HOME – BASED
I am often asked if there are franchises that will allow a person to start or operate their business out of their home. The answer is, YES! There are a lot of benefits to starting a business from your home : lower investment, convenience and ease of entry to get started.
However, as your business grows and expands there may come a time that you need to consider moving into an office. Whether this will be necessary will depend on the type of business you choose. As I help you to explore potential franchises, we will want to factor in the costs associated with scaling your business. To determine if a home-based business is right for you please contact me to start your journey in ownership.
BRICK & MORTAR
I find that many people I work with tend to think brick and mortar businesses when they think of franchises. Typically, if we are exploring food or retail concepts, then you will need a location. Often, food and retail businesses will require prime retail space. More often than not, though, you will lease the location vs. buying the real-estate.
This makes the cost of entry into business much lower and by lowering your overhead you can increase your time frame to break-even. There are many franchises that require 'brick and mortar' but it could be a small office, or the need for a 'flex space' that is not nearly as costly as prime retail. To find out if brick and mortar businesses meet your business goals, contact me.
FULL – TIME
Full time means that the franchisor wants you to commit to being full time in the business. In a situation like this, they will prefer that you do not keep a job, so that you can focus all your efforts on the growth and success of your franchise. Many of my clients have been laid off or are working in jobs where they are under-employed and under-appreciated. They have the skills to lead an organization and are at a point in their career where working for someone else and building someone else's business doesn't make any sense.
A full time investment is often the best career move for people in those situations. Contact me today to find out if transitioning into a full-time franchise is right for you.
I work with several people who have full time jobs or other businesses and are looking to build another revenue stream and layer of equity. A semi-passive investment into a franchise is often the right strategy for them. There are several franchises that allow for a semi-passive investment. This means the business will be operated by a manager and it is the duty of you, the franchisee, to manage a manager.
These types of businesses may only require 0 - 15 hours of your time a week to manage. This type of business allows you to build another source of income. Also, should you ever experience a lay off, or want to leave your corporate job, then you have the added security of income to make that transition much smoother. Is semi-passive ownership something you'd like to explore? Call me today to discuss.