Selecting the right work from home company or franchise can be a daunting decision, especially because franchising covers multiple industries representing more than 4,000 different brands such as accounting and tax services, children’s services, food, handyman services and of course travel. With so many choices, you need a plan! One simple way to make the process easier is to turn your passion into profits. In other words, try to find a concept and industry that match what you love so when you are actually working, it will never feel like work. Some of the most successful franchisees are those with a passion for their business.
Here are a few tips for how to turn your passion into profits and find the best work from home company or franchise.
Determine your passion.
Working from home should not feel like another household chore, but rather an exhilarating activity that makes you happy.
Take a self-assessment.
Does your passion match your skill set? Create a self-assessment and see what business and business types match your personality and skills. For example, if you are a people person with a desire to travel around the world and help others go on dream vacations, you may want to consider owning a travel franchise. Other important questions include how are you going to fund your business? What are your strengths and weaknesses?
Match your passion to your skill set.
Which of your skills will complement your passion? You are sure to succeed when you open a work from home company or franchise that not only exploits your strengths, but also has a proven track record in its products and business methods. Most franchise systems include training opportunities, scalability, as well as pre- and post- opening support.
Study hard! Research all work from home companies that interest you.
Do your homework and determine the key players in your industry. A high level example is McDonald’s, Burger King and Wendy’s dominate the fast food franchise industry. Find out if the franchise is offering opportunities in the region you wish to open. If they are, go through the disclosure process by obtaining a Franchise Disclosure Document (FDD) from each company, which is identical in how information is presented to a prospective buyer. The FDD is a window into each of the brands you are studying — you can actually page through these documents side-by-side and compare each item such as initial fees, royalties, restrictions and any financial performance representations of existing units.
This may seem overwhelming but you will be working with a franchise development specialist who will be your coach and answer your tough questions. A good franchise development specialist will never pressure you to buy and will mentor you through the process of buying a franchise.
Interview key executives and franchise owners.
Don’t only rely on what is said to you from the franchise development specialist. Get permission to speak to as many owners and operators in the system about their trials and tribulations. Be mindful these folks can be very busy and it is important to set appointments. If it is important to you, visit the corporate headquarters and meet the key executives running the day-to-day operations of the brand. Ultimately, you have to be as comfortable with the team as they are with you in order to have a successful franchise relationship.
Don’t rush it! Take your time to discover you passion and realize the endless possibilities of turning your passion into profits!