Interested in joining an online franchise? Perhaps you’ve grown to love remote working this year - or maybe you’re aware of the benefits online businesses can bring. Either way, starting a business from home is a great choice; let’s look at the advantages of running an online franchise business.
In 2020, businesses have discovered just how successful remote working can be. New technologies have helped companies introduce flexible work arrangements, allowing bosses and employees alike to take greater control of their daily schedules and work-life balance.
The changes made in 2020 have clearly had a significant impact on businesses, as 82 percent say they intend to continue remote work arrangements indefinitely (Whereby). Events this year have opened up a huge opportunity for would-be entrepreneurs who’d like to start a business from their sofa. Here’s why you should consider joining an online franchise.
Advantages of running an online franchise business
1. You won’t be stuck for choice
Nowadays, and particularly since the Covid-19 outbreak, a huge proportion of businesses are run from home. Business owners and franchisors have discovered just how convenient and economical it can be to forego professional workspaces, so there are plenty of options if you’re looking for an online franchise.
2. They offer flexibility
Most franchisees who work from home don’t need to stick to traditional business hours. The flexibility on offer is a huge plus point for many prospective investors; nowadays, more than two in three employees want access to a flexible work schedule (2019 UK Working Lives Report).
As long as you get the work done, you can walk the dog first thing, meet up for brunch with friends or clock off early to watch your child’s nativity. While most online franchises allow you to break away from the 9-5 routine, others offer part-time roles for a fantastic work-life balance. Either way, you’ll be able to fit your business around existing commitments, and may even find you work more productively.
3. You’ll save money
Renting business premises can be expensive - especially if you choose a high-profile location. But you can cut out these hefty expenses when you operate an online franchise business. As long as you have a laptop and a reliable internet connection, you’re good to go.
Thanks to the lower start-up and ongoing costs, launching an online franchise business is a less risky way to become an entrepreneur than starting a ‘brick-and-mortar’ business. You won’t need to generate as much revenue to cover your expenses, which should help you reach your break-even point sooner.
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4. You can go part-online if you like
If you’d like to avoid renting a business premises but start a business in a sector involving face-to-face contact, there are still options out there. For instance, running a mobile tyre replacement firm gives you the chance to get out on the road and manage your business online when you’re not visiting clients.
5. You can still hire staff
Many people don’t realise online business owners can hire employees - but it’s true. If your franchise allows it, there’s nothing stopping you enlisting the help of others who’d like to work from home. Nowadays, there’s a huge selection of handy resources on the internet, so you can keep in touch and delegate tasks easily.
Hiring staff allows you to boost your business’s productivity and profit potential. Start small and grow your team whenever you’re ready.
6. You still get fantastic business support
Any decent franchise runs events and training opportunities for all its franchisees - whether it’s an online business or not. So, even if you spend your day at home behind your computer, you’ll still have the chance to attend regular training workshops and annual conferences, and mingle with fellow investors. Having this support network available is a huge advantage for franchisees, as it’s a chance to share advice and concerns.
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The online business sector
The online business industry is booming, especially in the ecommerce sector. 87 percent of people make online purchases, and 71 percent believe they’ll find a better price for an item online. Experts predict 95 percent of purchases will take place online by 2040 (Nasdaq).
Across UK business sectors, 23 percent of businesses allow customers to order, book or pay for a product or service online. And 55 percent store personal customer data electronically (Statista). More and more companies are taking advantage of the growing demand for online services and convenience of internet software and tools.
Before you sign on the dotted line...
Online franchises can’t give prospective franchisees the chance to visit nearby branches to get a feel for the business. So, extensive due diligence is key. Gather historical financial records, ask for financial projections and investigate any red flags. Never underestimate the importance of knowing who you're going into business with before you take the leap, as you’ll need to be sure you can work well together.
There are a number of resources online to help would-be investors, so make sure you take advantage of them. The British Franchise Association website is a great starting point; it has a wealth of useful information and only works with reputable franchises, so if your chosen online franchise is a BFA member, you know it prioritises ethical practices.
You can also attend franchise exhibitions to find out more about upcoming opportunities. They run throughout the year and can be national, international or franchise-specific.
Online franchise business opportunities
Running an online franchise business can have fantastic benefits, not only for your bank account, but for your work-life balance too. In many cases, it’s even good for the environment, as you’re cutting out your commute and the extra resources you’d use in a business property, such as heating and lighting.
An increasing number of online companies are deciding to adopt the franchise model, so there are plenty of opportunities to choose from if you want to start a digital business. Point Franchise is dedicated to bringing you the very best deals in the franchising world; browse our selection of online franchise opportunities to find your ideal venture.
Alice Tuffery, Point Franchise ©