If you want to leave the rat race behind, and start a business from home, you may want to become a franchise instead of going it alone. You can reap various advantages by pursuing this strategy, allowing you to build up a successful enterprise. Here are the benefits of becoming a home-based franchisee.
Choose hours to suit you
It can be hard to fulfil all of your personal obligations, such as looking after your children, when you are working in an office from 9am to 5pm. If you become a home-based franchisee, you choose which hours you work, allowing you to tailor your schedule to suit you, and giving you more time to live your life. By making your working schedule more flexible, you could strike a better work/life balance.
Cut out the commute
If you operate your business from an office, you will have to commute every day. The average commute for a British employee is a significant 75 minutes per day, leaving you with less time to devote to your personal life, as well as to making your business a success. However if you become a home-based franchisee, you cut out the commute entirely, so you can maximise your time.
Slash your outgoings
When running your firm from an office, you will have to pay for office space. However, if you establish yourself as a home-based franchise, you can cut this significant business cost entirely, allowing you to turn a profit quicker. Also you will be able to build a more flexible business, as you can hire more or less staff as your circumstances demand, but you will be restricted by your office’s capacity otherwise.
Reduce business risk
There is always an element of risk to starting a business, so you need to reduce this wherever possible, to increase you likelihood of success. One effective way is to operate your company from home, as your house is easier and cheaper to maintain than a separate business space, so you will require less investment to launch. Also it is easier to expand or decrease your workload as demand requires, as you do not have to meet office space overheads, reducing the risk of a cash flow crisis for your firm.
Specifically becoming a home-based franchisee can give you a way to reduce risk further. As a franchisee, you will enter an agreement with an existing firm (the franchisor), to sell their products and services under their brand. You will be able to capitalise on their reputation, allowing you to create an instant customer base for your fledgling venture, so you can build up revenue as soon as possible. By establishing a stable source of revenue, you will lower the risk of a cash flow crisis for your firm.
Seek expert guidance
There are various considerations, however, that you should take into account, before signing a franchise deal, so you can set up a lucrative business. You need to choose the right kind of franchise agreement for your circumstances, and ensure the contract’s terms are favourable for you, and these matters can be complex, so it pays to enlist expert guidance before signing a franchise contract. We can help here – as part of our corporate services, Turner Little provides a business and legal advice service retainer, giving you the guidance you need to become a successful home-based franchisee.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.