How I Made $100,000 From Home

Lower overhead and startup costs make these franchise options attractive

In the 2011 Franchise Business Economic Outlook, PricewaterhouseCoopers (PwC) projects 784,802 franchised businesses to account for nearly 8 million jobs and $740 billion in economic output.  “Concepts that require less startup capital may be more attractive for some entrepreneurs in this continued challenging credit environment,” says Matthew A. Haller, a spokesman for the International Franchise Association in Washington, D.C. For that reason, black enterprise decided to highlight a pair of home-based franchise opportunities from our 40 Best Franchises for African Americans (see www.blacken terprise.com/lists/franchise-list), and detail how to maneuver pitfalls and identify the right home-based business for you.

FINDING OPPORTUNITIES, WEIGHING COSTS
If you’re looking for franchises that give you the option of working out of your home, start with service-based businesses, says Rick Bisio, a franchise consultant and the author of The Educated Franchisee: The How-To Book for Choosing a Winning Franchise (Bascom Hill Publishing Group; $18.95). Food service and product-oriented franchises typically require a storefront or office to house inventory and interact with customers.

According to PwC, franchises that offer personal services, which include education, healthcare, entertainment and recreation, laundry, and transportation, will see a 2.5% increase in the number of franchise units this year. On the other hand, those offering business services, such as employment help, tax preparation, and office administration may actually see opportunities decline since the number of units is expected to decrease from 92,937 units in 2010 to 92,714 units in 2011. To ensure that you’re dealing with a reputable franchise operator, ask for a copy of their Franchise Disclosure Document (FDD), a form that provides information about a franchise and how it is run.

Home-based franchises have lower build-out costs because you don’t have to create an environment where a customer can come and visit. You also have lower fixed-costs since you don’t have to pay for rent or utilities outside your home, or hire staff to man the front desk. That translates to a faster time to market.

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  • Dar’shun Kendrick

    Very good post! I had a similar situation and was able to focus on what I TRULY enjoy—giving business and legal advice to small business owners. I also enjoy networking with people offline. See my latest blog on this subject at http://kendricklaw.wordpress.com/2011/09/19/5-ways-to-use-…steps-to-do-it/ to learn how to Take People ONLINE to OFFLINE and develop some meaningful relationships.

  • WriteMoneyInc

    Loved this story! Success stories are inspiring and motivating. Wish Maxine the best! She’s doing what I think millions of people dream about. Good for her!

    Appreciate these types of stories you share, BE!

    WriteMoneyInc
    http://www.writemoneyinc.com/

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  • CCSmith

    How many people have $80,000 in savings to start a business – and this is at the low end of the cost spectrum??? How about $1000 or 2000? Any other advice to start a business at home that can be successful with very little start up money?? On the web and in magazines all I ever read about are how those with high paying jobs are able to start a business because they made so much money and were able to cash in their CDs etc to start something with quite a bit of money. This is not encouraging, since most of us do not have such a high paying job and with so much extra cash around. Are there other businesses to start in one’s home with little money or possibly a government grant? Daycare or taking care or training others? Thanks.

    • Ms Shoestring

      It is possible to start a service business with low start up capital. You have to think about what skills you have, what you are passionate about and how would be interested in purchasing your services. You may want to consider learning a new skill to offer a service. check out http://www.shoestring.entrepreneurs.net creating a community for budding entrepreneurs and start ups with little capital

      • AGreen

        THe link above does not work, hard to be credible when you provide a link to information that does not work.

        • Thabiso

          This will depend on ltiaocon business.From experience it WILL depend on a lot of factors . track record of franchise, experience/credit of new owner (YES CREDIT), local experience of other businesses .Best thing call about 4 different independent agents be brutally honest. You will most likely die from sticker shock! I did.

        • Rahmad

          The Milford, Ct., location is their first. The foednur is a graduate of Yale, with plans to franchise. Oh, by the way, the statement that Franchises fail almost as often as regular restaurants is completely and statistically untrue.

    • Yohi

      Thanks for the marvelous ponistg! I actually enjoyed reading it, you could be a great author.I will make certain to bookmark your blog and may come back in the foreseeable future. I want to encourage that you continue your great posts, have a nice evening!

  • Angela Johnson

    Please contact me a.s.a.p concerning grants and at home start up business.

    Thank You
    Angela Johnson

    • shirlene Anderson

      I am interested in learning how to start a home base business and would love to know how to access a small business grant.

    • Marsea

      I also want to be contacted about grants and home based businesses. I always wanted to start my own business.

      • Mrs. J

        Please let me know if get any information, my e-mail is crichardla@charter.net

      • Beibi

        Dear SAHIN, It’s my pleasure. Due to we are lcteoad in Thailand. If you would like to set your business in Turkey.You do have to visit Thailand in order to learn our formula and get all details about this business.Would it be ok for you?Best Regards,Chewing Tea

    • Cassandra Johnson

      Hi Angela, I am a single mom in the Atlanta area work full time as a paralegal. I am interested in starting a small sports program similiar to i9 Sports or Awana. Are there any grants or funds available for this area. Thank you for your time and assistance.

