Home-based Franchise: What to Know Before You Buy
With the shift of many businesses to remote and work-from-home options, owning a home-based franchise has become an enticing option for many prospective business owners. Buying a home-based franchise gives business owners the freedom and flexibility to work from home with a bigger name's pre-established status and structure. There are various options for you to own a home-based franchise, so here are a few things to keep in mind when you’re thinking about buying a home-based franchise.
No Office Space Required
One of the biggest advantages of a home-based franchise is right in the name – it’s based in your home. When you buy a home-based franchise, you don’t need to rent a building or an office space to run your business. You can run a home-based franchise right from the comfort of your own house. While you may meet with clients at their home or in a public space, most of the work you do to run a home-based franchise can be accomplished online or over the phone.
A home-based franchise also comes with much more frequent interaction with your franchisor, as opposed to opening your own home business. Your franchisor will also seek to provide guidance on the direction of your home-based franchise, as well as make important decisions for the business.
Pick Your Franchise Flavor
Owning a home-based franchise can look very different for everyone. The remote online environment of a home-based franchise can allow a variety of businesses to be run from home. Home-based franchises often run the gamut from home renovation services to vacation planning, website design, and more. The freedom of running a franchise from home gives you several options to consider when looking to buy a home-based franchise.
When choosing a home-based franchise, you should consider what kind of business you want to be working in. While many home-based franchises don’t require experience in their particular field, a business you’re passionate about can be a recipe for success. Most home-based franchises will also offer training in their field for those with less experience to get up to speed with a business.
Know the Brand
Research is an important part of any venture, especially when you’re looking into buying a franchise of another business. You should inform yourself about your options and the kind of business those franchises will bring with them. Looking up reviews of a business and doing due diligence can help you stay informed about a business before making the decision to take the dive into buying a home-based franchise.
Look over all the options and their competition in the business area you’re considering. What does one business do better than the others, and what advantages can you gain by buying a particular home-based franchise? Taking the time to learn more about a business can make a huge difference when deciding which home-based franchise to buy.
Know Your Initial Investment
Starting any business, whether a home-based franchise or your own business, always involves start-up costs. Everyone’s financial situation is different, so you should familiarize yourself with the investments a home-based franchise requires to get started. Knowing your options’ initial investments can help you make the right decision for you and your wallet.
Also do some in-depth research on what the initial investment covers. With no office space, home-based franchise investments will often include a variety of helpful tools to get your business started. Initial investments typically include equipment like computers and tablets, product samples, and covering the cost of your “protected territory,” guaranteeing an area where you’ll be the exclusive provider of that franchisor’s service.
Opportunities for Training and Growth
One of the most valuable aspects of buying a home-based franchise instead of starting your own business comes with the franchisor’s expertise. Buying a franchise means gaining access to that business’s resources, with all the training and knowledge of experts in that field. Franchise owners receive training on how to operate their business up to the company’s standards, with pre-established structures and systems for making the business a success.
Many home-based franchises offer great opportunities for business owners to grow their businesses fast. Whereas owning a home-based business may take time to get off the ground, owning a franchise gives business owners all the ingredients to make their business a success.
Why Bath Tune-Up May Be the Franchise for You
If you’re interested in buying a home-based franchise, Bath Tune-Up is a different kind of remodeling franchise that might be right for you. Bath Tune-Up is a brand under the Home Franchise Concepts umbrella, with 30 years in franchising in the home services space. This business can be ran as a home-based franchise or as a retail location, the choice is yours! Contact Bath Tune-Up today to learn more about how to join our success story.