Franchises – The Right Option Available?
Every once in a while, every individual with any ‘get up and go’ decides that it might be time to get up and go – and leave whatever they feel is holding them back in life. A mundane job; the thought that you’re feathering someone else’s nest with your labour; or just the desire to be your own boss can all be strong motivators to consider starting your own business.
Franchising cuts out all of the ‘rock breaking’ involved in making the giant step from employment to being your own boss. Without the support of tried and trusted systems, backed up by the knowhow of many years of honing any successful franchise business model, any individual starting on their own not only has to face the hollow uncertainty and loneliness of going it alone but also the exceedingly steep learning curve of actually running a business, instead of being employed within one.
Apart from the phenomenal success rate of franchise businesses compared with normal start-ups, being part of much larger team of franchisees as well as the franchisor themselves, means that you’re never left on your own wondering what to do next. You’ll have a constant resource available to discuss issues and opportunities with so that you can concentrate on generating a healthy business rather than agonising over matters that you can’t discuss with anyone.
Four questions to ask yourself
Before you ever consider what business you want to be in you should ask yourself four questions. 1) What is the strongest marketplace I could work within? How sustainable is the marketplace – is it affected by the strength of the economy and disposable income? Could I carve myself a niche within it? Could I be profitable within it? If you can’t reassure yourself that the answers are all positive then you should never consider the next question – Do I want to do this?
Far too often businesses are started by people who’ve ‘always fancied doing this’ or think that ‘this would be a good business for me to be in’, both cardinal sins and with the odds heavily stacked against them if they haven’t addressed the first four questions at the outset and asked themselves if they’re really committed to being their own boss.
Once you’ve done your homework and assured yourself that the franchisor offers comprehensive training, a good business model, a good infrastructure and ongoing support in whatever your chosen role is, only then should you consider making the leap of faith that will launch you on your new career. You can never do enough research, both of your chosen marketplace and of the franchisor – you are after all entering the business equivalent of a marriage and if you’re not going to mirror current divorce statistics then you should do your groundwork well beforehand.
If you’ve planned well, selected a franchise in your chosen marketplace that suits you (are you after a management style franchise such as Prokill or a ‘one man and van’ franchise?), checked that the franchisor is either an Associate or Full member of the British Franchise Association – the regulating and accreditation body – and done your homework, then provided that you commit wholeheartedly to your new business, you’ll succeed.
About the Author
Matthew Anderson is a franchise consultant and founder of The Franchise Shop, a UK business franchise directory featuring
in the UK and
Careers in Franchise Ownership