The COVID pandemic has irreparably changed nearly every aspect of our lives. While some of the things we have implemented, like wearing masks, will hopefully be a thing of the past, other novel ways to do something are probably here to stay. Although there has been a lot of negativity and fear that accompanied the COVID era, some good things have happened.
Workers worldwide have found new ways to earn money from home, and they are flourishing. With so many ways to communicate, an office, for many industries, might be a thing of the past. If you are looking to work from home and get ahead financially by doing so, then an at-home franchise might be the best option available.
It is tough to tell how deep the fallout will be once the pandemic has run its course. What we are already seeing is a rise in job instability with the potential for an economic recession quickly following. For those with an entrepreneurial spirit looking to find job security and build wealth, a business franchise that you can operate via the web is not only a safe choice but also a lucrative one. Owning a work-at-home franchise will also provide you a flexible schedule and limitless growth potential.
Working Moms Find Security at Home
According to the latest statistics from the U.S. Census Bureau and Federal Reserve, nearly 20% of work-aged people reported the reason they were no longer working was due to child care arrangement interruptions due to COVID-19. Once more, women are three times more likely to be out of work due to childcare needs. So for women, the potential of an at-home franchise business is really attractive.
And although opening a business in a pandemic might seem like a risky proposition, what we have learned is that life is risky all the way around. And if you want to open your own business and not be beholden to an employer who can quickly fire you or lay you off, then a franchise is the safest and least risky choice there is.
"A confident woman, a woman who truly knows her worth and her power is a force to be reckoned with." -Mandy Hale
At-Home Franchise Businesses - Strength of the Segment
When it comes to owning a traditional business versus a franchise-owned one, franchisees enjoy many benefits right out of the gate. The most significant advantages are:
Lower Start-Up Fees and Low Overhead: When you own a franchise and operate it from home, there are no expenses related to renting an office space. Additionally, other overhead costs like heating and air, and electricity are already paid for. And when it comes to at-home franchised owned businesses, they typically require less working capital and lower entry fees than other franchises types.
The only expense you want to be mindful of is taking out business insurance to cover your home office and its contents. You may also consider upgrading your internet or wifi speed if it will be a critical component of your daily operations.
Flexible Hours: Unlike being an employee, when you own a business, you can choose which hours you want to work. Although to be the most successful, you should set your business times at the same time daily to stay on task. The real advantage is that you can run errands and make appointments when you need to; you get to decide your schedule. And since you work from home, if you have work that you didn’t finish earlier on, you can do it in the evening.
Family Life: When you work with an at-home franchise, you get to spend more quality time with your children. Because you have more flexibility with what hours you work, you can pick them up and take them to school without rushing or being under the gun to be somewhere. One of the hardest things most people find to do is balance their work and life. Working from home gives you more liberty to work around the things that are important and meaningful in life.
No More Commuting: People rarely think about how much it costs both in productivity hours and transportation going to and from work. The money you save from staying at home will probably be a considerable shock. Also, there is no rushing to the office, sitting in traffic delays, or needless time waiting at stoplights. On average, when people switch to work from home, they save as many as two hours spent commuting. That is a considerable amount of time that you can make better use of both professionally and personally.
Tax Advantages: When you work-at-home, you get to take certain tax write-offs through your business. Things like your utilities, mobile phone, and other business expenses can be itemized and deducted from your taxes. Make sure to work with an accountant to reap all the benefits possible.
Saving Money: An at-home franchise isn’t just about lower start-up costs, and more hours working with time off; you don’t have to spend money on things like eating out for lunch. And since it doesn’t matter what you wear when you hit the office, there aren’t expensive clothes to buy. So not only will you be expanding a business and creating wealth, but you will also be cutting expenses and saving money.
Three Types of At-Home Franchise Business Opportunities
The key at-home business franchise opportunities that will have the most success for the future have minimal, if any, overhead costs and limitless scalability. Those looking for a lucrative startup without the traditional startup risks and capital necessary should consider these three franchise types.
B2B Model Franchises: Consulting and coaching are excellent types of at-home franchises to begin in the current economic environment. Sandler Sales Training is one such franchise where you will enjoy the freedom of working flexible hours from home and a rewarding career. Sandler is a training organization and professional development company that offers a wide range of training in leadership, management, and sales. It is an ideal startup because it allows people to learn online and virtually, which protects from pandemic shutdowns now and in the future.
B2C Model Franchises: 16.5 percent of the population is currently 65 or older, and that number is expected to rise to over 22 percent by 2050. Once more, according to AARP, 80% of seniors prefer to stay in their own homes with assistance. Franchises like Comforcare and Carepatrol are two excellent at-home startups for right now and the future.
They provide light housekeeping, meal preparation, and other home-bound caregiving services. Comforcare and Carepatrol also do not require highly specialized or trained people to staff your service, keeping costs low. The franchise provides limitless scalability, and with a growing population projected who will need care in the future, senior care franchises such as these have the potential for exponential growth.
Outbound Services in B2B and B2C: There is a massive demand for cleaning and maintenance services around the nation. Two at-home franchises that unlimited potentials are Monster Tree and Kitchen Tune-Up. Monster Tree provides tree care and tree removal to both businesses and resident clients. And Kitchen Tune-Up is a franchise that focuses solely on kitchen remodeling. They are both tremendous at-home franchises that have huge success with low overhead costs.
How to get Started Exploring At-Home Franchise Business Opportunities
The key to being a successful at-home franchise business owner is to consider all factors possible before choosing which type of franchise is best for you. It isn’t just about the financial aspects of owning a franchise. You want to do some introspection to find out what makes you tick.
Whatever franchise you choose to own, even if you are working from home, there is necessarily going to have to be a lot of “you" to get it up and running successfully. And since one of the main goals of ownership is to find something more rewarding and secure than what you have had in the past, make sure that you choose something that isn’t a job per se but something you enjoy doing.
Five Critical Steps to Get Started
- Set your goals and priorities to buy a franchise.
- Explore at-home franchise options in Trade Magazines, researching them online, and attend franchise expos and shows when possible.
- Enlist professional help to sort through and dig into the main details. Set up an appointment with an experienced Franchise Consultant. Not only are they a great resource, but they also won’t charge you a fee for their industry knowledge. Apply here to receive free franchise consulting from a Certified Franchise Consultant.
- Talk with both former and current franchises to gain their experiences.
- Use on-site due diligence on whatever franchise opportunity you are considering.
Never before has working from home become so attractive to so many workers. Not only is it a necessity for many, but they are also reaping huge benefits from it. Owning your own business can seem risky, especially amid a pandemic, but owning an at-home franchise business takes most of the risk out of the equation and adds a lot of wealth for you to it. Start researching your at-home franchise opportunities to find the one to transform your life.