Consumer confidence in the UK at a nine-month high
Joel Caws - Technical Director, Select Your Franchise
In contrast to the recent reports of the UK dipping back into recession, a story by the BBC posted yesterday reported UK consumer confidence to be at a nine month high. The consumer confidence survey figures, reported by Nationwide Building Society, are a welcome sign of public optimism for local businesses everywhere.
For the franchise industry too, a rise in consumer confidence is an encouraging trend as it dictates how comfortable people are to spend money. Many home service based and retail franchises depend on consumer spending in order to generate revenue as a business.
It will also come as good news to franchisors, as the current market and growth potential will always be under scrutiny by any potential franchisee when it comes to investing in their franchise opportunity.
Franchising in general remains a robust option when it comes to starting up your own business. The advantages of a proven franchise system, in conjunction with training and on going support from the franchisor, provide an edge over starting up your own business from scratch.
The survey paints a more upbeat picture than official figures however they are still historically at a very low level, though the trend is one of increased confidence since a low point last September.
Tags: franchise business, joel caws, recession, uk economy
Choosing a Franchise as a Self-Employment option
Joel Caws - Technical Director, Select Your Franchise
Self-employment is an option that many people consider when reviewing their current career direction of job. If that sounds like you, then there is a self-employment option that you might not have thought about. A franchise business is a route to self employment based upon a proven business system.
Many people are surprised at the number of franchises available in the UK and indeed many well known brands that you will have heard of are businesses run on the franchising concept. In 2011, there were more than eight hundred completely different franchise business systems within the UK dealing with everything from carpet cleaning, childrens activity clubs, property lettings agents, business training and coaching, cafes and fast food. The number of different franchises systems is almost endless, with the franchise model finding its way into almost every imaginable business sector.
This is a positive thing for anyone considering a franchise because the sheer number of totally different franchises means its highly likely that you can find a franchise that appeals to you. That said, deciding to start up a franchise business isn’t a decision to take lightly. It takes a good deal of commitment to work and lots of dedication to be able to make a franchise business successful.
Starting a franchise does have some benefits over a non-franchised business start up though, in that it is a tried and tested system. This means that the owner of the business idea has spent alot of time and money in proving the system can be profitable and has documented the formla that form the basis for the businesses success. If the business model and formula is followed correctly, the franchise business should replicate the original pilot businesses’ success.
If a franchise seems like the perfect start up choice to you, you can begin by looking at online franchise directories for the kind of business you would like to be running. A good way to get a shortlist of options that match you are to use our two minute matching service which will quickly narrow down franchises which are available within your budget and desired trading location.
A new start with a Management Franchise
Joel Caws - Technical Director, Select Your Franchise
A management franchise is generally a business that requires the taking on of staff to carry out the daily tasks of running the business, while the manager oversees the running of the business. Combined with the proven business model of a franchise, this can be a great business option for those individuals that have money to invest but don’t necessarily want to get involved with manual tasks.
Of course in the initial stages, some management franchise opportunities may well necessitate some direct involvement in the hands-on labour, but the ultimate goal is to grow the business to a point that will support the employment of workers to take over the labour, and therefore boost the total work capacity of the business. Other management franchises depend on initial investment to take on employees from the outset which will be paid back in time as the business becomes profitable.
A management franchise business can be either business-to-business or business-to-consumer depending on the products or services offered.
An example of a business suited to run as a management franchise is a cleaning service business where you can set up the business managing a team of cleaners that perform the cleaning tasks. Domiciliary care is another good example, where carers can be recruited to perform the necessary jobs. Most retail business franchises are also typically management opportunities where they require a team of employees to serve customers with whatever products or services you are supplying.
Whatever type of management franchise you consider, make sure you do your research properly. It’s important to know who you are dealing with and also get as much ‘franchise buying’ advice as you can. Some good sources of advice are franchise legal experts, franchise consultants or the British Franchise Association.
If you have decided a management franchise could be the right business option for you, then do some initial research into the options available and draw up a shortlist. Take some time to visit the franchisors offices to get a feel for their operation and ask any questions that might be on your mind. Another important part of checking out the claims of your chosen franchise, is to speak to a few of their existing franchisees. Any good franchisor will be happy to provide you with the contact details for a number of their franchisees so that you can chat to them about how the franchise business works in practice and find out about their experience in dealing with the franchisor.
Once you are happy to commit yourself to the franchise business, make sure you are committed and ready to work hard at putting the proven business concept into motion. This will give you the best chance of success.
To see a list of management franchise opportunities, visit our management franchises section.
