It’s a tough job market out there, and many modern families are looking for innovative solutions to help their families thrive. Franchises can be an interesting way to start a family business, or add a second income to the household.
While someone just out of college can often choose from a wide range of business options under $100, and someone buying a franchise with a parent or family member may have more money to invest, young families have unique choices to make as they consider what franchises may – or may not – be worth their investments.
Consider these details:
Will the franchise allow you to spend more time with your child?
One reason many parents go into business on their own is that they want or need to spend more time with their children.
Childcare is often very expensive, and if it isn’t provided as a work benefit, parents may struggle to afford the cost. Some parents find that their wages go primarily towards paying for daycare. In this situation, leaving a traditional job and finding ways to make a little bit of money on the side may be the best choice for a family.
If the goal of purchasing a franchise is to earn income while continuing to spend time with your child, then you probably won’t consider a franchise based out of a retail location. A franchise that requires you to be in a certain place for 8 hours a day, 5 days a week, is just as time-consuming as a regular job.
If those hours can be spread out over the evenings and weekends, however, this may be more feasible.
- Home Instead Senior Care focuses on providing services that help seniors stay in their homes longer, instead of needing to relocate to skilled nursing facilities. You may be able to provide evening or weekend services to seniors instead of working through the regular daytime hours.
Babies get runny noses and small fevers; older kids get the cold that’s going around and run what doctors like to call a “school fever.” They’re sick enough that they have to stay home from school, but otherwise fine. When both parents are working fulltime outside the home, someone usually has to stay home with the baby on days like this. This can eat up sick and vacation time, increase stress and strain the family budget.
If a child has a chronic illness, the work involved in managing their medical care can become even more intense. Having a way to bring in income that offers very flexible scheduling can become even more important. Some franchises and other work at home options operate through “pop-up” events, either on social media or in a physical location.
- Just Between Friends is built around the struggle to keep a rapidly growing child clothed without breaking a budget. Babies, in particular, grow very quickly, and size out of clothing before they wear it out. Many parents can cloth their children entirely in used clothes until they’re into toddler sizes without having the clothes look used. But consignment shops can be frustrating, and some are frustrating to get to. Just Between Friends helps set up used clothing swaps that benefit everyone. The event nature of the business means that you can set up events at times that work for you.
One Parent Must Stay Home
Some parents would vastly prefer to be a stay at home parent and keep house and raise the children. Others struggle to adapt to life without outside the homework, but the family simply can’t afford to have both parents working. In this case, a franchise that allows you to bring your child to work with you may be ideal. For example, childcare franchises can give you the opportunity to care for your child while also earning money and staying involved in the work world.
- Lightbridge Academy is one of many childcare franchises popping up around the United States. Parents struggle to find the right childcare situation for their children and having a familiar name can help them make a choice.
Building A Family Business
Working together as a family has many benefits that sometimes get dismissed. Building a family legacy, pushing towards financial freedom, and involving kids in financial and business decisions early can all be factors. Some families may also choose to go into business with older family remembers, like those who have retired but aren’t ready to stop working.
Opening a franchise can offer flexibility and security that traditional jobs can’t. This path to entrepreneurship isn’t right for everyone, but for those it works for, it works exceptionally well.