With the current recession having a big impact on job security and unemployment levels rising, many people are looking at alternative ways to make their income. This may be to supplement their salary by doing additional work from home or taking the plunge and setting up on their own.

Franchises are the obvious alternative to starting up from scratch as you are buying into a proven concept and you can generally expect support and training from the Franchisor. There will also be a system in place to follow which will enable you to run your business effectively.

In terms of costs, Franchises can range from very high to minimal depending on what business you are looking to buy into. A McDonalds restaurant for example is going to cost you a substantial amount of capital up front and then you have a large operation to manage. A small home based business however should have relatively low costs as you are unlikely to be employing staff initially or renting office space. And the great thing about a home based business is that if you invest wisely you could be turning a profit in less than a year.

There are may franchise opportunities for people with small budgets and fortunately a low cost franchise does not necessarily mean a business with low income potential. I would spend time researching the many Franchise websites to come up with some inspiration on what you would like to do. The types of Franchise that you chose should be based around the following criteria:

Can you see yourself enjoying the work and is the product appealing?

Will this work be able to fit around your lifestyle?
Are you prepared to put in the training in order to make this business a success?
Have you completed your due diligence?

If you answer yes to all these questions and you have the budget and time available then dont delay. You could soon be earning additional income to help support your family through these tough economic times.