So it’s 2022. You may have spent the past 2 years either disillusioned with your employment, the long hours, a salary that does not reflect the effort that you put in, or an unreasonable boss who is half your age with little or no experience. Or perhaps you are fed up with working from home and you want to meet people again.
Many people in 2022 are looking for change of direction; be that a second or third career change or to become their own boss and move into the world of business ownership and self-employment.
Franchising has something for everyone
Whether you want to have your own mobile van-based business, delivering snacks, selling excellent coffee, clearing drains or gutters, or perhaps you prefer to work from home in a more business to business environment. Maybe your desire is to have your own coffee chop, a fast food outlet or own a chain of restaurants. Whatever your situation, there will be a business opportunity for you. Franchising really does offer all of this and more. With nearly 1,000 franchise business systems available in the UK, there really are ‘plenty of fish in the sea’.
If being your own boss is your dream or desire, it is time for you to fall in love with franchising.
Why should you fall in love with franchising?
Well if you are looking to transition from employment to business ownership, it can be a bit confusing. With so much choice, where do you start? Do you try and capitalise on your previous career experience, or would you prefer a complete change and try something new? The great thing about franchising, is that very often there is no experience necessary.
The franchisor is looking for partners who want to run their own business under the ‘umbrella’ of their brand. They want people who are teachable, so that they can train you to follow their process and go on to build a strong and successful business. In fact, franchisors often prefer people that are new to their business sector, because they are more likely to follow the systems and controls that have made the franchisors business the success that it already is.
Obviously, it goes without saying, that franchising is not completely risk free, no relationship is. It is not a ‘one size fits all’ solution either. However, Banks and consultants alike will testify that franchisors that offer tried, tested and successful business models, is the smartest and safest route to starting your own business – what’s not to love?
Before you give you heart away
Before you fall in love, what should you look for in a partner? Someone you can trust, someone you enjoy being with, someone who has your best interests at heart and that makes you feel secure. Franchisors want those things too.
As mentioned above, very often experience in the franchisors market sector is not necessary. Afterall, they are the experts and they have already built a successful business without you. So, what are they looking for in a partner? Well they too want someone that they can trust with their brand. Someone that they enjoy working with, who has the businesses best interests at heart and that they can feel secure that their brand and core values will be safely upheld.
Franchisors will look for skills that you have learned over time from previous careers, that they can put to work and use in their business. Qualities such as, people skills; good communication; being organised; good management of people; teachability (after all they need you to follow their system). So many franchisors will look for people who are self-motivated and willing to learn. They can then teach you and give you the rest of the tools that you need to build a successful business.
You can’t hurry love
When selecting a franchise there are certain things to remember. Choose a business sector that genuinely interests you. Define how much you can afford before you choose. Remember: You need enough money to buy the franchise, run the business until you can take a wage from it and support yourself in the meantime.
You might start ‘speed dating’ by investigating several types of businesses before you find the one that seems right for you. That’s fine, it is all part of the process. The thing to remember, like any relationship (and franchising is all about the relationship between the franchisor & the franchisee) is not to rush into it.
Take your time, find out as much as you can about the business, how it works, why it works and what it will take to make it work for you.
The Engagement, Wedding & Honeymoon
Once you believe that you have found the right business for you and have completed your due diligence (we will talk about this in a later article), it is time to make a commitment to each other. You can ‘tie the knot’ by signing a franchise agreement, have an exchange of funds to cement the relationship and then embark on the training and launch of your new business.
