If the increase in family time lately has got you thinking about starting a family business, a franchise could be the perfect solution. Whether you’re thinking about building an empire you can pass down through the generations or just don’t know how to start a family business, we’ve got the answers, as well as plenty of inspiring opportunities for you.
While the last few months have been challenging (to say the least), many of us have enjoyed spending lots more time with our families. For some, this unexpected bonding time might have got you thinking about turning familial bonds into professional relationships. Even if your little ones aren’t yet ready to get involved, you might be thinking about preserving your legacy by starting a family business.
It can be very tricky to set up an independent business but, luckily, there’s another option: franchising. If you choose to start a family franchise, you can cut out many of the costly and time-consuming parts of business ownership and get straight into building a profitable, successful business. Here’s why a franchise is the ideal option for a family business and some of the most exciting opportunities out there right now.
Why should I choose franchising?
Even if you’ve got the drive, ambition and determination to become a business owner, starting one from scratch can be incredibly hard. You’ll need a great idea that’s unique enough to hold up an entire business – something that more than 50% of franchisees struggled to come up with, according to a survey by the bfa.
Next, you’ll need to know a little bit about every aspect of business, from accounting to marketing to payroll to HR, in order to make sure your operations can function. And finally, you’ll have to wait months, or potentially years, to build up a strong brand image to attract new customers to you. Sounds exhausting doesn’t it?
Franchising can cut out a lot of that hassle and provide you with enough support to fill in the gaps in your knowledge. That way, you can focus on doing what you do best, and building a profitable business that can one day pass to your children or grandchildren.
>> 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
Preparing for the future
You might have adult children who you’d like to go into business with now. Many franchises are perfectly suited to being run by two generations, as virtually all franchisors are just as happy to accept a pair or family as they are one franchisee. Our ‘keeping it in the family’ series has plenty of helpful tips that will show you how to work with a family member and avoid the quarrels.
But let’s imagine you’re trying to set the foundations for a strong family business. You might think that a franchise isn’t suitable, as you need to follow rules, and may believe you can’t just pass your business down the line. In fact, many franchises are not as restrictive as you’d think, leaving you with plenty of freedom to run your operations in line with your goals and commitments. And when it comes to your offspring taking over, as long as they can show your franchisor they’re going to uphold the high standards you’ve set, there’s not likely to be an issue.
Lots of franchises will also give the kids a chance to get involved in the world of work before they’re old enough to officially get employment. They could help stock shelves in your retail franchise or walk the dogs you’re looking after with your pet franchise. We’re not suggesting putting really little ones to work, but older teens are bound to enjoy getting involved and earning some pocket money too.
Family-friendly franchise opportunities
Ready to find a franchise that can become your family business? Here are just three of the hundreds of exciting opportunities here at Point Franchise.
When it was launched in Cumbria in 2000, Barking Mad offered an alternative to traditional kennels. Trusted dog carers are hired to look after owners’ pets while they’re away. The dogs stay in the carer’s home, rather than in a kennel, so the pet should feel more at ease in a relaxed atmosphere.
Alongside its bespoke dog care service, this dog franchise offers quality dog transportation, photo updates and a ‘mini sleepover’ for one night before your dog moves into your host’s house for a longer stay. Barking Mad has grown into the industry’s most trusted dog-sitting service, boasting a score of 9.9 on Trustpilot.
- Becoming a Barking Mad franchisee: It goes without saying that you’ll need to have a love of dogs. You should also have a can-do attitude and the drive to support an expanding business.
- How much you need to invest: If you want to join the franchise’s 80-strong network of dog-sitting carers across the UK, an investment of £14,995 + VAT is required. However, if you choose its ‘PAYG’ option, you can start your franchising journey from just £10,000 and spread the cost over your franchise agreement term.
- What you get for your investment: As well as a comprehensive training programme, Barking Mad offers franchisees operational equipment, FIDO business software, corporate apparel and marketing materials as part of its franchise package.
Mr Simms Olde Sweet Shoppe
Mr Simms’ traditional sweet shops offer a unique and evocative experience that caters for sweet lovers of all ages. With over 75 stores in the UK alone, Mr Simms is already the number one retail franchise confectionery business in the UK and its success story is just beginning.
- Becoming a Mr Simms Olde Sweet Shoppe franchisee: You’ll need a real passion for confectionery, a love of providing a sweet service and a desire to give back to your local community.
- How much you need to invest: The total investment is £37,000 to £59,500, depending on the size of your shop premises.
- What you get for your investment: You’ll be fully supported throughout your journey, with both classroom and on-site training and assistance whenever you need it. You’ll also get to run your own financially rewarding chocolate shop franchise – things don’t get much sweeter than this in the franchising world.
>> Read more:
Esquires Coffee serves delicious food and drinks, but it’s also a business with high ethical standards, which should attract increasing numbers of consumers as time goes on. This coffee shop franchise was founded in Canada in 1993 and came to the UK in 2000. Today, the internationally recognised brand has a network of more than 50 cafes in the UK and Ireland and sees a turnover of just under £9 billion.
- Becoming an Esquires Coffee franchisee: When you become part of Esquires Coffee, you join a coffee shop franchise with a conscience. It works hard to preserve its “community ethos” and has been ranked as the UK’s second most ethical coffee company and the UK’s top coffee franchise (Elite Franchise).
- How much you need to invest: Franchisees need to put £225,000 towards property agency fees, store design and fit-out, furniture and equipment.
- What you get for your investment: Esquires Coffee provides an excellent training scheme and supports all franchisees in site selection and procurement, store design, lease negotiation and marketing.
A Family Affair
As you can see, there are lots of opportunities that are ideal for those building their new family business. Giving your kids a ready-made opportunity they can take over at some point will give them a massive head start in their career. Even if they don’t want to keep the business forever, it will teach them vital skills that will set them up for a fantastic career in any sector.
Remember, it can be a challenge working with family, and your kids aren’t obliged to carry on your business if they’ve got other dreams and goals to purse. But if they share the same vision you do, you could be in for generations of success. Browse more opportunities in our UK franchise directory.
Sophie Cole, Point Franchise ©