Low Cost Franchise Opportunities and how best to find them
Joel Caws - Technical Director, Select Your Franchise
The difficult times of the last few years cause everyone to look carefully at their financial position, lifestyle, career, etc. When shadows are cast over our futures, whether it be through redundancy or even rumors or threats of cutbacks at work, we all naturally look to make cost savings where we can and tighten our belts.
In addition to this, availability of investment capital has become scarcer, with banks being more careful who they lend to and lower house prices putting pressure on remortgage options; a popular method used by homeowners to free up liquid capital.
Having less to invest doesn’t necessarily mean that starting up a new franchise business is out of reach. Seeking out low cost franchise options is a great idea for those who don’t have access to larger amounts of investment capital. In fact, many of the lower cost options can be started up on borrowings that most could even fund from a credit card.
Franchising can be a good route into starting up your own venture as it presents a way to start a business based on a proven model. In addition, franchisors generally provide training and support to ensure you make the most of the business potential offered by their franchise system.
If you are considering starting up your own business but have previously dismissed the idea because of limited available funds, you might want to consider the low cost options that are currently available. Searching online franchise directories for low cost franchise opportunities can be a good way to begin your research. These will often give tools to allow you to see only franchises available within certain price bands which will help you to identify quickly what is available within your budget.
Its important to bear in mind that the success of a franchise business is largely dependent on working the proven business model correctly. With hard work, determination and commitment to the franchise formula, you could really reap the benefits of establishing a solid business.
Tags: franchise, franchise business, franchise opportunities, franchising, joel caws, low cost franchises
National Franchise Exhibition 2010
Nick Strong, MD - Select Your Franchise
With the 2010 National Franchise Exhbition just days away, many budding entrepreneurs and business investors will be looking forward to roaming the aisles at the NEC in Birmingham this weekend. The exhibition is a great opportunity to find out about the latest franchise opportunities and hopefully pick up some tips by listening to some helpful business seminars from industry experts.
However, for those at the early stages of considering franchising as a route to self-employment, a franchise exhibition could seem like information overload. With this in mind, its important to go prepared with objectives so that you get what you want out of attending.
Decide on what you want to achieve
Think about what it is you want to get out of attending. Maybe you have already been thinking about starting a franchise but not sure exactly which one will suit you best. The exhibition obviously presents a good opportunity to talk to many franchisors all under one roof. Or maybe you just wanting to pick up some helpful business insight or get information on services that might help you start a business or help to grow and develop an existing business. There are specialist seminars during the exhibition which cater for these needs.
Preparation
Especially if you are considering a franchise, you might find it helpful to do a little research before you attend. The National Franchise Exhibition attracts a large number of exhibitors and its likely that you will only find the time to speak to a small percentage of them. For this reason, using an online franchise directory can be helpful to get an overview of what is available and what types of franchises you might be interested in. In addition, online directories can quickly help you to narrow down what is available in your area and what you can afford saving you time in considering franchises that might be beyond your scope. Once you have a shortlist of options, check if they are attending the exhibition and then plan to visit their stand during the day.
Tags: Franchise exhibitions, franchise opportunities, franchising, National franchise exhibition, nick strong
Franchise Tip 3: How do I know if a Franchise Business is right for me?
Joel Caws - Technical Director, Select Your Franchise
Welcome to our 3rd Franchise Tip. In this tip we will be looking at how to know if franchising suits you. If you have missed our previous 2 franchise tips then you can find them by clicking here.
How do I know if a Franchise Business is right for me?
Personality
At the most basic level, a person who is willing to run with a proven system and is committed to working hard typically makes a good franchisee. The willingness to run with the proven system is a real key issue for anyone considering a franchise. If you prefer to do your own thing, you like to innovate or find new ways of doing things then you may find running a franchise business difficult as it may grate against your personality. The reason for this is that a franchise is successful because it requires adherence to an already proven system. To veer off the path and try doing it ‘your own way’ can actually be detrimental to not just your own franchise business but may also reflect badly on the entire franchise network.
Many franchise businesses rely on face-to-face sales and require interaction. This obviously requires a potential franchisee to enjoy interacting with potential customers and to be happy to market and sell whatever it is they are offering.
To be a hard worker is also extremely important. A franchise business although based on a proven business formula, is still a business and will require plenty of hard work and dedication to offer the best possible chance of business success.
Lifestyle
Starting up your own franchise business will take alot of time and effort. For this reason, its important you talk it through with your family and have their support. All businesses can present challenges and difficult times and this is why its important to know you have the backing of those close to you, to help, encourage and support you.
Investment
A franchisor will usually require an up front franchise fee. This basically covers: the license to operate under the franchises brand, to acquire the know-how of its proven business formula (usually from the provision of a franchise manual and additional training), and often some other branded materials such as livery, signage, point of sale material, etc. This entails investment whether it be a loan from the bank, an outside investor or from personal capital you already own. You must therefore be willing to invest some capital and be prepared to wait for the return as your new business grows.
You should now have a good idea of whether a franchise suits you or not. In our next franchise tip we will look at the best ways to find and research franchise opportunities of interest.
