It is not easy to start a business from scratch so not everyone can be a start-up entrepreneur. With a bit of money and good business management skills, you could be suited for franchise ownership.…
Owning a franchise can be a great way to start your own business without having to build everything from scratch. However, many people are hesitant to take the plunge because they don’t want to give up their day job. The good news is, you can own a franchise and keep your job at the same time! In this article, we’ll explore some tips and tricks for doing just that, specifically for those in Malaysia.
Choose a suitable franchise with a proven system
When you’re looking for a franchise to invest in, it’s important to choose one that has a proven system. This means that the franchisor has already worked out all the kinks and has a tried-and-true method for running the business. This can be especially important if you’re planning on keeping your day job, as you won’t have as much time to devote to figuring things out on your own.
Some franchises that may fit well for busy professionals include:
- Vending machines
- Cleaning services
- Online businesses
These franchises don’t require you to be physically present at all times, so you can manage them in your spare time. It’s also important to choose a franchise with a proven track record and a strong brand presence in Malaysia.
For example, let’s say you’re interested in opening a coffee shop franchise. Look for a franchise that has a well-established system for sourcing and roasting beans, training baristas, and managing inventory. By choosing a franchise with a proven system, you’ll be able to hit the ground running and won’t have to spend as much time figuring things out.
Hire a reliable and trustworthy manager
Once you’ve found the right franchise, you’ll need to hire a manager to oversee the day-to-day operations. Look for someone who is experienced, reliable, and can manage the business in your absence. Hiring a manager may require additional expenses, but it will allow you to focus on your job while still earning additional income from the franchise.
Be financially prepared
Owning a franchise requires a significant financial investment, and it’s important to be financially prepared. You’ll need to have enough money to cover the initial franchise fees, the cost of equipment, and the first few months of operation. Before investing in a franchise, make sure you have a solid financial plan in place and have done your due diligence on the potential profitability of the franchise.
In conclusion, owning a franchise while keeping your job can be a smart investment move, but it requires careful planning and execution. Choose the right franchise, hire a reliable manager, manage your time effectively, take advantage of technology, and be financially prepared. With these tips, you can successfully manage a franchise while keeping your job in Malaysia.