Top 10 Signs That You’re Ready to Start Your Own Franchise

25/04/2018 17:00 | Start a business

Signs you're ready to start your own franchise

Have you always dreamed of owning your very own business, but don’t know where to start? This is probably the position that the 44,000 franchisees in the UK were in at some point, but they chose to trust in the franchise model to make their dreams come true.

Starting a franchise is a great way to become a business owner but with the safety net of an established brand with a proven business model. Choosing to sign a franchise agreement rather than starting a business from scratch alleviates many of the fears you may have about becoming the boss. This doesn't mean that it's not hard work or success is guaranteed, but if you're unhappy with your current work situation, franchising is an exciting way to change your career and your life.

So, if you're currently sat at your desk resenting your 9 – 5 job, the commute home fills you with dread, and you're sick at the thought of doing it all again tomorrow, then starting a franchise could be the right decision for you. But if you’re still not sure, here are the top 10 signs that you’re ready to become a franchisee.

1. You feel stuck in a rut.

Not liking your job isn’t really reason enough to consider starting your own business but if the bad days outweigh the good, chances are you feel unfulfilled. And the reason that you don’t feel fulfilled is that you’re in a job that you don’t love with someone else calling the shots. So, if the thought of being your own boss, setting your own schedule, and being in control of your career excites you, now might be the right time to become a franchisee.

2. You've always dreamed of being your own boss.

Dreaming of owning your own business is one thing, but making it happen is another thing altogether. If you’ve already started to research what’s involved in a franchise model, attended franchise exhibitions and have narrowed down your preferred franchise choices, then you’re showing serious signs about making your dream come true.

3. You have passion

If there’s a particular industry that you’ve always envisaged working in, or there's a specific franchise brand that really resonates with you, then your passion can fuel your ambition. Being dedicated and believing in what your franchise stands for can help you to get through the tough times. Remember though that your passion alone isn't reason enough to sign a franchise agreement. You must still perform the necessary due diligence to make sure that it’s the right opportunity for you. You’ll need more than just passion to be a successful franchisee, but it can be difficult to get by without it.

4. You’re motivated

If you don’t like the long hours that you’re currently working and want to start your own franchise to work less, then you may be disappointed. Yes, you’ll be able to control the hours you work to a certain extent and being a franchisee does give you flexibility but it’s not all early finishes and weekends off. Starting a franchise takes hard work and can result in long hours being worked, particularly in the early days. To get through this, you need to remember the reasons why you became a franchisee to help keep you motivated. If you feel that the thrill of taking control and building a profitable business will be enough to motivate you to work harder, then you might just have what it takes.

5. You’re a risk taker

There are risks involved with starting any business. Of course, choosing to invest in a franchise mitigates many of these risks. The benefits of the franchise model are that you'll get to be your own boss while receiving the support and backing of an experienced franchise and avoiding many of the mistakes that independent business owners may make. However, buying a franchise is no guarantee of success there is still a possibility, however small, that your business venture may fail. Performing thorough research on your chosen market and your preferred franchise network should reduce the chances of things going wrong, but you must be prepared for the worse to happen.

6. You want flexibility

Franchise opportunities that can be operated from the comfort of your own home, or managed on part-time hours, are becoming increasingly popular. So, whether you want to work your franchise around other personal commitments, want to keep a full-time job and earn an additional income on the side, or you want the freedom to work the hours you choose; there will be a franchise opportunity out there for you.

7. You want a challenge.

Becoming a franchisee can certainly be challenging at times. When you own and operate a franchise, you’ll have to wear many hats. Your obligations will be set out in the franchise agreement, and there are many. One minute you'll be interviewing potential employees and the next minute you're cleaning the toilets. The role comes with lots of variation and responsibility, but if you're looking for a challenge; buying a franchise will give you just that.

8. You're willing to learn.

One of the most significant benefits of the franchise model for many franchisees is the fact that you get to learn from the experience and expertise of your franchisor, starting right from day one. Once your initial training has been completed, you should continue to make the most of all the training opportunities available to you. Take advantage of mentor sessions with your franchisor, complete online training programmes, attend events with fellow franchisees and network at annual conferences. Franchises are continually developing and improving over time, and this should include you.

9. You're a born leader.

If, from an operational perspective, your franchise needs you to recruit a team of employees to support you then having strong leadership skills is a huge advantage. There are lots of differences between a manager and a leader requiring specific skills - many of which cannot be taught. If you're a born leader, you've already got a head start.

10. You want to have fun

As Confucius said over 2,500 years ago, “Choose a job you love, and you will never have to work a day in your life”. And this is still relevant today. Starting a franchise can be fulfilling, exciting and rewarding. So, do your research, invest wisely and have fun making your business ownership dreams come true.

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