Want to be your own boss? Why not consider a franchise?
There comes a time in most working people’s lives when they just don’t feel like getting up and going to work. It doesn’t matter how wonderful your colleagues are, how indulgently short the commute is or how much you utterly love your profession; at some point, most of us want to be our own boss.
With the economy ever-turbulent, this sentiment is more prevalent than ever. No longer do we want to go the extra mile for an employer that sadly can’t afford to give salary increases or honour their bonus scheme. No longer are we satisfied with sitting at a desk for the contractual eight hours a day (ten plus, in reality). No longer do we want to answer emails while on holiday or give up precious weekends with the family in order to finish that presentation. No. We want to be our own boss.
That said, the UK’s current outlook has prevented many people from taking the admittedly scary leap from employee to potential employer; afraid that their business plan won’t stand the test of time or the bank won’t lend the requisite funds to get a scheme off the ground.
There is a way round this, however: franchising. Becoming a franchisee is a way for an individual to run their own business while not having to worry about the initial success of their chosen venture. “Can it really be that simple?” you may ask. Well, here are a few reasons why you might want to consider a franchise:
Established, proven business
Unless you are choosing what’s known as a ‘greenfield’ (start-up), the appeal of a franchise is that the business model already exists. It’s reasonable to assume that the business is successful, or why else would it become a franchise? Therefore you won’t be faced with the same challenges that you might when starting a business on your own from scratch. As an established brand, you’ll have the support of your franchisor who will no doubt be able to provide guidance on marketing, training and corporate values, etc, but the running of the concession will be entirely down to you.
While you’ll be buying the franchise opportunity, this outlay does not come anywhere close to the set-up costs required when launching a brand new business. Taking on a franchise does not require the same level of financial backing, making it an option that is open to far more people. There will be the initial franchise fee, legal costs, stock and building costs to consider, but these can still total less than it might to have a new company fully operational.
Hundreds of options
You may have a specific skillset, expertise or interest that prompts you to seek a franchise in a certain industry, or perhaps you want to make a career out of something that’s a hobby? There are many different franchise opportunities for sale, so you can finally make your dreams come true or take advantage of your own experience.
You’re the boss
Once you’ve paid those fees, the franchise is all yours. While you may have to adhere to certain style, pricing and legislative guidelines, you will be the one that sets the hours, recruits the staff, creates the atmosphere in the workplace, builds relationships with customers and gets on side with the local media. You’re the one that makes the sales and builds a name for the franchise. You are the one who is in control; you are the boss.
Of course, there’s much more to buying a franchise than simply the points mentioned above, but it’s a route that’s definitely gaining in popularity – contributing £13.4 billion to the UK economy in 2012 alone, according to the British Franchise Association.
There is a reason for that. Owning a franchise could be the opportunity you’ve been waiting for, the chance for you to be your own boss.