You dream of running your own business but dread the thought of investing in commercial space. Home-based franchises let you be your own boss without breaking the bank. The National Franchise Association lists numerous home-based franchise opportunities on its website. With a little research, you can find the perfect franchise to match your skills and interests. Whether you love cooking, tutoring, or planning parties, there is a home-based franchise for you. Follow these 10 ideas to grow your home franchise into a thriving business.
- Partner with Local Businesses
To grow your work from home franchises, market to local businesses. As a small business owner yourself, you understand the challenges that other entrepreneurs face. Offer your services to help meet their needs. For example, if you operate a pet-sitting or dog-walking franchise, approach veterinarians, pet stores, and grooming salons to propose a mutually beneficial partnership. You could offer them promotional materials to display in their office or a discount for their clients. In return, ask if they would be willing to recommend your services. These types of strategic alliances can be an excellent way to find new customers.
- Expand into New Markets
Once your best home-based franchises are operating, focus on expanding into new markets to increase your customer base and revenue. Consider targeting customers in neighboring cities or regions. Conduct market research to identify areas with demand for your products or services and limited competition. When expanding into new markets, use a slow and steady approach. You may start with a smaller initial investment by renting temporary space or using a shared workspace. Build your customer base through marketing and high-quality service. If successful, look for opportunities to establish a permanent presence.
Expanding into new markets requires significant planning and resources. Work with your franchisor to develop a strategic expansion plan. Determine how you will staff new locations and if you need additional funding to support growth. Make sure you continue providing high-quality service to existing customers as you expand.
- Boost Revenue with Additional Products
To expand your best work-from-home franchises, consider offering additional products and services to your existing customers. The National Franchise Association highlights that the average cost to acquire new customers is significantly higher than the cost to sell to existing customers. Selling complementary products and services to your current clients is an easy way to boost revenue.
For example, if you operate a home-based fitness franchise, you might offer nutrition consulting or training packages in addition to your regular classes. Home cleaning franchises could provide add-on services such as window washing, carpet cleaning or pet waste removal. Educational franchises like tutoring centers could offer test preparation courses or summer programs.
- Build Connections
To expand your work from home franchises, consider networking within your industry. Attending conferences, trade shows, and networking events in your field will allow you to connect with others in complementary businesses. Build strategic partnerships and referral relationships that can drive new clients to your business. Employ search engine optimization (SEO) techniques like using important keywords in your content to rank higher in search results. Run pay-per-click (PPC) ad campaigns on search engines to drive traffic to your site. Offer promotions and discounts to new customers who find you online.
- Support New Franchisees
As an experienced franchisee, you are well positioned to mentor others who are new to the system. Assisting new franchisees with training and troubleshooting issues is a way to support the overall brand while gaining recognition from the franchisor. Mentoring is also personally rewarding, allowing you to pass on valuable lessons learned.
- Tap Into Your Franchisor's Experience
When seeking to expand your work from home franchises, consider diversifying your product and service offerings. As a franchise owner, you have access to the franchisor's resources and experience in developing new products and services. Tap into this knowledge to identify additional offerings that complement your existing business. For example, a cleaning services franchise could add dog walking, lawn mowing or handyman services for existing clients. According to the National Franchise Association, expanding into related products and services is an effective growth strategy, allowing you to leverage your existing customer base and operational knowledge.
- Serve on Franchisee Advisory Councils
Some franchisors form franchisee advisory councils to gain input on key initiatives. Serving on such a council is an opportunity to shape the future of the brand and gain valuable insight into upcoming changes. It also allows you to strengthen your relationship with the franchisor and other franchisees.
- Leverage Word-of-Mouth
One effective way to grow your best home-based franchises is to start a referral program. Word-of-mouth marketing and referrals are critical for franchise success. Offering incentives for referrals from happy clients and customers is an easy way to spread the word about your business. Remember, the only sure-fire way to achieve this is to actually offer a great experience. Respond to inquiries and requests promptly and professionally. Ask happy customers to leave online reviews on sites like Yelp to help establish credibility.
- Partner Up
The National Franchise Association recommends exploring partnerships with complementary businesses in your area. Look for companies that serve the same target market or customer base as your franchise. When approaching a potential partner, come prepared with suggestions for ways you can cross-promote to each other's clients or offer bundled packages and discounts. Be professional and highlight the benefits to their business. If one company is not interested, do not get discouraged. With persistence, you will find good partners.
- Open Additional Locations
Once you have established one successful franchise unit, you can consider opening an additional location(s) to increase your customer base and revenue. Be sure to evaluate the time commitment required to properly support multiple sites before expanding.
Conclusion
As a home-based franchises owner, you have access to a wealth of resources to help your businesses thrive. With dedication and smart choices, your franchise can grow steadily. Evaluate your goals, research options, make connections and you’ll soon have a business that allows you to follow your passion on your own terms. Approach each day with purpose. With focus and perseverance, your home franchise will flourish.
