Owning your own business can be a great way to earn extra cash or to leave your corporate job altogether and be your own boss. But before you pack up that cardboard box with the contents of your office desk there are a few things to consider about running your own small business. Will you work in an office or will you run your business from home? Will you pioneer a new product and market or will you use a name people are familiar with and a product they trust? If you are weighing this decision then you should definitely not make a final choice until you have thought long and hard about purchasing your own home based franchise business.A home based franchise allows you the freedom to work at your pace in your environment, but also to follow proven business plans and provide your customers with a product that is familiar to them. A home based franchise isn’t for everyone though and below are a list of some pros and cons to consider before purchasing your franchise.
PRO – Home Based Franchises are generally cost effective
Many home based franchises are also found under the low cost franchise category as well. This is because with most home based businesses the startup and overhead are remarkably low. Since many entrepreneurs that will run a home based franchise already have phone service, internet, and workspace in their home. The cost of building rentals, office space, and additional utilities for your business could be as simple as having a second phone line added. Also the home based franchise market can usually be purchased at reasonably low prices and many franchisers offer third party financing to help you get your business off the ground.
CON – Home Based Franchises need structure and time
The pitfalls of a home based business will rapidly entangle the busy franchise owner who doesn’t clearly develop strong divisions in their home life that allow for the hard work and focus that it takes to run a successful business. If you have trouble maintaining your home on a daily basis with children, chores, errands, etc., adding a home based business may not be the key to balance in your life. You may need to explore franchises run from outside the home. Make sure that if you are going to start a franchise out of your home that everyone in the home is aware that at times the home will become a work environment. Also make sure for your sanity that you set aside time to relax and “come home” from work so that you don’t feel like your franchise has taken over each minute of your entire life.
PRO – Home Based Franchises can be part time and then gradually grow
Many home based business opportunities allow the new franchiser the option to start as small as they desire. Whether it’s running a phone answering service for a set number of hours or servicing a select few vending machines, the small business franchiser has the opportunity to work from home while balancing a primary job or household duties without feeling the pressure to put in 60 hours a week to make their home business a thriving success. The beauty of a small business franchise you run out of your home is that the burden to create a reputable image is not on you; the franchise takes care of that. This frees the owner to approach a small business franchise with some amount of peace and comfort knowing that it can be a gradual process that still has potential to eventually provide a full time income.
CON – Home Based Franchises can require a “hands on” approach
Many home based businesses, especially those franchises that provide a service or product that is physically delivered by the franchiser will often require the franchise owner to not just be the boss but also the employee. Many home business are run single handedly especially in the beginning. If your model and goal as a franchise owner is to keep the books and manage a business, then a home based business may not be the right path for you. Most home based businesses will require from the beginning their franchise owners to “do” the work and model for any future employees or partners the work ethic and manual labor that is required to make your franchise a success.
PRO – Home Based Franchises are very personal and social
One great aspect of owning a franchise business that operates from your own home is the ability to get to know your clients and customers on a very personal level. When you work out of your home the people that are involved in your life and enter your home also enter into the world of your small business franchise. Just as you become financially invested in your business, so your relationships become invested into your business. Home based franchise owners find themselves with deeper, more personal relationships with other business owners and customers that they encounter because their business is not something they can leave at the office it is very much a part of their life.
So before you run out the door to start your own business you should definitely look into the home based franchise market. For the business man or woman that is interested in being their own boss but still desires the security of hanging onto their current job until success in the franchise world has been realized, the home business franchise can be very appealing. If you can make sure that you develop a schedule and plan for how your business and your home life can both exist in the same location, and you don’t mind “doing” the work that will make your business a success, then a home based franchise can be a great way to make a step toward the success in the business world that you have been striving for.