      • Berfin

        Posted on You’re a far braver vieewr than I I’ve given up on even the one genre show this season I sorta liked, Reaper, cause when it’s on, I can’t motivate enough interest to actually watch a whole episode.I’m a reality whore now. It’s all I do.

    • Racquel B

      I am also interested in learning more about this. Please email me any info you have sales@empressfootwear.com.

      Thank you.

    • Ron

      To Angia Johnson hey I am inquiring information on grants and home start up business. Thanks

      • Farah

        Hi there Anthony,Thank you for reading!We may be able to help you.I can set up an apnpiotment to speak with you at your convenience.Please let me know what day and time best suits you.You can send your contact information to .We look forward to speaking with you.

  • Dwendolyn Monroe

    How do you start a business from home or venture out on your own?

  • TAOST

    One of the best ways to start a home-based business is to learn/get trained while currently employed. It takes energy and determination, but what doesn’t?

    TAOST
    http://www.TheArtofSimpleTrading.com

  • Dovie Matthews

    would greatly appreciate any information concerning acuiring grants to supplement savings for a home-based startup business.

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  • Mrs S

    I have to totally agree with CCSmith. These types of stories, while encouraging to some, does not apply to most. many of us who want to start or already have small businesses don’t have $80,000 lying around in “savings”. What savings? many of us depleted any savings we had over the last couple years due to the failing economy. I wish the Robertes many more successes and for the rest of us trying to get there, Keep your eyes on the prize, get as much education as possible and never stop researching.

    • Ms Shoestring

      I hear you! That is why I have started a community for entrepreneurs on a shoestring budget. http://www.shoestring-entrepreneurs.net. It is possible to start a business with a small amount of capital and a lot of sweat equity but it really depends on your ideas and personal circumstances.

      • Mari

        I like his YouTube tip, which is to contact the owrnes of popular videos that are related to your site, and then asking them to luist your URL, for a fee.How would they actually do this? Would they add the URL to the video, or would that set their view counter back to zero? If not in the video, where would they add your URL?

      • Sathiyan

        I am trying to crteae a perfect win/win online business where everyone can make money & it is very easy for anyone regardless of experience. Is there anything in particular that would attract you to a business opportunity? Any ideas on something people would really like?

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  • Davida

    Hi

  • RMC Franchise Connect

    Congratulations to Maxine Gill and those who are considering following her path. In this article she referenced the following, “While sorting through opportunities with a franchise consultant, the 48-year-old quickly learned that franchise costs ran from about $50,000 to $200,000.” I am a franchise consultant with RMC Franchise Connect. We help people like Maxine identify which franchise opportunities are the best fit for your personal, professional,and financial ability. There are certainly a wide variety of solid HOME-BASED business models that cost less than $80K. In fact, there are many great options between $10K-$50K. If you or someone you know is interested in learning more, schedule a free consultation. You can contact us at http://www.rmcfranchiseconnect.com. Start your dream today, or work for someone else who did!

  • Houria

    Thank you so much – will make great little gifts for my udhgater’s “specials – Art, Music, etc.” Doing a little “survival kit” for her lead and English teachers, and working on a centerpiece for our “Welcome Back Breakfast” – will try to put up on my blog soon!

    • Gordon

      excellent quality of imtnroafion!I was about to dismiss you as too young to know the 4 best offline businesses but watched through to your internettimemachine.Now I am impressed and humbled.

  • Deachibiloversc

    Currently, I am seeking varouis opportunities but I do not know which one suitable for myself. Since, I am in this predicatment how would I know which form of business is worth getting involve in. In addition, what are the important apsects of starting a business, with very small amount or no money at all. This may sound very stupid, but is it possible to start a business with no money?

    • http://www.facebook.com/msboss33 Audrey Bell-Kearney

      First you must determine which of the opportunities you are looking at speaks to your heart and soul.  One thing you must always remember is this, in any business the person who is successful loves what he/she is doing.  If don’t love it you will not be successful because you will not want to put in the necessary work that it’s going to take to make your venture a success.  The great thing about franchising and network marketing is that they both come with brand recognition,a company business and marketing plan, so you don’t have to recreate the wheel.  When you are starting a business from scratch you have to develop your own business plan and build the brand.  So you have to do your home work and see which opportunity is right for you and in most cases if your gut and heart have the same reaction you may have found your perfect business.  Now your question about do you need money to start a business the answer is yes you need money.  Some businesses may not require a lot of start-up capital, but you will need some.  Now I can tell you this.  If you are a new entrepreneur the first investment you will need to make is in yourself.  Meaning work on developing that entrepreneur mindset that you are going to need to get you through those rough times when you want to question yourself and second guess your decision to become a business owner.  The mind has to be right to get in this game and stay in it.  So before you start any venture get your mind right, because when the money is low you have to be able to think on your feet to move the business forward.  If your mindset is messed up you will find yourself stuck in victim mode.

      Hope this helps.
      Audrey

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