You might not really know what a franchise is or how it might apply to you, but if you are thinking of taking a new direction, want to work for yourself, but want the security of working for a known name then becoming a franchisee may be for you.
Recent research from the British Franchise Association shows franchises have had a 91.8 per cent success rate this year – that is way higher than the rate for start-ups. Franchises, by their very nature, are tried and tested businesses.
There are all sorts of franchises available at all sorts of prices so don’t be put off by thinking you’ll never be able to afford it. Do some research and find out more. Some franchises cost in the low hundreds of pounds, others in the thousands. What is important is to find out which suits you. The most successful franchisors run businesses they feel passionate about. If you love shoes, then check out shoe franchises. If your passion is fitness or dance, then there are franchises out there for you too. If you want to run a restaurant, then there are all sorts of catering franchises.
You don’t have to do everything from scratch as the business is already up and running and the brand is known. It is just up to you to use the format to make your mark in your particular area.
Many franchises offer advice and support to new franchisees. It is, after all, in their interests, that you are successful. Many give help with marketing, advice on business plans and refer business your way. Many franchises which sell products offer discounts on stock. You can get advice on whether a franchise is bona fide by contacting the British Franchise Association, but nothing beats doing your own research and asking the franchisor if you can speak to some of their other franchisees.
As you are in charge of the business you can set your own hours and work round your family. It is usually up to you how much time commitment you want to put in, but if you are looking to work round children be careful when choosing your franchise. Make sure that it is something that doesn’t mean you will need to be on the phone or in meetings when the kids come home from school.
For some franchise ideas, visit our Franchise Opportunities section.