Why franchising offers far more than just generating an income

Franchising provides an excellent solution for people looking for more than just generating an income.

Why franchising offers far more than just generating an income

Franchising provides an excellent solution for people looking for more than just generating an income. Jenine Butroid, the founder and CEO of Supporting Minds, a counselling franchise that provides a range of professionally recognised training and therapy services, gives her advice on why franchising offers far more than just generating an income. 

There is no denying that the pandemic has changed many people’s outlook on how they work and spend their free time. So, the number of people considering franchising as a viable solution to starting a business continues to increase. And even though the franchise industry contributes more than £15 billion to the UK economy – a figure which has risen by 46 per cent over the last 10 years – and numerous franchises have proven themselves to be recession and pandemic proof over the past five years, a great income is not the only reason people are interested in the idea of franchising. 

You have the option of a great work-life balance

While franchising may not sound as glamorous as becoming an international pop star, YouTuber or footballer, owning a franchise will actually allow you a life of flexibility and freedom. However, you must choose the right type of franchise opportunity.

Before you go and make an investment, it is recommended that you do your due diligence and ensure the franchise of your choice matches the lifestyle you want. For example, if you are a parent and want to be there for your children after school, a home-based franchise could be perfect for you. A home-based franchise opens up the opportunity to only work certain days a week to limit the amount of money spent on childcare. However, you will only be able to work while your kids are at school or sleeping. 

You may decide that you only want to work certain months of the year to allow you to pursue other interests. This is where a seasonal franchise would be perfect. For example, an ice cream business can give you the flexibility of running a business in just the summer months whilst enjoying lengthy skiing holidays when the weather takes a turn for the worse. Anything is possible if you do your homework and buy the franchise that is best suited for you. Achieving a good work-life balance should increase your overall happiness and mean you are less stressed. A happy franchisee is usually a profitable one too.

Access to a supportive network

There are obvious benefits to buying a franchise, but it is important to remember that being part of a franchise network does not make your business bulletproof. Just because a franchise is already a proven model, there is no guarantee of success, and hard work and determination are required for it to thrive. 

Covid-19 has made the prospect of starting your own business more daunting than ever. It was widely reported even before the pandemic that 20% of businesses fail within the first year, and after ten years, 70% of them are gone. Now, it is fair to assume these percentages will be a lot higher. Nonetheless, franchising offers you an oven-ready business with a foundation in place, a great brand reputation, start-up support, and training throughout your contract with the franchisor. 

Franchising allows you to do what you love!

Deciding who to franchise with is the biggest and most important decision you will make on your franchising journey. Whatever the industry you are passionate about, be it food, education, business, mental health or something else, ensuring that you have the same values and beliefs as your franchisor is essential. Customers or clients that use your services will always recognise when a franchisee fully respects and is behind a company’s mission. So, by ensuring early doors that you believe in a franchise’s values and goals, the day-to-day operations of your business will run much more smoothly and make for a better experience for everyone involved.

Having a franchise should be a win-win for both franchisor and franchisee and be an interdependent partnership. The business must feel like they have gained someone who will represent the brand and their values entirely, while you should feel as though you are valued and respected.

To find out if you share values with your franchisor, reflect on what is important to you in your personal life and in business. Establish a mission statement around these or simply write them out in a list and lastly, challenge yourself by asking what values you would build your ideal business upon.

As amazing as the experience will be, starting a new business can prove challenging, whether you are qualified in the industry you are going into or not. However, sharing the same values as those who can support you through challenging times is vital. Having shared goals and being immersed within the company’s culture can make those days much easier to get through. It will also make the good days more enjoyable as you will be able to celebrate successes with those who understand the value of your achievements. 

Jenine Butroid
Jenine Butroid