Home-based franchises: The future of franchising?
For many, the word ‘franchise’ immediately brings to mind big box stores and fast food restaurants. While those types of companies certainly exist, it’s important to recognize that there are many other business opportunities in the world of franchising, including the ability to buy into a smaller company and operate from home.
As corporate downsizing becomes a leading trend in the world of business, more and more entrepreneurs are looking for ways to successfully run a home-based businesses. This, coupled with continuous advancements in telecommunications technology, has made home-based businesses an attractive and feasible alternative. This affordable method of expansion is a win-win situation where the franchisor is able to reach a whole new client base and the franchisee is able to operate cost-effectively from home.
To avoid confusion, let’s take a step back and answer the question “what does it mean to be a franchise business owner (franchisee)?” A franchise business is a business that operates under an existing set of quality controls and standards to expand company territory and market share. In the case of home-based franchising, the franchisees operate from home under the franchisor’s name in another location.
The benefits of being a home-based business may not be obvious for some, so let’s highlight some of the noteworthy advantages. To start, working from home creates an unprecedented level of personal freedom and occupational control. You’re your own boss, you create your own work hours and dress code, and with the right amount of ambition and discipline, you ultimately control your own success.
In many areas of ‘traditional franchising’, real estate related costs are often the largest investment required to startup. As a home-based franchise business owner, this is not the case, which means that you take less of the risks associated with starting a new company. The major legwork has been done for you; the larger startup costs have been paid for. It is also important to note that working out of your home can come with some valuable tax advantages.
One of the biggest benefits to gain from being a home-based company is the newfound time to spend with friends and family. One of the hardest parts of work is often the strain it places on personal relationships that take a backseat to the demanding world of work. Working from home gives you the power to establish a balance between maintaining relationships with the people who matter and developing as a professional.
For those beginning to consider this option, it is worth noting that a franchise opportunity providing services rather than goods, there exists additional potential to be a part of a specialized niche where there is little to no competition. This is an obvious advantage, however, it’s important to keep in mind that ‘hunting’ for sales becomes increasingly important when you aren’t operating out of a ‘brick and mortar’ institution.
The rise in popularity of franchising shows no signs of slowing down. Websites such as BeTheBoss.ca are dedicated to finding franchise opportunities for sale in Canada for large companies like KFC as well as community-based companies like Downsizing Diva, a moving and organizing services franchisor. Having considered some of the advantages of being a home-based franchisee, it should be clear that there is much more to the world of franchising than big box stores and chain restaurants. There exists an opportunity to be part of something unique and purposeful, and to do so from the comforts of home.