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Why risk-averse entrepreneurs succeed in franchising

Written by David Glover on Monday, 02 December 2019. Posted in Franchise Diaries

Entrepreneurial spirit is flourishing in the UK, with a whopping 660,000 new businesses opening each year, according to The Daily Telegraph.

Why risk-averse entrepreneurs succeed in franchising

Entrepreneurial spirit is flourishing in the UK, with a whopping 660,000 new businesses opening each year, according to The Daily Telegraph. Yet, despite entrepreneurs’ aspirations, 60 per cent of these fledgling companies are fated to fail.

If you’re a prospective business owner beginning to feel like the odds are stacked against you, another trustworthy source – the latest Natwest and British Franchising Association report – offers hope: less than one per cent of franchises in the UK close as a result of commercial failure.

For those looking for a more dependable route to business success, franchising offers all the excitement of opening a business with far less risk. Choosing to work with an energetic, innovative franchisor can mitigate many pitfalls associated with independent start-ups.

Passion, skills and dedication are all still a must, yet a number of factors keep the risk as low as possible. Take Caremark for instance:

Enter the sector backed by a proven model
We know exactly what it takes for a home care business to meet and exceed industry standards. Franchising removes the element of guesswork or ‘trial and error’ that can frustrate the early stages of a business.

Having proven management and work practices means a far smoother launch experience, especially when you have a brand-new team in place. This helps to impress and retain customers from the word ‘go’.

Benefit from in-depth training
Businesspeople don’t usually join us with previous health and social care experience; if you have business acumen and a desire to bring excellent home care to your community, we have the tools to help realise your dream.

We expect each of our franchise owners to uphold excellent standards, however we don’t expect them to learn to do this by themselves. An in-depth residential training programme means each person is equipped with knowledge and confidence in every aspect of running their business.

Take advantage of a strong support network
Where can you turn when you have a question about best practice or a problem to solve? Going it alone can be tough for even the savviest businessperson. Franchising offers mentorship, support and opportunities to connect with a network of likeminded people.

An experienced support manager is a key part of any Caremark franchisee’s experience. We’re also a close-knit community; annual and regional events plus an intranet mean it’s easy to connect and seek advice.

This level of support gives franchise owners a sense of security and of being part of something bigger, combined with the pride of running their own business.

Earn consumers’ trust earlier in the journey
According to the 2019 Edelman Trust Barometer Special Report: In Brands We Trust?, 81 per cent of people ‘must trust the brand to do what is right’ when making a buying decision and 73 per cent said that reputation is a deciding factor.

Trust and reputation are hard-earned. In the home care market, choosing a nationally recognised brand is a wise decision.

When it comes to advertising, marketing and publicity, both nationally and locally, franchising again offers a smoother experience. While start-up owners usually need to figure this out themselves, choosing franchising means you can benefit from marketing support, collateral and guidance.

Enjoy an easier experience of financing
In many cases, franchises are easier to finance than start-ups as banks consider franchises with good reputations a better option when considering business loans.

Approaching the bank is another area that Caremark, as a large and respected franchisor, helps with. We make the introduction on the prospective franchisee’s behalf and have strong partnerships with the banks with whom we work. Again, having a proven business model pays off as it makes the bank’s decision that much easier.

And there’s still space for innovation
We know that people open a business for the thrill of standing on their own two feet. A Caremark franchise owner benefits from every trapping of business ownership, and that includes the space to put their personal stamp on their business.

Our franchise owners amaze us with their ideas, and we encourage innovation within the business model. We have many shining examples of those that have boosted their retention or improved people’s lives by taking initiative.

Put simply, business success gives entrepreneurs space to make a difference. Our franchisees have the freedom to think about how they can bring about powerful, positive change thanks to the smooth business journeys they have enjoyed.

If you have the drive to open a business that brings people the standard of care they deserve, why take on the extra risk of setting up on your own? With a Caremark home care franchise, you can channel your energy into making incredible things happen.

About the Author

David Glover

David Glover is Caremark’s managing director and the bfa forum chair for London and the south east region.

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