Side Gig Business Ownership Expected to Accelerate in 2019

Side Gig Business Ownership Expected to Accelerate in 2019
Side Gig Business Ownership Expected to Accelerate in 2019

2018 was the official crowning of a critical new employment trend - side gigs. And we expect this trend to continue and accelerate in 2019 and beyond. Side gigs are anything that isn’t traditional full-time employment. Freelancers performing their craft on the side, temporary contractors taking extra work on, and corporate professionals also becoming franchise owners to create a safety net of supplemental income, often with the potential to eclipse their full-time career. 

The number of people with a side gig is growing rapidly and shows no signs of slowing down. Estimates show that over 15% of workers in the U.S. have a side gig. That’s over 23 million total workers. Economists state that much of the job growth in recent years have been due to the gig economy. By 2020, it’s predicted that half of all U.S. workers will be freelancing one way or the other. 

It’s important to view franchising through the lens of the side gig economy’s meteoric rise.

Not every franchise needs to be a full-time job, or your main income generator. In fact, we have many franchising opportunities that are specifically for part-time owners. In the franchising world, we call this growing model semi-passive or semi-absentee ownership. Atlanta couple Marietta and Darrin Morris chose this path when they investigated and invested in a specialty men’s hair salon concept while both keeping their full-time corporate jobs. Read more about their side-gig journey.  

Here are three reasons you should consider starting a side-business through franchising and joining the millions of people who are already working for themselves, at least part of the time:

1. Starting Slowly
Owning your own business provides a wealth of benefits. Financial opportunity, building a family legacy, and the pleasure of being your own boss, just to name a few. If you have the desire to be an entrepreneur but can’t jump in fully just yet, owning a franchise on the side is the perfect way to start off small. As your business grows, you’ll be able to nurture it and eventually turn it into your full-time gig, if that’s what you want to do.

2. Provides a Safety Net
The financial crisis of 2008 should provide a warning that it’s always important to have a backup plan. Well-paying jobs can be gone overnight, 401k’s can be decimated, and your properties can plummet in value. Unfortunately, experts believe it could all be happening again soon. Stock market gurus believed back in July that a market burst was looming, and as the stock market continues to fluctuate, it’s hard to ignore those red flags. Just as alarming are the warning signs that are beginning to predict another real estate market crash also.

It’s not all doom and gloom, however. If companies are forced to cut back, they’ll likely increase spending on independent contractors even more, as they’re cost-effective and easier to scale up and down rapidly. Owning a franchise gives you the opportunity to take advantage of this worst-case scenario. It also gives you a growing financial safety net in case your existing financial and employment plans falter.

3. Flexibility
As an entrepreneur and franchise owner, you’ll have more say so about your working hours in your business. You have more control over coordinating your time in your business with the other priorities in your life. As a semi-passive business owner, you'll be employing others and delegating responsibility so that it’s all not on you.

The key to making the side gig economy work for you is finding something that works for you. Here at FranNet of Atlanta, we specialize in working with people to find the perfect franchise opportunity for them. We’ll help you enjoy the flexibility and financial freedom of working for yourself as soon as you’re ready. Simply click here to contact us or give us a call at 770-579-3726.

Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and owner of FranNet of Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped more than 400 individuals and families achieve their dreams of business ownership. In 2017, Leslie led her Atlanta team to become the Top Achieving Enterprise Office in North America. Additionally, she was named Top FranNet Consultant for 2017.

Leslie is a guest lecturer for the MBA and EMBA programs at Emory, Georgia Tech and Kennesaw State. She is a founding member of the Georgia State University Franchise Entrepreneurship Advisory Board. Recently, Leslie added Amazon bestselling author to her list of accomplishments when she joined a collection of business notables to co-author “More Than Just French Fries” a collaborative work on successful business ownership through franchising. To learn more, please visit Leslie’s video library or contact her directly at 770-579-3726 or lkuban@frannet.com.

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