Many people often dream of being their own boss and turning their passion into a successful business, but may not have the opportunity or resources to do so. In the UK, over half of start up businesses fail within the first 5 years, and these statistics can be off putting when it comes to following your dreams. However, there are other routes available. Franchising can be an attractive opportunity for aspiring entrepreneurs and can help to eliminate the barriers many face when starting their own business. After all, 93% of franchises in the UK reported profitability in 2018, and with over 935 franchise systems currently running across numerous industries, there truly is a business for everyone. So, perhaps it’s time to consider franchising for yourself?
Why franchising?
Franchising offers many benefits over starting up on your own. Most importantly, it significantly lessens risk as you will be using an already proven and profitable business model. But what else does franchising offer?
Finance
Finance is the back bone of any business. Starting up on your own can require major financial investments from yourself and lenders, putting a huge weight on your shoulders to make your business profitable quickly. Attaining finance for your new business can be made much easier with franchising, as lenders can see that the business model has already been proven to be profitable and will be more likely to provide the finance you need. Specialist franchise bankers can help you get the finance you need, and it tends to be a much simpler process than going into business alone. Buying a franchise is often more affordable than you think.
Marketing
Marketing is another key factor in the success of any business. Starting a business of your own means building a successful brand from scratch, identifying the right channels and optimising your offering for your audience – easier said than done. When buying a franchise, this has already been done for you. The franchisor has gone through the learning process and knows what works and what doesn’t, meaning you enter the market with an established brand already known to your customers.
Support & guidance
Starting up on your own can be daunting and can be a difficult journey for anyone. However, buying into a franchise means you have a strong support system in place from day 1 – something that is truly valuable when beginning your franchise career. Your franchise support system will have same long term vision in mind as you, and will help you grow your franchise from strength to strength. In a 2018 report by the bfa/Natwest, franchisees reported they were largely happy with the support provided, with 48% rating it as excellent and a further 31% rating it as good.
Training
Whether or not you already have expertise in the industry, when you buy a franchise you will be given in-depth training to set you on the right path. From headquarters to on-site training, you will be taken through every step of how to successfully run the business from day 1. The franchisor will also have a set process for bringing in new staff and training them up, giving you one less thing to worry about and more time to focus on growing your business.
Although franchising can be a very attractive opportunity, it may not be for everyone. It may eliminate start-up barriers, but the same grit, determination, long term vision and hard work ethic is still required more than ever. Without this, no business can be successful.
If you think franchising could be the right path for you, check out our opportunities page and let us know what you’re looking for! We look forward to hearing from you.