Running a graphic design franchise is an opportunity unlike any other. While thriving in a creative and demanding environment, you’ll be working to a tried-and-tested business model that helps you run the best business you can. So how do you run a successful graphic design franchise?
When it comes to making a career change with a graphic design franchise, preparation is everything. Not everyone who wants to start a design franchise will have it in them to take the leap, and not everyone who does so will make a success of it. So to make sure that you give yourself the best chance of turning your business into a profitable entity, here are some of our key tips for running your franchise successfully.
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Why start a graphic design franchise?
First and foremost, working in the graphics industry means that you’ll be taking on new challenges every day. From working with your regular clients to bringing on board new ones, you’ll be tested professionally and personally every day. The upside? You’ll always be learning, developing new ways of working and perfecting your skills in a professional and competitive environment.
So why choose a franchise instead of going it alone? Graphic design franchisees have a number of key advantages over their smaller and more independent competitors. From having improved survival rates to being able to count on the expertise of your industry mentors, franchising lets you reap all the rewards of running a successful business while minimising many of the shortfalls.
And with the UK economy on the recovery path, you could join the thousands of people taking their careers into their own hands by joining a graphic design franchise that’s right for you.
4 tips for running a graphic design franchise
1. Understand the sector
Understanding the graphics industry might sound like an obvious thing for any aspiring franchisee to understand, but having in-depth knowledge of this sector can make a big difference. In a competitive and innovative space, graphic design franchises are always looking for ways to get ahead. To this end, there are a number of tech trends changing the way this industry works, meaning that if you fail to stay on the right side of them, your business could fall behind.
To counteract this, you’re going to need to go above and beyond when it comes to doing your market research. Start by looking into the following things:
- Which are the major franchises dominating graphic design? Are they new to the space or have they always been prominent? How did they get ahead? What price advantages do they have?
- What are the main trends in the sector? What are the new start-ups and challengers doing differently?
- Which franchises have specialised or diversified their services? How are businesses upselling their skills? Have they grown into other sectors?
There’s zero guarantee of success when you start running your own business, so take a leaf out of your competitors’ books and try to discover what it was they did - just don’t be afraid to do things your way as well.
2. Understand your finances
Not understanding your finances, incomings, outgoings or loan repayments can be catastrophic to your franchise - and it’s a more common cause for businesses to close than you might think. Franchises and lenders are happy to work flexibly to get your business up and running, but if you don’t run your accounts efficiently, you could easily end up spending far more than you can afford.
You’ll need to make some minimum investments to get your franchise up and running, as well as some ongoing franchise payments. You won’t always need to meet your costs right away, as most franchises will let you pay this sum back in instalments, but make sure you’re clear on how much you’ll need to be repaying over time.
3. Get your business plan right
A business plan isn’t a legally binding, set-in-stone document. It’s a rough outline to present to your franchisors and financial backers giving them an overview of your business, what it does and what the future will ideally look like.
That is - if you get it right. Every business plan needs to contain the essential information, not just interesting facts and stats. If you need help putting together a business plan for a graphic design franchise, here are five tips you need to know.
4. Evolve your marketing
Marketing has come a long way from where it was only a few years ago. Today’s marketing strategies are pinpointed at specific demographics, are often informed by artificial intelligence, and use lots of data.
Even now, there are new tools, methods and campaigns reaching new customers, so never be satisfied with what you’ve got. Always keep in touch with your franchisor and make sure you and your team are attending as many learning sessions as possible to keep your strategies moving forward.
According to recent research by a national media group, one of the biggest issues facing start-ups and small businesses is marketing. But what is marketing? Eight out of ten start-ups incorrectly define it as sales or advertising, however, this is less than 15 per cent of what true marketing is really about. According to the Chartered Institute of Marketing (CIM) it is ‘the management process responsible for identifying, anticipating and satisfying customer requirements profitably’.
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Start running a graphic design franchise today and reap all the rewards that come with being your own boss
Being your own boss is the dream of so many people. But while others might not be able to make the step up, you could seize the opportunity to take your career into your own hands by becoming a graphic design franchisee.
But if you’d rather have a look at what other opportunities can be found in other sectors, you could have a look at the UK franchise directory to see what other franchises could be an excellent fit for your skills and interests.
Lily Sweeney, Point Franchise ©