Not sure if the franchise model is suited to you? Asking yourself ‘how do I know if franchising is right for me?’ Fear not - you’ve come to the right place. This helpful self-assessment will help you work out if becoming a franchisee is the best next step for your life and career.
The franchise model offers virtually anyone the chance to run their own successful business and become their own boss. No matter your age, previous experience, qualifications or lifestyle, it’s likely there’s a franchise out there that’s right for you. However, franchising isn’t the perfect fit for every entrepreneurial person. Many of the things that make it ideal for one could put others off the idea altogether.
In this article, we’re going to help you decide if the franchise model is the best way for you to start a business. We’re also going to guide you towards different sectors and franchise formats that could suit your goals and lifestyle. Let’s get started!
Why are you drawn to franchising?
Franchising appeals to budding business owners for lots of reasons. If you agree with any of the following statements, franchising could hold the key to your future success.
- I want to stop being employed and start working for myself.
- I want to build a business using a concept that has already been proven to work.
- I’d like to have support as I start up my business.
- I want to start a business but don’t have an original idea to use.
There are lots more reasons why people find franchising appealing. 93% operate profitably, compared to 70% of independent businesses that shut down after five years, and you’re more likely to be approved for a business loan than applicants from independent companies. Not convinced? Check out the four main reasons why investing in a franchise is worth it.
However, it’s vital you know exactly why you’re drawn to franchising in particular. That way, you can pick a franchise that aligns with your goals, whether they’re financial, lifestyle related or about something else altogether. If you’re looking for a business that can be run flexibly but choose an office-based 9 - 5 franchise, you’re setting yourself up for unhappiness.
What’s motivating you to leave employment or your independent business?
There are lots of reasons why we look for new professional challenges. Franchising in particular is seen as an excellent alternative to employment and running an independent business. You’ll have more freedom than you did in your salaried role, yet lots more guidance than if you just decided to go it alone.
Many franchisees are also motivated by their desire for a better work/life balance. Whether you’ve got children and want to cut down your commute to spend more time with them, or would love the flexibility to be able to jet off whenever you like, you could achieve it with a franchise. We’ve put together a list of our tips for achieving a better work/life balance as a franchisee if you’re worried about striking the right balance.
You could be motivated by the financial promise of franchising too, which can be enormous. Join the right network and put in the hours and you could easily generate a six or seven figure turnover in just a few years. If you’re looking for the big bucks, here are 12 of the most profitable franchises under £20K.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
Are you comfortable following rules?
Franchising isn’t like employment. You won’t have a manager hovering over your every move, and you’ll have plenty of autonomy over your daily routine. However, in order to achieve success with the franchise model, you will need to be comfortable following a number of rules. Think about why you want to become a franchisee - do any of the following sentences echo your thoughts?
- I’m happy to follow a franchisor’s rules as I don’t know much about running a business.
- I want to follow a business concept that has proven financial potential. If following rules is the way to success, count me in.
- I know how to run a business but not in my chosen sector, so guidance and rules are fine by me.
Whether it’s a lack of experience, sector knowledge or simply the desire to recreate your franchisor’s financial success that makes you happy sticking to the rules, you are likely to be well suited to franchising. We’ve busted a couple of common myths in our series, so check out ‘You Can’t Be Autonomous’ and ‘There’s No Room for Creativity’ to find out more.
On the other hand, if you relate more to the following statements, franchising might not be the best option for you.
- I have a set idea about how I want to run my own business.
- I hate being told what to do and don’t work well when I feel restricted.
Even if you don’t like the sound of following rules, many franchise models are actually less restrictive than you think. Generally, there will always be some flexibility in how you organise your day and you may not have any targets to hit. If this is the only aspect putting you off, it’s at least worth speaking to franchisors before ruling franchising out altogether.
>> Read more:
- 5 Advantages of Franchising for Young People
- 9 Things to Know Before Becoming a Franchisee
- Mythbusters: Common Misconceptions About What Makes a Successful Franchisee
- 5 Great Reasons to Become a Franchisee
- Franchising 101: Are You Ready to Become a Franchisee?
- Franchising 101: 6 Things to Know Before Becoming a Franchisee
What’s holding you back?
If you’re reading this article, chances are you’ve been thinking about opening a franchise for a while. Something is holding you back, whether it’s your finances, your perceived lack of skills or general nerves about taking the plunge and starting a franchise. But a lot of the self-imposed barriers in our lives are actually easy to overcome with franchising. Here are some tips on how to get around whatever’s stopping you from becoming a franchisee:
- Lacking funds? Here’s how to start a new business on a shoe-string budget.
- Not ready to commit full time? We’ve highlighted seven benefits of running a part-time franchise and weighed up the benefits of part-time franchising for parents.
- Concerned about starting a business during an economic downturn? Here’s why starting a franchise during a recession could be a smart idea.
- Worried you’re too old? We’ve picked out eight reasons why franchising is a good alternative to retirement, if you’re not ready to slow down just yet.
- Not sure you’re old enough? Here are just five advantages of franchising for young people.
You might think you’re not the right kind of person to run a business, let alone a well-respected franchise brand. But whether you’re shy, a lone wolf or aren’t ready to grow up just yet, your ‘worst’ perceived traits could actually help you in franchising. It truly is a sector that can work for everyone, no matter what your skills, limitations and aspirations are.
Take the plunge
As you can see, franchising is a diverse world full of thousands of incredible opportunities. If you’re worried about taking the plunge, that’s understandable. Moving from employment or leaving an old business behind can be incredibly daunting. But once you make the move and experience the freedom and financial rewards of being a franchisee, you’ll be sorry you took so long to start your franchising journey.
If you’re looking for the ideal opportunity, check out our UK franchise directory. You’ll find more than 300 incredible franchise opportunities in every sector from home care to beauty to automotive to management. And if you need more tips, head over to our articles page, where we publish informative content every day.
Sophie Cole, Point Franchise ©