Home Based Franchising - The Give and Takes
Home Based Franchising - The Give and Takes
CONS
Isolation: Some people are surprised at how isolated they feel. If you are a team player who enjoys a lot of personal interaction, a home-based franchise might not be a good fit. Of course not all home-based businesses are isolating. Some home based franchises require face-to-face calls with clients, and/or a good deal of community involvement. Some home-based franchise business models require that you manage a team of technicians who call on customers. But in the end, working from your home can be lonely.
Distractions: If you’re easily distracted, think it through. Will you be able to resist the siren’s call of the kids, dog, errands, housework, yard work, car maintenance, home repairs, personal e-mail, and Facebook? Not to mention the refrigerator. In short, your business won’t work if you don’t work.
Jack of All Trades: You will need to answer your own phone, set your own appointments, do your own filing, and fix your own stuff. Internet down? Computer crashed? Need to write a memo? Send out some brochures? Buy stamps? Create a power-point presentation? Reconcile the books? Call a client who hasn’t paid? It’s all up to you. If you have a secretary now, consider whether or not you are willing and able to handle that work. It’s not as easy as it looks, and many executives who start a home-based franchise miss their secretaries immensely.
Deed Restrictions: Some of you live in Deed Restricted communities. It is important to review your deed restrictions before opening a business. Can you park a logoed vehicle in your driveway at nights? Can you use your garage as a work area for your business? Are there other restrictions? Keep in mind that the neighbors may not be as enthused about your Home Based Franchise as you are.
Employees: As businesses grow, they hire employees or subcontractors. These folks will need to visit your home to get paid, have meetings and or receive their instructions for the next day. Do you want to have your employees sitting around the dining room table? It is something to think about. By the way, if you plan to do all the work yourself without employees or subcontractors, you are probably looking at home based self employment, not a home based business.
PROS
Lower Rental Costs: The first, and most obvious ‘Pro’ is lower cost. Owning a home-based franchise is one of the least expensive ways to have a business. There’s no rent, there are few employees, and you may already own some of the office equipment you’ll need.
Lower Investment: In addition, home based franchises usually have a lower total investment cost. Some franchise businesses let you start from a home office and then transition to an outside office as your business grows. This is sometimes known as the best of both worlds!
Fast Start Up: Home based franchises have the fastest startup of any type of franchise. The relatively simply set up allows a person to quickly move from signing a franchise agreement to operating a business.
Faster Break Even: Most people think that a fast break even is driven by big sales. It most cases this is not true. Cash flow break even is mostly effected by having lower fixed costs. Home based Franchises have the lowest fixed costs of any type of franchise. Therefore, they generally have some of the faster break evens.
No commute: Save gas and time. It’s a green solution! It also gives you more time to work. Instead to spending 2 hours each day in the car getting to work and returning home, you are able to dedicate more time to building your business.
Casual Fridays: They’re not just for Fridays anymore. If you like to work in your bath robe, you can. Just remember to change if someone is coming to meet you!
WHAT IT TAKES
Your work style is the key to success in a home-based business. Qualities that will go a long way include:
• Self motivation
• Organization
• Experience with goal setting – can you make a plan and work that plan.
• Discipline
• Self management
• The ability to handle a variety of tasks
• The ability to prioritize
• Focus.
Take an honest look at yourself, your skills and your desires. Everyone pines for a home-based business, but not everyone would actually like it if they had it. On the other hand, if you have the skills and drive, a home-based franchise is a tremendous opportunity that can help you meet all your needs!
Home Based Franchising The Give and Takes - To learn more about this author, visit Rick Bisio's Website.
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So, you think you are interested in a home based franchise. There are myriad advantages to home-based franchises, and a gamut of pitfalls. You have probably thought through many of the “pros” of working from home, so, for this chapter of your franchise education, let’s start with the “cons.” If you make it through those, you might be a candidate for a home-based franchise!
CONS
Isolation: Some people are surprised at how isolated they feel. If you are a team player who enjoys a lot of personal interaction, a home-based franchise might not be a good fit. Of course not all home-based businesses are isolating. Some home based franchises require face-to-face calls with clients, and/or a good deal of community involvement. Some home-based franchise business models require that you manage a team of technicians who call on customers. But in the end, working from your home can be lonely.
Distractions: If you’re easily distracted, think it through. Will you be able to resist the siren’s call of the kids, dog, errands, housework, yard work, car maintenance, home repairs, personal e-mail, and Facebook? Not to mention the refrigerator. In short, your business won’t work if you don’t work.
Jack of All Trades: You will need to answer your own phone, set your own appointments, do your own filing, and fix your own stuff. Internet down? Computer crashed? Need to write a memo? Send out some brochures? Buy stamps? Create a power-point presentation? Reconcile the books? Call a client who hasn’t paid? It’s all up to you. If you have a secretary now, consider whether or not you are willing and able to handle that work. It’s not as easy as it looks, and many executives who start a home-based franchise miss their secretaries immensely.
Deed Restrictions: Some of you live in Deed Restricted communities. It is important to review your deed restrictions before opening a business. Can you park a logoed vehicle in your driveway at nights? Can you use your garage as a work area for your business? Are there other restrictions? Keep in mind that the neighbors may not be as enthused about your Home Based Franchise as you are.
Employees: As businesses grow, they hire employees or subcontractors. These folks will need to visit your home to get paid, have meetings and or receive their instructions for the next day. Do you want to have your employees sitting around the dining room table? It is something to think about. By the way, if you plan to do all the work yourself without employees or subcontractors, you are probably looking at home based self employment, not a home based business.
PROS
Lower Rental Costs: The first, and most obvious ‘Pro’ is lower cost. Owning a home-based franchise is one of the least expensive ways to have a business. There’s no rent, there are few employees, and you may already own some of the office equipment you’ll need.
Lower Investment: In addition, home based franchises usually have a lower total investment cost. Some franchise businesses let you start from a home office and then transition to an outside office as your business grows. This is sometimes known as the best of both worlds!
Fast Start Up: Home based franchises have the fastest startup of any type of franchise. The relatively simply set up allows a person to quickly move from signing a franchise agreement to operating a business.
Faster Break Even: Most people think that a fast break even is driven by big sales. It most cases this is not true. Cash flow break even is mostly effected by having lower fixed costs. Home based Franchises have the lowest fixed costs of any type of franchise. Therefore, they generally have some of the faster break evens.
No commute: Save gas and time. It’s a green solution! It also gives you more time to work. Instead to spending 2 hours each day in the car getting to work and returning home, you are able to dedicate more time to building your business.
Casual Fridays: They’re not just for Fridays anymore. If you like to work in your bath robe, you can. Just remember to change if someone is coming to meet you!
WHAT IT TAKES
Your work style is the key to success in a home-based business. Qualities that will go a long way include:
• Self motivation
• Organization
• Experience with goal setting – can you make a plan and work that plan.
• Discipline
• Self management
• The ability to handle a variety of tasks
• The ability to prioritize
• Focus.
Take an honest look at yourself, your skills and your desires. Everyone pines for a home-based business, but not everyone would actually like it if they had it. On the other hand, if you have the skills and drive, a home-based franchise is a tremendous opportunity that can help you meet all your needs!
Home Based Franchising The Give and Takes - To learn more about this author, visit Rick Bisio's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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