Most people will, at some point in their careers, have thought about working for themselves. Some will just do it. Others may not be as confident of flying solo, and that’s where franchising can be a good option.
Franchising is essentially a hybrid business model combining aspects of being employed with running your own business. It may not be for everyone but is incredibly successful in the UK and internationally. In 2007, franchise chains globally were responsible for 10.5% of all companies with employees in the nearly 300 industries surveyed. They generate over £1 trillion in annual sales and employ almost 6.3 million workers.
So, is it the right path for you?
As with every key decision you’ll ever make, you’ll need to ask yourself some questions, do a fair amount of research and get legal advice. Review the advantages and disadvantages of franchising – not everyone will see the advantages as an advantage and vice versa, so understanding what you want out of your business is crucial.
Are you happy to follow someone else’s rules?
- Think about why you want to start your own business. Is it for the freedom of deciding how your business will operate and grow? If freedom is a primary reason for going it alone, franchising may not be for you.
- The franchise model is based on businesses who have had success following an existing proven model – that’s one of the benefits for individuals who want to run their own business but have neither time or experience to build a business structure from the ground up.
Are You Willing To Work Hard?
- Franchising is not for the faint-hearted, it may well be easier to hit the ground running, but you’ll still need to put the time and effort in to make your franchised business a success. The franchisor will provide you with a proven model, but that model still needs to be worked.
- You’ll need to be prepared to do what’s needed to make your business a success. What franchising can do is provide you with infrastructure so that you can focus on your clients and customers rather than spend time and money researching software or setting up your own website.
Are You An Entrepreneur?
- Franchisees will have the same drive and ambition as your typical independent entrepreneur but may just want to minimise their risk by investing in a system which is proven to have worked.
- They may also want to speed up the process – with infrastructure already in place, once trained, the franchisee can almost immediately start building the business. And with an established brand already in place, this will have been made easier with a franchised operation.
Can I Motivate Myself?
- You may want the freedom of working alone but may also need a little encouragement sometimes, or simply someone with whom to celebrate a business win. Working alone can be lonely, it’s the very nature of the game.
- With a franchised model you invest in a network of like-minded colleagues who are in the same position as you. You’ll also have the experience of the franchisor and their team to lean on, look for advice and yes, to celebrate when you, or in fact any part of the brand perform well. You will be working for yourself but not by yourself.
If you find yourself saying ‘Yes’ to the majority of these questions, then we feel you would be the perfect fit for our franchise opportunities. Get in touch today to find out more.