- Fantastic Team
- 5min read
- Published: April 1, 2022
- Views: 156
How to choose the right franchise for you
Choosing franchising as your next business opportunity is a great start to launching your own business with a huge support network behind you.
There’s also all the marketing and client support you can get, not to mention better financing options than starting from scratch.
While there are so many franchise opportunities in the UK, you may feel overwhelmed at the thought of starting out.
But finding the right franchise does not have to be as tricky as you think.
In this guide, we share some of the factors you should consider when you buy a franchise in the UK to help make the decision-making process that much easier and lighter for you.
Starting a franchise business
You’ve already made up your mind and you are interested in starting a franchise in the UK. But have you done your homework? Here are a few factors to consider before you get started along with some important questions you should ask yourself.
- Long-term goals: being a franchisee owner means being involved in your business over the long term. This can range anything from five to 10 years, and in some cases, even more. Therefore, what are your long-term goals? What would you like to be achieving at the end of year one, two, three… etc.? Are you ready to be in a long-term relationship with your franchisor and what does the franchisor offer that makes sure you’ll remain committed even when the going gets tough?
- Your role in the business: some franchisees would like to have a more hands-off experience when running their franchise. This may mean that you’ll need to rely on and hire staff to get the work done. But in most cases, active franchisee involvement is required so you need to be sure of the role that you’ll be playing in your business. It’s important to be clear of what you want your role to be. For example, you may wish to get heavily involved at the beginning but then slowly leave the reins over to your staff to manage the business in the longer term. Find out from your franchise partner what they think about this and whether this is a possibility that you could pursue.
- Budget and investment size: not every franchise is priced the same. In fact, each one is priced differently depending on the business’ market value. This does not mean that you’ll have to go for the priciest option out there to make the highest returns for yourself. But it is important to figure out in which parameters you fall financially to ensure that you can both afford the start-up costs as well as ongoing costs over the first couple of months before you break even and start making a profit to ensure that your finances are in order and that you can stand on your own two feet for some time.
- Risk: some franchise businesses for sale in the UK are considered start-ups and they promise very high returns but in exchange for rather high initial fees to purchase the franchise. Others are more moderate in their promises, but these brands usually have an established reputation in the industry and offer much less risk for interested franchisees. You need to ask yourself how risk-averse you are to ensure you don’t spend your money on something that could be quite risky in the near future and possibly fail.
- Time: time is a crucial factor, too. Time refers to how much you’re willing to put into the business to ensure its success. It also relates to the fact that you’re in it for the long haul and that your efforts need to be consistent over the coming years. It’s no good starting strong and ending off weak. A consistent effort will be required and you need to pace yourself for the duration of the game. Therefore, how much time are you willing to invest in your business? How does this time coincide with your other commitments such as family and friends? Are you looking to supplement an existing income through a part-time endeavour or are you ready to invest all the time you have available to make your business grow?
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- Skills, experience, strengths and interests: purchasing a franchise business in the UK should also be aligned with your skills, experience, strengths and interests. It’s no use choosing a franchise if you have absolutely no interest in the industry. You also need to identify what your strengths and skills are to ensure that you can better contribute to the growth of your business.
- Franchise reputation: another critical element to look at is the franchisor’s reputation. Is the franchise well-known in the industry? How do they handle reputation management? Are you willing to be associated with the name of your franchisor?
- Exit strategy: finally, you need to consider the exit strategy. An exit strategy is required for various reasons. You may choose to retire, you may choose to sell your business for a profit, etc. Knowing the ins and outs of your chosen franchise’s business, especially when it comes to a clear exit strategy will be another crucial element to consider.
Opting for a franchise business is perhaps one of the most rewarding things you can do for yourself. But why should you do it alone when there are industry experts that can help you make the right decision?
By getting in touch with the Fantastic Services franchise experts, you’ll be sure to get all the help you need and so much more to help you make the right choice for yourself based on the criteria mentioned above. Don’t delay and reach out today!
- Last update: April 5, 2022
Posted in Advice Hub
Fantastic Services manages 100+ professional home cleaning and maintenance services provided within the UK, EU, Australia, Africa, and North America. With 13+ years of experience behind our back and 530+ successful franchises, we continuously set the bar higher with our cutting-edge technology implementation and marketing approach. Explore our business opportunities on the main website!