Time is a Precious Commodity, Especially When You're Starting a Business

Time, it's one of the most precious commodities we have. When you're looking to start a business - a franchise business in particular - your time is a big component of what we examine as we work together to find a good business fit for you

Today I want to talk to you about the spectrum of time needed? from semi-passive to full-time/owner operator business.

Keep in mind that no franchise business is fully absentee, unless you are a silent funding partner who gives up control to the operator you’re backing.?

Some people wonder if you can really run a business part-time? Yes you can if you're getting into a franchise that is designed to be run in that form and fashion. Keep in mind that you’ll want to validate with other semi-absentee owners of the brand to ensure it can be done.

Let's talk about some of these more semi-absentee businesses.?

Clothing Recycling Business

Most semi-absentee businesses can take anywhere between 5-10 to 20+ hours a week.??

With any of these businesses, the heavier lift is upfront once your business opens for business. So that's something to keep in mind.? Here are a few examples:?

Clothing Recycling - I have a business right now that's a clothing recycling business.? The big heavy lifter in this, essentially the most important employee is the bin itself. Yes, this is an equipment-based business. If you like the idea of owning a laundromat or self-serve car wash, you’ll want to look at this business.?

Essentially you have recycling bins that are placed in different commercial parking lots and people are putting in their recycled clothes and shoes. You pay the owners of the property rent so you can station the bins in their lots. You can also create fundraising activities for schools, places of worship, etc. for use of their lots.

These bins are actually “smart” and will notify you on an app when they’re getting close to being full. This is a big advantage, because when the bins are emptied before they’re full, bags don’t pile up in the parking lot.? So when it’s time, you can direct a part-time employee or contractor to go by and pick up the bags of clothes and shoes. In fact, the app actually will map out the route your employee should take.?

You might be thinking that you or your employee/contractor would need to sort through the items. No, not at all!?

In fact, you are required to sell the clothing as collected to companies that buy the recycled items in bulk, by the pound. The franchise has a national buyers program that many franchisees take advantage of. Or, you can find local options to sell the clothes such as thrift stores.

This clothing recycling business is a very, very simple business. You might have a couple part-time employees as it ramps up, and it's under $200,000 for the territory and 20 bins. You can add up to 60 bins in each territory as you scale your business.

One added benefit is that you can take advantage of the option for accelerated depreciation on the bins for a great income tax benefit. Be sure to check with your CPA for expert guidance on this.

Salon Suites

Another type of category of these more semi-passive businesses are ones that have a “real estate look and feel” to them. A salon suite is a good example of this kind of business. You’re leasing out a large space and you're subdividing it up as part of the build-out and you're having different business owners rent individual suites for their business.? You have people who do nails, hair, lashes, massage, etc. get their independent businesses launched.?

It’s a win-win as you’re helping the owners support their entrepreneur dreams for a fraction of what it would cost to lease their own space.

Once you get that space finished and leased out, then your role becomes more of a landlord and you have a business that runs more passively.?

Because you’re leasing the larger space these franchises are a higher investment ranging under $1 million to close to $2 million per unit.

Soccer Fields

I have another business that fits this category of having a “real estate look and feel” to them. This one is a small-side soccer field business where you typically build 6 small sided (5 v 5 or 7 v7) fields for groups to rent the field for their own use. This business attracts adults 65+ down to 3 years old and ranges in the types of soccer players from competitive to recreational. You can also lease out a food truck area to provide refreshments and food for the players.??

This business requires $500K in liquid capital and $1 million in net worth. The investment ranges depending upon how you develop your fields. For more information, go to my video that focuses on this business.

Owner Operator Business

On the other side of the time-required spectrum are owner operator businesses, which will require your full-time effort. Think senior care or home services brands.? In many of these types of franchises,? you're required to work full-time at the beginning. In fact, you will sign something with a franchise saying that you will devote full time to the business. Why, because these franchises found that these businesses need the full-time effort up-front to get the business running well. But over time, you might get to a point where you're spending a little bit less time in the business. In fact, you may be able to become a semi-absentee owner when you have the right management team in place.

If time is a concern to you, but you want to get into business ownership, let's talk.? There are way more options available then you likely realize. The key is to do your research to ensure that the business can be run on the side of your job or other business. If you work with me, I’ll help you ensure you’re validating that.

Come to my Q&A session, just scan over the QR code or go to www.bizbuyown.com.??

Keep in mind that all my services to you are always free of cost.