If you want to start an absentee owner business and need ideas to get started, welcome and take a seat. Every day, the way people do business changes, and new initiatives and methods come up. Sometimes, you might have the capital to run a business but lack the time and/or expertise for the business. For these reasons, you might decide to go into the absentee business industry.
When it comes to doing business, there are no limits to what structure or style one should deploy.
The most important thing with business ideas is that they are fruitful and have the promise of being profitable.
They also have to be ideas that are realistic and which you have the means and experience to see to sure success.
However, there are times when a business idea you want to pursue or that is highly profitable is not around your community.
You might also be currently holding a full-time job that is time-consuming and doesn’t allow you to manage the business.
It might also be that you see the opportunity with a particular business idea, have the capital to run it but have little or no knowledge about it.
In such situations, you can do what we call an absentee owner business.
In this article, you will learn what an absentee owner’s business is all about.
You will also see some of the benefits of this kind of business idea, and why it is important.
Also, there will be a consideration of some profitable business ideas for an absentee owner.
First, here is an introduction to the absentee owner business to help you have a good understanding of this.
Absentee Owner Business Ideas – What is an Absentee Owner Business?
While little reference has been made to what this kind of business is above, here is a definition to help you fully understand it.
An absentee owner is someone who owns a business but does not personally manage it or does not live in the community or place where the business exists.
It is just as the name implies; being the owner of a business and at the same time absent from the operations of the business.
That doesn’t in any way mean that the owner of the business does not have a say in what happens in the business.
On the contrary, he/she owns the business, and every major decision on the business operations runs through him/her.
However, there is another person hired as a manager for the business, and the owner is not present in the place where the business is set up.
Therefore, for an absentee owner business, you as the investor(s) in the business do not have a hands-on experience with it, but rather hands-off.
In the real estate industry, for example, an absentee owner owns a property but does not live it or manage it.
Instead, they might get property management agencies to do this.
This is an example for one industry, but the principle applies to other industries and the meaning of what an absentee owner is in business remains the same.
Absentee Owner Business Ideas – Benefits/Importance of Running an Absentee Owner Business
Like earlier mentioned, different options and ideas are available when it comes to running a profitable business.
When choosing which one to explore, there are no hard and fast rules on this.
Instead, all you need to do is consider the pros and cons and decide on which one is the most profitable for you given the circumstances.
Given that, let us take you through some of the benefits or pros of going into an absentee owner business.
After that, you will also see some of the challenges that this might have and how to deal with them.
Some of the benefits are:
You Can Keep Your Full-Time Job and Have Another Source of Income
For businesses whereby you need to be present and take full control, it might be hard to combine this with a full-time job.
Because of this, you might need to leave or resign from a full-time job to effectively run your business.
Even if you do not plan to do this, if the business is in another location, you will need to move.
And therefore, you have no option but to let go of the job.
If you are a professional who loves your job and still wants to own a business, then an absentee owner business is the right choice for you.
For this type of business, you do not need to be present in the state or city where the business is set up.
You own the business but have people in place to take charge and manage the business while you attend to other things.
Your input or contributions to the daily operations of the business is minimal, and hence you can still hold on to a full-time job.
It Allows You the Opportunity to Use Your Time for Other Things
Time is of the essence for a businessperson, you would agree.
If you have to manage a business where you need to be hands-on, then this is going to take a great deal of your time.
You might spend a lot of time managing and directing everyday affairs, and have little or no time for other endeavors.
With this business model, you can even have the opportunity to start and own another business or two.
You simply put people in place for the smooth running of the establishment while you have the time for other things.
That is also another benefit of running or going into an absentee owner business.
Absentee Owner Business Ideas – It Gives You Freedom
Can you remember how many times you’ve wanted to go on a vacation or enjoy recreation and you cannot?
Probably you have to be present at work and attend to every little matter arising in your business establishment.
That can be denying you the freedom you need to enjoy relaxation, recreation, and other fun activities.
Now with an absentee owner business, you have the liberty to spend your time the way you wish.
You have the freedom to spend your time on more fun activities, without having to be at work or be actively managing.
You Don’t Lose Profitable Business Opportunities
Another benefit of running with an absentee owner business idea is that you take every opportunity available to you.
