Right for You?
You’ve heard the terms “gig economy” and “side hustle.” But have you thought about entering into franchise ownership as a side hustle? Whether you want to diversify your income with a part-time gig or follow your passion to a new full-time career, exploring side hustle franchises is a great way to follow your passion to something new and exciting.
What Are Side Hustle Franchises?
A “side hustle” is an interest or part-time occupation you pursue outside your 9-5 day job. It’s a way to explore your passion and try something new while making extra money. It’s also a great way to try a new occupation without diving in full bore. Side hustle franchises involve owning and operating a business, such as a food truck, travel agency, retail store, cleaning, or service business, while holding a full-time job. Many side hustle franchise owners transition from part-time to full-time involvement as their business grows. However, some side hustle franchise owners are happy to continue operating their businesses on a part-time basis.
The Benefits of Owning a Side Hustle Franchise
Low Startup Costs
A franchise side hustle allows you to test the waters and minimize financial risk before committing to full-time ownership. Your primary job provides a safety net and financial stability during the initial stages of your side hustle. Many franchises are considered low-cost franchise opportunities—some as low as $10K initial investment.
Flexibility and Ramp-Up Time
The side hustle phase gives you ample time to learn the ropes and gain experience before taking the leap into full-time ownership. Whether you work a full-time 9-5 job, you’re easing back into working after starting a family or transitioning from another phase in life, a franchise side hustle can provide the opportunity to ease in and learn along the way.
Built-In Support
The franchisor will provide training and support to help you ramp up and grow. You’ll gain valuable experience in following proven processes, understanding the business model, and identifying areas for improvement while working. Franchisors typically provide marketing and lead generation to help you acquire customers and grow your business. As side hustles go, franchise side hustles are designed to enable and support your success.
Popular Categories for Side Hustle Franchises
Here are some possible franchise side hustles. Whether your goal is to work part-time or turn your side hustle into full-time entrepreneurship, many award-winning franchise opportunities are available to explore. Here are some of the most popular options.
Pet sitting and pet care franchises:
If you enjoy caring for pets, consider investing in a pet care or doggy daycare franchise.
Photography franchises:
If you enjoy taking pictures or working part-time as a photographer, consider becoming your own boss as a photography franchise owner.
Automotive franchises:
Rather than servicing or detailing cars as a hobby or side hustle, consider investing in an automotive franchise.
Home and commercial cleaning franchises:
If your side hustle is cleaning homes or businesses, consider investing in a cleaning franchise as a lucrative business opportunity.
Food truck franchises:
If your side hustle is working in food service or driving a food truck and serving your community, consider investing in your own food truck franchise.
Education and tutoring franchises:
If you teach or tutor students, consider investing in a tutoring franchise. There are many areas of interest in child enrichment franchises, including:
Sports and coaching franchises:
If you’ve been volunteering or working part-time as a soccer coach or doing other outdoor activities for children, consider turning this side hustle into a lucrative career as a franchise owner.
Best Practices for Exploring Side-Hustle Franchises
Evaluate Costs and Potential ROI
Be sure you understand all the costs and fees, including startup fees, ongoing royalties, and expected revenue. All of this financial information will be outlined in detail in the Franchise Disclosure Document.
Match Your Skills and Passions
Select a franchise that matches your skills and passions. The beauty of a side hustle is pursuing your interests and finding a work-life balance that fits your lifestyle and meets your goals.
Assess Market Demand
Research demand in your area to ensure viability. The franchisor should provide insight into the available regions and the demand in your market. Most franchisors also provide marketing and advertising support which can help build awareness and demand in your area.
Understand Franchisee Responsibilities
Learn what the franchise requires in terms of time and resources. Talk with franchise owners to understand your responsibilities, how long it takes to ramp up, whether you can continue working part-time, or if the business model requires full-time, hands-on ownership.
Success Tips for Franchise Side Hustles
Although owning a franchise provides the opportunity to work for yourself, but not by yourself, you will still need to apply best practices as a business owner. They say, “You get out of it what you put into it.” Decide what you want from this new adventure—part-time side hustle or full-time career—and proceed accordingly.
- Pursue your passion! Turn your passion into a career.
- Explore your financing options to know how much you can invest.
- Commit to the venture. Adopt a mindset for success.
- Compare franchise opportunities in your industry of interest.
- Prioritize time management and work-life balance.
- Leverage the franchisor’s training and support.
- Build local connections to attract customers.
- Focus on providing excellent customer service.
Conclusion
Only you can decide which industry, brand, and business model is right for you. Dipping your toe in and trying out a franchise side hustle is a great way to explore a new career path, gain hands-on experience and inside intel, and diversify income streams with minimal risk. The franchises on FBR’s Top 200 Franchises list have the highest franchise owner satisfaction—according to 34,000 actual franchise owners from hundreds of leading brands.
Compare the best of the best franchise opportunities with this year’s Top 200 Franchises
