Researching franchises can be overwhelming. Members of the Canadian Franchise Association include 390 franchise systems in over 60 industry sectors. It's a process to find the right fit for your lifestyle, goals, and budget. Narrowing your options down to a traditional brick and mortar system or a home based business is a first step in your decision process. With that in mind, here are the top 5 benefits of a home based franchise.
- Flexible working hours: There are core business hours to be available for clients and staff. But a home based business creates a more flexible schedule than if you are responsible for opening a store or a restaurant. There are also fewer evening and weekends. This makes a home based franchise ideal for achieving a healthy work-life balance.
- Low start up costs: A new store build or retrofit is a big capital investment, often requiring upwards of $500,000. A home based franchise is a much smaller investment, below $50,000. There is also less overhead costs for a home business - no rent, lease, or signage.
- No inventory: Unlike running a store, a service business you operate from your home means no stock, no storage, and no inventory.
- Faster launch time: Fitting out a store or restaurant takes months, especially if it's a new build. Choosing a home based system means a shorter period between signing that franchise agreement and opening your new business.
- Shorter commute: In a retail or restaurant system, you may not get a location that is near your home. The added drive time to your business cuts deeper into your personal and family life. In a home based system, it's more likely that your territory will be the community you live in. Having your home and your business in the same area makes it easier to balance all the aspects of your life.