Ensure franchising is right for you before buying a franchise

New year, new start. You may have heard these words many times since the start of the year. But have you done anything yet to act on them? For many people, a new start for the year is losing weight or getting fitter; for others, it will be starting their own business and becoming their own boss.

By definition, the new year is a time to take stock and evaluate, consider options and make a plan for change. It is at this time of the year that people start to question whether they want to continue working for someone else or whether it’s time for them to make a fresh start and work for themselves. One way that many people choose to enter self-employment is by joining the ranks of franchisees across the UK, which is why franchisors like HomeXperts receive a glut of enquiries in January. For some, joining an established proven franchise can be a safer way to launch a new business. According to the bfa/NatWest Franchise Survey 2015, over 600,000 people are employed within franchise businesses and franchising delivers over £15bn in terms of GDP each year.

By now most people will have gone back to work if they are working and may be thinking: “Is this it? Do I want to continue earning money for someone else or start fresh and earn money for myself?” Well working for yourself is rewarding but also challenging. Giving up the security of a regular pay cheque for the uncertainty of self-employment is not a decision to be taken lightly. It’s important to think through the different scenarios you could potentially find yourself in.

Five basic questions to ask yourself are: how will you support yourself and your family financially during the early days of your new business? What are your skills and what type of franchise would be suitable for you? Do you want to work alone in your business or work in a business building a team? Would an ideal franchise be creating products such as a food franchise or delivering a service offering to your clients? Could you motivate yourself when times are tough and the business is challenging?

It’s only when you have the answers to these questions that you are ready to start considering a franchise. This is a crucial time in your new businesses development: the research stage. Having cut down your options as a result of asking yourself the previous questions, now is the time to start to identify potential franchisors to work with. Steer clear of any franchisors that try to put pressure on you to make a decision because you need to take your time and be sure you choose the right business partner.

But while it pays to be cautious when choosing a franchise, don’t let this temper your new year’s resolve: statistically your chances of making a success of your new business are higher when franchising than going it alone. Remember fortune favours the brave.