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How do I Choose the Best Home Based Franchise Opportunity?

Article Details
  • Written By: Dana Hinders
  • Edited By: Bronwyn Harris
  • Last Modified Date: 19 November 2016
  • Copyright Protected:
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    Conjecture Corporation
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From cleaning services and commercial painting to pet grooming and interior design consulting, there is a home based franchise opportunity available to suit nearly every aspiring entrepreneur. However, the decision to start your own business in this fashion is one that shouldn't be taken lightly. Choosing the right small business franchise is crucial to making the transition to successful self employment.

Your skills and interests are the first thing to consider when selecting a home based franchise opportunity. Keep in mind that just because a business opportunity has the potential to be profitable doesn't mean it will be a good fit for your lifestyle and career goals. A franchise cleaning business probably isn't the right choice for you if you're a complete slob who hates to clean. A franchise ice cream business that requires attending fairs and children's birthday parties is going to be difficult to run if you're a shy person who prefers not to interact with large crowds.

Local competition is also an important factor to consider when selecting a home based franchise opportunity. Ideally, you want to choose a franchise with as few competitors as possible. However, it is possible that a lack of competition could mean there is little or no public interest in your product or service.

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Once you've decided what type of franchise business you'd like to open, it's time to investigate all of the various companies that are available. Make a spreadsheet listing factors such as the start-up cost involved, franchise fees, and any royalties you may be required to pay to your franchisor. While a home based franchise opportunity is a relatively affordable way to achieve your dream of entrepreneurship, it still requires a significant investment to get started.

It's also a good idea to find out the amount of training that will be provided to you as a new franchisee. Unless you have extensive experience running a business, you are likely to need some assistance with marketing and other day-to-day operational tasks. The best home based franchise opportunities are those which provide an extensive support system to help you get your business off the ground. While it's ultimately your responsibility to turn a profit, the franchisor should be willing to give you the tools to succeed.

If you have questions, the Internet is a great resource for learning more about what it is like to be a franchisee with a specific company. There are numerous blogs and online forums devoted to personal experiences with various small business franchise opportunities. While negative comments from one person alone shouldn't discourage you, a pattern of complaints from several different people may be an indication that a particular home based franchise opportunity is not the right choice for your business endeavor.

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