Is a home-based franchise right for you?

Working from home offers many advantages. It provides the flexibility to work around your existing personal commitments, there is no commute, and you do not have to pay for property or staff to keep the business operational. It seems like a no-brainer to join a home-based franchise, but before you go running off to sign up for the first one you see, there are some key points that you must consider:

.

Separating home and work

The greatest advantage of a home-based franchise is the convenience factor. Working from the comfort of your own home is a boon, but it is important to create a separate work zone within the home that will allow you to concentrate fully on the job during your "working" hours and not become distracted by family members, household chores or other temptations.

Allowing the lines between home and work to blur can decrease your satisfaction with both. Ensure that you maintain a positive work-life balance in which you plan your day to account for achieving your business and personal objectives separately and design your workspace to make it an attractive yet separate space in your home.

It is always worth checking whether you are entitled to any tax benefits or can deduct the cost of heating and powering your home through your tax return; being unable to do so could drastically increase your home running costs.

.

Financial planning is still important

Even though home-based franchises tend to have a lower initial investment and reduced running costs compared to many other businesses, there are still costs associated with every business venture. It is essential that these costs are not forgotten and that effort is expended to make the business as successful as possible.

It can be easy to drift without the commitment to pay rent, utilities, maintenance and staffing for a separate location. However, to make your business ownership dreams a reality, you must keep rigorous financial accounts, manage your inventory, and plan your working day as you would in any other business.

.

Access to the right tools and technology

Depending on the type of franchise you are running, you may need to obtain business broadband for the home, upgrade your telephone system, and invest in web design software and training. If your business involves distance selling, there are laws related to data privacy that you must abide by, and you must maintain client data in accordance with relevant legislation.

Even though your franchisor will advise you on the best tools and technology for the business, you must ensure that your home can accommodate the changes that are needed to run the business legally and to the best of your ability.

Once you are satisfied that these challenges can be overcome, a home-based franchise offers many opportunities. You will benefit from a proven business model, ongoing support and an established brand and products, combined with your local knowledge. These elements form the foundation for success.

.