Perhaps a signage and print business would satisfy your entrepreneurial needs?
Sometimes, the simplest way to approach any business research is to look around you. Check out what’s popular, check which industries are constantly seeking new employees and try to get a general feel for trends in the business world. Read the business pages of both the national and local press, while keeping an eye on what is growing big globally.
If a particular sector is suddenly enjoying boom time in the United States, then you can be sure it’ll arrive in the UK at some point in the near future. If it’s a sector that particularly ‘floats your boat,’ and you’re seeking to start a business, prepare yourself to make that leap when the time comes. Much of the time these booming American companies are franchises which are looking for new business partners overseas.
Depending on your financial position, it may provide you with the perfect opportunity to start your own business – and the USA is full of franchising outlets. Franchising plays a much larger role in the US economy than it does here in the UK. With the internet now in full flow, it’s never been easier to do your research, although it’s certainly a lot more competitive than ever before.
As for keeping your eyes open, one sector which certainly thrives in the UK is signage and printing. The UK is one of the leading print and sign markets in the world. And with close to six million business premises dotted around these islands, there are plenty of companies with signage requirements. There is also a huge demand for promotional and marketing material, along with vehicle signwriting, which means there’s a consistent demand for print and signage products. And there are a number of franchise opportunities, within this sector, available in the UK.
Many are already recognisable brands, which can only help any new franchisee secure a foothold locally – often the hardest part of starting any business. An existing brand name carries with it kudos, as well as trust. Obviously you still need to provide excellent customer service and quality products to retain footfall, but with a well-known brand name it will help to get them through your door in the first place.
Depending on business size, product and franchisor, the cost of purchasing a territory does range quite considerably. But this does give the prospective entrepreneur a range of investment entry-points, depending on their financial situation.
Because franchisors provide franchisees with a rigorous training procedure, it is not vital for new business partners to have previous experience in that same sector – although there are benefits. For those who may wish to ‘sign-up’ for a signage and print franchise, then franchisors will want certain qualities.
Assuming that the new franchisee does not have enough cash to employ every single member of staff from the start, they will have to roll up their own sleeves and get involved in the day-to-day running of the business.
In this particular sector, this will involve speaking and dealing with customers, either by phone or face-to-face, and probably both. So franchisors will need to see that you possess strong communication skills, which are a key element for offering a first class customer service. You wouldn’t sell one of these franchises to that rude and abrasive TV character ‘Doc Martin’, would you?
You may have the people skills to own a business in the service industry, but are you adept in finding a good location for your outlet – especially if you require premises from which to sell products. This requires research, and those in the business of providing signage and print products, soon discover that a large part of the day-to-day activity arrives through the shop door. Not every piece of business will be done via the internet, or over the phone.
Customers who walk through the shop door may not carry out huge transactions, but they all add up. So check out a number of locations, take a peek at the competition, as well as their product range and prices, and find out where you can acquire the raw materials needed to run your business. Who and where are the suppliers of this stuff?
Not everything will fall into place as you may want, but you need to find the best balance. Speak to other franchisees already in this business, running a similar size outlet in an equivalent city, town or village. This requires plenty of research too.
Finally, not all franchises start from scratch. Some re-sales are available. If this is your preference, make certain you would be taking over a solid business, with a strong customer base. You don’t want to take on someone else’s misery. Make certain the existing franchisee is quitting for the right reasons, and not because they are losing money.
