Do you often find yourself thinking about running your own business but you’re not sure if now is the right time? Consider these points and see if you’re ready to invest in a franchise.
1. You want to work for yourself but not by yourself
Franchising is an excellent option for going into business for yourself but having the support and guidance of a proven system behind you. Your franchisor will provide you with training, skills and the knowledge you will need to get the business running successfully. You will have a vested interest in the business, and rather than working to please the manager, you’ll be working to make yourself proud. As a franchisee you will also play a part in the business’ decisions and have a say in future plans.
2. You’re financially ready
Becoming a franchisee is an investment and the financials should not be taken lightly. Franchising can cost a lot of money and it’s important you consider all your options. Do your homework and have a plan for meeting all of the financial requirements both upfront and ongoing. Make sure you speak to your potential franchisor about the support that’s available to you as well.
3. You’ve got the mind-set of a franchisee
As with all business, as a franchisee you will have your ups and downs. There will be challenges and setbacks which you will need to face head-on. You will need to have the get-up-and-go attitude that will get you through these trials and make your business a success. If you are ready for the challenge, then it may be time to pick up the phone or take our Two-Minute Franchise Matching survey.
4. You’re getting all the right advice
Even if you haven’t picked the franchise system for you yet, it is important to hear advice from all areas. This includes the franchisor, franchisees, and experts from places such as the British Franchise Association. Visiting exhibitions and discovery days can be an excellent way of gathering information and learning all you need to know about franchising. We also have a free eBook available for prospective franchisees to download with top tips and best advice on how to find the right franchise for you. Download your copy by clicking here.
5. Your family is on board
Buying a business is a both a financial investment and a personal investment. Many franchisors will encourage you to bring your partner, friend or family member along with you on a discovery day so that you can have a trusted second opinion to hear. It will be beneficial for you to have your family encouraging and supporting you during your franchising venture as this is make the business-ownership process a lot easier.
If you are considering becoming a franchisee, make sure to check out all of our Franchise Tips for best advice.
For anyone looking become a successful franchisee, Select Your Franchise’s recent Hangout On Air may be a great resource for information for you. The event, broadcast on 2nd May, features Belvoir’s Head of Franchise Recruitment, Property and Acquisitions, Martin Bunney. This video is ideal for anyone considering investing into a franchise and is success that a Belvoir franchise can offer.
Belvoir are an award winning property franchise with over 20 years of experience and over 160 branches nationwide. They offer prospective franchisees the opportunity to own and run your own lettings and sales business with the brand and support structure.
The interview was broadcast online within Select Your Franchise’s Hangout On Air programme and is ideal for anyone considering investing into a franchise that delivers all the support, training and leads you need to grow your business. The event was hosted by our Managing Director Nick Strong.
Did you find this video interesting? We have more on our YouTube channel! Subscribe to our channel to be notified of upcoming webinars and events.
Our Hangouts On Air happen on Tuesdays from 12.30pm.
Franchising is a highly effective and profitable way of going into business for yourself but not by yourself. It has become a global phenomenon which is increasing year on year. According to the BFA/NatWest Franchise Survey, franchising contributed around £15.1 billion to the UK economy in 2016 which is an increase of 46% over the past 10 years. There are also roughly around 621,000 people employed in franchising in the UK.
But why do people decided to become franchisees? Here are 5 reasons behind their decision:
This multi-billion pound industry continues to grow year on year. Not only is franchising profitable in a multitude of sectors, but it also embraces development in new business systems and innovations across all areas. The constant growth is powered by successful brands and the franchisees who have a vested interested in the development of the business.
As with all business, there will always be risk involved when joining a franchise. However, the backing and support of a profitable brand behind you will ensure that the systems in place have been tried, tested and are proven to work. Although there may not be much room for entrepreneurship, franchising removes the need for new business owners to create and test their own processes. Franchisees will already have all they need to get started; including, operations manuals, branding and marketing tools.
If you have not run a small business before, or you fancy a career change, franchising provides an excellent opportunity for you to learn everything you need. The initial training with the franchisor will teach you all the basics you will need to get your business of the ground. You will also be taught how to use the tools, methods and skills needed to run the business successfully. Ongoing training allows you to keep up to date with the latest processes and continue your learning. Franchisors will also help to train any employees you may take on as your business grows.
Not only will you have the knowledge from your franchisor, but the other franchisees can also provide you with a wealth of information. Everyone will be working to help the business succeed and will want to ensure no-one is at a disadvantage. Your fellow franchisees may have skills you do not and will be able to educate you and enable you to harness their talents for yourself.
In franchising, there is no need for you to start from the bottom. The business you are investing in will already have customer recognition and loyalty that comes with it. The power of the brand will be behind you from day one which puts you in an established position from the minute you start. If setting up on your own, it may take years to establish the same kind of recognition that a franchise already has.
If you think franchising could be the way forward in your career, why not get started by using our 2-Minute Franchise Matching service.
If you would like more information on franchising and how to become a franchisee, then download out FREE eBook ‘How to Select Your Franchise’.