The flexible nature of home-based businesses often means they can keep their operations going as normal in difficult times like these. But what are the other advantages of starting a home-based franchise unit?
This is a very worrying time here in the UK and across the globe. As well as doing our best to keep our own and other people’s health in check, the state of the economy is concerning, especially for those facing redundancy in the service industry. Today, we suggest the benefits of harnessing an unsettling economic situation and using it to start your own home-based business.
Advantages of running a home-based business
Any business that does not require office, retail or industrial space can be adapted to suit a home environment, and with technological advancements meaning that the majority of the UK population has access to the internet at all times (as a result of improvements in smartphones and high-speed broadband), there is scope for anyone with access to an internet-connected device to become a franchisee.
1. Can achieve a healthier work-life balance
If you’re a parent, how many times have you had to miss a sports day or Christmas concert due to work commitments? Or perhaps you’ve had to miss out on meals with friends because of your working hours. Well, there are plenty of home businesses that allow you to strike a healthier work-life balance and spend more quality time with your loved ones, so there’s no need to sacrifice your social life when you join a franchise. This is because you won’t have a boss to answer to, so you’ll be in complete control of how you use your time.
Of course, you’ll want your business to be as successful and profitable as possible, but there are ways to put in the hours and have a great social life. As long as you are self-motivated, disciplined and skilled at time management, you’ll be able to dictate when and how often you work.
2. Avoid the morning commute
Studies have shown that the total average UK commute takes just less than an hour per day, with this unsurprisingly being higher in London (81 minutes). Longer commutes have been linked to increased stress and higher blood pressure, and interferes with us doing things that are beneficial to us, for example eating a balanced meal and getting more sleep.
3. Can work with clients from across the UK
You are not restricted by geographical limits, allowing you to work with clients from all over the UK or even overseas. Without being confined to a specific location or territory, you can decide how big or small to make your business, based on the size of your customer base.
4. Lower investment
One of the best consequences of working from home is avoiding the rental costs that come with hiring office space. Business premises can be extremely expensive, especially if they’re located in convenient spots, such as city centres.
Inevitably, some businesses rely on shared office spaces to be successful, but home-based franchises can be operated remotely. This radically reduces the ongoing investment cost, allowing you to save not only on rental fees, but also on utilities. Therefore, you’ll be able to make a return on your investment much quicker than you would if you couldn’t work from home.
This is particularly relevant if you haven’t hired any employees and you’re the only one involved in your franchise site. There’s not much point renting an entire office space if you’re going to be sat on your own there, just as you would be at home. If you do end up hiring employees, you may find that they can also carry out their job from home. Most of the time, you’ll be able to hold meetings over online video platforms and discuss queries over email, which can also save money and commuting time.
5. Choose your schedule
Many home-based businesses can be managed part-time, leaving you with plenty of time for your other commitments. But even full-time franchises can be moulded to suit your ideal work schedule. By working earlier in the morning or later into the evening, you can free up space in the day to attend family events, or even have some you-time.
Research shows it can be hugely beneficial to take some time out to get some exercise or unwind in a quiet place. What’s more, you could boost your productivity by doing this too, as you’ll likely feel energised and more awake when you sit back down to carry on with work. Read more in our ‘10 Tips For Working From Home Like A Pro’ article.
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6. Increased productivity
Being able to work in accordance to your body clock should help boost your productivity. But you’re also bound to get more done without colleagues and meetings to distract you. Away from the office politics and obligatory small talk, you’ll be able to focus on your work without feeling like you’re neglecting co-workers or being antisocial.
This point is only an advantage if you can effectively work from home without getting distracted. Some remote workers find that, with no supervision and the freedom to switch the television on, play with pets or scroll through social media feeds, they end up doing less work at home than they would in an office, surrounded by others.
If this is the case, you don’t necessarily have to turn away from the idea of working from home. There are plenty of techniques to improve your profitability. For example, plan a daily schedule and stick to it, take regular breaks and tell your family when you intend to work so that they don’t come into the room and disturb you. You could even work from a local café or park, away from the lure of the many distractions at home.
7. Less stressful
Being at home means you’ll have less to juggle. You can be there for your family when they need you, and you don't have to worry about traffic jams or leaves on the trainline making you late. And being in the relaxed atmosphere of your own home could also help you feel more comfortable. All in all, less stress should help you build a successful and profitable franchise business. Also, as a home-based business, you may feel more secure and less concerned during this amid any future pandemics.
Combine these advantages of working from home with the bread-and-butter benefits of running a franchise business, and you’ve got a very exciting opportunity.
The home-based business industry
According to the TUC, working from home is an increasingly popular choice, with nearly a quarter of a million more people working from home than 10 years ago. Government research reveals that a further four million UK workers would like the opportunity work from home, but employers are not moving at the same speed as employee demand.
Consider starting a home-based business
There are countless opportunities available to start your franchise business from the comfort of your living room, but you still have to work hard to ensure it’s a success. If you’ve been made redundant due to the COVID-19 crisis or simply want to see what’s out there, see our top home-based franchises for every investment level here.
Becky Martin, Point Franchise ©