Home based franchises have come into their own in the last couple of years. Working from home is here to stay, so to join a sector that is on the up, here’s what you need to know about running a home-based franchise.
If you’ve developed a taste for working from home, starting your own home-based franchise might just be the opportunity you’ve been waiting for. From thriving during the pandemic period to forming the basis of future working arrangements, home-based franchises help you plan your working life around the comfort of an environment that works for you. If you’re one of the many people interested in a career change within a prosperous sector, here’s what you need to know about running a successful home-based franchise.
Why start a home-based franchise?
Home-based franchises have helped people take work wherever they want it, and with so many franchises in so many different sectors now letting franchisees work remotely, there are a wide range of different options potentially open to you. So combine your interests and take the first steps into a new home-based franchise that suits your needs.
By abandoning the office environment, productivity has increased, and employees are able to manage their work-life balance more effectively than ever before. The company has also benefited from numerous financial perks after eliminating overhead costs such as office rent and bills.
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5 tips for running a home-based franchise
If running a home-based franchise sounds like the right thing for you, here are some of our key tips for running your business.
1. Decide which franchise is for you
First of all, you’ll need to figure out which home working franchises are right for you. Whether you’ve got some previous experience in the financial sector or have a passion for tutoring, there is a franchise to suit you.
Start by assessing your own professional experience and deciding if there is a particular sector you would like to work in. For example, based on your needs, you might choose to work with a franchise such as:
- Accountant 24/7 which is one of the UKs leading accountancy firms;
- Agency Express, where you will be providing industry-leading graphics and signs to clients;
- Or Aspray where you will be helping policyholders make insurance claims where they feel they need to.
You won’t be a great fit for every franchise, but by narrowing down your interests and picking one that works for you, you’ll be in great shape going forward.
2. Understand the sector
Understanding the ins and outs of the sector you’re working in is always important. Having a good understanding of the tech trends changing the way the sector works means that when you do eventually start working, you’ll be well-placed to identify some of the ways the sector is changing and how you can position yourself to take full advantage.
3. Keep developing your technology
As the pandemic showed, you never know when you’ll need the next impressive piece of kit. So in this area, it pays to never be standing still. Whether you’re moving your team’s storage into the cloud, finding new and efficient ways to share your team’s documents remotely or are investing in new cameras, video systems and transcribing software, there is a lot of technology to keep on top of.
Even before the global health crisis hit, 92 percent of company leaders surveyed by McKinsey thought that their business model would not remain viable at the rates of digitization at that time. The pandemic just put that whole scenario on steroids. The companies that are leading the way out of this crisis, the ones that will grab market share and set the tone and tempo for others, are the ones first out of the gate.
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4. Make the most of flexible working
Both franchising and remote working help you work flexibly. While you’ll always need to be available for your clients, taking advantage of flexible working in something you’ll be at liberty to do. Speak to your franchisor about what working arrangements you can put into place. After all, if it’s good for productivity, it can be good for your business too.
5. Keep a close eye on your finances
While you won’t need to worry as much about costs and overheads as with other franchises, working in a home-based franchise still means you need to be keeping a close eye on your finances to keep things ticking over.
When you start your franchise, make sure you’re completely aware of how and when you will repay any loans you took out to start your franchise, and always ensure that you’ve got enough money coming in through the door. If possible, you could try to build up a bank of reserves to keep your business going even if things start to get tight.
Start running a home-based franchise that helps you achieve a true work-life balance
Franchising is the best way to balance all your priorities. From being your own boss and enjoying all the advantages that this brings, franchising is the best way to perfect your work-life balance. If you like the idea of running a franchise but don’t think home-based work is for you, have a look at the UK franchise directory.
Elliott Fudge, Point Franchise ©