A few years ago, if you'd have mentioned that you work from home, people might have looked at you a little enviously, and possibly a little oddly - as if they're imagining that you wear your PJs all day while watching daytime TV.
But, of course, the COVID-19 pandemic has changed all of that. With stay-home orders and social distancing rules abound, people have found the true value of working from home. So, if you're looking for a change of direction, a home-based franchise might provide an escape.
For some, working from home is a luxury; for others, it's a necessity. And - as life reopens - many of us are heading back to the office.
But if you think back to the "before times," you probably remember that a fair few aspects of your working life weren't always so great.
And it suddenly feels a lot more appealing to be able to work from home.
Franchising isn't just about restaurants and retail stores. Home-based franchises are excellent business opportunities spanning a massive range of business types - perfect for those of us who would rather stay home and work.
Some of the most popular and successful home-based franchises include:
- Education and tutoring
- Senior/home care
- Cleaning and janitorial services
- Management- and financial consulting
- Marketing
- Online stores
- Home services (anything from painting & decorating to garden landscaping).
So, if you're faced with the prospect of returning to the office, and the idea fills you with dread, perhaps it's time to think about how you might earn your living from a home-based franchise.
Franchising
Home-based franchising is the common-sense approach to changing your lifestyle for the better. No more squeezing into trains, trams, or buses. And no more getting stuck in traffic.
However, building a business from scratch can be a hard slog.
When you startup, there's a lot to organize: market research, developing your service/product offering, market testing, marketing, setting up a website and social media… The list goes on - and that's before you've obtained your startup funding and tried to penetrate the marketplace.
Home-based franchises make sense as a great starting point for a new business because all of those initial tasks have already been done for you. The parent company of your home-based franchise understands their clearly defined market position; they know who their clients are, and they recognize which of their services or products resonate most with their customers.
In short, investing in a home-based franchise provides you with a pre-built business, ready to go whenever you are.
But you don't just inherit the infrastructure; you fall heir to the parent company's hard-earned reputation.
One of the most troublesome elements for any new independent business is making noise in a saturated marketplace. Without a reputation, the initial years are challenging for any new business. But, when you take on a home-based franchise, you inherit their instantly recognizable branding (offering instant curb appeal), their customer satisfaction ratings, and the parent company's expertise.
Most parent companies offer expert training - they have a reputation for excellence to uphold, after all. Some even offer business and HR support.
So, if you're looking for a way out of the rat race to become your own boss, home-based franchising could be the path to a thoroughly satisfying new career path.
Facts About Home-Based Franchises
Over half of all small businesses in the United States are home-based. There are approximately 38 million home-based businesses in the US.
Many home-based businesses are management, financial, and business consultancies. People working in these sectors usually enter existing businesses and provide an outside eye on business structure and operation. From this initial observation stage, consultants prescribe a list of productivity changes that help the business save money and improve operational standards.
Financial consultants are often accountants, working from home and providing their services virtually. Their "main street" is the internet, giving them a broad customer base because their work is not location-bound.
The other end of the home work spectrum covers a range of different job roles. These include home help, tutoring, and more manual-type functions such as cleaning and laundry.
Working from home requires an element of discipline. For some, it can be difficult to divide their work life from their home life, while others find that there are lots of distractions at home. So, before you consider jumping in with a home-based franchise, make sure that you're the type of person who will thrive in this freer environment.
Franchising Vs. Independent
As mentioned, starting up any business requires startup collateral - and franchises are no exception.
Home-based franchises require an initial investment from around $5000, upwards to $100,000. Most people don't have that type of money in their back pocket, of course, which is where the role of banks and moneylenders comes in.
Of course, banks and moneylenders don’t just hand over money - you have to apply for it, and they’ll consider your application. Luckily, the vast majority of moneylenders consider the franchise model a lower financial risk than independent companies starting up without the support of an established partner.
Banks value the franchise model because the business comes armed with a history of profit, sustainability, and growth. Franchises are successful businesses that have proven their scalability, so they pose less risk on financial return for lenders.
Independent businesses, on the other hand, pose a much greater risk when it comes to financial return. Firstly, they have no evidence of market viability - their business model has not been road-tested, and they lack proof of past profit.
Franchises, of course, have proof of concept right from the start - inherited from their parent company.
Franchise businesses tend to hit the ground running when they start up - they benefit from the established reputation of their parent company. Customers know what they're getting with a franchise - they already know and love the service or product, making initial market penetration much more straightforward.
Things are much more challenging for independent companies who start up without a reputation, and many fail to penetrate the market in competition with their established competitors. Unfortunately, almost half of all independent companies go bankrupt within their first three years.
Franchises tend to prosper from the moment they “open their doors” to the public.
So, if you're looking at the type of lifestyle change that makes home working a possibility, then explore our range of excellent home-based franchises.
Home-Based Franchises
Check out Franchise Direct's excellent choice of home-based franchises, and escape the rat race once and for all.
Find your brand new start with Franchise Direct.