Do You Have What It Takes to Run a Successful Home-Based Franchise?
Do you think running a successful business out of your home is too good to be true? Think again. Believe it or not, over half of American businesses are home-based businesses. There are about 38 million home-based businesses in the US with a new one starting every 12 seconds.
Just because you’re a home-based business doesn’t mean you have to be a one-man show. 23% of businesses with less than 500 employees are run out of the home. Running a business out of your home takes the same commitment and drive as running any other business. Building a successful home-based business can be your reality, it isn’t an entrepreneurial fairytale.
Getting Your Home-Based Business Off The Ground
Typically, home-based franchises can be started with less financial resources than a brick-and-mortar business. As a home-base business owner, your home is also your office and your office needs to set you up for success. There are also marketing considerations to be made for your home-based franchise. Whether it’s sending out postcard, using social media or going to networking events, in order to gain a customer base advertising is a key component.
What it takes to succeed in a home-based business
The freedom and flexibility provided by a home business can be both a blessing and a curse. It’s great to call the shots on when and where you work. If you want to take the dog for a walk in the middle of the day or pick your kids up from school, you have the freedom to do it. On the flip side, being your own boss particularly, when you’re working from home, takes a lot of self-discipline and a little bit of creativity.
Most home-based entrepreneurs will tell you that setting a routine and sticking to it is a must. Working from home means distraction: your favorite daytime TV shows, not waking up with an alarm because it’s not like you’re going to be late for work, or the temptation to knock out a couple of projects around the house instead of calling on clients. Just because you can roll out of bed and go to work in your pajamas doesn’t mean it is a wise idea. You have to have the self-discipline to stay accountable just like you would if you were working in a corporate cubicle.
While most of us wish we had more willpower, some entrepreneurs have the opposite problem. Since they have the freedom to work whenever and wherever, they never switch their brain off entirely. They’re always thinking about the next project or the next product they’re going to launch. This drive to keep pushing harder isn’t always a positive attribute. There is research that shows that our brains need a break from running on all cylinders.
One of the biggest obstacles anyone who works from home faces is setting boundaries with family and friends. When you work from home, friends and neighbors who need help or are looking for a lunch date could become a distraction. Telling them no is tough but, this is your job, and if you don’t work, you don’t get paid.
Advantages to home-based business
The biggest advantage to running a home-based franchise and entrepreneurship is that you have the power to call the shots. If you love writing but hate spreadsheets, you can set up your business so that you spend the majority of your time doing things you love. Are you sharper in the morning and more creative in the evening? Your workflow is completely within your control. If you can’t stand working on a PC and would rather do everything with a Mac, that’s your choice.
Working from home also gives you the opportunity to create your ideal work life balance. You can take a break in the middle of the day to pick up your kids from school. You can take an occasional day off to take in an afternoon baseball game or catch up with an old friend you haven’t seen in years. You call the shots.
Most Popular Home-Based Franchise Models
One of the wonderful things about home-based franchise is that they are as varied as the entrepreneurs who run them. You don’t have to be a former corporate executive to launch a successful business from your home.
Almost anyone can find a home-based business to fit their interests and skills. Here are just a few business categories.
● Coaching and Consulting
● Home Cleaning or Remodeling
● Senior Care
● Vending Machine Supplier
● Medical Billing
● Travel Services
We Are Here to Help
When starting a business, it’s best to have a partner you can trust to guide you through the process. At FranSelect, we have decades of experience helping entrepreneurs realize their dream of launching a successful business.
Send us an email or give us a call (800-320-7679) today and our team will help you begin your journey as a successful franchise owner.