While many franchisees plan for economic downturns,...
Working from home sounds like a dream come true for many people, and it's possible if you go with a home-based Canadian franchise opportunity. Franchises you can run from your home are found across many Canadian industries, including computer services, senior care, landscaping, educational services and marketing services, so there is plenty of variety with this format. However, running your business out of your home does come with its own set of benefits and drawbacks to consider before you leap.
All the upsides
The best part of working out of your home for most people is the flexibility. You're in full control of your hours and don't have to worry about making arrangements any time you need to run an errand.
Another popular benefit is the lack of commute to work. Not only does this take stress out of your day - with no time wasted stuck in traffic or having to deal with bad weather - but you'll also save money on gas and wear and tear on your car.
On the business side, the money-saving aspect is obvious: you don't have to lease a commercial space or build a new location from scratch. When you have a home-based franchise business, a big chunk of the initial investment is eliminated.
The clear downsides
A home-based franchise sounds easier to run, but it does have its own set of challenges. If you are easily distracted, for example, working from home can be quite difficult. Work can also intrude in on your personal life more. When your work is in your house, it gets harder to separate it from your home life.
Depending your franchise, you may need space for storage, which will eat into your living space or call for a rental space. If you need to have meetings with clients and don't want them in your home, you'll have to get used to securing and renting spaces for that as well.
One of the least-obvious downsides of working from home is loneliness, and that can creep up on you later even if you're not normally a social person. This may be mitigated if your franchise involves meeting and contacting people regularly, but be aware that this type of contact isn't the same as having coworkers.
With a lower initial investment and more control, having a home-based franchise may be the right path for you. However, you need to seriously consider the advantages and disadvantages of this type of business before you fully commit to it.