The benefits of a home based franchise
Home-based businesses are among the most popular franchises for entrepreneurs looking to improve their work/life balance for good. A huge variety of businesses can be operated from the comfort of your own home, and using your property as an office has many financial and practical benefits. A good choice for mumpreneurs and anyone else looking for a more flexible working setup, the home-based franchise can help entrepreneurs to change their life as well as their career.
The popularity of the home-based franchise is part of a wider movement towards more and more people working from home. Around 1.5 million Brits now use their property as their office, a figure that’s up by around a quarter of a million in just a decade. Although many of these workers are self-employed, a significant number of employees are also working from the home office at least a few days a week.
To help you decide if a home-based franchise is right for you, we’re taking a closer look at the types of franchises available and the various benefits that they offer.
Home-based franchises appeal to investors because of the specific benefits they offer. From affordability to flexibility, this type of franchise has a number of unique selling points to boast about.
Set-up and running costs
For many entrepreneurs, the most important benefit of home based franchises is affordability. Businesses that are run from offices or retail premises can be very expensive to set up as the franchisee will need to hire or buy the space required. In some cases, they may even have to commission and build a commercial property for their new enterprise.
All of these office and retail spaces need to be furnished and equipped with computers and other relevant technology and staff have to be hired to man the operation. As well as these initial expenses, franchisees will need to budget for running costs like gas, electricity, building maintenance, cleaning and water when working out their company finances. Although these costs can prove to be insignificant if the venture is a success, they can be a real burden to a business that’s still finding its feet.
A home-based franchise, however, needs no such investment. As long as the franchisee has a computer and an internet connection, they’ll be able to work with clients and suppliers and take care of their marketing, brand awareness and customers service. With such a low-cost set-up and minimal running costs, it’s easy to see why home-based franchises are so popular with investors.
Flexible working hours
Another important reason for many investors choosing a home-based franchise is the increased flexibility that they offer. Although some franchisees may need to be at their computer from nine to five Monday to Friday, in most cases franchisees who work from home can largely make their own hours. This can be a real benefit for mumpreneurs juggling childcare with forging a career, and can help those with other demands on their time to start a business of their own. If being your own boss and being in charge of your own time is a motivating factor in your career change, a home-based franchise may offer the best chance of achieving the work/life balance you’re after.
Saving on travel costs
Brits now spend more time and money commuting than ever before. The average UK employee now pays out £146 a month travelling to work every month. For workers commuting into London from outside the capital, the costs are even higher, with the average person paying a staggering £387 just to get to the office. As well as paying a huge amount on getting to work, Brits are also now spending over a year of their lives travelling to work, with most people predicted to waste around 400 days going to and from the nine to five.
This time and expense can take a real toll on both a person’s finances and their well being and is often a major reason behind an investor choosing a home-based franchise. The time and money that you save on your commute can instead be channelled into your business, allowing you to improve your work/life balance and boost your finances in the process.
For the financially minded, another important consideration is tax. When you work from home you can offset a proportion of your household expenses through your business. This can include a percentage of your utility bills and you can even charge yourself rent for the use of your home office. Working with an accountant will ensure you get maximum tax benefits while staying on the right side of the law.
Types of home-based franchises
Home-based franchises are available across a wide choice of industries, ensuring there’s an opportunity to suit all potential franchisees.
Accounting and financial franchises
Accounting is a popular choice for entrepreneurs looking for a home-based franchise. Often, the people who invest in accounting and financial franchises already have experience in the area and are looking for ways to boost their earning potential while increasing their flexibility.
In many cases accountants only need a computer and an internet connection to run their business. Meetings can take place in hired spaces and at the clients’ offices, allowing franchisees the freedom to work from home.
Travel & leisure franchises
Travel businesses are another common choice for home-based franchises. Travel agents can easily search for flights and hotel deals, communicate with customers and work with hotels and resorts from the comfort of their own home. This allows them to minimise their overheads and maximise their potential for profit.
Digital media & photography franchises
More and more people who are involved with digital design and development are choosing to work from home. Web building, app design and other technical services can all be done remotely with work emailed to clients at intervals to keep all relevant parties informed. Technology is making this type of collaboration easier all the time and making it increasingly possible for entrepreneurs to run a fully fledged digital design or development business from the comfort of their own home.
Business services franchises
Business advising and consulting is another area that lends itself well to the home-based franchise. In general, franchisees will need experience in the relevant area before they can buy into a franchise and set themselves up as an advisor or a consultant. Once they do, they’ll be able to offer business services via their computer or telephone, providing companies with the expertise that they need to thrive.
How to invest in a home-based franchise
If you like the idea of being your own boss, minimising your overheads and maximising your flexibility, a home-based franchise could be the perfect choice. To find the opportunity that’s right for you, take a look through the franchises on our site. Look for businesses that suit your skillset, your geographic location and your finances and then get in touch with the franchising brand to find out more. Start your search today and you could be joining the growing number of home-based workers before you know it.