Should You Start a Home-Based Franchise?
If you’ve been researching career opportunities beyond the traditional corporate environment, you’ve probably done some research on work-from-home opportunities. You could be a freelancer or a contractor. You could start your own business. Or, you can invest in a home-based franchise.
Benefits of a home-based franchise include:
- Low-investment (and high-margin) compared to most other options in franchising or traditional startups
- Variety of fields/industries to choose from
- Instant brand/name recognition and a proven business model
- Franchisor support and mentorship
It’s not as simple as it sounds. Entrepreneurs that start a home-based franchise can find more than they bargained for legally, financially, and emotionally. That’s why it’s important to perform your due-diligence during the discovery stage, and ask as many questions as you can when you’re learning about a home-based franchise opportunity.
There are many options. The key is determining your budget, your values, your goals, and your priorities— and finding a franchise that fits.
You’ll want to choose a home-based franchise whose work is something you’d be motivated to do fulltime, and remain focused on with ease. Working from home can be an adjustment, so make sure you have a distraction-free workspace or home office ready for your first day on the job. Be prepared to treat your home-based franchise as a career, not a special project or a side hustle.
Here are some good self-discovery questions to ask yourself when considering starting a home-based franchise:
- Am I willing to work long hours while I’m establishing my business and gaining a customer base?
- Do I have an area for a home office, or a distraction free zone where I can get things done?
- Am I organized?
- Can I stay motivated in the face of fatigue, uncertainty, or disappointment?
- Am I financially prepared to invest in a franchise? Will my savings allow me and my family to live comfortably until my franchise becomes profitable and well-established?
If you’re ready to make the leap, it’s time to research your options. Figure out what the zoning laws are for where you live, and what type of businesses you can run from home. Then find out what’s out there— we suggest Franchise Gator and Franchise Solutions to get the fundamental information about the franchising options out there.
Once you’ve got your list, it’s time to narrow it down to the business you would most enjoy doing, and the work you could likely do for long hours in the early stages of your franchise. When you’re talking to those companies:
- Find out what the options are for your budget
- Talk to current and former franchise owners
- Ask if there are options in your area
- Find out their values, and how they realize them in their business model and culture
- Find out what your time commitment will be at various stages of your franchise development
- Ask how long it takes for a franchise to become profitable, and what a franchise owner for that company does in the meantime
There are plenty of fish in the sea when it comes to home-based franchise opportunities. At InXpress, we offer our franchise owners big opportunity for growth and margin— while respecting their work-life balance. Want to know more? Talk to our team or find out what our franchisees have to say. Wherever your search leads you, we hope you’ll find career freedom and fulfillment as a home-based franchise owner.