Sometimes, the best business opportunities open to you, or the most profitable might not be around your area or community.
Moving from your present location to that place with the opportunity might not be feasible.
What do you do in such a situation?
The solution is simple.
You can set up a business in the community and put people in charge to manage, while you remain in a state or city that you love.
Talk about enjoying the life you want and also making money at the same time.
That is one thing that owning an absentee owner business does for you, and what makes it a profitable business idea.
Absentee Owner Business Ideas – Some Major Challenges with Absentee Owner Business and Solution
Every business endeavor has challenges that need the attention of someone aspiring to go into it.
And an absentee owner business is no different.
While there are many benefits and advantages for this business type, which makes it important, there are some downsides.
Some of these are:
Not Having Full Control Over the Business
When you own an absentee owner business, you are practically leaving your investment and the chances of success of the business in someone else’s hands.
While this does not mean that you do not have any say at all in the business, but your input as it relates to daily operations is limited.
Therefore, if you are a business owner who always likes to be hands-on with your businesses and investment, then you might find this type of business difficult.
Also, if you like to be in full control of everything about your business establishment, then you will face this challenge with an absentee owner business.
However, one solution to this is to put your business in the hands of someone you know who is industrious.
It might also help to let someone you have a personal relationship with manage the business.
That way, you can rest assured that your business is managed by someone who cares about it.
Not Getting The Commitment You Want from Employees
It is a clear-cut fact that a business that you put into another person’s hands will not get the same level of attention, effort, and commitment that you will give it.
As the business owner, idea owner, and investor in the business, you feel the pressure for the business to do well more.
The individual you put in charge, and other employees are simply employees who are mostly working to get paid.
Hence, if you are not actively present and involved in the daily running of the business, you might not be getting the input you want.
However, the solution to this is still to ensure you get the right persons to work for you for an absentee owner business.
Absentee Owner Business Ideas – Risk of Theft and Scam
For a business where the owner is present and involved daily, there might still be cases of theft from employees.
How much more, then, is a business that the owner is absent.
The risk of employees stealing from you and scamming your business is even higher.
Nevertheless, this is not a reason to get discouraged from running or owning an absentee owner business.
You can ensure you put in place a proper system and structure to check and balance all activities going on in your organization.
Additionally, you can visit unannounced now and then, and perform an audit of your business.
You can also ensure you have a stringent recruitment process that focuses on hiring people with integrity.
All these are practical measures you can take to handle the challenge of workplace theft in an absentee owner business.
For everything that has advantages, there must be some downside to it, and an absentee owner business is no different.
However, instead of shying away from the idea, given the many benefits it has, you can always look at the positives and take the solutions we recommend.
Will Absentee Owner Business Ideas Be Relevant in the Future?
Owing to the many advantages of this business type, you can be sure of its relevance in years to come.
People are becoming more attuned to multiple sources of income by the day.
Even if you have a well-paying job, you are still looking for ways to multiply your income through other means.
And that is where starting a business comes in.
With the flexibility that absentee owner businesses afford you the owner, it gives you great convenience to pursue.
Not only that, with this business model, opportunities can be taken anywhere without having to bother about location.
And with the way the world is going digital and with technological advancement supporting remote working, the possibilities are just endless.
You can be confident therefore that these business ideas for the absentee owner model have come to stay and will always work.
Absentee Owner Business Ideas – 10 Profitable Ideas You Can Run With Right Away
If you have been thinking of starting an absentee owner business and need ideas for this, then you have struck gold today.
Irrespective of where you live or the environment you find yourself, there are certain absentee owner business ideas that are highly profitable.
These ideas have been researched properly and found to be of low risk for businesses that can be managed with the owner absent.
Here are a few of the most profitable absentee owner business ideas for you:
For some time now, the ride-hailing business has been in vogue, and it continues to grow on a daily for obvious reasons.
People are becoming more and more interested in convenient yet affordable means of transportation.
And little wonder then that a lot of ride-hailing businesses are springing up daily.
Aside from the high profitability of this type of business, another beautiful thing about it is that it is a great absentee owner business idea.
You can comfortably run this type of business from anywhere you are in the world at any location of your choice.
You can hire drivers for some car-hailing companies, and also provide cars for them to drive.
All you need to do is agree on a payment structure with your “employees”, and still do what you want to do anywhere you want.
