If you’ve ever dreamed of running your own business in a sector that’s new to you, you’ll know just how frustrating the prospect of retraining and losing income can be. But starting a franchise unit can help you achieve your goal - and fast. Keep reading to find out why we believe you should consider franchising as a career change opportunity.
You may never have thought of franchising as your ticket to profitability in a completely different sector to the one you currently work in, and many entrepreneurs overlook the industry. Although the opportunity seems too good to be true, franchisors offer aspiring business owners the chance to leave an unprofitable or unfulfilling sector without going back to the drawing board.
Many would-be investors ask: ‘Do I have to have experience to start a franchise unit?’ and ‘Does franchising provide training?’ Rest assured, franchisors offer comprehensive induction schemes to make sure the business owners in their networks have all the skills and experience they need to run a profitable unit.
The best bit? Usually, franchisees complete their training within a matter of days or weeks, so they can launch their business quickly and start generating an income.
The benefits of running a franchise business in a different sector
- New sectors offer exciting possibilities, unexpected opportunities and the chance to learn different skills, which can give entrepreneurs newfound enthusiasm and passion for business ownership
- You can move from a struggling sector with limited growth opportunities to a more recession-resistant one - so, you can take advantage of trends or improve your prospects during times of economic uncertainty
- If you have a long-held ambition but got side-tracked and ended up in an industry you dislike, you can start a business in your dream sector - you’ll have the chance to achieve your goals while relying on a stable income
- You don’t have to go back to school and gain qualifications in your new chosen field - franchises usually offer the chance to take part in comprehensive training programmes and even gain industry-recognised certificates
- Franchisors can offer expert business advice and ongoing support, so many franchisees have seen success after investing, even during financially challenging times
- If you have experience running your own business or working in a leadership role, you can take your transferable skills with you
Some of the leads I’ve called have been in their early 20s, while others are in their 50s or beyond with lots of experience. I really enjoy speaking to every kind of person and working out how the DIGI-Sports business can fit into their life.
—Tony Triquenot, DIGI-SPORTS International Franchise Development Lead
>> Read more:
Why consider franchising as a career change?
If you’re wondering how to work in a different industry, starting a franchise business is a great solution. But the business model offers a wealth of benefits on top of its access to training schemes. Yes, franchising opens up new sectors for entrepreneurs who want to make the leap into a new business industry, but there are other perks to enjoy too.
You’ll get access to a proven business model, which the franchisor will have refined and perfected over the years, making note of their mistakes so you can avoid them.
If you join a franchise with a number of units already in operation, you’ll probably benefit from existing brand awareness and an immediate pool of customers. As a result, you should be able to reach your break-even point and start turning a profit fairly quickly.
Throughout your franchising journey, your franchisor will provide business support and professional development opportunities, which aren’t available to the owners of independent start-ups.
Finally, perhaps the biggest benefit of starting a franchise business is becoming part of an ever-expanding network of like-minded entrepreneurs. You’ll probably get invitations to both internal and industry-wide events, expos and conferences, where you can mingle with other franchisees and share insights, tips and reassurance.
I couldn’t have [achieved my goal of securing and managing four HMO properties] without the mentoring, because my career was in IT and application development – I didn’t know anything about houses other than the fact I lived in one.
—Faith Staniforth, Platinum Property Partners franchisee
>> 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
How to use franchising as a career change
At this point, you may be wondering how to start afresh as a franchisee, so here’s a quick run-down of some of the key steps you’ll need to take.
1. Review your current strengths
Although you don’t need particular experience for many franchise investment opportunities, it’s worth considering where your strengths lie if you’re unsure which sector you’d like to join. For instance, if you’re great at communicating and providing top-notch customer service but have no specific industry expertise, you could make a great restaurateur, shop owner or professional services provider.
2. Research your options
With your budget in mind, browse opportunities in your chosen sector(s). You might like to focus on recession-proof industries with great track records throughout the decades.
During this stage, you should also research the industry. Find out how it has performed in recent years, how it is expected to evolve and whether there is demand for it in your local area.
3. Get in touch with franchisors
Once you’ve narrowed down your choice to one or two franchise opportunities, it’s time to make contact with the franchisor. Most companies organise a couple of initial meetings with a phone or video call to discuss applicants’ ambitions and attitudes. The franchise team will be able to tell you whether your values align with theirs and whether they could help you achieve your goals.
What are the qualifications of a franchisee?
Every franchisor will have a different set of criteria for their investment candidates, but most just judge applicants on their attitudes. While certain businesses require a level of experience either in the industry or business ownership, many open up their opportunity to anyone who displays self-motivation and passion for the concept.
So, if you’re willing to learn, able to follow instructions and dedicated to achieving business success, there’s almost certainly a franchise out there for you.
Still keen on starting a franchise business? You might be interested in reading about franchisees who have made it in the industry with little experience. You’ll find plenty of success stories in our regularly-updated franchise news page.
If you’re ready to find your ideal investment opportunity, you can start looking right here at Point Franchise. Just use the main menu to filter the selection by sector, region or price.
Alice Tuffery, Point Franchise ©