Working from home has become increasingly popular in recent years, so it stands to reason that home-based franchises have also become a growing trend. Here’s why home-based franchises for sale are on the rise.
Impact of the pandemic
With the stay-at-home policy imposed during the COVID-19 pandemic, more people than ever were forced to work from home. When restrictions were lifted, many of these individuals took a liking to working from home, seeking opportunities that allowed them to carry on with this working arrangement.
According to Global Workplace Analytics, it’s estimated that around 25-30% of the workforce will continue to work from home following the COVID-19 pandemic.
The growth of home working means that ‘homepreneurs’ will increasingly look to franchise opportunities, and the many benefits of franchising, to enable them to carry on the home-based working lifestyle.
Lots of choices
Another reason why home-based franchises are gaining an increasing following is the fact that there are lots of different career options and sectors to choose from. This means that home-based franchising caters for a wide portion of the population.
Whether you want to get involved with teaching, sales, IT, cleaning, caring or consultancy, there are many different areas to choose from that suit the home-working setup, without you necessarily needing any skills in your chosen area, as training will be provided.
Many people may have re-assessed their lifestyle and goals following the COVID-19 pandemic and may be considering a change in career. For some, this could be a complete change of direction, while for others, this could be a change in the way they work, such as trying to establish a more harmonious work-life balance.
With the ample opportunities home-based franchising brings, and its convenient way of working that allows people to choose when they work, thus promoting a favourable work-life balance, it’s easy to see why franchising from home has become such a sought-after proposition.
Growth sectors
One of the many negative impacts of the COVID-19 pandemic has been the significant loss of jobs for many people. In fact, the economic crisis caused by the pandemic is likely to contribute to global job losses impacting 200 million people by 2022, according to experts.
What this means for those people who have lost their jobs is that they will be increasingly seeking new employment in areas that are likely to offer increased job security. Many of the job sectors that fit the home-based franchising model are actually areas that are thriving and are likely to continue to thrive, thus suiting those who want increased levels of job security.
For example, with an ageing population, there is always going to be a need for care franchises to provide a wide range of services to look after the elderly, and this is one area that suits the home working set-up.
No matter what is going on in the world, there is also always going to be a need for cleaning services, whether in commercial, industrial or domestic environments. Cleaning franchises also tie in with home working, as you don’t need to have physical premises to carry out these services.
With technology on the rise, IT services will also continue to remain in demand, so for those seeking opportunities within computer franchises from home, the future looks bright.
As many fitness facilities were forced to close during lockdown, this fuelled the rise in online fitness classes. Many people took an increasing interest in their health and fitness following the global crisis. There is still a huge demand for online health and fitness services, so this is also another area of franchising that will continue to thrive for those seeking home-based investment opportunities.
Spotlight on mental health
There is growing evidence that mental health problems are on the rise, and there’s no doubt that the pandemic has contributed to this. With more people suffering from issues such as anxiety, stress and depression, this may lead to a complete reassessment and overhaul of their lives. For some, this could mean giving up a stressful job, while for others, it could mean reducing the hours they work and devoting more time to family life. Either way, this has made home-based franchises an incredibly appealing option, as it allows people to take control of their working situations to improve their mental and physical wellbeing.
Less risky
Because many people may have suffered from job losses and other financial hardships during the pandemic, it’s inevitable that those seeking new career opportunities might be wary about taking on too much risk.
The benefit of home-based franchising is that the risk levels are much lower compared to starting a completely new business from scratch. With less investment also needed because there are no physical facilities to cater for, home-based franchising is ideal for those who want a fresh challenge in these uncertain times. Plus, because you get to take on an established brand name, and receive training and support from the franchisor, you can quickly grow the business and start to reap the rewards.