Franchise ownership is a significant financial...
Now more than ever, people are looking to run businesses from their homes. One effect of the pandemic has been a rise in remote work, and this has touched nearly all industries, including those with franchises. If you are thinking about starting a home-based franchise but have not made the leap yet, here are four key benefits of doing so that you simply cannot ignore.
Lower initial costs
Naturally, a home-based franchise tends to be far less expensive than a brick-and-mortar location. You are avoiding major expenses such as rent, property down payments, additional utility costs and more. Many home-based franchises tend to have lower franchise fees as well. Instead of tens of thousands or hundreds of thousands of dollars, you can find home-based opportunities at $10,000 or less.
More control over your hours
Of course, you will still need to invest many hours into a home-based business to see success. However, you will have more control over setting those hours than you would with a physical location. When you have a storefront, you have to be open for set days and times because that is what your customers expect. When you are home-based, you are often setting things by appointment, which makes your scheduling more flexible.
A resilient business model
Unlike a large public space like a storefront, a home-based franchise can often continue operating in unusual situations, such as a public health crisis like the recent pandemic. This doesn't apply to all home-based businesses--health and beauty services at clients' homes, for example, may not be able to operate during a health crisis--so you can only factor in this benefit if your business could operate during unusual times.
More free time
Many people enjoy more free and family time with a home-based franchise than a brick-and-mortar location. It is important to note that in the beginning, you will likely have to work long hours to build your home-based business. However, as your business grows, you will likely be able to have more free time faster than a franchisee with a physical location.
Of course, a home-based business does have its own downsides to consider, too. Some people may struggle to set their own schedules or keep the work area in their home separate from their family space. Before you decide on a home-based Canadian franchise, make sure you are ready to handle the challenges involved, too!