Research from Henley Business School suggests one in four people are running at least one other business project alongside their main day job. This contributes an estimated £72bn to the UK economy and the trend looks set to grow.
The drive for additional income stems from a variety of reasons: from wishing to make ends meet more comfortably, to creating a nest egg, or saving for retirement.
With a blueprint for launch and operation, as well as a tried and tested business concept, a franchise can be an ideal way to access a supplemental income stream.
It can also provide a channel to experience the satisfaction of being your own boss, while not having to leave behind a job you want to maintain.
Avni Dhiman had been enjoying a career as a pharmacist in London for nearly 20 years. Not wanting to walk away from her profession, Avni also acknowledged that it was time to 'scratch the itch’ she had to run her own business. She started looking at opportunities she could pursue in addition to continuing her work as a pharmacist and juggling a young family.
She says: "Not having done anything like this before, I knew I would need help and support from the start. I could see that a franchise would give me a business-in-a-box but I had no idea what sort of business would be right for me.”
After spotting an advert for the event, Avni attended one of The Franchise Exhibitions in early 2019. It was here that childcare provider Fun Fest Holiday Club grabbed her attention. She remarks:
“I was impressed with the Fun Fest brand, team and offering. The investment level was appealing, and I could see that I would not have to give up my existing work entirely to run a franchise with them. Having young children myself, I knew there was a need in my area for a holiday childcare service.”
Avni partnered with her twin sister, Anjli, to launch Fun Fest Harrow. After plenty of training and ongoing guidance from the Fun Fest franchising team, the sisters ran their first extremely successful holiday club in October 2019.
“Anjli is an optometrist and our daughters were born three weeks apart, so we have very similar lives juggling careers and family,” comments Avni. “A franchise with Fun Fest has given us the flexible and supported business we need, and our recent target-breaking launch just goes to confirm we made the right choice!”
26-year-old accountant Kevin Donkor was interested in establishing an additional income but was clear that he wanted to continue with his day job. He needed a business which would provide an existing structure within which to work and which would not take up too much time. His research led him to pursue the idea of a franchise.
After meeting First Class Learning at a Franchise Exhibition, Kevin quickly established that the format of the business and the extensive support provided to franchisees would allow him to run a business in addition to working.
Today Kevin continues with his career in accountancy and runs a First Class Learning franchise with his girlfriend, Akosua. He explains:
“There is a lot of flexibility with how you set up and run your franchise. We open our tuition centre on Saturdays, and my girlfriend, another tutor and I run the sessions. I then spend around two evenings a week managing enquiries, ordering materials and getting work set up for the following week’s sessions.”
“It takes commitment and discipline to run the franchise but it’s certainly manageable and we have longer-term ambitions to expand to running sessions on a couple of evenings a week.”
“It’s exactly the sort of flexible venture I was seeking, and I look forward to growing our student numbers and my business!”
Using a franchise to transition out of full-time employment
With mortgages to pay and dependents relying on your income, taking a leap straight from employment to running a business can feel too risky. A franchise which can be run alongside a career until you’ve replaced your income could, therefore, be an option.
Royce Turville was pursuing a successful career in corporate sales when he and his wife Ella decided they wanted an additional income from property investment. They began to acquire investment properties but by 2018 Royce wanted to leave his job so he could spend more time with his young family. He explains:
“Ella and I absorbed all the free educational resources that were available to help develop our portfolio, but it was clear to me that we’d need to invest in professional training and mentoring if we wanted to achieve our goal of me leaving the corporate world.”
After meeting Ethical Property Partners at The National Franchise Exhibition, Royce and Ella became franchisees with the brand in December 2018 and, impressively, within 12 months had added seven properties to their portfolio. Over that time, Royce was able to reduce the days he worked for his employer and has now left that role altogether to work full time on his property franchise.
As well as allowing Royce to transition away from his day job while maintaining a comfortable income, as franchisees of Ethical Property Partners, Royce and Ella feel they’ve achieved the better work-life balance they were seeking, as Royce explains:
“We now have time to do the things we enjoy, like seeing family and friends, doing exercise and taking holidays, and I have so much more time with our two children.”
Find a franchise which suits your income and work goals
If you would like to find out more about owning and operating a franchise, or are ready to expand your business portfolio, then come to The National Franchise Exhibition on 13 & 14 March at Birmingham’s NEC. You’ll be able to meet Ethical Property Partners, First Class Learning, and Fun Fest, plus many more brands looking to expand their franchise networks. Book your free ticket using promotional code FSB1.