As a working parent in the UK, the idea of running a business from home is very appealing. There are fewer worries about getting from the office to school or childcare pick up on time, and you can get your work done around your family duties. But coming up with a killer business idea that’s home based can be a real challenge. That’s why looking at a franchise as a home based business opportunity is appealing.
A franchise is a business that is already up and running in the UK, where there’s the potential for someone to set up a new branch in a different area. The franchiser sells their brand and business model to the franchisee, and supports them to launch and run the new company.
The advantage is that there is less risk in buying a franchise business than starting your own from scratch – it’s a tried and tested approach that has worked elsewhere. You’re also well supported and often have access to a network of other franchisees, so you’re not as isolated as a new business owner.
There are all kinds of franchises you can run from home – there are lots of examples on the franchising section of this site. They range from professional services such as travel agent work and virtual personal assistants, to cleaning businesses, music groups for children and many more ideas you won’t have even imagined!
There are also lots of examples of parents running a successful home business franchise. Whatever home based franchises appeal to you, the most important thing you need is time. You’ll need to be able to set aside a number of hours each day to focus on your business and get things going.
There are home based franchises to suit most budgets. There are plenty out there that cost under £10,000, while others can reach £20,000 and more. You can also find low cost home based business franchises that might total just a few hundred pounds.
You may also be able to source a loan to get you started with a home based franchise. To do this, you need to identify the right business opportunity and get good projection figures from the franchiser. Then speak to a bank or building society to secure the loan.
Before you take the plunge with a franchise business working from home, there are some important things to consider.
While you might be starting the business to have more time with the family, actually achieving this in practice can be a challenge. Working from home can be tricky – and almost impossible if your children are at home with you. Even the demand on wi-fi once the family are home from school can affect your business performance!