So, you’re attracted to the idea of being your own boss.
Except you don’t want to risk starting a business from scratch-and unproven.
As a result, you’re feeling stuck. What should you do?
Well, you could get a job. At least you’d have predictable income coming in.
But unless it’s part-time, and/or extremely flexible, you’re going to feel tied down. And that’s not what you want at this point in your life. No way.
By the same token, you’re not afraid of hard work. Especially if it benefits you and your family-as opposed to mostly benefitting your boss, and his family. (Don’t get me started)
So, now what?
You Should Look At A Franchise
Yes. A franchise.
Now, before I take you down the franchise business path, it’s important for you to know that there’s more to franchising than donuts, dry-cleaners and dollar stores.
For example, did you know that totally legitimate franchise businesses exist that don’t require a commercial space?
In this case, I’m talking about home-based franchises.
As you’ll see, franchise opportunities that are home-based have several advantages.
Home-Based Franchise Advantages
First off, all franchises, home-based or not, have advantages. Like:
- Proven business systems
- Marketing/advertising templates
- Formal training programs
- Good technology
But home-based franchises have even more advantages.
For example, startup costs and operational costs are usually way less than franchise businesses that require a commercial space.
That’s because you don’t have to pay things like rent and high utility and inventory costs.
And as an added bonus, you may not have to have employees. And if you do, you won’t have a lot of them, and that fact alone lowers your cost structure.
What A Franchise Isn’t
It’s important to note that franchises aren’t actually “Businesses in a box,” or “Turnkey” businesses-although you’ll probably still hear those terms bandied around.
Please don’t think that you can just pay the Franchise Fee, sign a few legal documents and magically be in business.
While it’s true that most of things you’ll need to operate your franchise are included when you become a franchisee, you’re the one who will be doing the work. That includes setting your new business up.
But don’t worry. You’ll have help and support. Just not in the physical sense.
Types Of Home-Based Franchises
It’s important to realize that over 3,000 different franchise opportunities are available for purchase. That’s a lot of franchises to look at! Some are home-based, while some are not.
Here are a just few examples of home-based franchise types.
Franchise opportunities in this space physically bring products and services to homes and businesses.
For example, a vending machine franchise.
As a franchisee, you’d be in charge of opening accounts in your area and placing vending machines in them. Once they’re up and running, you’ll keep them stocked up and collect the cash. It’s a pretty simple business. The more machines you have, the higher your revenue will be.
A home office, a vehicle, and an area to store your inventory are all that’s needed to get up and running. And your hours are very flexible.
If you get big enough, you can add vehicles and drivers to deliver your products and collect your money. Maybe even family members!
By “service,” I’m referring to service-based franchise opportunities. For example, a franchise business in the decorating space-like a business that specializes in window coverings.
If you become a franchise owner of a window-coverings franchise business, you would schedule in-home consultations with area residents who have shown an interest in your services. Your job would be to come up with ideas for their window treatments, do some measurements, and secure the sale.
A few weeks later, your installer will hang up your customer’s new window treatments, you’ll collect the rest of the money, and move on to the next sale.
Important! You don’t have to know a lot about decorating. You’ll be fully trained on décor. You just need to be friendly, professional, and confident.
If you have a love for children, there are several franchises in this space.
One example, art classes for kids.
As a franchisee, you’d offer art classes as after-school programs, or for things like birthday parties of other special events.
To be sure, you need to have a love for children if you own a franchise like this. You’ll also need to be comfortable in a classroom setting. But you don’t have to always be the one doing the teaching. That’s because you can add teachers as you grow.
Finally, when it comes to your office, all you need is a computer, a phone, and a small area of your house to store your teaching materials. Your classes are always held elsewhere!
There are hundreds of different home-based franchise opportunities.
In addition, home-based franchises exist that don’t advertise on franchise opportunity websites. Instead, they use Facebook, blogs, and other social media platforms to tell their stories.
Cost And More
You don’t have to be a close relative of Warren Buffet’s to buy a home-based franchise. But you do need to have some money.
Most franchise opportunities that are home-based are going to fall into the $50,000-$100,000 range-total investment.
By total investment, I’m referring to the money you need upfront to open for business. These things include the upfront Franchise Fee, travel to franchise headquarters for training, laptop, software, marketing materials, inventory (if needed) and working capital.
Wrapping It All Up
A high-quality home-based franchise business can be a great thing.
It’s generally a low-cost venture, and there are plenty of good opportunities around. I only shared a few of them.
But like anything that requires an investment, you have to do your homework. Good franchise research goes a long way.
If you want to be your own boss, but you don’t have the time or the energy to re-invent the wheel, and you’re willing to follow a system, franchise business ownership is worth a look.
(The Franchise King®, Joel Libava is the author of “Become A Franchise Owner!” and is the Dean of Franchise Business University. He works 1-on-1 with people who are interested in exploring franchise ownership-including home-based franchise opportunities. To learn more, go to The Franchise King.com)