How do I know which franchise is the right franchise?
Andrew Gibbs, Head of Business Development
Good question! Truth be told, the right franchise for you will be the wrong franchise for someone else. There is no one-size-fits-all when it comes to franchising. Different franchises offer different business solutions for different markets. To help you narrow down the many franchise opportunities there are in the UK, and to help you find the right franchise for you, I’ve put together a three-step process that will hopefully help you come to the right conclusion.
When looking at the franchise brochures in front of you, or the long list of potential networks to join, ask yourself these:
What do I love doing?
It may sound silly, but it’s human nature to explore other avenues if they can guarantee more income or a quicker income stream – it happens to the best of us! Do you really want to spend 8-10 hours a day working in that industry though, or will you be daydreaming about your dream job? If you love baking, do you really want to invest in a cleaning business when you could open your own bakery?
This will help to narrow your options down to the industry you can really see yourself in, which is exciting in itself.
Can I afford this franchise?
Revisit the shorter list of franchises you have in front of you, and separate the opportunities into three piles. The first pile is those that you can 100% comfortably afford, both the initial fees and the ongoing royalties. The second pile should be the franchises that you could afford, whether that’s with some flexibility from the franchisor or tighter budget management from yourself. The last pile will be the franchises you definitely cannot afford, which could just be the initial franchise fee or the ongoing royalties.
Do I know what I’m doing?
Honestly, you have no idea how many entrepreneurs don’t really know what they’re getting themselves into with starting their own business. I actually ask franchisees this very question before we start our training to help give them the best start to running their business with our franchise. The right franchise for you from this question will offer the right level of support, initially and/or throughout your franchise journey, they may offer a mentoring buddy with an existing franchisee if you don’t know what you’re doing or you may just want the franchisor to leave you alone if you do know what you’re doing.
This answer will help differentiate all the franchise opportunities you have between the two piles of what you can or could afford. It’s a good idea at this point to give the brands that seem to be the right franchise for you a call to see what they offer and how they provide it, so you can decide if that fits with your experience and what you’re looking for in a franchise. A franchise agreement will outline everything included in the franchise and what you’ve agreed with the franchisor, so you can feel confident investing in the right franchise for you.
If you would like more information, or to find out if the property market would be a good fit for you, email us at email@example.com.