I have never seriously considered owning and operating a franchise business, but I’ve done a little investigating. I also know a couple people who have gone this way to small business ownership and are incredibly happy and successful with it. Increasingly, there are small franchise opportunities available that are geared toward the home-based business (although most are still larger operations) and I’m wondering if this will become the wave of the future for home-based businesses?
I periodically get e-mail notices about new franchise opportunities. Some, like housekeeping, web design and landscape maintenance are ones that could be incorporated into the home business. One buys the business name and other things (like training, equipment, marketing materials, etc.) come along with the franchise. For those who want the brand recognition or the support of a franchise, this might be the way to go instead of inventing an idea from scratch. Of course, there are fees to be paid for the franchise, however and this could mean a higher start-up cost than if one started a business on his or her own. There are plenty of web-based resources providing information on a variety of franchises. These sites include information on start-up costs, annual fees, and particulars about the businesses. One good thing about a franchise is that you can get started in a business or field where you might not have a ton of personal experience and contacts.
I’ve known some franchise owners in my area who have made a substantial amount of money with franchises–but these are the more traditional bricks and mortar-type franchises. For someone with beginning business skills, franchises can offer some support while one is learning the ropes. But, I’m not sure how this will play out in home-based businesses. Anyone out there who has purchased a home-based franchise who can shed some light on the pros and cons of this type of home business?
See Also: Where do You Go For Business Ideas? and Changing Your Home Business