The number of available home-based franchises in Canada is growing – and it’s easy to see why. The idea of working from home, having a flexible schedule and being able to spend more time with family is appealing. Not having to pay for additional office space can also mean that the initial investment is lower resulting in the business being more financially attainable as well.
But like any other type of business, a home-based franchise should not be entered into on a whim. It is important to do your homework and understand what it would take to become successful.
Below we will outline what you need to know before you invest in a home-based franchise.
Quality Matters
There are some excellent franchises out there that you can run from your home office. But not all home-based businesses are created equal, and not all home-based businesses are going to be the right fit for you. In order to find the opportunity that best sets you up for success, it is important to do your research. A reputable franchise consulting firm like FranNet can assist in the process.
Effort Matters
Once you find a legitimate home-based franchise, it is still going to take effort and commitment to turn it into a successful business. While your franchisor may provide some marketing support, it will still be up to you to call prospects, network in the community, meet with clients, and build your business.
Don’t be fooled into thinking that because you’re working from home that the franchise will run itself – it won’t. Your success will be directly tied to the amount of effort that you put in.
Skill Matters
Before you invest in a home-based franchise, it is important to be sure that you have the right skillset. For example, someone who has an artistic flare might think they would do well in an interior design franchise. But if they do not have the sales skills necessary to get clients, it could still be a bad fit.
Again, this is where working with a qualified franchise consultant can bring great value in your search for a business to invest in.
Money Matters
Even though home-based franchises tend to be less costly than others, they can still be a big investment. In addition to your franchise fee, you’ll need to consider what other costs might be associated with running your business. This might include things like supplies, website, and additional insurance, among other things.
Before you start your business, it is important to go through all the costs so that you’ll be able to budget accordingly.
Operating any franchise can be a rewarding experience, and running a franchise at home can have some nice advantages. It is important to remember however, that even if you are making calls in your pajamas that you are still running a business. Doing your due diligence before you invest and then taking your business seriously will go a long way in helping you succeed at your home-based franchise.
About FranNet Canada
FranNet is a 29-year-old company with roots in the U.S. Its purpose being to nurture every entrepreneur’s dream of business ownership. We actively employ a specific profiling and consultation method. This method is geared to each investor with a specific business model and based on franchise trends typically found in Toronto, Ontario, Vancouver, British Columbia, or Calgary, Alberta. The most lucrative Canadian franchise opportunities are waiting for you. Learn more about your options for business ownership with a free, no-obligation consultation. Take this quick Franchise Assessment and learn more about your entrepreneurial strengths and weaknesses.