Are you considering the idea of starting a home-based business?
If so, that’s no surprise. According to the Small Business Administration, you would be joining half of American businesses that are home-based. That’s about 38 million businesses in the country, with a new home business starting every 12 seconds!
What draws people to consider a home-based business?
There are of course many reasons, but most likely one of the first reasons you think of is that you may be tired of working for someone else and want a chance to be your own boss. After all, isn’t that the American dream? Other reasons people give are to no longer need to commute to work, lower overhead, control of your own schedule, turning a hobby into a business, tax advantages, and of course more family time.
As you might have guessed, there are just as many reasons why a home-based business may not work for you and lots of disadvantages to consider. One of the first things is to honestly ask yourself if you are disciplined and motivated enough to work from a home office. Many people had firsthand experience working from home during the 2019 – 2021 COVID lockdowns. Many found that this worked well for them, while others discovered that they were constantly distracted by the many activities of home life. Sleeping in, walking the dog, lunch with friends, playtime with the kids, chores around the house, etc. were constantly interfering with work and lowering their productivity. For many, this was the first time in a work-at-home environment, however, working for an employer at home is not the same as running a home-based business where the HQ of your Company is in your home.
After some introspection and consideration, if you believe that you have what it takes to start your own home-based business; there are a few things that must be done:
- Decide where in your home you will set up your office.
- Discuss work boundaries with your family.
- Research to ensure that there are no neighborhood covenants against home offices, signage, parking issues, etc.
- Determine what startup expenses will be.
The next big question to be answered is what kind of a home-based business you want to launch. Will the business be your own start-up, or will you look for one of the hundreds of successful home-based franchises to invest in? Starting an independent business requires creating a brand, formulating a business model, seeking out customers, advertising, building a reputation in a competitive environment, and finding sources for equipment and supplies. Of course, there are many successful startup businesses, but consider the advantages of finding a franchise to invest in. The good news is that franchising is designed to work. More than 85% of all franchises are still in business after five years, partly due to franchises providing built-in formulas, proven methods and systems, marketing support, and much of the groundwork already laid to begin a successful business.
Look for a franchise that fits your investment level and one that interests you. Think of a home-based business and there is probably already a franchise in that business. Find the right fit and you immediately have a business that has proven business and support teams to help you start your business and get you headed down the road to success.
The International Franchise Association has franchise opportunities by industry category. There are 78 categories, about half of these categories are home-based businesses.
To get your copy of this list, send your request to info@franselectba.com or call 636-530-6925.
