Be your own boss in 2019 with the backing of an established brand
A new year often brings a new plan of action, especially for those with entrepreneurial ambition.
There are many reasons why people choose to go into business on their own, from the desire to pursue a passion, to wanting to provide a more rewarding future for themselves and their family.
With a franchise business offering increased prospects of financial success compared to going it alone, more and more people are choosing franchising as a route to business ownership. In fact, recent research indicates that of the 48,600 franchised units in the UK, 93% were profitable in 2018.
The Franchise Exhibitions offer the perfect opportunity to find out if it is the right option for you. Organised in association with the British Franchise Association (bfa), they provide a platform to meet franchise brands from a wide variety of sectors and gather specialist advice, all under one roof.
In preparation for this spring’s exhibitions, here are the top three reasons why you should consider investing in a franchise:
1. Business in a box
Investing in a franchise means you start your new business with a blueprint for success. The business model, product line, backend systems and sales and marketing strategies, have all been established, proven and fine-tuned.
Time and effort has been put into getting the brand into the public’s consciousness and a level of trust has already been built. This means that consumers and clients alike are already primed to engage with – and crucially buy from – the company.
These milestones can take years to achieve for a new business, but investment in a franchise provides a short-cut to overcome these challenges. This allows entrepreneurs to launch a business far more quickly than if they set out alone, and provides solid foundations to get them operational and earning an income from the outset.
2. In business for yourself, but not by yourself
Most people considering setting up their own business have come from, or are still in, an environment of employment. As an employee, even in a senior management or leadership role, you’ve been part of an organisation and a team where training and general support have been available.
Going it alone in business and having to wear all the hats demanded by an operational venture can be daunting – if not impossible. Franchisees, on the other hand, benefit from initial training, ongoing support from the franchisor and a network of other franchisees who can offer guidance and moral support.
There is still someone to pick up the phone to, whether it’s head office or a peer running the same kind of business as you. This provides important reassurance, especially in the early months of operation.
It’s important to remember that even with all this support and a plan for success that a franchise provides, you are still in business for yourself. You are captain of your own ship that’s dictating your schedule and influencing how and when things get done.
You are building a business for yourself that you can grow to fulfil your own ambitions, and a business you can sell at the end of the term of your franchise license.
3. It’s easier to raise finance for investment in a franchise
It’s rare that a person will have all the capital needed to plan, launch and operate a business in the first year.
Due to the increased chances of a franchise still being in operation after five years compared to an independent venture, banks are better disposed towards lending to them.
High street names, including HSBC and NatWest, have teams dedicated to franchising and there are further sources of finance available from specialist funds. Banks will typically loan 50% of the investment amount needed and up to 70% for established franchises.
Rob Orme, Franchise Relationship Manager at Franchise Finance, who works with more than 150 franchisors and their franchisees in the UK, comments:
“Those new to franchising might not realise the financial options available to start and grow a franchise. Lenders love franchising because proven business concepts provide great confidence and reduce risk!”
Even with such compelling reasons to embark on being your own boss with a franchise, further investigation is essential so that you find the right business for you.
Explore the exciting opportunities on offer by visiting The Franchise Exhibitions:
You’ll find over 100 brands – all accredited by the British Franchise Association (bfa) – and a wealth of professional advice on all aspects of franchising.
Watch the video below to see how you can take advantage of The Franchise Exhibitions:
The Franchise Exhibitions are held in exclusive partnership with the British Franchise Association (bfa). Find out more and book your free tickets today using promo code DAL2 at FranchiseTickets.co.uk