Conquer your fears and start a franchise

17/07/2018 08:00 | Start a business

What concerns you have about starting a franchise

Fear, uncertainty and lack of confidence are all feelings that are entirely natural when you think about starting your own business. It's a daunting prospect that has the added pressure of wanting to succeed, not just for yourself, but for family, friends, investors and employees. But if you are brave enough to take the leap into business ownership, it can be extremely rewarding.

And it seems that the benefits of becoming the boss are becoming increasingly understood by the UKs workforce. A survey, carried out in 2017 by OnePoll with 1,000 British working people, found that over half of the respondents wish to start their own business at some point during their career. 25% aimed to become self-employed within the next few years, 10% within a year and 30% stating that they wanted to be their own boss at some point but didnt have any plans in place.

Starting a franchise - what are you the concerns?

Unfortunately, the difference between wanting to start and business and being courageous enough to do it is huge. What is it that stops many aspiring entrepreneurs from taking that first step? And how do you overcome these barriers to build a successful business?

Firstly, it's essential to believe in yourself, but you could also consider starting a franchise. Many benefits come with the franchise model which could alleviate many of the fears that you have about making your business ownership dream a reality. The best franchises to own have a tried and tested system with a proven track record of success and offer support and guidance for franchisees every step of the way.

Still unsure about taking a risk? Here are some tips on how franchising can help you to conquer your fears and become the owner of one of the most successful franchises.

1. I dont know where to start Much of the hard work has been done for you.

The franchise model is often referred to as a turnkey opportunity. This is because the best franchises to own will have everything in place ready for you to turn the key and start your new business.

Of course, this doesn't mean that buying a franchise is a route to guaranteed success. However, it does save you the time, money and effort of coming up with a business concept from scratch and then building the necessary infrastructure for your venture to be successful.

If you think that franchising could be for you, then it's important to do your homework to make sure that you find the right one for you. A great way to research different options is to attend a local franchising event. The most successful franchises will visit franchise exhibitions up and down the country which gives you the chance to ask questions and discover more about the opportunities available.

2. "I feel inadequate" - You don't need any previous experience.

Perhaps the biggest reason that the franchise model is ideal for first-time business owners is the fact that you dont need any experience or expertise to become a franchisee. As part of the franchise package, you'll receive the appropriate technical training, as well as business-related skills that are necessary to run a successful business.

The support you receive doesnt stop after youve completed the initial training either. Youll have access to advice and guidance throughout your franchising journey from the franchisor, their support team, and other franchisees from within the network.

3. "I don't have enough money" Funding a franchise is easier than you think.

Every business needs money when starting up, and franchises are no different. From the initial franchise fee to buying stock, setting up your premises and funding the ongoing operating costs. There are many benefits to starting a franchise but depending on which business you choose to invest in, there can be significant costs involved too.

You may well have savings or a redundancy pay-out to fund your franchise, but chances are you'll need additional finance as well. The most popular way to raise this finance is to approach a bank or other lender. Many high street banks have specialist franchise departments who are experienced and can offer you valuable insight into your financial projections.

As buying a franchise is considered a safer option than starting your own independent business, banks are often happier to lend to up franchisees compared to other business start-ups.

4. What if I have no customers Youll get marketing support from the franchisor

A franchise brand is a powerful advantage that comes with being a franchisee. Franchisors often require a contribution to a marketing fund which finances national advertising campaigns to raise brand awareness. This means that customers are more likely to trust the quality of the products or services giving you a ready-made customer-base as soon as you open your franchise.

The most successful franchises are a result of a brands consistency and uniformity. Whatever franchise location the customer chooses to visit, the brand is instantly recognisable, and they are confident that theyll receive the same product, service and customer experience.

The best franchises to own will also provide you with local marketing support. Franchisors can ensure that brand consistency is achieved by providing templates and guidelines for any promotional activity that you create for your community. This saves you the time and effort of developing anything new and keeps the costs down too.

5. I have a fear of failure Franchising is less risking than starting an independent business

There are risks associated with starting any business, and this is also true when you choose to buy a franchise. However, investing in a brand with a stable and secure franchise system can significantly limit the risks of business failure.

Not only is the system well-established but with a franchise, you also receive support from an experienced franchisor in aspects of the business such as location selection, recruitment, training, marketing, and operational support. With the franchisors expertise and your eagerness to learn, success is must more achievable.

In fact, according to the British Franchise Association / NatWest Franchise Survey 2015, less than 1% of franchisee-owned businesses closed their doors as a result of commercial failure. This alone is a compelling argument for why franchising may be the ideal choice to conquer your fear of failing.

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