Absentee ownership of a business . . . sounds intriguing, right? So what do we mean by an absentee, or semi-absentee business? This type of franchise is a business concept that can be run simultaneously with another venture – meaning alongside your career, or another business. We are NOT talking about partial business ownership here. Instead, an absentee ownership franchise will require the same amount of capital, research and investment as a full-time franchise. But once established, owners of absentee franchises usually spend between 10-15 hours a week on the business.

Absentee ownership franchises are structured to run with an owner who is not present.  If you are interested in an absentee business, you should be advised to use a career coach. It’s our job to make sure the franchise is set up properly and has the necessary “bones” to work as an absentee business. And we can help you work out your goals and expectations for the business.

Why consider absentee ownership. There are so many reasons why absentee ownership, or semi-absentee ownership, might work for you. One, the business does not devour your time, like a full-time ownership would. Two, it’s a step into franchise ownership that doesn’t cost you your permanent job. It could be a “side job.” Three, you can own an absentee ownership franchise even while you are still building your career.  Four, you may want to use a business as an investment strategy and consult your CPA about it being a tax strategy, too! Absentee ownership might just be the right step for you – if you consider the following tips.

Keep it simple. The best absentee ownership businesses are usually the ones that are simple to run. The less complex the business, the better the opportunity for absentee, or semi-absentee, ownership. Look for businesses that can pretty much run on their own. If instead you have to really learn the business before you hand it over – well, it probably won’t work.  

Look for systemization. If you’re not there, the best way to run a business is through systems. Look for franchises that have good systems – particularly financial, marketing and some even have HR systems.

Have a strategy. You shouldn’t just open the business and wait for the money to roll in. lf you do, you’re going to be disappointed. Instead, have a basic business plan in place. Follow the plan and stay in control. Adjust it as needed. A good business starts with a rock-solid foundation.

Examples of absentee businesses. Brick and mortar establishments have long been considered good choices for absentee ownership – businesses like hair salons, laundromats, car washes and even liquor stores. But recently, other industries have shown to be successful – such as the fitness, cleaning services and recruiting industries.

Characteristics of a good absentee business owner. Successful absentee owners that I work with seem to have similar thoughts or desires. See if these characteristics sound like you. If so, give me a call at 301-580-4622 or book an appointment with me on my website.

• Risk reducers. For the most part, good absentee business owners like the idea of mitigating their risks. If they can run a business while working, there is something to fall back on!
• Income stream. The absentee model works best when there is income the owner can rely on for a while.
• Ramp-up time. When the owner has a bit of time to ramp up the business and get it off and running efficiently, the business is more likely to be successful.
• A good owner has some flexibility – it can be evenings or weekends – but time that can be spent to manage their new business.

Does absentee ownership sound appealing to you? Let’s talk. There’s no commitment involved. And there is no cost. Let’s just consider the possibility and talk about opportunities that are available. You never know where this can lead! It may be your retirement plan! Please give me a call at 301-580-4622 or book an appointment with me on my website. Know someone who may be interested in business ownership and is up for a call? Please forward this newsletter to them!

While people often dream about owning a business, they quickly turn to reasons why it’s an insane idea! I mean sure, we all want to work for ourselves, depend on ourselves and have some flexibility in our lives. But then we think about the risks and decide that we just wouldn’t want to put ourselves through the process.

What if you could minimize the risks? Is that possible? Can you do enough research and minimize your uncertainties enough to consider franchise ownership? The answer is a resounding, YES! I don’t just say this because I’m an entrepreneur coach, I emphatically make this statement because I’ve seen countless people buy, own and successfully manage franchises.

What’s the process? My clients don’t navigate this course by themselves. I work with them very closely, getting to know them and guiding them to make the right decisions. When I work with you, we have discussions on habits, mindsets and goals. We talk about your likes and dislikes, what your purpose is for having your own business, how you want to work and what you are interested in.

We also examine multiple opportunities. I’m not going to suggest a franchise opportunity for you unless I think it’s a good fit. In the meantime, you have the opportunity to look through financials, visit the headquarters of the company and see for yourself what their management is like.

One of the things I’ve learned in my career as an entrepreneur coach is that Vets make great business owners.

Why are Vets good business owners? Vets are multi-talented. Unlike some people who have the skills to fit a certain job description, vets develop skills outside of their job. They have a can-do attitude, they’ve had experience working with managers and colleagues, they don’t accept excuses and they are persistent. Vets are courageous people who are curious and respect ideas. And they have a network of peers that are loyal and supportive. These are all traits that are very important for entrepreneur success. If you don’t believe me, read this article from Fast Company.

What’s the cost to hire a franchise coach? That’s the best part. I don’t charge you a penny. I get paid, when you choose a franchise. So we can talk, do some research and you can decide ownership is not right for you. And you don’t pay me anything. The truth is, as people seriously think about business ownership, examine the possibilities and look at financial options – they realize business ownership is not only possible, but a great way to become financially successful and fulfilled.

How do I get started? That’s easy. Give me a call. No timeline. No commitment. Book an appointment on my website at https://dreamrealizerllc.com/. And while you’re there, take a look at the testimonials from my clients. There’s a fun adventure awaiting you – I’d love to be part of your new career as Business Owner!