I have discussed home-based franchises before, and for good reason. Did you know that successful home-based business owners provide at least 50% of their overall household income?
That means that some home-based business owners (Some of them franchise businesses) could be laughing all the way to their banks, while you are sitting in your corporate cubicle. That’s not funny.
Home-based does not mean you’re at home a lot. But, there are some very attractive things about the home-based business model;
- Low cost of entry
- Low inventory costs
- Low number of employees
- Faster break-even potential
- Lower rent
- Possible tax advantages
There are several myths associated with home-based businesses, and in her recent article, Anita Campbell dispelled a few. here’s one of my favorites;
Myth: Home-based businesses are short-lived.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
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- Reality: Nearly half of the homepreneurs in the survey had been in business for more
than 15 years. Just 20% had been in business for less than five years.
Home-Based Businesses Are No Laughing Matter
You should read the rest of Anita’s article over at Small Business Trends. Lots of surprises.
And, check out a few home based franchise opportunities here.
Speaking of home-based businesses, did you know that I moved my leased office space to my home in December of last year? I sure get a lot done…
(Especially when my daughter, The Franchise Princess, is hanging out in my home office.)
Utilizing the latest computer equipment with lots of memory and processor speed can improve your response time and efficiency of your home based business activities. Always purchase the best equipment you can afford and utilize features that improve your overall business activities.
Hi Amber,
That’s a great question. Airfare is certainly not cheap nowadays, and the recession has been tough on consumers wallets.
If you feel that you can offer a good value for your clients, then maybe it still could be viable. Find a cool niche.
The Franchise King®
Joel Libava
Hello – I’ve been considering a Travel Franchise, do you think with the economy that would be a wise decision? Thanks
Thank you for this! I’ve been considered starting a business from home, thinking that it would be much more profitable in this economic environment.
Kelly,
You are quite welcome. Anything I can do to support Northeast Ohio businesses, I’ll do!
It’s great to hear some expansion news from you.
Kick some butt, Kelly!
The Franchise King
Joel Libava
Joel – Thanks for the mention!
Greatly appreciated. And yes – we’re finding people joining Office Space Coworking are doing so not just to have a place to work & meet clients — but because they’re craving interaction & collaboration with their peers. In fact, I’ve been surprised – but greatly pleased – at the amount of networking that’s happening between members.
Now that we’re opening a Cuyahoga Falls location as well – I’m hoping to see the opportunities for interaction will only increase.
Hi Jim,
Thank you for including your thoughts..Yes, it is going to become more popular for home-based business owners to start getting out a little more-for some interaction.
In Akron, Oh for instance, a gentleman buy the name of Kelly brown has started a business that provides just that-a place for home-based business owners to do some work, and to share.
http://www.officespacecoworking.com/
The Franchise king
Joel Libava
Joel – I completely agree that home-based franchises have some major benefits. I’m now also starting to see the business world becoming more accepting of home-based businesses. I don’t think it’s a mainstream concept yet, but it’s well on the way. It will be interesting to see where this shakes out in a few more years.
I’m also starting to see a trend of many home based businesspeople craving a bit more social interaction, i.e – a traditional office environment. This will be a trend to watch as well. I’m sure someone is already working on something to address this.
One last note – What are some of the best home based franchises that you know of?