Like a lot of industries franchising is going through a digital transition. As technology allows us to communicate quicker and ensure we’re always connected, it also provides us with the ability to be more flexible in how and from where we choose to work.
Think back to why you took an interest in franchising. More than likely you would have romanticised an opportunity enabling you to earn more money, develop a better work-life balance and to have the chance to become your own boss. However, buying traditional franchises could often mean you had to work long working hours and face relentless costs. Moreover, you also had to go through the exhaustively tedious processes of renting a property and hiring staff before you could even see a penny of profit. For some, that meant being your own boss was a small mercy.
But thanks to the digital revolution franchisees are fast becoming more demanding in what they want. Franchisees no longer want to work excessive hours, give up precious family time or a substantial chunk of revenue due to ongoing costs and fees.
Unsurprisingly, this means many budding franchisees are today turning to home-based franchises.
The ability to choose what hours and days to work, whilst doing so from the comfort of your own home is a major selling point to most franchisees and rightly so.
Home-based franchises often cut out the inherent costs and hassles usually associated with a traditional franchise. Gone are the requirements to hire office or workplace spaces, along with the expectation to hire and train staff. Instead, you are expected to focus on your own performance – so what you put in, is what you get out.
How lucrative can home-based franchises be?
While the revenue generated might not be as high as traditional franchises, buying a home-based franchise means having minimal additional costs or no on-going costs, meaning the majority of revenue generated is profit for you. So, it’s likely you can be generating substantially more money working fewer hours a week when compared to the laborious hours of other franchises.
What hours am I expected to work?
Home-working franchises considerate that the majority of franchisees look for something flexible and slightly more passive than a full-time working week. Therefore, the level of input required will match this. Usually, your hours will not be dictated by the standard nine to five, leaving you to do the school run, continue with your day job or even have a lie in of a morning.
How to choose the right franchise for you
The best way to identify the right franchise is to put together a wish list of your perfect franchise.
Do you fancy working a couple of hours a week? Or does the chance to grow your knowledge and skills take your fancy? Or are you driven by financial gain via high returns?
Once you have determined exactly what you want to achieve by becoming a franchisee, create a shortlist of suitable franchises and reach out to them. Remember, that there will always be an opportunity that will provide you with everything you want, you just need to find it.
