Recent figures have shown that more and more people are choosing to become a franchise owner, with numbers increasing hugely over the last 5 years. If you are someone thinking about buying into a franchise, here are some things to consider.
Whilst becoming a franchisee is technically starting up your own business, some see it as a less daunting transition as they are buying into an already proven brand. There are many reasons why people purchase franchises. They may not be able to get a job or have been made redundant. Some have jobs but are unhappy and some simply have savings they wish to invest into something rewarding. Regardless of the circumstances, the underlying reason tends to be that they want to be in control of their own career.
If franchising is growing in popularity, there must be some benefits right? Of course there are! Both for the franchisor and the franchisee.
The fee’s that you pay to the franchisor allows them to expand on their own business, as well as fork out for further marketing and promotion.
As a franchisee, you will benefit from working with an established brand that is ready to share its experience with you. Taking the name of a ready-made brand can offer instant recognition dependant on the scale of the core business. If it is well known, business will come in much more quickly.
However, the brand is only part of it. You should always find out exactly what support is offered as part of the deal. Many franchisors offer support with the initial structuring of your business and marketing support.
It’s important to remember that all franchisors are different, but they are all in a position where they should be able to offer some support to franchisees as they have been in the same situation before. When buying into a franchise, it is crucial to know what support is available so here are some questions you may want to ask:
- What help will be available to guide you through all the aspects of your new business?
- What processes are in place and how can these help franchisees adapt to operating procedures?
- In order to market the business, does the franchisor deliver any online marketing or public relations support?
As well as the support that the franchisor will offer, there is extra support available from external organisations. If you are considering buying a franchise, The Women’s Organisation’s free business start-up programme is an extra avenue of support to access, to give your new franchise the best chance of success. For more information, visit www.thewomensorganisation.org.uk or contact us directly on 0151 706 8111 / email@example.com
By Beckie Kinsella