Five Great Reasons to Become a Franchisee

03/05/2018 08:00 | Start a business

5 reasons to become a franchisee

Many reasons drive people to become a franchisee. Whether you've had enough of being unappreciated in the workplace, are fed up of the daily commute, or have always dreamed of being your own boss, there's no denying that investing in a franchise business model can result in professional and personal fulfilment.

But whatever your reason, it's essential that you review your goals and expectations. On the face of it buying a franchise can appear to be the solution to all of your problems, but in reality, it takes hard work and commitment. Before you become a franchisee, you need to take into account the thoughts and needs of your loved ones. The dedication required to build your new business will not only impact you, but your family and friends too so involve them in the decision-making process.

However, if you put in the effort to make your business a success, you'll reap the rewards. Here are five great reasons why investing in franchise brands could be the perfect career move for you.

1. It's been tried and tested.

Investing in a franchise business model has many advantages but perhaps none so significant as the fact that you can choose a business with a proven track record of success. The mistakes that an independent business owner may make when starting out on their own will have already been made by the franchisor. Over time, the franchisor will have developed a successful and robust business model and ironed out the wrinkles before franchising their business.

And you dont need to take the franchisors word for it. Proof of the franchise systems viability can be gained by assessing the performance of existing franchisees from within the network. The franchisor should encourage you to meet with these franchisees to provide you with the answers to any questions you may have about the opportunity. Its in the best interests of the franchisor to make sure that youre fully informed about what it takes to become a franchisee as this will impact your future success.

2. You get all the training and support you need

Maybe the most common reason for entrepreneurs to choose the franchising route to business ownership is the comprehensive training and support that's on offer. Some franchise brands are better than others at providing the right quality and quantity of training to their franchisees but generally speaking; you'll have access to business-related and industry-specific coaching and support to enable you to start your new venture confidently.

Its not just the classroom based and on the job training that you benefit from when you buy a franchise. You also become part of a network of franchisees who will be experiencing the same challenges and successes that you are. Most franchisors encourage their franchisees to share ideas and opinions through regular organised events. This not only gives you the chance to learn from your peers, but you also get to socialise and network with like-minded business owners.

3. A ready-made customer base

The good thing about most franchise brands is that theyre well-established and recognised within their industry. This saves you the time and expense of building up a reputation and building a customer base. For independent business owners, the cost of marketing and promotional activity to raise brand awareness can be significant in the early days.

But with a franchise opportunity, brand recognition and a respected reputation should already be in place. This is likely to mean that the brand also has a strong customer base. This doesn't mean that you shouldn't promote your new business to attract visitors, but the recognition is already there, saving money and effort on costly advertising campaigns.

4. More freedom and flexibility

There are lots of elements of the franchise business model that you wont have control over as a franchisee. The products you sell, how much you charge for them and the service you provide are all things which the franchisor dictates. But you are operating your own business, so you manage the day to day running of your franchise and get to call the shots when it comes to things such as recruiting and managing your employees.

You also have power over your working schedule too. Being a franchisee does require hard work, and sometimes there's a need to work long hours, but you also have the flexibility that comes from being the boss too. There are also many franchise opportunities available that enable you to achieve a healthy work/life balance. You can choose from home-based franchises and businesses that can be managed on a part-time basis. Such franchises can be ideal for entrepreneurs that wish to build their own business while being able to pursue other personal or professional activities.

5. A statistically safer route to business ownership

For over two decades, franchising has proven to be a statistically safer route to becoming the boss. According to the 2015 British Franchise Association / NatWest Franchise Survey, 97% of franchisees reported profitability while less than 5% of franchisee-owned businesses closed through commercial failure.

As a franchisee, you generally have support every step of the way from the franchisor who has a vested interest in your success. The famous saying is also true that with franchising you're in business for yourself, not by yourself'. You are part of a network of franchisees who you can turn to for help and advice whenever you need it.

The stats also speak for themselves when it comes to franchisee satisfaction. In fact, franchisee satisfaction rates have never been higher with a whopping 91% stating that theyre happy with their franchisor. Add this to the fact that over half of the franchisees in the UK generate an annual turnover of more than £250,000, and there has never been a better time to start your own franchise.

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