Thousands of people every year in the UK decide to buy a franchise for many different reasons; ranging from seeking a better quality of life, becoming their own boss through to earning more money.
There are many advantages to buying a franchise and each person has to ask themselves the question “Is this right for me?” If you are considering buying a franchise here are some advantages that you may want to consider:
- Buying a franchise could change your life. Research shows that it will provide more stability than opening your own business. In other words, there is less risk.
- You can check out your chosen franchise before you buy it. Research other franchisees and their success in the business. This gives you an indication of possible returns on your investment. This is something that would be impossible if you went alone.
- If you are thinking of buying a franchise and need a loan it is often easier to obtain one based on the fact that you are buying into a tried and tested business rather than an unknown quantity.
- Training will be given in all relevant areas making sure you get off to the best possible start and meet all regulatory requirements (if applicable).
- Before you commence trading your brand will already be known to your customers which saves a lot of hard work. Advertising will already be in place. You don’t have to worry about the best deals with suppliers as these will be set in place.
- Once you have made a decision and decided on a franchise all you need to think about is where to start up. This again will be covered by the franchisor; even the layout of the premises will be designed and contractors allocated (depending on the franchise). This leaves the franchisor time to focus on the business and make money.
- If you do have worries and concerns, there is someone to talk to. This is a way of reducing stress and avoid mistakes as it has all been done before. Being part of a strong franchise network means that you will join a team of like-minded people that will support you in growing your franchised business and their brand.
- Most franchise companies have annual meetings where you can talk and meet people who can give you advice, network and voice your experience.
- In many franchises, unlike a typical 9-5 there may not be set hours, you may be able to work around family commitments. Don’t forget, unlike a job, a franchise is an asset, something that you can sell, or pass onto your family.
- You can work as hard as you want as you are investing in yourself unlike in a normal job where you may not be rewarded financially for your efforts and skill.