When it comes to combining profit and rewarding work, the retail sector is one of the best industries around. On top of the benefits of being your own boss, running an exciting business and working with customers every day, here are some of the biggest advantages to running a retail franchise.
Don’t be put off by a lot of the doom and gloom: retail is still a profitable sector to work in. On a daily basis, you will find yourself working across any manner of challenging and satisfying tasks - it’s no wonder so many people make a career change with a retail franchise every year. If you’re wondering what makes working as a retail franchise so attractive, here are 4 advantages to working in the retail sector.
Why start a retail franchise in 2021?
There’s no question retailers have had a difficult few months but, with almost all sectors of the economy bouncing back in style, there’s still plenty to draw ambitious franchisees to the retail world.
Although it’s an attractive part of the economy to work in, there are certain skills that will help the right franchisee thrive:
- Excellent communications
- The ability to multitask
- Charisma and leadership skills
- A good business sense
While these might seem somewhat general skills, having the right mindset is the key to succeeding in what can sometimes be a high-pressure environment to work in. But, if you feel you have these skills in abundance, retail might just be perfect for you.
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4 advantages to running your own retail franchise
1. Every day is different
Like lots of other customer-facing environments, in retail no two days will ever be the same. From the customers you meet, to the things you sell and everything in between, you will be constantly tested and pushed every day. It’s a demanding job, but there is no better way to overcome challenges and learn new skills than by doing this.
And, as you overcome these challenges, you will have a whole lot of job satisfaction. It’s fast-paced, it’s busy, and it’s demanding, but there really is no better way to test your own skills and resilience than by working as a retail franchisee.
There are lots of big retailing franchises on the lookout for the right franchisees, and although some of them might seem a good fit for you at first, you also need to bear in mind how expensive running a franchise business can be.
The average cost of starting a franchise business in the UK is around £42,200 [British Franchise Association] and the good news is that there are plenty of franchising options that come in below this threshold. You could look to franchises such as Signorini Tartufi and Cavavin, whose franchising fees come in well below this level.
And, if you need additional financial support, there’s more good news. As franchising is seen as such a worthwhile investment by many banks, some of the biggest lenders are prepared to lend up to 70% of your start-up costs, so financing your franchise doesn’t need to get in the way of you running your own business.
3. New trends
Stores are adopting high-tech fitting rooms, hospitality lounges, on-site returns, and shipping online orders from brick-and-mortar locations as they bring in-store shopping and e-commerce fulfillment into the same space.
- Annlee Elingson
Partly due to the pandemic, and partly due to the changing nature of the British high street, many retailers are turning towards digitally-enhanced retail shops to keep ahead of online competition. So-called hybrid retail shops usually feature a range of in-built features that are fully-capable of staying in tandem with company websites, or advanced technology of any description.
Rather than having a distinct online/offline business, hybrid businesses are blurring the lines between the high street and online markets. These are exciting developments and, as a retail franchisee, you could be at the forefront of this emerging shopfront.
>> Read more:
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Everyone is thinking twice about what they buy. From goods to services, whether something is environmentally harmful is enough to turn many customers away from buying a product at all. Over the last few years, many businesses have taken steps towards reducing their carbon footprint, or offsetting their carbon emissions if they can’t. This has given rise to lots of sustainable ways of working and doing business, such as:
- Soluble and biodegradable packaging
- Zero or low-emission vehicles
- Deposit and trade-in schemes
- Charges for plastic bags
- Environmental, social and charitable mission statements
As a retail franchisee, you will be working with lots of these new sustainability trends, explaining them to your customers and highlighting how, if at all, your retail franchise is prioritising its sustainability commitments.
Start a retail franchise today
There are lots of advantages to starting a retail franchise, and these have only been four of the most popular. But, if retail doesn’t sound like the right sector for you, there are plenty of other industries that might appeal to you. If you think you might be better suited to making a career change with a convenience store, you could have a look at five of our favourite convenience store franchises.
Or, if neither of these sectors appeals to you, you can look for opportunities elsewhere. On the UK franchise directory, you can search through different sectors and filter through different opportunities to find the franchise business that suits you the most. If retail isn’t for you, you’re sure to find a business that fits your needs perfectly. Franchising is a great way to be your own boss, run your own business and generate some exciting profits - so if you’re ready to take the plunge now, there’s plenty to help you on the journey.
Elliott Fudge, Point Franchise ©