Why home-based franchises are perfect opportunities
With Covid-19 restrictions across the UK and further afield taking hold of the population, many might think this is not a great time to start a business. However, many franchise opportunities are perfect for this time. And some of the best opportunities are with home based franchises. Here are some of the top reasons why home based franchises are an ideal option for this current economic climate.
1. More people are at home
The number of people who are working from home is increasing. According to UK Government statistics, the proportion of the workforce exclusively working from home, rose from 21% to 24% this year. And the number of those who are partially working from home is also increasing. For businesses, there are significant advantages. They can cut the costs for office leases, improve productivity and attract a wider group of talent.
Employees are also seeing the benefits of working from home. For one, they can have a more flexible working day. So they can accommodate commitments with more flexibility.
But this is also an advantage to you. Working from home hasn’t always been viewed positively. Now it is the new norm, so, you won’t look out of place. Plus, with workers given more freedom of when they work, you can have more options of when to hold virtual meetings or deliver services to customers.
2. Cost savings
There is no doubt that your money is going to be tight when you start investing in one of the many franchise opportunities. However, a home based franchise is probably one of the most cost-effective and cheapest to establish. When you open up another franchise with an office, you will need lots of equipment, lease money and more.
However, with home based franchises, you can use your computer and home furniture. Therefore, you can avoid all the costs associated with leasing an office. If you don’t make your new venture a limited company, you can reclaim many costs for tax purposes.
For instance, you can claim back a portion of your utility bills from your tax. Therefore, you can earn a worthwhile salary for less work if you’re self employed, a franchise owner and work from home. However, you should speak to an accountant to ensure that you’re claiming the right costs off your tax bill.
3. Flexibility
One of the most sought after working conditions nowadays is the flexibility to run your own schedule. That is what a home based franchise can offer you. You can set your hours, determine what days and hours you work. You’re not restricted to the office hours of the building you’ve leased.
Therefore, you can fit your new venture around your lifestyle. If you want to take some time off to spend with your children, or to visit family, then you can take it. Also, if you regularly attend events for hobbies/interests, you can do that. And the benefit is that you don’t have to hire someone to watch over the office or shop floor while you’re gone.
Also, with today’s technology, you can have all incoming calls or emails rerouted to your mobile so your office can be on the move with you.
4. You’re more protected than other businesses
Because you’re home based, you will have protection from some of the restrictions from the Covid-19 laws. Therefore, you can continue to work right through local lockdowns and restrictions, earning more revenue while other businesses could be legally obliged to close. If you develop symptoms or told to isolate, you can also continue working.
Therefore, you’re income is more protected, which is a good thing when the UK government isn’t offering much financial help to those who’ve just started their own business.
You will still have to follow specific regulations. For instance, the rule of six applies to all properties and so you might not be able to have clients/customers at your property. But generally speaking, those who are operating home based franchises are going to be in a good position during these times of uncertainty.
5. You can work part-time
Many home franchises based can be operated on a part-time basis. Therefore, providing a great stepping stone for mums who want an income while their children are at school but want to have flexibility as well. Or you could have other commitments at the moment but would like to take it full time as you grow the business.
Part-time franchises still require a lot of investment with money and time. You should expect to put in at least four hours a day, if not more. But there are more opportunities for you in the long term.
Conclusion
If you’re thinking about starting a franchise venture now, home based franchises might be a great option. Not only can you save on the opening costs, but you can earn significant revenues while maintaining a lifestyle that you want. You can start part-time or full time from the start. This flexibility is something that many people aspire to achieve.