As you dive into the business world, it is clear that franchises come with their own set of benefits. Opening an established brand that has been successful for others is a sure way to set yourself up to achieve all the goals you’ve set for yourself and your business. Franchisees operate under an existing business model that they are contractually bound to. Franchising is centered around structure, but you are able to choose which industry you want to invest in and the style of that business. There are countless options available to you, although our immediate thought tends to be a Chick-Fil-A or Rural King.
Many Franchise Do Not Require a Brick and Mortar Location
When deciding on the best franchise for yourself, it might be ideal for you to avoid that whole retail storefront setup, especially after we saw these industries take a major hit during the worldwide pandemic. Other mobile or home-based businesses seemed to be more profitable than the brick and mortar so this might be something you consider. There are many advantages that come with having a mobile franchise or the ability to operate your business out of your home. Your franchise goals and financial needs can help you make the decision on what option is best for you.
We witnessed businesses struggling to make ends meet as they were unable to afford rent due to lack of revenue. This meant that they were forced to adapt, shut their doors temporarily, or close permanently. Some shifted from a storefront to working from home which meant no rent and they discovered the perks of reduced overhead expenses. Not having a retail space means that your overhead expenses are minimal. Of course, you will still need a computer, phone, desk, and an office or storage space. But you no longer have to devote a large amount of money on lease contracts for an expensive rental fee with a long-term commitment. Such lease contracts were in-part to blame for many businesses collapsing during the pandemic. Thankfully, you have the option to avoid the risk by choosing a service driven, home or mobile based franchise instead. Service providers do not require brick and mortar storefronts. Instead, these businesses operate by providing their services remotely or at the consumer’s location. From car details to interior design, serviced-based franchise owners are able to avoid the overwhelming burden of overhead expenses and constant maintenance of owning or renting a physical business site.
Open Your “Doors” Sooner
Opening a brick-and-mortar location takes more time than a remote-based franchise. Retail stores and buildings can take several months before they are up and running as leases need to be negotiated and you need to make the space consistent with the brand’s other locations inside and out. Service-based franchises that operate from home do not require as much time before they are up and running and earning you money. You are ready to get started. As a franchisee, this is an exciting time of growth for you. Whether this new venture is bringing about a lifestyle change or a dream you can finally chase, the sooner you are able to get going, the better. Growing a business that doesn’t require a storefront is the best way to generate a faster income– and who doesn’t want that?
Service-Based Franchises Come With Reduced Risk
Clients view their service providers as an essential part of their lives and everyday operations. Like a mobile computer repair service, this has become more essential than ever as more and more people are working from home and need their computers and cloud services to function without issue. Tax franchises and home maintenance providers are always needed as people need their homes maintained year-round. And people like their cars to look new, so a mobile detailing service is not only needed but convenient. As economic conditions continue to change, service-based franchises are less exposed to the risks that restaurants or family fun businesses will face when people don’t (or can’t) come through their doors. Your clients trust you. They see you as the expert and are dependent upon your help. Service-based clients tend to be less volatile than those in a consumer-facing setting. Choosing a reduced risk, service-based franchise is a great way to balance the needs of your customers with what you invest into building the brand– and you can do so without a brick-and-mortar storefront and all those added expenses.
Aaron Bakken offers professional services in financial improvement and corporate communication for businesses including franchise ownership. Contact him today for all your franchise needs– together we can make your business dreams a reality.
Contact Aaron (608-576-4592) To Learn More!
About Aaron Bakken
Franchise Consultant for The Franchise Consulting Company
Aaron has 20+ years of franchise and independent business ownership experience. He also spent 5 years as the VP of Franchise Development for an international franchise group, growing the franchise to the advent of a private equity buyout. Whether you are looking to buy a franchise opportunity or franchise your business, Aaron knows how to guide you.
No Cost To You
Aaron is paid by franchisors and development companies for bringing them viable franchise investors. So frankly, his clients have nothing to lose by engaging with him but a bit of their time. Aaron helps his clients navigate the complex world of franchise ownership and development and provides long term guidance to help his clients achieve their entrepreneurship goals.