Franchising – is it worth it?

The franchising industry is growing and currently there are over a quarter of a million franchising businesses in the UK. Around 3 new franchises open up each day and the UK has seen a year on year growth in franchises over the past 10 years.  

Franchising covers most business sectors from the Cleaning Industry to the Retail sector. In many cases the franchise you buy, can be a recognised brand name and like all businesses you are never guaranteed success or profits – you will need to complete your business research, write a realistic business plan and work hard.  

Experience

Most franchisors offer training as part of their franchise package and you will often hear that you don’t need experience to open a franchise. I would also add that the more sector experience you have the better prepared you will be.

What you do need is a passion for succeeding and dedication to make your franchise work.  The most successful franchisees possess good business sense and understand a franchise like any other business needs time and effort for it to become successful and profitable.  

Franchisors are looking for someone who is committed, driven and enthusiastic. A Career Coach can help you find a business sector you will be passionate about.

Running a Franchise Business

A franchisor will want you to be successful as their franchisee and will often offer a “get going” support package including Business Plan Writing, Funding Packages, Pre-launch, and Advertising Advice. You will also receive ongoing support from the franchise and will often have to pay a monthly management service fee.

Is my Money Safe?

As business person, you will already know that starting a new business or franchise is a risk; statistics show that owning a franchise is more likely to succeed then starting up a business on your own. As we said a franchise company will offer you pre-launch support and I would add that to be really successful pick a franchise you know you will be passionate about.

Who can I franchise with?

As we have already said you can franchise over a wide number of job sectors, which means you need to read the different franchising opportunities that interest you and ensure you read the franchises terms and conditions, ensure you have the time and commitment to make your franchise work and compare the risk against the investment.

Find a list of UK Franchises here
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