Research indicates that one in five UK adults would like to start their own business. There is a multitude of reasons why - from the desire to pursue a passion, to wanting to provide a more rewarding future for themselves and their family.
Research indicates that one in five UK adults would like to start their own business.1 There is a multitude of reasons why - from the desire to pursue a passion, to wanting to provide a more rewarding future for themselves and their family.
With a franchise business offering an increased prospect of success compared to going it alone, more and more people are choosing franchising as a route to business ownership.
In advance of The British & International Franchise Exhibition which returns to Olympia London on 17 & 18 June, here are three key reasons ambitious entrepreneurs might like to consider investing in a franchise:
Blueprint for success
A franchise is often described as a ‘business-in-a-box’. The business model, product line, backend systems and sales and marketing strategies have all been established, proven and fine-tuned.
Time and effort has been put into cementing the brand in the public’s consciousness, and familiarity and trust have already been built. Consumers and clients are predisposed to engaging with the company and, crucially, buying from them.
These milestones can take years to achieve for a brand new, stand-alone business, but investment in a franchise short-cuts all these challenges. A franchise allows entrepreneurs to launch a business far more quickly than if they set out alone, and provides solid foundations to get them operational and earning an income from their new venture.
In business for yourself, but not by yourself
Most people considering setting up their own business have come from, or are still in, an environment of employment. As an employee, even in a senior management or leadership role, you’ve been part of an organisation and a team where training and general support have been available.
Going it alone in business and having to wear all the hats demanded by an operational venture can be daunting - if not impossible. Franchisees, on the other hand, benefit from initial training, ongoing support from the franchisor and a network of other franchisees who can offer guidance and moral support.
There is still someone to pick up the phone to, whether it’s head office or a peer running the same kind of business as you. This provides important reassurance, especially in the early months.
It’s important to remember that even with all this support and a plan for success that a franchise provides, you are still in business for yourself. You are captain of your own ship that’s dictating your schedule and influencing how and when things get done.
You are building a business for yourself that you can grow to fulfil your own ambitions, and a business you can sell at the end of the term of your franchise license.
It’s easier to raise finance for investment in a franchise
It’s rare that a person will have all the capital needed to plan, launch and operate a business.
Due to the increased chances of a franchise still being in operation after five years compared to an independent business, banks look favourably on applications for finance for franchise ventures.
High street names, including HSBC and Barclays, have teams dedicated to franchising and there are further sources of finance available from specialist funds. Banks will typically loan 50% of the investment amount needed and up to 70% for established franchises.
Even with such compelling reasons to embark on being your own boss with a franchise, further investigation is essential so that you find the right business for you.
Immerse yourself in the world of franchising at The British & International Franchise Exhibition at Olympia London on 17 & 18 June.
At the only Franchise Exhibition in London supported by the British Franchise Association, visitors will have the opportunity to:
Meet industry-leading franchise brands face to face, including Getir, Puccino’s Coffee, Tutor Doctor, Dream Doors, Platinum Property Partners and many more!
Choose from a packed programme of 50+ free talks covering the fundamentals of franchising
Get free, one-to-one advice from a range of industry experts
Tracy Shah, Senior Commercial Director at Venture Marketing Group, the event organisers, comments:
“The British & International Franchise Exhibition has helped thousands of visitors find their perfect franchise opportunity. This summer’s event promises to be equally successful.
“We are delighted to be in the heart of the capital at Olympia London to showcase leading franchise brands alongside unparalleled educational content to help aspiring business-owners to unlock the potential of this lucrative business model.”
Tickets to the event are free. Pre-book yours online for fast-track entry. For more information about what’s going on and to book your free ticket, visit FranchiseInfo.co.uk.