Some think about it for many years, while others move quickly once they have enough information to make a decision. Some don’t take enough time to research properly, which is a risky way to start what should be a long-term business relationship.
And occasionally, people will hesitate after the initial enquiry, instead of taking the steps needed to find out enough to make an informed decision. They can then go in a circle, trying to pluck up the courage but not actually finding out enough to decide on the action they need to take.
If you have been thinking about running your own business for some time but finding it hard to decide when it will be the right time to take the plunge, this article might help you to clarify things.
It is natural to have some doubts about leaving employment. Economic uncertainty is a reality —tariffs, inflation, and talk of recession make many hesitant to start a business.
But franchising has proven to be resilient, surviving several downturns over the last 20 years. For those looking to run a business with support and structure, it’s an appealing option. Even so, careful research is essential before making a commitment.
Here are some of the key areas you should explore.
Start with yourself
Before you delve into brands, markets or business models, begin by assessing your own motivations, ambitions, and capabilities. Ask yourself: what do I want from this venture? Are you looking for greater flexibility, long-term growth, or a hands-on operational role? Understanding your own goals is critical in choosing the right type of franchise.
Consider your transferable skills. Do you bring experience in sales, management, customer service, or technical know-how? Different franchises require different skills. Some are suited to owner-operators who want to be closely involved in day-to-day operations, while others are better for those looking to run a management franchise, overseeing staff and focusing on strategic growth. Knowing where you fit will help narrow your choices.
You need to think about how much money you have to put into a new venture as you will be expected to have a financial stake in the business. Review your personal financial outgoings, can you afford to take a drop in earnings if you need to, while your new business gets established.
Explore the franchise landscape
Once you understand what you’re looking for, it’s time to explore the options. Franchise exhibitions are a valuable starting point, offering face-to-face access to a wide variety of brands under one roof. Online franchise directories also offer a good overview of available opportunities, with details on sectors, investment levels, and required experience.
And of course, the British Franchise Association (bfa) is a trusted source of verified information. Members of the bfa are held to a code of ethical franchising, so reviewing accredited franchises through their site gives you some reassurance. The bfa also has resources to help you understand more about franchising.
Understand the market
Once you have narrowed things down and you are looking at a particular franchise opportunity, research the market it operates in. Is it a sector you’re already familiar with, or are you venturing into new territory? Be honest with yourself about the learning curve and your ability to adapt and be clear about the support you might need.
Understand who your potential customers are, how large the target market is in your region, and how the business attracts and retains clients. You should be able to identify a clear demand for the product or service, take care if it is highly seasonal or unproven in the UK market.
What next?
Working through the steps above should give you a more solid background into franchising and most importantly, what it is that YOU want to do.
In my next article, I’m going to delve into some of the more specific research you should do into the franchise and how to identify any issues or ‘red flags’ before you sign up.
Buying a franchise can be a smart way to start a business with support behind you. But it’s not a guarantee of success. You still need the right skills, mindset, and resources.
