New Year, New Career? Starting a new business is a stressful task; building a brand, expenses, keeping an eye on competitors, working with trends in the industry, it all makes starting a business from scratch a daunting endeavour. Fortunately, franchising takes away a lot of those difficult things, and the whole system can support you along the way.
Franchises have a 90% success rate in the UK, while 60% of non-franchise SMEs (Small Medium Enterprises) fail within the first five years. Being part of a franchise system that already exists means that while you are setting up and running your own business you are still getting support in branding and marketing, finance and much more.
Here are 9 benefits to starting a franchise.
1. There’s loyalty to known brands.
Starting a business from scratch means you need to develop and test products and build brand credibility. Buying a franchise will help you bypass this because the franchisor will have done it all already, giving you instant access to an established brand and a nationally recognised name.
Franchises thrive with consistency and customers love consistency. If a customer knows a brand name and consistently uses the company, they will likely use the same brand should they move to a new area, or visit a new place. People want to know they’re going to receive the same trusted service as they get at other branches. We Love Pets customers always rely on our brands even if they move location since they know they can trust the brand.
2. Modest but hugely beneficial investment
Franchises won’t be something you need to pay through the nose for- you pay for a dedicated location for your branch, and the support from your franchisor to improve your branch.
While franchise fees can be pricey, depending on the franchise, there is plenty of funding and loans offered for starting a business. Unlike setting up your own SME you also will reap the rewards of your work quite quickly and you will get the support of your franchisor and your fellow franchisees.
3. Effective management
A good franchisor is motivated to help their franchisees network and succeed in their business, making decisions that benefit the company and listening to your ideas too. A franchise thrives with collaboration between franchisees and franchisors, so if you have an idea that benefits the brand your franchisor will implement it across the entire brand.
Your franchisor will also keep an eye on trends in the industry and the performance of each branch, encouraging positive habits and letting everyone know what works and doesn’t work across the franchise in terms of business strategy. We Love Pets has a dedicated head office team that works on every element of marketing, branding and advertisement to help out franchisees with their business.
4. Hit the ground running
Owning a private SME is complicated, but your franchisor should be passionate about the success of each branch, providing excellent support for the opening and running of the business.
Different franchises take different time frames to get fully set up, but the franchisor will make sure that you get all the training you need to be sure you can succeed from the very first week.
5. The risks and benefits of each branch is felt by everyone.
A franchisor will have a pre-approved model for building a successful and thriving branch. Less than 1% of all UK franchises fail each year, franchisors are dedicated to making sure that their franchises don’t end up in that 1%.
If an individual branch is thriving the whole company thrives, everyone benefits from everyone’s successes. Both franchisor and fellow franchisees want to see you accomplish great things, and they will help along the way.
6. Potential for growth
In a typical job you might be working towards a goal for long periods of time and often times the company might change directions to something that made all your work redundant. Franchisors and franchisees will be united under a common goal (We Love Pets wants to provide amazing welfare-first pet care across the UK), and so when you go into a franchise you know that all the directions the brand will take will meet that goal.
By communicating with your franchisor and understanding how you are progressing, you can expand and grow your business in a way that will only help you out. If you are working well in your location, owning more branches is a feasible option that can be discussed with your franchisor.
7. New career options
Franchising provides you with the perfect opportunities to expand your skillset with training and support. Many franchises offer qualifications with the opening of a branch, so you can receive a whole lot of knowledge and learn from your new career. There’s lots of skills needed in franchising that you will likely pick up from your current career, so your current skillset will not be made redundant.
You should always do lots of research before going into franchising, but it would be an exciting new opportunity to learn and improve upon your personal skills.
8. Extensive support.
Your franchisors will support you throughout the entire thing, link you up with existing franchisees that can offer advice from first-hand experience, and provide branding and marketing to help build your business and consistently improve upon it.
If you have any questions about your brand, or the business, or need support in recruiting etc. your franchisor will help out.
9. Work/ life balance.
Being your own boss gives you the chance to seize opportunities for self-improvement, make decisions, and reap the benefits of your work. You never have to work overtime to butter up your boss to let you off for your child’s birthday, or desperately hope for holiday approval while on the brink of burnout. You manage your own hours and can schedule yourself to fit your personal arrangements.
You will also reap the rewards of your hard work immediately and directly.