Can a franchise make you rich?

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Can a franchise make you rich?

Starting any business involves risk, a lot of hard work and dedication. To become a successful franchisee, you値l be expected to roll up your sleeves, get involved and make difficult decisions. Once your business is up and running, you値l know that there痴 more to franchising than simply earning money.

The franchise model gives franchisees added security when it comes to starting a business, with a tried and tested business model and extensive training and support. This means opening a franchise can help entrepreneurs reach profitability quicker than those who opt to start a business from scratch. You can also develop your business and open further franchise units at a later date if your venture goes well.

However, franchising shouldn稚 be used as a shortcut to 組et rich quick. Even the most lucrative business will feel like a chore and may even fail if you don稚 love what you do. That痴 why we recommend balancing your financial aspirations with your interests. Choose a franchise that reflects your values in a sector you are passionate about. This will drive you to work harder when the going gets tough.

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Here are just some of the reasons why letting your heart rule your head could lead to a profitable franchise business:

You値l get a sense of achievement

Your business will become a massive part of your life, so you should prioritise your ability to enjoy running it when you池e deciding between different franchise opportunities. As you池e building your unit, you値l spend a lot of time working on the business.

Most successful franchises aren稚 run during the hours of nine to five, and at first your business won稚 either. When you池e dedicating so much time to making your franchise work, you want to feel personally as well as financially fulfilled. Your franchise business should be a big source of fulfilment in your life rather than a barrier that prevents you from enjoying it.

The average tenure of a franchise agreement lasts five years, so if you start an unfulfilling business, you値l feel dissatisfied for a long time. That means it痴 in your best interests to choose a franchise that makes you happy. If you decide to run a franchise that makes you feel good, you値l have the passion and enthusiasm to go the extra mile to achieve your goals.

You'll add more value to your business

If you don稚 feel motivated and inspired by your franchise, how can you expect to add any value to it? If you don稚 enjoy working on your business or pushing it forward, you may find that it suffers as a result. Search for franchise opportunities in sectors you池e interested in. Ideally, you should be prepared to take the time to read about the sector and learn about any changes or challenges it痴 facing of your own volition. This way, you値l be better equipped to improve your franchise unit.

What痴 more, research has shown that your productivity increases when you do something you love. By being more productive, you池e able to work more efficiently. This will not only have a positive impact on your business, but on you too. Efficiency should lead you to a much more enjoyable work-life balance.

You'll be an inspiration

Not everyone is brave enough to follow their dreams. Choosing a franchise because it aligns with your passions and interests is a tough decision to make. Many simply decide between business opportunities by looking at their profit potential.

It痴 this bravery, and the happiness it brings you, that will inspire others. You may employ people in your business that have ambitions to own a franchise themselves in the future. By demonstrating that a lucrative and rewarding career can be achieved by owning a franchise you love, you値l be influencing them to be just as courageous in the future.

But it痴 not just employees who will be inspired by your passion. If you have children, they値l view you as a role model who works hard to run a franchise they love. Showing them you池e not just motivated by money should encourage them to pursue their own hobbies and passion projects. At the end of the day, if you take pride in your business, your family will be proud of you.

You'll achieve success

When things get tough on the journey to owning a successful franchise, you値l be forgiven if some days you just want to call it quits. At these times, you値l be rewarded for selecting a franchise that you love. Your passion will enable you to dig deeper, give more and never give up. In fact, not only will you want to carry on, but you値l feel a sense of accomplishment as a result, rather than feeling exhausted.

When you love what you do, you feel obliged to push yourself; not because you should, but because you want to. Fortune favours the brave, and success will come to those who have the courage to follow their heart.

Balancing your head with your heart love isn稚 all you need

Although passion will energise you and drive you to be the best franchisee you can be, it's also important that your enthusiasm doesn稚 cloud your judgement. If you have a passion for a particular product or service, but not the personality traits that are needed to be a franchisee, you have to accept that you池e never going to be a successful franchisee.

Always take the time to make sure the franchisee role is right for you before considering investing in a franchise. Just because you enjoy eating Big Macs, that doesn稚 mean you値l automatically make a great McDonald痴 franchisee.

At a time when there are thousands of franchise opportunities to choose from, there is bound to be an investment that aligns with your personal passions and interests. That痴 why it痴 crucial that you池e realistic when making your choice. Check out our article on the importance of completing a self-assessment to find out if the franchising model is for you. You値l need to be driven, business-oriented and capable of leading a team if you池e to see franchise success in any form.

But if the franchise model is for you, you値l be able to benefit from operating a business in a sector you love. And when you池e up and running, you値l discover that feeling passionate about your business really does produce great results.

Franchises that can make you rich

If you really are interested in the franchises that can make you rich, you値l want to scour the web to find the opportunities with the highest profit potential. Of course, you値l need to inject a lot of money into your business in the first few months, and you may not see a return on your investment for at least six months.

For this reason, most franchises advertise the amount you can expect to make after two years, once your business is making a consistent profit. We致e done the hard work for you and found the franchises on our network that have the highest profit potential. Here are two of the best:

BT Local Business

BT Local Business has one of the most impressive projected earnings on our site. This franchise claims that, by following its established business model and taking advantage of all the support on offer, franchisees can expect to make over £1 million in revenue after two years. What痴 more, the BT team suggest you can make up to £250,000 on top of this in annual incentive programmes.

You値l need to make a total investment of £300,000 in order to achieve this high profitability and recruit more than 20 employees. If you池e interested in adding to the 37 BT Local Business units currently in operation in the UK, click here.

NKD Pizza

NKD Pizza takes advantage of our nation痴 love of pizza. But it has a twist it specialises in 創aked pizza hence its name. In other words, it keeps 鍍he bad stuff out and 鍍he good stuff in. By doing this, it serves its customers healthy pizza made with fresh, natural ingredients without compromising on speed or price.

This franchise opportunity could see you making a turnover of £750,000 in two years. You値l need to invest at least £120,000, but once you池e on board, you値l gain access to a fully managed, mobile optimised website and social media profiles, a ready-to-use online ordering platform and a live dashboard with real-time analysis data. To find out more, click here.

Making a profit quickly

The franchises we致e looked at here require a significant investment but generate impressive returns. However, you shouldn稚 assume that only franchises with substantial investment requirements can turn a decent profit. Low-cost franchises can also be great opportunities, as the minimal investment fees allow you to break even quickly. And there痴 no reason why you can稚 develop the business further down the line to boost your profitability.

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