Working from home franchise – the benefits and pitfalls
There many benefits to buying a working from home franchise. The major benefit is that the cost of running a home-based franchise is considerable less than buying one that requires purchasing or renting premises.
If you have the space in your home, then why not use it as your office. As you are working from home there are no high overheads such as staffing, rent, equipment. A small home-office with minimum equipment is sufficient for many franchises. In some cases a phone and laptop may be all you need!!
Working from home also provides you with a more flexible working environment, which is particularly useful if trying to juggle a family and job. You will save time on travelling back and forth to working, allowing you spend more precious time with your family, instead of other commuters or in the car by yourself!
We have a work from home franchise category that will list just some of the home-based franchise opportunities.
There are some pitfalls to buying a home-based franchise. Many people find it difficult to switch off from work when they get home. It is therefore even more difficult to do when you work at home, and your work is your own business. You need to be able to switch off when you finish at night and not carry problems and issues to your “own time”.
Some people like the company of others at work. If you feel you could be isolated and lonely at home then a home-based franchise may not be right for you.
If you have a business that requires face-to-face meetings with clients, then you need to make sure that you have somewhere you can meet them. Some may get the wrong impression about the business if you have nowhere to meet them as you are working from home.
There are some points to consider when working from home. Check that you have the right insurance and not assume that your household insurance would cover you. If you employ someone part time, you need to also check that you are fully covered for them. You need to also to check taxation as it differs for home-based businesses.
Before considering working from your property it is essential to check that you won’t be breaking any laws or upsetting your neighbours by doing so. You need to therefore check that your mortgage or rental agreement allows you to run a business from home, as well as getting authority from your local council. You need to also comply with Health and Safety laws so it is worthwhile identifying what you need to know and do.
Your local council should be able to offer you advice on starting a home based business.