Setting up a new business can be exciting, but it can also be expensive, time consuming, confusing, and often frustrating if you’re going it alone. But what if there was a way to get the best of both worlds? Franchises offer everything you need to get started, and are an ideal way to combine an entrepreneur’s goals with the support and success of an established brand.
What is a franchise?
A franchise is a defined agreement or license between two parties: the franchisor and the franchisee. The franchisee is able to run an independent business as an extension of the franchisor’s brand or company, following a pre-established, successful business model.
What does a franchise offer?
A franchise offers a tried-and-true business model that provides training and ongoing support, as well as tools and resources to aid the franchisee’s success. Franchises are often referred to as ‘businesses in a box,’ implying that you’re given everything you need to get up and running, and then it’s down to you to make it happen. You are responsible for your own financial success, with a recognisable brand name and support network behind you.
Reasons to choose a franchise
There are many reasons to choose a franchise, but the following four are some of the most compelling:
Be your own boss
If you’re tired of the routine 9-5 and working your way up the corporate ladder, working for yourself can be very rewarding! Franchises allow you to ‘be your own boss.’ You’ll have autonomy when it comes to dictating your schedule and controlling your success, and your hard work will be rewarded directly.
Investing in a franchise also means you can work and trade in your local community, with opportunities for creating jobs and commerce in your area. Plus, studies show that branches owned by a local director perform better than locations run by corporate or branch managers.
Training and support
In order for the franchisor to succeed, it’s imperative that the franchisee succeeds in tandem. This is why extensive training and support are some of the most important things offered by a franchise. Training programs typically include education in areas of:
- Business systems
- Operations management
- Human resources
- Customer conversion and sales
- Marketing and advertising
- Social media
Since such comprehensive training is given, there’s no prior experience needed before launching a franchise!
Franchises will also offer ongoing support through continuous technical training, mentoring, and career growth opportunities – among other outlets. Having this background assistance helps franchisees avoid pitfalls and failures common among new business owners. Instead, they can focus on the growth and advancement of their individual branches.
Another benefit of belonging to a large franchise network is that you can receive support from peers and fellow franchisees. With individual and exclusive territories, there’s no direct competition between other members of the network. Rather, other franchisees know firsthand what it’s like to work in the network and may have unique tips and advice!
Resources and materials
There’s a great deal of research, start-up investment, and accumulation of skills or resources involved with starting a business from scratch, but a franchise offers it all right off the bat.
Franchisors have a reputable and established brand name and model, with the funds and manpower to share their assets across the network. In addition to forms, documents, images, and templates, these larger companies can offer:
- Marketing at a national level
- Management of advertising campaigns
- Tools and measurements of data analytics
And, having a big brand behind you can help your branch drive sales and increase local leads!
One of the principal difficulties in any new business is acquiring capital – the sum needed to get the business up and running. Some banks are more willing to grant loans for franchise investment, as opposed to start-ups – giving franchising a slight advantage. Additionally, many high street banks have franchise departments, specifically tailored to assist with loans for business owners in the franchise sector.
Since it’s in the best interest of the franchisor to sell new franchises, many companies can point potential buyers in the right direction for the best funding. Not to mention, approaching a bank that has a good standing reputation with the franchise could make you seem like a reliable candidate for lending.
How do I choose a franchise?
When looking at different franchising opportunities, it’s important to do your thorough research. Find out what the company offers for the consumer and what your role as a franchisee would look like. We recommend requesting a brochure and enquiring after the figures – be sure to look at the level of investment, and what the return predictions are.
If you can, speak with other franchisees that are already in the network; ask about their experiences and what a general day-to-day might look like for you. It may be helpful to know why they chose that particular franchise and how they conducted some of their own research.
Look for opportunities that meet your financial goals, level of commitment, style, personality and values. Make sure the product or service is something you believe in, because it will be your responsibility to grow the business and if you’re not invested in what the company offers, it may be difficult to push yourself to grow.
Creating a cross comparison chart between different franchises of interest can help narrow down your search to find the right one. Ultimately, it’s all about choosing the right fit for you!
We Love Pets franchise opportunity
We Love Pets is a family-run business, offering award-winning pet care services across the UK. We proudly boast 65+ franchisees with more than 130 branch locations – and growing! Our model for pet care puts animal welfare first, ensuring that each pet in our care is safe, healthy and happy. Our franchises offer pet care services including fully insured dog walking, pet sitting, small animal care, puppy visits, licensed home boarding, and more.
If you have a passion for working with animals, and want to pursue a career in pet care, take a look at our franchise opportunity! We’d love to hear from you, so why not get in touch today?