Just a few reasons WHY franchising is undergoing such a boon in the UK at present.
1% of the UK GDP comes from Franchising
20% increase in Franchise employment in the last 5 years
There are over 250,000 people employed full time in the Franchise industry
There are now 39,000 Franchised units in the UK
The amount of PROFITABLE FRANCHISEES is at its highest ever
4 out of 5 franchises in the UK – are UK owned
1 in 4 UK franchises export their business model overseas
UK franchise sector has a 20% growth rate since 2008
92% of franchisees say they are PROFITABLE
Failure rate among franchisees is just 2.3%
The average turnover of a Franchisee is £356,000 (the highest was £360k in 2007)
561,000 people are directly employed in the UK franchise sector
There are many reasons why you might invest in a franchise operation:-
To be your own boss
Work in an industry you're passionate about
Create your own destiny
Work the hours that suit YOU
Unlimited client base
Uncapped income stream.
However, its not an excuse to take your foot off the accelerator, like all businesses, nothing happens if you don't work at it. Work smart NOT hard by all means, but the only way to build a substantially successful business is to put in the hours & do the groundwork. Once you make the commitment, your training will then help you understand the basics and show you how to 'work' the business, ensuring your success.
Nothing worth having is easy - but if you follow the training, put in the groundwork - you will be successful.
Like most things in life, if you give it your all, understand its a numbers game, nothing will stop you reaping the rewards.
Franchising is a great way to take advantage of a ready made system of success and stand on the shoulders of those who have already ironed out the glitches. It is a great idea to follow those who have worked a plan - but ultimately you need to be confident you can master the plan.
Here is a list of just nine things to consider before you take your decision to the next level.
1. Track Record of Success.
Any good franchise company has developed a method of doing business that works well and produces successful results. Even better, they're required to provide you with a great deal of information in their required disclosures so you can investigate and verify the results with existing franchisees prior to making your final decision. Within Funerals by design, I have developed and tested a very simplistic approach to the sales side of the busienss. If a franchisee follows the plan, it will be very successful.
2. Strong Brand.
One of the biggest advantages of franchising is that the company is building a brand on a regional or national basis that should have value in the eyes of customers you're trying to attract.
3. Training Programs.
A good franchise company has training programs designed to bring you up to speed on the most successful methods to run the business. They should also have reference materials to assist you in dealing with whatever hurdles appear once running your business.
4. Ongoing Operational Support.
Franchise companies have staff dedicated to providing ongoing assistance to franchisees. You're not alone when you're building and running your business, and you can always call on experienced people when you hit a rough spot or want to share new ideas for growing the business.
5. Marketing Assistance.
The franchise company has marketing assistance to provide you with proven tools and strategies for attracting and retaining customers. Usually, the staff helps you develop the actual marketing plans and budgets for your grand opening as well as your ongoing efforts to market your business effectively.
6. Be your own boss.
Most people who get into franchising do so because they're fed up with the 9-5 grind and having a totally useless boss. A manager who doesn't listen, and job which is unchanging and brings sheer boredom. Franchising allows a franchisee to work their own way, at their own pace and still receive full support. If you have a good idea, you can act upon it. If you need time off, you can take it. If you want to work longer hours, you can. With franchising YOU are rewarded as a result of the initiative you bring to the role.
7. Business Development Assistance.
Franchise companies can also provide a wonderful benefit in helping you design the way you want to build your business. Your success IS the company's success and we want you to succeed. To that aim we will help you design everything you need. As well as top flight training, you will be assisted in every step of designing your own Daily Method of Operation, Networking, Referral Marketing, Customer referral Programs and anything else you want to add to the mix. Together we will work to maximise the efficiency of your initial investment.
8. Valuable Service to Customers.
A good franchise will have a service which customers really need. There are franchises from pretty much everything you could think of - cleaning ovens to car washing. Sandwich shops to 'For sale' signs. But your franchise needs to be something YOU want to feel good about providing. Every franchisee must ask themselves, "Will I feel good providing this service?" If the answer is not a resounding YES and your only in it for the money - it's the wrong business for you. But if the answer is YES - your in for a very rewarding future and your customers will feed on this passion.
9. Risk Avoidance.
The biggest reason to buy a franchise is this, it will help you avoid much of the risk in starting a new business. Make no mistake -- you have to carry out your due diligence, and if you do, you can determine with a fair amount of certainty what will happen if you become a new franchisee.
As you look at this list, it not only shows a number of reasons to think about getting a franchise -- it also shows you just some of the major challenges you'll face if you have to create all these things yourself in an independent business. You do have to pay fees in a franchise but that will save you so much more in start up costs, mistakes, marketing, research and time spent on an independent business.
You can pay the franchiser the fees and take advantage of the years of experience and avoid lots of risk. Using a franchise to meet your goal of starting a new business is a wonderful approach for most people. The most wonderful thing is 'time'. Once you pay the fees and undergo training - your up and running. Your franchiser has a vested interest in you doing well, your success is their success and they will do everything to help you develop a very very profitable business.