It is a myth that franchising is reserved just for the bigger players with the deepest pockets. However, it is often a justified opinion because those companies are indeed the ones who usually have the marketing power to shout about their franchise offers. But, 2021 is set to have its own work-from-home franchise boom.
Franchising is, by a long way, the most proven and successful route into self employment.
Franchise opportunities are something all economies need right now. Even online businesses can be turned into an opportunity. Given the current economic situation, it will be great to help individuals and families find ways to adapt and help them create a bolt-on or new revenue stream into the household.
Traditional franchises, such as brick and mortar ones, often create a compelling offer that is, by nature, also a very visible one. A high street presence, for example, promoting a brand that gets seen by the general public, and competitors alike! This then becomes part of the franchise offer. You are issued the ‘Rights Granted’ to also be able to trade as that brand. Reassured in the knowledge that the band is soon to become a household name if marketed correctly.
With new waves of social media influencers and with eCommerce growing, alongside what we hope is a once in a lifetime Pandemic, a lot of work is being done at home. So can we simply leverage online capabilities to operate a successful work from a home franchise? Of Course!
What is a ‘Work From Home Franchise?’
You might well have a false sense of security with the phrase ‘work from home’. Whilst it does mean that as a rule you “work from home” or have an online offering, part of your business does require a brick and mortar element. Maybe you are an investor franchise operator (rather than hands-on) but let us assume for now that this is a pure work from home business. Therefore you have minimised your capital and ongoing expenditure from the need to have a rented or owned business building. So there is no need for stock, staff or even other assets. It can also be good news too as it does mean that on occasions you will need to attend a meeting, or two, so you are not necessarily confined to your own four walls…often a welcome relief for most given the last few months. These types of businesses often run at quite high net profit figures, so that can only be good news!
The Future Of Franchising
The franchise sector is worth a reported £17b to the UK economy. It might surprise you to read that there are only actually around 1000 franchised systems currently available. So there is plenty of room for growth. That said, few of these are actual work from home franchises. So could some of these existing ones adapt? Probably!
If they did so, this element of the offering could well be the fastest-growing one and overtake even their own historic growth pattern. Propped up by the fact that franchising will no longer be seen to be reserved for ‘business people’ only and offered to everyone. Just imagine for a moment what a work from home business and especially online models would do for those businesses and individuals. Could they both become interdependent to launch and operate not only domestically but also overseas?
Now, that would indeed be highly welcomed in a post Brexit era!
Franchising will prosper. It becomes a self-fulfilling entity as more businesses and individuals enter the market, further fuelling the appetite and it will seem to grow and grow, let us all embrace the change, do not fight it, doing so could well hamper your own growth!
Richard Pakey is a Regional Director for the multi-award-winning consultancy firm Lime Licensing Group. Exploring ways in which businesses can franchise their business as well as helping franchisees find the best franchise for them
Contact Richard via
Mobile 07904 697591
Email [email protected],
Website www.limelicensinggroup.co.uk
