You may have seen franchise opportunities being advertised, but you might not be clear about exactly what they are, or how you would go about funding such a venture.
There are many different types of franchises which vary from teaching languages to running a magazine or teaching baby yoga classes. The set up costs for each franchise are very different, so it is important to do your research and find the right franchise opportunity for you.
Effectively, when you buy a franchise, you are buying a ready-made business model. This means you can set up your business within a matter of weeks and your business can easily be expanded, depending on how ambitious you are.
Franchises can offer much more flexibility than working a 9-5 job, but there are several things to consider before you decide to become a franchisee, including:
What skills do you have? Are you an entrepreneurial type? Do you find yourself watching Dragon’s Den and thinking that you would be far more organised/ambitious/savvy when it comes to your business? Be honest about your skills and whether you think you could make a business work. You need to be sure that you can make a decent go of your business.
Are you a team player? Although for many franchises this means working alone, you are still part of a wider business and you will have to regularly report on the progress of your franchise, and you will also have to pay regular fees. Are you going to be happy reporting back to others or would you prefer to take a self employed route?
Do you have a business plan? Being a franchisee means that you have to understand your market, make decisions that affect your business and have clearly defined targets. Are you prepared to be able to assess your targets, budget effectively and develop your business over a long period of time? Being prepared can be essential to a successful franchise.
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