Passive Income Strategy: Franchise Business

I have. I’m running two outlets

• Time and effort in the initial phases would be on a higher side. If the business that you’re going for is a chef less model like a coffee business, then only the initial phase would matter to move it to an auto pilot mode. On the other hand, if its a full fledged multi cuisine business, setting up the operations, audits and consistency in what you provide will take some time. You’ll need a competent team for it -Its very rewarding. I have earned more than what I could earn anywhere. But on the other hand, if things go south you need to have the financial muscle to keep the outlet going -What this industry suffers from is hiring, attrition and dedication. These folks mostly live paycheque to paycheque and hence in order to develop their loyalty and commitment towards you, small wellfare needs ought to be taken care of. Incentives for performance, providing them timely salaries, bonuses for them on festivals, connecting with them on a personal level which includes understanding where they come from, their families, their kids. It goes a long way in developing a chemistry with them

Never ever get into a franchise till you have built a good understanding of how operation in a kitchen runs and have a location advantage. Most of the franchise give very low roi.