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Owning a home-based business is a dream of many.
Yet, the prospect of coming up with a practical business concept from scratch and launching it successfully can be daunting. Luckily, this is where franchising enters the picture as an attractive alternative.
In this post, we're going to explore three of the most persuasive reasons to consider franchises if you’re considering starting a home-based business.
1. Accessibility and Convenience
The first major advantage of owning a home-based franchise is the sheer convenience and accessibility it offers.
With a home-based franchise, you have instant access to your own business. And you can run your business operations from the comfort of your home, without the necessity of a separate, physical storefront.
This mode of operation cuts down, or cuts outs completely, your commuting time allowing for greater control over your work schedule, which potentially could give you a better work-life balance. Balance that’s often elusive in a traditional career.
It gets better, though. With a home-based franchise business, you get to work in an environment you control. That includes customizing and designing your workspace as you please. You truly have a space you can call your own!
Moreover, because your franchise business runs primarily from home, you may be entitled to certain tax benefits, such as deductions for the home office, utilities, and equipment. Deductions like those can significantly offset your business expenses and increase your profit.
2. Lower Initial Franchise Investment and Ongoing Costs
Many franchise opportunities require a substantial upfront investment in physical space, be it a restaurant, retail outlet, or office space. There’s certainly nothing wrong with that. However, investing in a commercial space isn’t for everyone.
Obviously, a home-based franchise significantly reduces the initial financial burden necessary when compared to a brick-and-mortar franchise operation. In addition, overhead costs (the consistent things you pay to continue running a business after it opens) are typically much lower in a home-based franchise.
More specifically, expenses related to rent, utilities, inventory, maintenance, and staffing that come with a brick-and-mortar location are either entirely removed or at last drastically cut down.
The result is more accessibility to a broader range of people. Plus, it may reduce the time it takes for your franchise business to become profitable. And that’s a good thing!
3. Proven Business Model and Ongoing Support
The world is increasingly moving towards remote work and home-based businesses, and the franchise industry is no stranger to this fast-growing trend — and it's that expertise that could pay you big dividends.
One of the most attractive aspects of franchising is that it provides entrepreneurs with a proven business model to follow. A blueprint that includes established systems, processes, and procedures to run a successful business.
Additionally, modern-day franchisors provide comprehensive initial and ongoing training programs. This training helps ensure you’re well-equipped with the knowledge and skills necessary to run your business effectively and profitably.
Further, from using their technology for maximum advantage to how to leverage their local marketing initiatives, you’ll get the knowledge you need to become a successful franchisee.
Even more, most franchisors provide ongoing support for your franchise business.
This support system is not just crucial in the early stages but also provides a cushion of sorts against any unforeseen issues and challenges you might encounter as a franchise owner.
Is a Home-Based Business for You?
A home-based franchise business offers numerous advantages that make it an appealing option for aspiring small business owners because it combines the convenience of working from home with the proven success of the franchising model.
But a home-based business isn’t for everyone.
You’ll still need to have the discipline to ignore the distractions everyone who runs a business from home faces. And as a home-based small business owner myself, I have first-hand knowledge.
The distractions I’m referring to include pets who want your attention, potential interruptions from family members/friends, and the inclination to do some much-needed household chores.
If you can focus on your business, follow the franchise system you bought, and have a winning attitude, the world is your oyster.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.