Fra nchise advice
Finding the perf ect fra nchise
Cathry n Hayes goes over every thing you need to consider to make sure you get exactly what you want out of your fra nchise
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n these times of almost-full employment, going into business by yourself is not an easy option, with high numbers of business failures still being seen. However, today's world of work 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, importantly, how can you fi nd the best one to suit your skills, experience and ambitions?
Analyse yourself 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
as part of a franchise operation, can mean plenty of hard work, so it needs to be a business that you really enjoy. 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 options from fast food to furniture restoration, domiciliary care to dog holidays, and car repairs to coffee shops. Focus on what you would like to do now – being in business for yourself, even
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Consider the size of investment... and of ambition You will also need to consider how much money you will be able to invest into a new business venture. Many franchises will allow you to start up from home, which can keep overheads 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 really want to build something bigger and better than you currently have the opportunity to do so?
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