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Aug, 05 2014

‘Homepreneurs’- the future of franchising

Here’s an at-home travel agent franchise model supported by strong technology, industry training and business support with high return on investments. Read on to know what the author feels about the rising trend of home-based franchisees and its future.

Franchising has always tantalized and captured the budding entrepreneur’s imagination.  The idea of investing in a concept that’s not yours but one that you can relate to and build upon; a concept that lets you take advantage of a suite of offerings so you can establish a successful business minus the hang-ups of a from-scratch struggle, always wins out as a profitable situation. It allows you to be your own boss and helps you capitalize on your strengths as a business owner and decision maker, and frankly, who wouldn’t love that?

In recent times, merchandisers and restaurants have emerged as beacons of successful franchisee-franchisor relationships. Big names such as McDonalds, Dominos, Uniglobe Travel etc., have all churned out great fiscal reports by maintaining an optimistic franchisee number and introducing novel expansion concepts. New players in other industries, the manufacturing sector in particular, have also taken to franchising as the preferred mode of propagating their business. But these are retail or big-box franchises which either warrant big money and/or huge spaces. What becomes of opportunity seekers with a limited budget and no extra space to operate a business from? Well, home-based franchising comes to their rescue.

Packed with benefits that retail or big-box franchising might not offer, a home-based franchise can be bought at a nominal fee and eliminates the unnecessary costs of storefront and overhead expenses. ‘Homepreneurs’ as these franchisees are often called, form a significant chunk of population today, especially overseas. Choose from countless concepts ranging from travel, lawn fitness, cookery classes, home cafes, dance classes etc. to merchandize or product franchising, as you take your business skills out for a spin.

The easy availability of technology and internet has made home-based franchising an exciting option for college grads, stay-at-home moms, retired professionals and others who seek secondary sources of income, and will continue to do so as the target audience for the concept expands. “As technology continues to offer more and more communications abilities, such as web conferencing and seamless communication systems, home-based franchising will continue to be a viable option for many companies looking for qualified buyers and for buyers who wish to have the flexibility of working at a home base,” state industry experts.

The negative stigma and unreasonable prejudice once associated with working from home seems to be waning now as new trends redefine and reinvent the ‘workplace’. The perks are seen to be many and the hiccups, few. Of the many advantages, crafting your own schedule and maintaining a healthy work-life balance top the list. One can set his own time and own pace while working up the financial ladder. This means more time for family and other interests.

Budget is often the other factor which seems to influence an individual seeking opportunities. This worry is also relieved by franchise models that offer enabled systems at a very affordable cost. If a business model requires capital inflow at various points, one might want to think and plan finances in advance. However, with e-commerce, the matter becomes different. Then the costs only become restricted to paying a joining fee and a maintenance fee. From there on, you simply charge the customers for the service you extend.  

But is home-based franchising just a fad? Is it picking up pace today only to die a slow painful death tomorrow? Industry insights and expert studies show otherwise. Even after years, what will make the trend of an at-home franchising sustainable is the growing economy and multitude of opportunities available. More disposable income at hand coupled with the want to do something more meaningful and profitable with one’s free time automatically sees home-based franchising as a fitting option. You invest minimally; get all the expert support you need, including technology and training, right at your doorstep and voila! You are enrolled in something that can literally offer you limitless potential in financial and business success.

With enormous perks it offers, more people would want to enroll in home-based franchising schemes to help materialize their business dreams. In future, as more companies look at putting themselves on the global map, programs will be introduced to expand by way of work-from-home models. In India alone, increasing population and limited jobs will drive the educated youth to resort to the more practical option of home-based businesses. Climbing needs, shooting expenses and the general preference of a business over a job will also push the working class to seek opportunities that lets one prove his or her business mettle.

Home-based franchising as a trend has caught fire and plans on remaining lit. With many franchising opportunities available today, the franchisee himself/herself has to choose the one option which suits his pocket best and ticks all his checkboxes.

Seana Wade, CEO, Modiglobe

Seana Wade, CEO of Modiglobe put together a franchise system (Modiglobe) for The Modi Group. An at-home travel agent franchise model supported by strong technology, industry training and business support, Modiglobe offers much at an affordable fee. Read to know what Wade feels about the rising trend of home-based franchisees and its future.

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