It’s not too late to stick to those pledges – franchising offers a perfect way to start your own business
The party poppers have been cleared away and the euphoria of New Year’s Eve is a distant memory but what about those resolutions? Research from Bupa, the international healthcare group, says many will have sadly given up on their resolutions after just three weeks.
Every year I set out my goals and aspirations, write them down and try to live by them. Some fall by the wayside: my French is just as bad as it was last year. Others become lifestyle changes: I’ve not drunk cola for over four years now.
For many people, starting their own business will be the biggest lifestyle change they make this year. However, for some this goal will end up on 2018’s list of resolutions. If this is you, are you prepared to wait another year just thinking and talking about becoming your own boss?
As a franchisor, we see many people like you who are a little nervous but determined to make a change. For these people, starting a business within the safety of a franchise network is ideal. First of all, you won't be alone. You have the advantage of a support system within a tried and tested business model. Additionally, the franchising industry is in great shape. The latest bfa survey states 97% of franchisees reported that they were in profit in 2015. Not only this but franchising in the UK generated £15.1bn that year and this figure is growing annually.
So how do you make your resolution to start your own business a reality? First, start with a written plan. According to a study of Harvard MBA students, just 3% of people write down, read and regularly review their goals. And yet they still earn on average ten times the income of the 97% who set none.
Start off by breaking your plan down into small bite-size tasks, with each designed to take you closer to starting your business. Make your plan SMART: each area of the plan should be specific, measurable, achievable, relevant and timely. Following on from this, you should identify which obstacles could stop you from moving forward and each week ensure you achieve some tasks that count towards your plan.
Next you should make sure you do your research and choose a franchise sector based on your life experience and skills. Just as important is evaluating your financial position and identifying which franchises meet your criteria. And the final step is to enquire about the franchise, compare models, visit your favourites, then choose the franchisor that is the best fit for you and your lifestyle.
Follow your plan and by 2018 you could have totally changed your life and taken control of your financial future. You will be your own boss running a franchise business. Resolution accomplished.