You may already know some of the advantages of franchise ownership, but owning a home based franchise has unique benefits that may make it a great choice if you’re looking to leave the corporate world for entrepreneurship in the new year.
Home based franchising still offers the benefits of traditional brick-and-mortar franchise ownership:
- It’s a “business in a box” with methods, products, and branding included.
- It requires an initial investment and ongoing franchise/royalty fees, but beyond that, your work controls your profit margin.
- It involves an “onboarding” and training process (so you don’t have to come in with industry-specific experience).
- There is back-of-house support from the franchisor (This may include things like billing and invoicing, marketing packages, and more).
- The support, training, and mentorship you receive from the franchisor and other franchisees are ongoing for the life of your business.
- Lots of opportunities: almost 300 industries have at least one–often multiple-successful franchise models. According to this article, franchises in one study did a combined revenue of over $1 Trillion.
You may like the idea of franchising, but burnout from years of a 9-to-5 may have you leery of going into the same building for the same hours day after day and calling that a change. Don’t worry, you have the option of owning a home-based franchise. There are numerous benefits to home-based franchises that appeal to those of us entrepreneurs who love the work, but are tired of “punching the clock” every day:
- No need to worry about upkeep and costs of a physical space: Since you’re working from home (or the office space of your choice), you don’t need to worry about the initial investment and ongoing upkeep costs of a brick-and-mortar franchise.
- Smaller initial investment: Because you are not entailing the costs inherent in owning a brick-and-mortar, your initial investment is significantly more modest.
- High earnings potential: The low initial investments that come with working from home leaves room for greater profit margin
- Freedom and flexibility: Working from home means being flexible with when you work, where you work, and how much you work.
Of course, there’s no one-size-fits-all approach to franchise ownership. Some entrepreneurs do great in a brick-and-mortar, others are just as successful working from home. The key to finding the right fit for you is knowing where, how, and when you work best. Also: don’t be afraid to ask franchisees of both traditional and home-based models what their typical day–and overall lifestyle–is like. You may find a career waiting for you that you never imagined!