If you’re interested in franchising, you may be weighing the question of whether you should purchase a brick and mortar franchise or go for a home-based option. I’ll cover the advantages and disadvantages of home-based franchising in a future post. But this week, let’s look at what you should consider when evaluating a brick and mortar franchise.
You’ll have higher overhead…
If you purchase a brick and mortar franchise, of course, you’ll have to pay for the brick and mortar. That means you’ll have higher overhead than you would with a home-based business. In addition to the cost of buying or renting your space, you’ll have bills for services such as electricity, cleaning, and security. These ongoing costs are important to consider when deciding what kind of franchise you can afford.
…but you’ll have clear boundaries between work and home.
When you operate a brick and mortar franchise, you have set hours of operation and a designated location for work. You may still need to update your books or do some strategic planning after hours, but it’s much easier to leave work at work when your primary office is not in your home. A brick and mortar franchise also physically separates you from common work-from-home distractions, such as pets, housework, and the TV.
You’ll have a less flexible schedule…
A brick and mortar franchise requires consistent business hours. Depending on the nature of your business, you may need to be open long hours, six or seven days per week. You should eventually be able to hire employees to cover some of those hours for you, but at least at first, you may need to be at the business whenever it’s open. That means you won’t have the work-from-home flexibility to run errands or take the dog for a walk in the middle of the day.
…but you’ll have more options for your business.
Some businesses simply won’t work as home-based operations. If you’re willing to consider a brick and mortar franchise, you’ll increase your options. Some examples of franchises that work best under a brick and mortar model:
- Comprehensive automobile service and repair
- Salon and wellness services
- Fitness studio
- Restaurant
- Hospitality
- Chain retail
Also, if you’re considering franchising primarily for its wealth-building potential, I recommend choosing a business model that allows for multi-unit ownership. Most of those options are brick and mortar franchises.
You’ll have to commute to work…
As I’ve already mentioned, having a brick and mortar franchise may mean working long hours away from home, at least at first. You’ll also have to commute to work. And while the commute to your franchise may be shorter than your commute to a corporate job, of course it won’t be as short as the commute from breakfast table to home office.
…but you won’t be isolated.
Especially for extroverts, working from home can feel isolating. Although you may have daily contact with customers, in the form of phone calls or service appointments, home-based franchising usually means spending most of your time alone (or at least, away from adults). Brick and mortar franchising, on the other hand, gets you up and out of the house every day. It gives you regular adult interaction, greater connection to the outside world, and more opportunity to exercise leadership skills through contact with employees.
If this sounds like an arrangement that’s right for you, book a call with me! I can help you explore the available brick and mortar franchises and figure out which one best fits your needs, goals, and resources.
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