If you’re in the process of considering a franchise as a business opportunity and are looking for one that gives you flexibility in your schedule and low overhead, consider a home-based franchise. There are more diverse home-based opportunities today than ever. Here are a few reasons why a home-based franchise could be a great fit for you.
1. They’re low-cost to launch
Not everyone has the capital (or the interest) to open a popular hamburger franchise. Others, like you perhaps, want to become business owners without the large expense. Home-based businesses are the perfect solution.
Many cost less than $5,000- $50,000 in initial fees (compare that to the hundreds of thousands you would need for a fast food franchise), making the barrier to entry to become a franchisee very low. Note: before you sign the franchise agreement, speak to your small business banking advisor to find out what loan or grant programs might be available to help you finance your home business.
2. Home-based franchises afford you flexibility
For many franchisees, quality of life is the key driver of why they go into entrepreneurship. Being able to schedule work around their lives — and not the other way around — motivates them to find the ideal fit in a franchise. Home franchises, because they aren’t based on traditional store hours, can be operated when you want to operate them. Schedule appointments around picking up the kids or running errands. It’s up to you.
3. The overhead is incredibly low
When you remove commercial real estate from the budget, you drastically reduce the amount you spend each month on your business. And that gets you to profitability sooner. Beyond the initial franchise fees and the royalty payment you’ll pay your franchisor each month, you only have equipment and inventory, and perhaps a few employees, depending on the type of franchise. Once revenue starts coming in, more goes back into your pocket.
4. There are many interesting opportunities
Gone are the days where a “home-based franchise” referred only to accounting or medical billing services. Now you can find a plethora of home-based franchising, from property inspection to event planning, and from vending machines to carpet cleaning. Now all you have to do is narrow down your options to the most exciting one.
5. The commute is super short
Those rush-hour commutes will be a thing of the past when all you have to do is get out of bed, grab your coffee, and sit down at your desk. If you’re one of the 17.2% of Canadians who have a 45-minute or longer commute to work each day, the idea of working from home is probably a thrilling one.
And remember: just because the business is operated out of your home doesn’t mean you don’t get out and interact with your customers. There are home businesses like party planning that would require you to work out of your home office the majority of the time, but other franchises, like plumbing, would require you to drive to customers’ homes all day.
If these perks of running a home-based franchise appeal to you, start planning your next move as a soon-to-be franchisee!
Contact Jeff Thomas to discuss: 905-988-4042 x2304 or Jeff.Thomas@meridiancu.ca