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.
- 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.)
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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?