21 Nov Franchising as a side hustle? The new money-making strategy in 2022
The circumstances of your life are likely to change over time. As your needs change, so will your goals and priorities. These changes may make it difficult to juggle various responsibilities, such as work and family obligations. Fortunately, there are ways to address these issues.
A prominent method is by adding a second stream of income to your life, whether full-time or part-time, while still keeping your day job. It can be intimidating with the thought of leaving your job and launching your own business.
Because of this, a lot of business owners are choosing flexible franchise options that don’t demand a lot of their time. Franchisers have the best chance of success when they venture into the exciting field of entrepreneurship with no fear because they know they can always rely on their lucrative, continuous careers for their necessities. Whether you’re a stay-at-home mom whose kids are back in school, or an enterprise-level business owner looking to diversify your portfolio of holdings, there are many advantages of franchise ownership as a side hustle.
What is a “side hustle”?
A side hustle is a job that generates supplemental income. While an individual might have a regular full-time job, he or she might also pursue self-employment in the evenings or on weekends in order to earn additional money.
The rise of side hustling
The recent years have shown a significant growth of so-called side ventures, micro-businesses and passive income. 42% of those people involved still appear to have a day job. However, the news isn’t all that shocking when you consider how our working environment has shifted in recent years. A 2021 report by the United Nations Development Programme (UNDP) and Talent Corporation Malaysia (TalentCorp) found that 80% of Malaysian employees prefer WFH
(Work-from-home) weekly, with almost half preferring to do so at least three days a week.
High percentage of employers plan to change their WFH practices
The realities of franchising as a side hustle
It’s a common misconception that you have to invest a lot of money and time in order to own your own franchise. Many of these side enterprises have cheap entry costs and can be operated part-time.
The truth is that many franchise opportunities offer a semi-absentee ownership model, which allows you to focus on your business while your workers take care of the daily tasks. None of these franchise possibilities call for ongoing franchisee management. It enables the owner to work on aspects of the company other than operations, such marketing and finance.
With these side-hustle-style businesses, expenses are frequently lower. Travel can be expensive, and we are all aware that time equals money. Hours spent travelling are not ideal and could be used more productively. Firms using semi-absentee ownership plans can overcome that problem. A workforce with the knowledge to manage the operational aspect of the firm may be managed remotely rather easily.
A side business is a fantastic way to supplement your income or give you a worthwhile project to work on away from your family. It’s not surprising that many side hustles turn into full-time businesses because franchise firms come pre-stocked with everything needed for success and are frequently referred to as “businesses in a box.”
Below are some examples of top-ranked franchises from all over the world that you can run as a side hustle. These ideas can be taken as inspiration for the local Malaysian context.
Top-ranked franchises ideas
1. Fun Fest Holiday Club
Fun Fest Holiday Clubs, which are Ofsted registered for children from three years old, allow children to choose from a range of different activities every morning and afternoon. Business development director Lynne Newman says: “A single Fun Fest Holiday Club can be run on a part-time basis alongside other commitments, but it can also be scaled up over time by running additional clubs and services, such as a before and after school club.”
The nature of the business and the pattern of operating periods mean a Fun Fest franchise tends to appeal to parents of young children and those who work in schools during term time.
However, they have plenty of franchisees who don’t fit either profile.
Fun Fest Holiday Club empowers children by giving them a choice about how they spend their school holidays.
Source: Encouraging Women Into Franchising
2. First Class Learning
A lot of First Class Learning franchisees are successfully running their businesses on a part-time basis, with their centres often opening once a week at weekends. They provide individually tailored Maths and English tuition. Ed Hyslop, chief executive of First Class Learning say that they are looking for motivated individuals with the desire to run their own business helping children overcome their personal obstacles in maths and English.
Their business model ensures franchisees get a high percentage of profits as their class grows. Centre managers choose the days and times that suit their venues, as well as the fee structure for their centres. Their set up also offers a great deal of flexibility based on personal circumstances and therefore a great work-life balance. Beyond the financial rewards, the hard work pays off when parents share the significance of role in helping their children reach their full potential.
First Class Learning helps children become independent learners.
Source: First Class Learning – Chiswick
Raring2go! magazine and website publishing franchisees run their business from home, which means they require low fixed costs. They sell advertising space to local businesses in their quarterly magazines and on the Raring2go! digital platform. Customers come from a broad section of the local business community, who are looking to position themselves in front of the family audience the brand captivates.
Freddie St George, Raring2go! managing director states that The Raring2go! franchisee network is composed entirely of women who looked at the business at a pivotal time in their life. For women currently facing that crossroads in their life and looking for a viable way to balance family life with a scalable business that delivers a healthy monthly income, Raring2go! is an excellent option.
Franchise of the Raring2go brand up for sale.
4. Monster Tree Service
Ranked 67th in the Entrepreneur Franchise 500 Rank, Monster Tree service offers top-notch tree and plant care services to both residential and commercial customers. Monster Tree Service Uniformed crews, highly visible branded vehicles and state-of-the-art equipment make Monster Tree Service stand out from the crowd.
This franchise is viable anywhere in the world as long as there are trees around the vicinity. However, franchise owners should be cautious in executing their operations as tree branches trimming may ruin buildings and bring harm to people.
Money does grow on trees by owning a monster tree service franchise.
Source: Monster Tree Service
5. Jan-Pro Cleaning and Disinfecting
Jan-Pro Cleaning and Disinfecting is rank 30th in the Entrepreneur Franchise 500 Rank. The initial investment only takes around $4,000 to $56,000. In 1991, Jacques Lapointe established Jan-Pro in Providence, Rhode Island. The next year, Jan-Pro started franchising, providing both master and single-unit franchises, and it has since expanded to over 10,000 units across the United States and Canada.
Commercial cleaning services are provided by Jan-Pro franchises to establishments like car dealerships, gyms, banks, churches, schools, and workplaces. In order to clean more effectively, the company’s “Cleaning Greener” project stresses the use of cleaning solutions that use less chemicals.
Owning a cleaning franchise can be extremely lucrative.
Source: Jan-Pro Cleaning & Disinfecting
RooterMan to the rescue! They are the #1 plumbing, septic and drain cleaning franchise. RooterMan offers a proven franchise opportunity for driven entrepreneurs. Consumers look to do business with brands they trust, and RooterMan has established a strong reputation as a reliable provider of plumbing services. The company has received awards and rave reviews from Entrepreneur Magazine, Bloomberg Businessweek.
They provide franchise owners with equity in RooterMan’s national brand, meaning that investments will appreciate over time. Franchisees can offer residential and commercial plumbing, drain services and repairs, and sewer cleaning to people around the area. This is a very practical business as every household and commercial property requires tons of plumbing.
RooterMan’s iconic van can be recognised from miles away.
In a nutshell
When you first start a side business, you probably work more hours and have less extra money than you did when you were only employed. You must commit this initial time and money to your side business in order to attract clients, orders, and attention in order to turn a profit. To guarantee that your clients come back again, you must also make sure that you provide excellent customer service.
A service-based firm will probably pay off more quickly than one that sells products because the costs of stock, storage, and distribution are higher for businesses that sell products. However, once a customer starts using your service, they are likely to come back for more. Here at Intellect, we offer step-by-step guides on how to obtain your first franchise business. We can provide complete business packages including technical know-hows.