Why buying a franchise is a great way to become your own boss
What’s better than being your own boss? If you want to be your own boss, but you don’t have the cash on hand or the financial savvy to build your own business from scratch, then it may be time to buy a franchise. For an upfront cost that ranges between £5,000 and £100,000 (and some investment in time and training), you can buy into an existing business that comes with established branding, marketing strategies, training programs, and more.
Why franchises are popular
You may have heard horror stories about franchises, or you might have assumed that they’re out of reach if you don’t have lots of money. But buying a franchise doesn’t mean you need to quit your day job and take on debt. Franchises also offer cheaper startup costs compared with starting up on your own, which means investing in one can be easier than buying an independent business. If you don’t have much cash but still want to be your own boss and call all of the shots, purchasing a franchise might be for you.
How to choose a franchise that is right for you?
Though buying a franchise may seem like an exciting alternative, it’s important to do research and make sure you’re choosing one that’s right for you. Make sure you have some experience or knowledge of what type of business you want to open. From there, talk with franchisees about their experiences as part owners in franchises. Finally, read through any business plan material provided by franchises so that you can decide if it’s feasible for your needs.
Why do new entrepreneurs turn to franchising?
One reason that people turn to franchises when looking into entrepreneurship is that they don’t have an idea. Or they have an idea, but they just aren’t sure if it’s going to work or not. This means it can be hard for you, as an entrepreneur, to pitch investors on investing in your business because you haven’t even done any research yet and you don’t know if there will be demand for what you plan on selling or not. So instead of investing money into some potentially wasted research and development, why not look at buying into a business that already has all of its research and development completed?
Main perks of being your own boss
You get to be independent, work on your own schedule. As a franchisee, you have a lot of control over things that happen in your business. Since franchising has become popular and a lot of people are wanting to become their own boss these days we have listed three of the main perks of becoming your own boss below.
1) Flexibility
Perhaps one of the best perks about owning a franchise is just how flexible it can be. You are your own boss, which means that you don’t have to make any excuses for taking an afternoon off or skipping out early on occasion. On top of that, I also get complete control over how much money and effort you put into growing your own franchise business. There are times when every entrepreneur needs some time away from their franchise business, and when that happens, being able to set your own hours makes it easier for you to enjoy it!
2) You can take time off when needed
If you want to take an extended holiday or need time off for an illness, your job may not be there when you get back. With a franchise business, you don’t have that worry: As long as sales remain consistent and your royalties are paid on time, there’s nothing stopping you from taking as much time off as needed (within reason). If all goes well with the business while owners are away, they might even find their investment returned upon their return.
3) You get a better work-life balance
Franchises generally come with a standard operating procedure and policies, which means that you can afford to be more hands-off as an owner. You might not have the time or desire to oversee every little detail of your business if you have other priorities. On top of that, franchises usually offer training courses and you can utilize them whenever you need help adjusting.
Would a franchise be right for you?
Before you buy a franchise, here are some questions you should ask yourself: Do I have enough money? Will I have time and energy for it? How much time do I have to devote per week or month? What type of skills and talents do I have (or can learn)? Is there anything else in my life or situation that could get in the way of me succeeding? Remember, franchises are lower risk but not easy. You must also follow company procedures without exception. It takes commitment to run a successful business.
Where to find more information about buying a franchise?
Many prospective franchisees are surprised by how much free information is available. Besides investing in a franchise, it’s important that you educate yourself on what you need to know before buying a franchise. Use our franchising resource at Franchise UK as a way to find out more about buying a franchise, fees, and investment required, and franchising tips that will help you make an informed decision.
Find the best franchises for sale at Franchise UK
You can check out the best franchises for sale here. You’ll be able to browse through and find the best franchises for sale, which can include all kinds of industries from ice cream parlors to gyms. Here you’ll have access to the finest resources when it comes time for you to buy a franchise and begin your journey as an entrepreneur. If you’re looking for a business opportunity that will set you up for long-term success, getting into franchising could be just what you need to become your own boss and claim that freedom.