Home-Based Franchise Businesses you Must Learn About!
Did you know that currently one third of the Americans don’t work in a traditional 9am-5pm job? The main reason for that is the fact that the internet and technology have allowed the establishment of many different business models that don’t need a typical “bricks and mortar” type of setting, with a lot of employees and high overhead!
Did you know that you could start a business in your own home, working flexible hours, from your home-office, only from Monday to Friday (no weekends or holidays) and still make the same amount of revenue than a typical fast-food chain store?! Just think about it…if you would open a fast-food chain, you would have to deal with: leading a team of up to 20-40 employees, high employee turnover (since they would be receiving minimum wage), very low margins, having to sell tons of items just to break-even, be involved with it 24×7 (as fast food chains are open long hours every single day), and so on….How great it is to know you can make the same amount of revenue with a much lighter setting?
The typical benefits of home-based businesses are:
- Low overhead: all you need is a home-office with internet connection, and many businesses don’t require any employees, while others require just a few, letting you scale up as you need;
- Flexible hours: you manage your time and how much time you spend in the business every day. Many businesses allow you to work part-time and still make significant revenue! Also, in general these business only operate during normal business hours (Monday to Friday, no weekends and holidays);
- Higher margins: due to lower fixed and variable costs, the net margins of home-based businesses tend to be larger;
- Scalability: many home-based businesses are scalable. You can start by yourself, and as your customer demand increases, you can start hiring people and increase your sales potential;
- Lifestyle: overall, these businesses allow a great lifestyle where many times you will make more money than in a regular corporate job, but have the work-personal life balance you always desired, control when you work, when you take vacations, and so on!
Opening a franchised business with a home-based model can be a great way to achieve your dreams. Not only you can take advantage of all benefits listed above, but you also can count on a recognized brand, product, as well as training, support and marketing provided by the franchisor. Many franchised service companies have great marketing strategies and help generate leads for you! In addition there are great opportunities to develop local networking and start becoming recognized in your neighborhood (such as joining the Chamber of Commerce, networking groups such as BNI and other MeetUps).
Here are some examples of categories of franchised service companies that allow home-based business setups:
- Cleaning service companies: there are many nice residential and commercial cleaning service companies with great opportunities for new franchisees. In this business you manage a team of cleaners. You can definitely start your business from your home and if desired, after a while, open a small office where you can interview new cleaners. Most of the customer interaction is done from the web or phone.
- Education related companies: there are many business opportunities in the child education industry, such as tutoring companies and enrichment program companies. These usually have a very extensive and robust curriculum of lessons that can be sold as tutoring appointments or after-hour school classes for children specialized learning (eg. Robotics, engineering, arts, etc). Many of these companies can be managed from home, and in general require the owner to network locally with families and local schools.
- Senior care companies: some companies in the senior care space allow the owner to work from home in the first year or all the time. This is a great industry with high growth expected, as we described in a previous article (click here to read it).
- B2B companies: there are many opportunities available in this category, including digital marketing services, cost reduction services, strategic consulting, and others. Many of these businesses require the franchisee to work with prospect clients and explain the services and the value the company could bring to their operation, while the execution of the service is usually done by a group of specialists that are part of the franchise network.
- Handyman services: companies specialized in handyman services also in general allow home-based operation as your role will be to manage contractors who will come to the client’s house on an appointment bases.
Another great aspect about many of these business concepts, in addition to all that has been explained before, is that many allow generation of recurrent revenue. For example, a digital marketing service company in general locks on a bi-yearly contract with the client, meaning you will receive monthly recurring payments for a good period of time! In the cleaning industry many clients will request the service on a daily, weekly or bi-weekly bases, also creating a nice source of recurring income! With many of these companies, you can be successful and generate very good income with a not too large customer base, as most customers will be repeat.
There are many different business options available in this category and finding the right one can be confusing. Furthermore, many factors need to be taken into account in the business selection. We describe them in another article (click here to read).
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