Contributed by Simply Business
22/04/2022 - Franchise UK
Don’t have time to build your own business? Look into buying an existing franchise. Franchises can provide you with not only the foundation of a business but also the support of an entire network of similar businesses that can help you succeed faster and more easily than you could on your own. Consider these five reasons why you should consider buying a franchise, as well as how to make sure it’s the right move for you and your business goals.
The biggest benefit of buying a franchise is financial security. Most franchisors require that you have liquid assets of at least £30,000 to £50,000 before they’ll even talk to you about purchasing their business. If money is an issue for you and/or your family, consider a franchise. Also, it’s easier to get funding to start your own franchise business as its a proven business model banks are more likely to give a loan for something that’s proven. This is again another reason why franchises have good financial security as you are buying into a proven system that has been tried and tested and works.
A proven system is already in place for you to follow. You just have to be willing to learn and follow that system closely. When setting up your business, you won’t have to create everything from scratch, which means more time saved. This also gives you more of an advantage because your competition may not be aware of what works and what doesn’t work when it comes to operating an established business model. Franchises also tend to promote their products very well, meaning that they are able to generate more profits faster than most startups would be able to do on their own.
Just like any other business, franchising comes with its own challenges. However, if you’re considering opening a new business or adding to an existing one, franchising may offer several advantages that your independent enterprise does not. For example, franchises are often provided with operational support and training from their parent company. This support can take many forms; it could be marketing advice and access to information about industry trends. It may also include direct assistance in running day-to-day operations—for example, payroll or advertising support—that make it easier for new owners to focus on what they do best: providing outstanding customer service.
The franchisor will provide you with guidance, help, and training on how to successfully market your new franchise business. They will have expert advice on what works and what doesn’t in their market, because they’ve already tested it. You won’t waste money on marketing ideas that fail or miss potential customers who aren’t even aware of your business. The sooner you start making sales in your new business, the better! It takes time to build up enough cash flow to be able to pay yourself salary or benefits from just your own store, so let them do some of that work for you.
The name of an established, reputable brand is one of your greatest assets when deciding to start your own franchise business. Having an audience to build on and all of that company’s resources at your disposal are far too valuable to pass up, especially since starting a new business can be difficult. If you aren’t sure where to start with picking out which companies to research, go with a well-known name. Do your research on similar franchise businesses that have also been around for a while—you want companies that have proven they can stand on their own merit, even if their products or services do not change drastically.
There are two places where you can find franchises for sale. First, there are franchise expos. These events take place in major cities around the UK, and they bring together hundreds of franchisors and thousands of people who want to own their own businesses. At an expo, you’ll find hundreds of different opportunities—including everything from coffee shops to cleaning services to gyms—and many companies will allow you to test drive their business idea by giving you free training, free samples, etc. The other option is to browse an online franchise directory such as franchise-uk.co.uk. This seems to be the most popular option for aspiring franchisees this way. People can find out more information on the ideal franchise for them from the comfort of their own homes.
Buying a franchise is not for everyone, but if it’s right for you, there are lots of reasons to buy into an existing brand with trained staff and training. If that is a career you would like to pursue, then why not browse an online franchise directory today or attend an upcoming franchise expo? From there, you can speak with the franchisor of the franchise you think suits your needs to receive more information such as guides and earning projections etc.
To find out more visit the Franchise UK website
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