15 Reasons why you should buy a franchise
Why buy a franchise? Because you want to own your own business but don’t want to go through the trouble of building it from scratch all by yourself. Owning your own franchise gives you instant credibility and recognition, thanks to your franchisor, and you’ll also benefit from their marketing strategies and the lessons they’ve learned from starting up multiple franchises. With the wealth of experience and knowledge at your disposal, you’ll be able to get up and running faster than you would have if you had to start from scratch. Check out these 15 reasons why you should buy a franchise today!
A better work/life balance
Most people who work for a company have to deal with a work/life balance that’s not great. They might feel like they’re putting in too many hours at work, or they may be tied to their desk when they’d rather be spending time with their family. By buying a franchise, you’ll have both fewer hours and more flexibility than most. Some franchises even offer the opportunity to buy a work from home franchise which is where you can run your own business from the comfort of your own home which is a very popular option for new and existing entrepreneurs.
Some franchise fees are negotiable.
Ask if you can negotiate your franchise fee when buying a franchise. Most franchisors have some leeway on what they’ll charge, so see if you can get a lower one. At their core, franchisors want to sell franchises—so asking doesn’t hurt! Just don’t lowball it; know what a good deal looks like for both parties involved before you start negotiating. (For more on how to buy a franchise, check out our Buying Guide here.)
Franchises have a high success rate.
Some people shy away from buying a franchise because they think it’s only for people who can’t do it on their own. That’s wrong. Franchises have a high success rate, meaning that if you buy one, there’s a high likelihood of long-term success. According to What-Franchise 80% of new franchise businesses are still running after 5 years.
Franchises are not usually as expensive as you may think.
Many people think franchises are expensive but there are many affordable franchises out there, you can get a great franchise for sometimes just £10,000! But if you have trouble saving up that much money then you should not buy a franchise. Franchises are a great way to make extra income and start your own business for a low fee as there are many affordable franchise opportunities available at our directory.
Franchising contributes to the UK economy.
According to Boosted Education, over 48,000 franchise businesses are based in the UK, with the sector contributing £17 billion to the UK economy each year and employing over 700,000 people. The rate of growth within franchises is forecast to continue at its current pace over 2022-2025. And there’s no reason to think that franchises will start to slow down any time soon. That’s why it makes sense to buy into one of these systems as they become available.
You get help with marketing.
When you buy a franchise, there is some assistance with marketing. This helps if you have never had any experience with creating or promoting your own business. Marketing is not one of those make it or break it factors that can make or break your business, but if you don’t do something, you won’t make any sales at all. Investing in a franchise gives you enough help to get things started without having to worry about promoting yourself until later on when sales take off. This is because with a franchise, you get access to an existing customer base in your chosen location.
Proven business model
If you’ve never been in business before, starting your own franchise can provide a tested model for success. You also are able to take advantage of previously established brand recognition and customer base. The exact advantages of buying a franchise will vary depending on your particular industry and market. If you’re interested in buying a franchise, it’s important to understand why franchises succeed and how they can help your business grow more quickly than would otherwise be possible.
Training and support
When you invest in a franchise, you gain access to training and support from people who are already experts in running a business. They can teach you what they know and help guide your franchise business to success. This is invaluable—especially when you’re new to the world of entrepreneurship. The right franchise can take care of all or most aspects of your business, giving you peace of mind as well as extra time for yourself.
Credibility with banks and investors
While banks aren’t necessarily experts on business operations, they are experts at evaluating risk. So if you have a solid plan, assets and a good track record of success, it is easier to get funding from a bank when buying a franchise. This is another reason that makes buying a franchise a good business plan as banks are more likely to give you the funding you need if you are going to invest in a franchise with a proven business model since they know chances of success are a lot higher than an independent business opportunity.
Franchising provides many jobs across the UK
48,000 franchise businesses in the UK are providing work for more than 700,000 people. This means that jobs are not just confined to London or big cities – franchise outlets can be found throughout the UK and provide employment opportunities in every town and county in England, Scotland, and Wales.
Existing customer base
When you buy a franchise, you get access to an existing customer base. Since most franchises are locally owned and operated, it makes sense that your customers will mostly be local to your location. But even if your franchise is part of a national chain (like McDonald’s), you’ll have access to an existing customer base. This means you get the opportunity to let customers through the door from day one. This is another huge reason why franchise businesses are known to have such a high success rate in the UK.
Easier staff recruiting
When you own a franchise, you can draw on all sorts of staffing solutions to get your new business off the ground. From employment agencies to executive search firms, a quick call or email can get you access to an expanded talent pool that could be perfect for your business. And thanks to franchising, workers come trained and ready-to-go, meaning less training for you down the road. As an added bonus: Many franchises offer relocation assistance for key employees who may need help moving across town or state lines in order to join your team. It’s just one way that franchising makes it easier than ever before to start a new business from scratch—or take over an existing one through a franchise resale.
You get to become your own boss.
One of the biggest benefits of purchasing a franchise is that you get to be your own boss. There’s no learning curve, either, because you’re using a proven business model—your new business doesn’t require months or years of trial and error to figure out what works and what doesn’t. So, not only do you become your own boss; as a franchise owner, you also get instant credibility in your community.
You are working for your business.
When you own a franchise business, you are working for yourself, not just a single company. This lets you be more innovative and find ways to improve your business. While many people think of McDonalds or Subway when they hear the word franchise, franchises can actually come in many different shapes and sizes; there is one out there for nearly every industry. No matter what kind of business or industry you would like to see yourself in, there is most likely a franchise opportunity out there waiting for you to start it up!
Brand name recognition
If you’re buying a franchise, people will recognise your business’s name. Because of that, it’s easier to market yourself and get more customers as soon as possible. It’s also an easier way to get customers because they know what to expect from your brand. Even if you sell an unrelated product or service than what is sold in other locations under that name, people will trust it because of their familiarity with it.
Browse franchises for sale at our directory
Browse our list of franchises for sale at our franchise directory. Franchising can be very successful as long as you do your homework before investing in any specific franchise and make sure it fits your goals and level of expertise. If you take all of these things into consideration, though, buying a franchise is certainly an attractive opportunity for aspiring business owners.