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Franchise Blog – Can I Buy a Franchise without having to run it?

 

Some people buy a franchise because they want to replace their job where they can earn a good income working for themselves. Others want to add additional businesses to their portfolios and have other people manage them.

But the question is, can you do this?

Well, only you know the answer to that so instead I am going to share with you the pros and cons of both approaches and you can decide if it’s the right direction for you.

Pros of Running Your Own Business

– Financial Savings – By running your own business you save the cost of hiring a manager for a managers salary

– Because it’s your skin in the game, you’re motivated to succeed…. usually. A manager that is hired to do a job may or may not have the same vision as you and be quite as motivated to work as hard or smart.

– You have a clear view and full control of your business. With a manager you will get second hand information and may not understand the subtle day to day activities that are affecting your bottom line.

 

Pros of Hiring a Manager to Run Your Business

– Frees up your time to work on other income producing activities or time off

– Have a second person to bounce ideas off of and take on tasks or activities that you are not strong at or prefer not to do

– Allows you the ability to open more businesses and leverage out their time. At Oxygen Yoga and Fitness, we have many owners that use the same manager to run multiple studios. This creates the ability to leverage money so that your second studio does not cost you as much to run.

 

But at the end of it all, you need to be honest with yourself. If you cannot spend a full time commitment in your business then you may want to consider hiring more staff to compensate for it. On the other hand, if you cannot afford a manager then you may want to buckle down for the first year or two and run it yourself until the business is profitable and you can have the luxury of stepping away from the day to day tasks.