What Do You Need To Be Successful Owning a Home-Based Business?

If you’re considering purchasing a franchise with a smaller investment, it’s likely that you are considering a home-based business.  Perhaps you don’t want to have a brick and mortar business. After all, brick and mortar also includes staffing, lighting, plumbing, parking, and probably even security. Maybe you’re looking to start as both the boss and the employee.

There are two types of home-based franchises; the ones you do from your home and the ones you do in your home. Below are some examples:

From your home: Commercial cleaning, residential and commercial painting, locksmithing, home inspections, nonmedical home care, lawn care, sports photography, internet services.

In Your Home: Travel agency, Fitness, In-Home tutoring,

Maybe you’re interested in a home-based franchise that involves travel: Food truck, weekly newsletter distributed at restaurants, auto glass replacement, etc. Granted, it’s not long-distance travel but it will get you out of the house. And, of course, when you consider these, you have to include the cost of gas in your budget.

Benefits of home-based franchises include:

• Running your office out of your bedroom, family room, garage or kitchen
• No additional rental, leasing and other overhead expenses
• You are your own boss (unless you have a boss at home.)
• Flexible schedule.
• Reduce your commute, reduce your stress.

Having a home-based franchise can mean extra income in the comfort of your home, maybe even your couch!  For some home-based businesses, you don’t even have to get dressed!

Before you get caught up in the excitement of working from home (comfort, convenience), consider the attributes you need to have to be successful at a home-based business: self-starter, ability to multi-task, ability to balance work and home life. You must be able to motivate yourself (and any employees) during hard or lean times. Plus, you have to be able to sell yourself as the expert. Because, not everyone can.

Keep in mind that I know that you can start your own home-based business without buying into a franchise. But, just remember that there is a lot of value in having a business name that your clients already know and trust. One last thought on the value of a franchise vs. a DIY business: I know what to do and how to do it. I know about licenses that you may need so that you don’t run afoul of the authorities. I can help you succeed.

Next week we’ll go more in depth on home-based franchise businesses you can do from your home. And the following week, we’ll cover home-based franchise businesses you can do in your home.

As with any business opportunity, you need to do your research. Let me know if I can help you on this journey. I can help you narrow down your search, get you in contact with both the Franchisor, as well as some franchisees. I can help you find the right business for you. You can contact me by email at brian@apexbusinessadvisors.llc.com or by phone at (859) 866-3349. Home-based business opportunities are really varied and increasing daily.