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On average, it costs $233,610 to raise a child. Because of this, parents should always look for ways to earn some extra income. One way to do this is to own your own business.
When you’re the boss, you get to make your own schedule and have a higher income. Parents don’t do this often because opening a private business is risky and expensive.
Instead of starting a business from the very beginning, parents should take advantage of franchise opportunities. You can be present in your children’s lives without having to worry about financial security. Learn how!
Many parents, especially working mothers, feel torn between spending time working and spending time with their children. Home-based franchises provide you with the opportunity to eliminate that stress.
While not all the work can be done from home, most of it can. Spend more time with your family while still earning a high income.
Be your own boss without having to take on all the risk that usually accompanies starting your own business.
The best franchise owners are aware that starting a business is risky. More new businesses fail than succeed. That’s the beauty of a franchise. It’s a new start for you, but it’s not a new company.
In addition to having access to the franchise network that most of these businesses offer, you’ll also find it easier to obtain a loan. This includes the best SBA franchise loans.
As a general rule, franchises earn more money than independently-owned businesses. This is most likely related to a few things.
The name recognition gives customers a sense of familiarity. You benefit from all the work the founders accomplished. You also take advantage of years worth of advertising and trust-building.
Franchises come with a certain set of rules and procedures. While this might seem stifling at first, it’s actually to your advantage.
The potential problems have already been ironed out of the operating system. No trial and error is needed.
Even cheap franchises provide owners with a stable and consistent income. Nothing is a guarantee in the world of business, but operating a franchise is one of the most stable forms of income.
Part of the stability comes from the fact that you’re benefiting from the company’s pre-established name recognition. Keep that in mind when you’re investing in start-up costs.
Because of all the benefits you’re receiving, the start-up expenses are a bit higher than you would think. However, when you feel comfortable, it’s also very easy to expand your franchise.
Owning a franchise can help you be a more present parent, gain financial independence, and you can even achieve your own personal career goals.
Some think that once they have children their career has to be put on hold, but that’s not the case with operating a franchise. You can prioritize your children while also having professional aspirations.