Operating a home-based franchise enables you to tackle business ownership with a low initial investment and the potential for high returns. We Sell Restaurants can help you determine if a home-based franchise is the best choice for your future.
Pros and Cons of a Home-Based Franchise
Approximately half of all businesses in the United States operate out of a home office, the Small Business Administration reported. If you are leaning towards opening a business from the comfort of home, franchising offers a game plan for success. Franchising allows you to operate a proven business model with the training and support you need to succeed. A home-based franchise combines all the benefits of working remotely with the benefits of entrepreneurship. To determine if opening a business at home is the right path, take time to look at the pros and cons of operating a home-based franchise.
Pros:
Home-based franchises require a low initial investment. Having the ability to operate from a home office eliminates the need for a brick-and-mortar location. A home-based franchise can be successful with a limited number of employees, and owners can create their own schedules. Having a home office typically offers tax advantages, and scaling your business can be done on your own timeline.
Cons:
Working from a home office requires discipline and motivation. As an owner-operator, your daily performance is directly tied to your earnings and the success of your franchise. Bearing the brunt of the responsibility for your company’s success can be a difficult load to shoulder. Luckily, franchise owners do not need to carry the burden alone. Franchise owners get guidance, training, and support from their network of peers and their parent company. Having someone to turn to when a question arises is invaluable.
Types of Home-Based Franchises
If the pros outweigh the cons, it’s essential to determine which type of home-based franchise will help you achieve your goals. Home-based franchises run the gamut from mobile opportunities to owner-operator models in a wide variety of industries. We Sell Restaurants can help you determine if investing in a home-based franchise is a profitable choice for your future. Here are just a few industries with a promising home-based future.
Senior Care Services. As the population ages and more people look for homecare solutions for their parents, the demand for senior care services is on the rise. Older adults are expected to outnumber children by 2034, the U.S. Census Bureau reported. Eldercare consulting franchises offer nursing home placement, at-home services, and ongoing support for their customers.
Pet Services. Nearly 70% of American households own a pet and they are willing to open their wallets to make sure their furry friends are treated like a member of the family. Americans spent $123.6 billion on their pets in 2021. Home-based pet franchises can provide mobile food delivery, on-site grooming, and pet-sitting services.
Home Services. Being forced to cancel vacations and stay close to home to stay safe prompted many Americans to tackle home projects they had put on the back burner. Homeowners and service professionals completed 148.5 million home projects in 2021. Spending on home projects is up 20% in 2021 from the prior year, according to Angi, a home services network. Some of the most popular home projects last year were interior painting, bathroom remodeling, and landscaping. Many home services franchises are mobile businesses. They keep the tools of the trade in a mobile van and conduct back-office administrative tasks from a home office.
Business Services. A business service franchise provides solutions to business owners, such as accounting and tax preparation. We Sell Restaurants is a restaurant brokerage focused on selling restaurants to help people achieve their dreams in foodservice. We Sell Restaurants is the industry leader in eateries for sale and has locations in 45 states nationwide. The total investment necessary to open a We Sell Restaurant franchise starts at $60,875 and includes an initial franchise fee of $40,500. Restaurant brokers can generate $180,102 yearly in gross commission income. If you love the hospitality industry but want shorter hours and a better lifestyle, We Sell Restaurants offers a unique food franchise opportunity where you simply need a home office and a strong internet connection to succeed.
<H2>Pandemic Alters Workplace Trajectory
As the dust started to settle, it became clear the COVID-19 pandemic was reshaping the American workforce. At the height of the pandemic, 79% of people were forced to telework as companies shuttered their corporate headquarters to help flatten the curve. Working from home kicked multitasking strategies into high gear. Harried parents were forced to juggle Zoom meetings with helping their children with remote school. Sitting in front of a screen all day left many people craving in-person interaction, and making virtual meetings successful took careful planning and creativity.
Many companies had to pivot their strategy to succeed virtually, particularly in the franchise community. Franchisors developed virtual discovery days and gathered business owners together in online conferences. The parent companies of franchise brands impacted by COVID-19 closures helped support franchisees by applying for government bailouts and implementing delivery or curbside service. The past two years were lucrative for restaurant brokers. Restaurant owners who were weary of the impact of the pandemic were eager to sell. At the same time, people made the decision to start a new career by fulfilling their dream of restaurant ownership. We Sell Restaurants received 21% more seller leads in 2021 than in 2019 data, prior to the outbreak of the pandemic.
Once people got on board with teleworking and developed a routine, they started to appreciate the benefits of kicking their daily commute to the curb. Companies discovered less time spent around the watercooler raised productivity. Having more autonomy and flexibility allowed workers to focus on honing work-life balance. At the end of the workday, people learned the value of unplugging and stepping away from the stressors of work to enjoy their evenings. In addition to flexibility, working from home allowed many Americans to fulfill a dream and relocate to live closer to family or to obtain a lower cost of living.
Now that vaccines and scientific strides are helping limit the impact of COVID-19, workplaces are re-opened, and companies are making tough calls to retain and attract valuable talent. Nearly 59% of Americans are opting to work at home, even though most U.S. offices are open, Pew Research revealed. Remote workers contend working from home creates a better work-life balance and increases productivity. Despite having more flexibility, 60% of remote workers do feel less connected to their co-workers, but 72% do not think working remotely is impeding their ability to climb the corporate ladder.
As a result of the writing on the wall, many companies are implementing hybrid schedules, unlimited paid time off, and issuing workers technology to enable them to work outside the office. Others are doling out gas incentives, free lunches, and gym memberships to lure workers back to the office. Workers who are dissatisfied with their company’s post-COVID priorities are turning to business ownership as a viable alternative. At least 5.4 million Americans filed new business applications in 2021, up from 4.4 million in 2020.
We Sell Restaurants Offers Home-Based Solution
Now is an ideal time to explore the benefits of owning a home-based franchise. The expertise and experience of We Sell Restaurants will give you a strong foothold as a restaurant brokerage franchise. To learn more about an opportunity with We Sell Restaurants or to speak to a franchise business consultant, request franchise info today.