One of my recent articles looked at four reasons NOT to buy a franchise so let’s have a look now at some of the reasons you SHOULD consider buying a franchise.
Firstly, let’s have a recap of what is and isn’t a franchise in this context. It isn’t the new Avengers, Spider-Man or Batman films. Nor is it anything to do with the railways or cricket!
According to the Gov.uk website, franchise owners are self-employed people who buy a licence to operate a business under an established company’s brand.
Here is a fuller definition from the International Franchise Association: ‘A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.’
Now we’ve clarified what we are talking about – here are some reasons you might want to look at franchising in more detail:
If you have always wanted your own business – but don’t know what to do, don’t know where to start or don’t think you can do it alone. Franchising is the best place for you to start exploring a more supported way to own a business of your own. There is such a wide range of different types of franchise, so you are bound to find something that catches your eye.
If you are fed up at work, bored and feeling undervalued perhaps. Life is too short to spend hours of valuable time doing work that doesn’t interest you, but maybe you are not sure what to do next. Perhaps corporate life has lost its attraction, time for a change!
If there is a mismatch of values. Would you prefer to work in a field that inspires you, adds to your well-being and that of others? Why not look at care franchises or maybe the wide range of children’s and educational service franchises if making a difference resonates with you? Or is there an industry sector you have always wanted to enter, but haven’t managed to do so?
If you want more freedom and to manage your own time. The headlines are awash with companies ordering their staff back to the office or complaining about their lack of commitment. Conversely, the most common complaints UK employees have include feeling underpaid, bad management and long hours, according to new research by StandOut CV.
If you really want a complete change of career, finding something new but don’t know where to start looking, or maybe don’t want to start a new career on the bottom rung of the ladder. Franchising gives you training and support so you can have a total change of focus.
If you feel more comfortable as part of a team then franchising can be a great way to have your independence but still be part of a network of fellow franchisees to share best practices and offer support.
If you can see the value of training and support to help you succeed – one of the keys to business success for a small business owner, and a fundamental basis of the franchise model. One of my previous articles, ‘is training the key to franchise success‘ looked at some of the training available as a franchisee.
So, there we have it, seven reasons for you to consider buying a franchise. Do any of them strike a chord? If so, have a proper look at franchising now your appetite is whetted! Take some time to research and understand what franchising could offer if you are serious about wanting to make a change and take control of your future.
