In the recent times, Home Based Franchising (HBF) has emerged as a convenient way to earn a living while adhering to a flexible life style and sitting in comforts of home. The article discusses for whom HBF is meant for, and what its advantages and disadv
Sunita, as a teenager, has always cherished a dream to be a successful businesswoman. But due to her family responsibilities she has not been able to realise her dream. Today, she is living a settled married life with her husband and a five year old school going child. Now is the time, when she can give wings to her dreams.
Retired Major Talwar had decided quite earlier to own a business post retirement. He retired two years ago but he could not realize his goal due to health constraints.
These are the few examples of the people who wanted to do business but could not, for one reason or the other. HBF is meant for such people.
A home-based franchise is any business where the primary office is located in the owner's home. The investor acquires the rights to sell company's goods or services in a particular place with the original brand name. Home based franchising is different from the usual franchising as it requires quite a small amount of investment. Sharing his views on the difference between home based franchising and usual franchising Sachin Ratti, Franchise Head, Travel Port, says, “In home based franchise the entry cost is on the lower side , whereas, a full fledged franchisee involves lot of overheads.”
There are specific kinds of businesses that can be undertaken from the portals of a home while at the same time carrying out domestic responsibilities. These include consultancy services, children's services like kindergarten and nursery schools, financial services, cleaning services, computer repairs and training, photography, travel agencies etc.
Advantages of HBF
The various advantages attached to HBF are:
Minimal location cost: As the investor operates from his home there are no extra costs involved in leasing out commercial premises on high rentals which may be sky-rocketing.
Flexible working hours: The HBF format allows freedom and flexibility to work in the comfort of one’s home, while at the same allowing convenience of attending to other works. Working from home also saves one from commuting to place of business daily, thereby saving considerable time and money.
Best for husband-wife team: The HBF format is best suited for a team of husband and wife. Living at home, both the spouses can contribute to the operation of the business. This is a man-power advantage, where the two can share the responsibilities without adding to extra costs.
Word of caution
Adopt a strict regimen of discipline: The HBF optees need to be avowedly disciplined in their operation of business. The convenience of home may sometimes jeopardize the investor’s job-schedule and the couple may end up mixing their personal life with the professional life. This may cause a serious set-back to the business. Hence a very strict work regime needs to be adhered and adopted.
Allocate roles: The spouse should allocate their respective roles and responsibilities, so that a mess is not created. However, they can be complimentary to each other at the times of need.
Time management: The franchisees should apportion time to their work schedules. Supply/service time should not interfere with visits to clients or else where.
Besides the above, the franchisee should be ambitious, hard working, and an astute planner to steer his business through the snarl of market. The operator is his own boss, and there is no external force to persuade him.