10 Ways Virtual Franchises are Transforming Businesses
The world is changing rapidly, and franchises are changing with it. More people are working from home than ever before. This requires companies to adapt if they hope to thrive in the age of COVID-19.
Leading tech companies like Google expect their staff to work from home through 2021. Meanwhile, some experts are predicting that 50 percent of the entire workforce will do their job outside of a traditional office in the next 5–10 years.
But how does franchising adapt to this sweeping change? One way that franchisors are pivoting their business models is through virtual franchising.
Virtual franchises, like a transportation management franchise, are doing more than changing the way we work. They are also redefining our understanding of the workplace.
What is a Virtual Franchise?
Before we can explore the many benefits of virtual franchising, we must first define what a virtual franchise is. On paper, it functions much like a traditional franchise. The franchisee partners with a larger, established brand to take advantage of an established business model with a proven track record of success.
Franchising is a wonderful way for entrepreneurs to own their own business and be their own boss while enjoying the support and know-how of an experienced franchise partner. A virtual franchise takes the franchise concept and translates it to a digital opportunity that can run from practically anywhere with an internet connection.
This flexibility offers all kinds of benefits to entrepreneurs, particularly in a time when the future of brick-and-mortar institutions has never been more up in the air. Discover how the virtual franchise is transforming business and how you can take advantage of the many benefits of working from home.
1. Be Your Own Boss
One advantage of virtual franchising, as well as franchising in general, is the chance to be your own boss. In fact, being your own boss is a key reason why many people enter franchising in the first place. Franchising provides the opportunity for you to take control of your own destiny, while minimizing many of the risks of starting a business from scratch.
A home-based franchise provides even more freedom than an office-based business. Without the need for additional staff or cumbersome equipment, franchisees have more time to focus on their business instead of office politics. If you’ve been looking for a business without a boss looming over your shoulder, a virtual franchise may be right for you.
2. Work From Home
One of the most obvious benefits of a virtual franchise is the ability to run your franchise entirely from the comfort of your home. You can also manage your franchise from a coffee shop, a co-working space, or anywhere else where you can bring your computer with a strong wi-fi connection.
When you start a virtual supply chain management franchise with Nexterus, you’re getting exclusive access to proprietary technologies designed to help your business, and your clients, flourish wherever you may be. With the latest software and technology at your fingertips, you’ll have all the tools you need to operate a global transportation management franchise from your own backyard!
3. Flexible Hours
When you combine working from home with being your own boss, you create a level of independence that is practically unheard of in other industries. Because you’re running the show out of your house, you also control your hours.
Obviously, you’ll need to be available to clients and customers during normal working hours. Otherwise, you’re free to work on a schedule that works best for you. Maybe you’re more productive in the evenings. Perhaps you like to get most of your work done in the early morning before taking time for some exercise. When you’re operating a virtual franchise, your schedule is whatever you want it to be!
4. Better Work-Life Balance
Another benefit of a home franchise opportunity is the chance to improve your work-life balance. Spending long hours in an office or stuck in traffic during your commute can cut into valuable personal time. A home-based franchise eliminates the commute from the equation. This will free up more time to spend on things that matter.
This doesn’t mean you’re necessarily going to be working less. There’s a good chance you’ll still be working just as hard, if not harder, when you start your own franchise. The difference is you’ll have the flexibility to determine how that time is spent and make time for family and other important things.
5. Lower Startup Costs
The idea of owning your own franchise is appealing to a lot of people; until they see the price. Many brick-and-mortar franchises have fees and startup costs that can be over a quarter-million dollars. You can reduce these costs significantly by avoiding purchasing a location altogether.
Site selection is an expensive process. You have to find a location, get it approved, and buy or lease the land. Then you have to either renovate the existing building or build an entirely new one from scratch. None of these things are cheap.
A virtual franchise keeps startup costs low by providing everything you need to run a successful business, and nothing you don’t. Startup costs for a supply chain management franchise can be less than $90,000, making it a much more realistic option for budget-conscious entrepreneurs.
6. Lower Overhead
Not only do virtual franchises have much lower startup costs compared to franchises with physical locations. They also have drastically lower overhead. There’s no need to pay extra rent for an office space or building when you’re working from home. That means there are no additional utility bills to worry about, either. And unless you have an assistant, you’ll likely save big on personnel too!
What’s more, physical offices often require additional expenses on equipment such as furniture like desk and chairs and other office supplies can add up quickly. There’s a good chance you already have many of these things in your home office. All you need to purchase for your home-based franchise is a competitive computer system to run the necessary software.
7. Own an Agile and Adaptable Business
The remote capabilities of a home-based franchise make for an incredibly agile business prepared to adapt to changing circumstances at a moment’s notice. The ability to transition to remote work has proven crucial to coping with the COVID-19 pandemic.
Remote work may prove essential to business survival not only now but in the future as well. When you run your logistics franchise directly from your home, you can ensure that you’re prepared to pivot for whatever the world throws at you.
Start Your Virtual Franchise for the Future With Nexterus
Don’t let being chained to a physical office drag down you or your business. Take control of your life and your company when you start your own supply chain consulting franchise with Nexterus. Learn how you can get started and own a business with the freedom you’ve always dreamed of today.