Friday, May 10, 2024

Why are home-based franchises trending and popular?

home based franchises

During the coronavirus pandemic, many companies – and subsequently millions of employees – were forced to work from home. People adapted quickly, with many of those who had previously turned their noses up at remote working enjoying the freedom it provides. If the events of the past year have made you rethink whether your job is right for you, why not get involved in a home-based franchise?

The COVID-19 pandemic is one of the reasons why home-based franchises are popular today, but there are many others, too. So, let’s take a closer look at home-based franchises and why they’ve grown in popularity below.

What is a home franchise?

Before going into more reasons as to why home franchises are becoming ever more popular as a working trend, it is important that you fully understand what one is and why working from home is becoming more popular than ever.

A franchise can be defined as a business that is allowed to function independently as a subset of a much bigger and commercially established company.

A working example of this is a car dealership. Your local BMW dealership is a BMW franchise. It is allowed by BMW to sell its cars but is allowed to do so as its own company. It does not report directly to BMW, nor does BMW pay its employees. It runs itself sufficiently. Often, a franchise does pay a percentage of its profits back to the franchisor for its use.

This means that a home franchise – simply put – is a franchise just like this. The key separating feature however is that a home franchise runs from the comfort of one’s home, rather than business premises.

Home franchises make for smaller monetary investments

One key reason as to why home franchises for sale uk have flourished is that they need a much smaller monetary investment fund than say a new business. You can work at home rather than having to buy or rent, and then decorate your business premises. This means that it is less of a risk for those who are new to this sector, as less money has been tipped in. It also means that when your home franchise truly gets up and running, it will take a shorter period of time to be able to earn back the money that you initially invested. Not only this but there will also be a shorter waiting time before you can say that you have managed to turn a profit on your home business.

You are your own boss

By investing in a home franchise, you are in essence becoming your own boss. With this responsibility come many perks. For example, as your own boss, you are able to schedule your own working hours. For example, if like Garfield you hate Mondays, you could choose to have this day off if you wanted to. This makes a home franchise ideal for stay-at-home parents right across the country. It means that you can find the time in the day to do the school run, the food shop, and the cleaning whilst still having the necessary working hours required to put food on the table. As your own boss, you are in control of your own wages (after the costs of running a home franchise have been taken into account). Being your own boss also removes the need to interact with or report to an overbearing boss – as you are your own boss!

Home franchise figures and success stories

Another reason as to why home franchises are trending and popular in today’s world is due to the success stories and figures from the lockdown have been – and still are – emerging. For example, our own research has recorded that 52% of UK businesses are not founded in London, Birmingham, or Manchester as one might expect. They are actually being set up right inside of people’s own homes. This means that it is not quite as impossible as one may have previously thought to set up shop with their own home franchise. With the success stories of others flying around out there, it is easy to find someone who was in the same sort of situation as you are now who has set up their own blossoming home franchise. This means that advice is more readily accessible for those of you who are on the fence about the whole process. However, it is wise if you undertake it to do so with a note of caution at your own expense.

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