When you think of the word franchise, most people immediately conjure up a chain restaurant or similar store. However, there are actually several home based franchise opportunities that are currently available. These businesses have been proven to be money makers, but not all are created equal. Heres a quick guide to help you evaluate a franchise home based opportunity.
First, you will need to find out how long the company has been in business. This is very important, especially for first time business owners who are not familiar with creating solid revenue streams. An established franchise can be very beneficial in helping you get through the pivotal first two years of operation. This is the time period in which most home based businesses fail, and if you are working with a company that has a proven revenue stream, you can greatly reduce your risk of failure.
Next, you will need to determine how many similar businesses there are in your area. This may depend on the overall size of your city, but generally, if there are already several franchises in operation in your area, you would be better served with a different opportunity. It is important to find a home based franchise that will allow you to get started without having to worry too much about the competition. Granted, if you live in a very large city, this is not as large of an issue, particularly if there are no other similar companies within a 10 mile radius of your location.
After you have gone through the basics, you will need to move onto to how the franchise will help you run your home based business. Will they provide you with all the necessary equipment that you will need to get started or will you be responsible for providing your own equipment? This is very important since the start up costs for a new business can be quite high. Make sure that you understand exactly how much money you will need to spend before the business is ready to start.
It is also vital to determine who will be in control of the actual business. After all, you are starting your own home business so that you can be your own boss. You dont want to have to deal with a company that will be micromanaging your every move. However, at times, some guidance can be useful, so you will need to find the right balance that you are comfortable with.
Although the overall costs can be higher to start a franchise home based business, there are several benefits, such as being able to work with a proven revenue maker. This can be a very good starting point before you really go out on your own and start your own business from scratch. You can look at this as a training process, where you get what you need to get started, and the ability to learn how to run a successful business.
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About the Author:
Dennis Hampton
Internet Marketing Manager
A Business Made Easy, LLC
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