Franchising 101: 8 Signs You're Ready to Start a Franchise

Starting a franchise business can be a fantastic decision if you’re focusing on career advancement. But many people don’t realise they already have the skills and mindset to take the leap. Let’s take a look at how you can find out whether you’re ready to start a franchise unit.

Here in the UK, job satisfaction isn’t as high as it could be. In fact, 13 percent of employees feel unhappy at work; a total of 4.3 million people across the UK. Our happiness levels are lower than those in many other countries – and four percent lower than in the US. One possible factor could be stress, as more than one in three workers find their job stressful, and one in 10 wish they had a better work-life balance.

If you’re part of these demographics, you might feel trapped in your job – but there is something you can do about it. If you’ve got the right set of attributes, you could start your own business. This can seem daunting. But the franchise sector offers the security and support to set up a profitable unit with less risk than you’d face if you set up a business on your own.

You can do it

A large proportion of suitable candidates fail to even consider joining a franchise because they assume they don’t have the right qualifications or experience. The truth is, many franchisors look for investors who have passion, determination and leadership skills – and teach them the rest. That’s why almost all franchise packages include training programmes and ongoing support.

So, if you’re bored in your current job, dissatisfied with your work-life balance or tempted to challenge yourself, starting a franchise unit could be the perfect solution. It’ll give you the chance to take control of your career and, in many cases, set your own working hours. Depending on the franchise you join, you could even work from home.

But how do you know if you’re ready to start a franchise business? Well, here are a few tell-tale signs.

8 signs you’re ready to start a franchise

1. You're bored in your current job

Everyone wants to spend their working day doing something they care about, so if you find you’re becoming bored, it may be time for a career change. Often, the more passionate you are about your job, the more productive you’ll be and the higher the standard of work you’ll create. Joining a franchise should give you the opportunity to join a sector you are interested in, so you can learn to love your job.

2. You've always wanted a "side hustle"

If you’ve always fancied setting up your own side-line business or passion project, you’re probably the right sort of person to set up a franchise. Or, if you don’t want to carry on working part-time in your current job, you could always make your franchise business your sole focus.

Often, ambitious people put off their dream of starting a business because they feel they’re not ready or they don’t yet have the necessary skills. In the franchising world, it’s likely there’s an opportunity to suit you, no matter what your background is. So, there’s no reason not to start your franchise journey today!

3. You've always had an entrepreneurial mindset

Some people are just born to be an entrepreneur. If you think you’ve got great judgement when it comes to business matters, you could make a great franchisee. Do you work with flexibility, innovation and a critical outlook? Do you often take the initiative, and can you easily collaborate with others? If the answers to these questions are ‘yes’, you’d make a great business owner.

4. You want to be your own boss

The desire to ‘be your own boss’ is fairly common, but do you really want to be in the driver’s seat? As a franchisee, you’ll oversee the running of the business and probably set your own working hours, but you’ll also be responsible for making sure your unit runs in profitability. At times, there might be a lot of pressure on you, and you must have the ability to run a business well. So, making sure you’re ready to be your own boss is imperative.

5. You want to manage a high performing team

Not every franchisee is a ‘people-person’, but you need to have good leadership skills if you’re to join one of the many franchises that hire employees. Your staff team will look to you to guide and inspire them, so you should feel comfortable being a role model. You should also be willing to spend time making sure your employees are happy and having one-to-one meetings if necessary.

6. You want to learn new skills

You don’t need a lot of expertise to start a franchise, but you will need to be prepared to learn the required skills and develop the necessary knowledge. Most franchises offer a comprehensive training programme, and some run regular seminars to make sure franchisees are always aware of industry trends or changes to the business. Great entrepreneurs actively want to learn, so make sure you have this desire too – or you may find you fall at the first hurdle.

7. You have hobbies in the sector

If you’ve decided which franchise or industry you’d like to join, take some time to consider why you chose it. Ideally, you should be motivated by passion for the product or service, rather than money or other factors.

Having a related hobby is a great sign you’re well-suited to a particular sector or business. For example, perhaps you want to join a sports franchise and you’ve always loved going to the gym and boosting your fitness levels. Or, maybe you’d like to start a restaurant and you’ve always been passionate about cooking – or eating! The link could be as simple as loving your pets and looking into starting a dog-sitting business.

8. Your attitude is similar to the franchisor’s

Once you’ve thought about which franchise you’d like to get involved in, you’ll need to meet with the franchisor. They’ll be able to tell you more about the business and what your obligations would be. If you identify with their ambitions for the franchise and share their values, it’s likely you’ll fit in well.

Become a franchisee today

Of course, having just one of these attributes doesn’t necessarily indicate you’ll succeed in the franchise world. But if you can tick off several on this list, you could make a great franchisee. To find out more about joining the sector, take a look at our Become a Franchisee articles.