Franchise Advice
Finding the
perfect franchise I
n these times of low unemployment, going into business by yourself is not an easy option, with high numbers of business failures still being seen. However, the world of work these
days is one of short-term contracts, little job security and, for some people, multiple redundancies without the cushion of
generous exit payments. At the same time, employers are expecting more for less, leading to an increasing number of people looking to take more control of their future. Franchising can be a better option for
many, with support and training from the outset and a network of fellow franchisees, as well as the franchisor, to provide ongoing support.
So, could franchising be for you and,
more importantly, how can you fi nd the best one to suit your skills, experience and ambitions?
Before you do anything else, a period
of introspection is called for. Spend a bit of time thinking about your own skills: what are you good at and what areas would you need help to excel in? Is there something you have always wanted to do, but perhaps didn’t feel you had the chance to go into on leaving school or university? Now is your opportunity to really think about your plans for the future – franchising has something for everyone, with a range of opportunities from fast food to furniture restoration, domiciliary care to dog holidays, and car repairs to coff ee shops. Focus on what you would like to do now – being in business for yourself, even as part of a franchise operation, can mean plenty of hard work, so it needs to be a business that you really enjoy. You will also need to consider how much money you will be able to invest into a new
52 |
BusinessFranchise.com | September 2017
Cathyrn Hayes runs through everything you need to consider to get exactly what you want out of your franchise
business venture. Many franchises will allow you to start up from home, which can keep overheads right down, but if you are looking at fast food or retail, for example, a much higher level of capital will be needed. Be honest with yourself about your
reasons for wanting to change what you are doing. Do you want to build something bigger and better than you can in your current employment? Or, is it more a case of wanting to step back and have more time for yourself? If the latter, there are some franchises marketed more as a part-time opportunity or an investor arrangement where you are not so hands on. What are your ambitions and do they match what the franchisor is looking for? For instance, at Revive! Auto Innovations, we are very clear about the fact that we need franchisees who are really keen to build a substantial business,
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