There’s no longer a stigma against those who work from home. In fact, 43 percent of the United States workforce works remotely, while nearly 50 percent of small businesses are home-based and generate more than $400 billion per year. Forbes says the rise of the solopreneur means increased interest in home-based franchise opportunities.
Franchising is when a franchisor grants the rights to their products and/or services to a franchisee. The two enter an agreement that allows the franchisee to use the franchisor’s methods, operations, systems, brand name and other intellectual property to grow their business. Franchisors often provide ongoing training to support the success of the proposed business model.
Home-based franchises allow you to run your business from anywhere, without the need for a physical storefront.
3 Benefits of Owning a Home-Based Franchise
Many solopreneurs turn to franchising because they don’t have to reinvent the wheel. They have the advantage of using a proven system, minimizing the risks start-up business owners often face.
So, let’s cut to the chase and talk about the benefits of owning a home-based franchise business.
1) No Rent and Less Overhead
It’s significantly cheaper to own and operate a home-based franchise business. You get to forgo having to pay rent for a brick-and-mortar site, and there are far fewer equipment costs.
These amazing benefits also mean lower start-up costs. Initial investment costs for home-based franchises range between $20,000 and $50,000, whereas regular franchise opportunities can run up to $1 million or more. It also takes less time to get your business up and running.
Not to mention, the added bonus of saving money on commuter costs like gas and parking.
2) Working from Home
This one is obvious and music to most people’s ears. There’s a reason 50 percent of millennials work as freelancers, and they do it by choice, not necessity. Being your own boss means everything is in your control. You get the luxury of flexibility and setting your own hours.
That means scheduling pesky (but necessary) service appointments like plumbing and electric don’t have to completely ruin and interrupt your work schedule. You can also say ‘goodbye’ to your morning commute; many home-based franchise owners say they get back two hours or more, saving time, money, and, most importantly, stress.
Plus, you can work from anywhere: a coffee shop, co-working space, on vacation, even on top of a mountain if you want (although we don’t recommend it).
3) More Time for Family, Friends and Fun
This is probably the biggest reason people opt for a home-based franchise: you get your life back. You can actually drop off and pick up your kids from school, attend after-school clubs or sports events, and even make it on time for family dinner every single night.
The time you get back from your morning commute and errand running means more time to spend with family and long-lost friends. Remember them? Get ready to reconnect.
Or, you can more easily get alone time. If your heart desires a weekday brunch, go for it! You can even work while enjoying it.
Tips for Success
Less of a financial investment doesn’t mean less work. Most home-based businesses are one- to two-person operations. That means you are responsible for the brunt of the work, everything from remedial administrative duties to hard labor.
Working from home requires you to be more accountable for your time. If you’re the type of person who has trouble compartmentalizing distractions, you might want to think twice about home-based franchise ownership.
Here are a few tips to keep you on track:
- Get business insurance; this should be easy to add to your existing policy
- Consider upgrading to faster, higher-quality internet
- Work with an accountant to offset expenses with tax write-offs that maximize your return, including home office space, utilities (i.e.: phone bill, internet bill, etc.)
- Keep yourself accountable by choosing specific work days and times, and stick to them
- Invest in local marketing; without a storefront, marketing is crucial
Popular Home-Based Franchise Industries
As home-based work is becoming more and more socially acceptable, we’re seeing several industries becoming more prevalent in home-based franchising, including:
- Medical Billing
- Business Coaching and Consulting
- Child Education
- Home Services
- Pet Services
- Senior Care
- Computer Repair
If you need help finding the perfect home-based franchise opportunity, you’re in the right place. Click here to begin your search on the right foot.