Recent research indicates that one in two UK adults would like to start their own business. There are a multitude of reasons why – from the desire to pursue a passion, to wanting to provide a more rewarding future for themselves and their family.
With a franchise business offering an increased prospect of success compared to going it alone, more and more people are choosing franchising as a route to business ownership and financial freedom.
In advance of The National Franchise Exhibition which returns to the NEC, Birmingham, on 4 & 5 October, here are three key reasons ambitious entrepreneurs might like to consider investing in a franchise:
Blueprint for success
A franchise is often described as a ‘business-in-a-box’. The business model, product line, backend systems and sales and marketing strategies have all been established, proven and fine-tuned.
Time and effort has been put into cementing the brand in the public’s consciousness, and familiarity and trust have already been built. Consumers and clients are predisposed to engaging with the company and, crucially, buying from them.
These milestones can take years to achieve for a brand-new, stand-alone business, but investment in a franchise short-cuts all these challenges. A franchise allows entrepreneurs to launch a business far more quickly than if they set out alone, and provides solid foundations to get them operational and earning an income from their new venture.
In business for yourself, but not by yourself
Most people considering setting up their own business have come from, or are still in, an environment of employment. As an employee, even in a senior management or leadership role, you’ve been part of an organisation and a team where training and general support have been available.
Going it alone in business and having to wear all the hats demanded by an operational venture can be daunting. Franchisees, on the other hand, benefit from initial training, ongoing support from the franchisor and a network of other franchisees who can offer guidance and moral support.
There is still someone to pick up the phone to, whether it’s head office or a peer running the same kind of business as you. This provides important reassurance, especially in the early months.
It’s important to remember that even with all this support and a plan for success that a franchise provides, you are still in business for yourself. You are the captain of your own ship that’s dictating your schedule and influencing how and when things get done.
You are building a business for yourself that you can grow to fulfil your own ambitions, and a business you can sell at the end of the term of your franchise license.
It’s easier to raise finance for investment in a franchise
A person will rarely have all the capital needed to plan, launch and operate a business.
Due to the increased chances of a franchise still being in operation after five years compared to an independent business, banks look favourably upon applications for finance for franchise ventures.
Many leading High Street banks have teams dedicated to franchising and there are further sources of finance available from specialist funds. Banks will typically loan 50% of the investment amount needed and up to 70% for established franchises.
Even with such compelling reasons to embark on your journey to franchise ownership, further investigation is essential so that you find the right business for you. Data from a recent survey conducted by The Franchise Exhibitions and BusinessesForSale.com has revealed that 70% of budding business owners find meeting franchise brands face-to-face essential to their research.
There’s no better place to immerse yourself in the world of franchising than The National Franchise Exhibition at the NEC, Birmingham, on 4 & 5 October.
At the UK’s flagship franchise event, which is exclusively supported by the British Franchise Association, visitors will have the opportunity to:
Tracy Shah, Joint Managing Director at Venture Marketing Group, the event organisers, comments:
“The National Franchise Exhibition has helped thousands of visitors kickstart their journey to business ownership. This year’s event promises to be equally successful and will propel many new business ventures.
“We are delighted to be back at the NEC, Birmingham, to showcase leading franchise brands alongside unparalleled educational content to help aspiring business-owners to unlock the potential of this lucrative business model.”
Tickets to the event are free. Pre-book yours online at FranchiseTickets.co.uk. For more information about what’s going on, visit FranchiseInfo.co.uk.