Some of these ride-hailing services are Uber, Easy Taxi, Bolt e.t.c.
If you are looking for a highly profitable absentee owner business idea, then this might just be the one for you.
Absentee Owner Business Ideas – Real Estate Business
Another business idea for an absentee owner that has low risks and high profitability is the real estate business.
It is equally not surprising that this business is quickly becoming a go-to business for many people today.
If you want to stand out, you can go into the real estate wholesale business.
This is the business model whereby you buy properties from the owners and then re-sell to a buyer, and make a profit on it.
You can effectively run this kind of business in any location you wish, without you being there.
So, if you have the money to invest, you can try out this absentee owner business idea.
Print on Demand Business
This is another business idea that you can run with and make money from even with little expertise and/or absence from the place your market is.
For this business, you simply need to make designs of different items such as clothes, t-shirts, face caps, bags, e.t.c.
Once the digital designs are ready, you then post them online and list them for sale.
It is only when someone indicates interest in the product and commits to it by making payment that you spend money on printing.
That is why it is called a print-on-demand business.
This is equally a low-risk and profitable business idea that can be owned in absentia.
With great emphasis on healthy living and fitness today, this is equally another field that you can explore for an absentee owner business idea.
Just as the requirements of this business model are, you do not necessarily have to be there for you to make it work.
You do not need training as a fitness trainer to own the business.
All you need to do is conduct a market survey to see where it is most profitable.
Once you’ve done that, then you can hire a manager and a professional fitness trainer to be in charge.
It has low risks, does not demand your presence for it to work well, and has good returns as well.
The rental business is another field that still has big potential for expansion and has great profitability.
This involves buying items or materials that people need often, especially during occasions like weddings, parties, get-togethers, e.t.c.
You can have items ranging from canopies, tents, chairs, wedding gowns, bouquets, cutleries, cooling vans, e.t.c. for rent.
For this business idea, you do not necessarily have to be present for it to work well and fine.
At best, you only need your capital investment, and capable hands to manage it, in terms of promotion and maintenance.
Talk about a business where your money works for you.
Warehouse Facility Business
A warehouse facility is equally a storage facility where people can store items for a period of time.
It might be small boxes, containers, or even an open space, where people can keep items secure.
As with the other ideas so far mentioned, this is equally a great one for an absentee owner business because you do not have to be there for it to function.
All you need is the place, make it secure, and put someone in charge.
A logistics company in this context works in almost the same way as the ride-hailing service.
The difference is that this time, you are not transporting people but doing delivery of goods.
You can do this with motorcycles, cars, or trucks, depending on your startup capital and your target market.
This is yet another investment that can be set up, managed by someone, and you follow up the progress from afar.
Because of how sensitive the logistics business is though, you will need to get capable hands to help manage this.
Office Space Rentals and Leasing
Another absentee owner business idea that you can explore is renting or leasing out office space.
This is more or less like the real estate business, only that this time around you are not selling the properties outright.
To get the best out of this business endeavor, you need to do a proper market survey to determine where the opportunities are.
You can target communities with growing entrepreneurs who cannot afford to buy office space.
You can give out this space on-demand or short-time basis.
Additionally, you can have conference rooms that you can rent out as well to those who might need to use them.
This business does not need your physical presence as well to function properly, and hence it fits the bill as an absentee owner business idea.
Car Washing Station
You can also invest in a car washing station business if you want to run an absentee owner business.
This equally requires picking the right spot and putting someone in charge and some employees to do the washing.
These need just little training to get a hand on the job.
You can be anywhere you want and this business runs smoothly.
A movie theater is another profitable investment opportunity for an absentee owner business.
If you know of an area where people always like to hang out in the evenings and weekends with a movie, then take this opportunity.
You can also give the management of this business to someone, even while you are away.
Conclusion – Absentee Owner Business Ideas
There you have 10 highly profitable absentee owner business ideas for you to choose from.
These are businesses that have great potential for growth and revenue generation.
And the best part: you can own them without having to personally manage them or even be present in the location where they are set up.
That means you can increase your income and do that with great convenience as well.
Why not check through that list once again and see which of these business ideas you want to start with today?
With the right strategies and planning, you will only reap rich dividends from it.