Why choose a Franchise as your next career move?
In today’s fast paced world, businesses encounter demanding challenges with increased risk and often, high uncertainty. Anyone considering their long-term business strategies and goals should minimise their exposure to these factors as much as possible.
In the last four years, the UK franchise industry has grown by an incredible 10%, meaning this sector now contributes over £15 billion pounds to the UK economy. However, despite this impressive growth and over 550,000 people now employed in the franchise industry, a franchise business tends to come as an afterthought for many business people and would-be entrepreneurs.
Despite this lack of consideration, why is franchising becoming such a popular option? Really it comes down to three things; reducing risk; a wide variety of business opportunity and an increased chance of success. This is all achievable provided you’re prepared to put the work in.
A diverse future ahead Franchising has evolved significantly over the last 30 years. While it was once renowned with fast food giants such as McDonalds and Subway, there are now thousands of franchise brands that cover an abundance of business models and styles.
Today, franchising also goes beyond just selling physical products. Services such as cleaning and consultancy are all rapidly growing opportunities, as are home-based businesses. Our own story here at Zero Dry Time is testimony to the rising popularity of franchising in the Cleaning services sector.
The UK has in excess of 26 million households and many hundreds of thousands of businesses that require carpet and upholstery cleaning.
Proven successful track record Investing in a business with a demonstrable demand for its product or service and a history of success, significantly reduces a franchisee’s exposure to risk. Successful franchise companies tend to be those with clear business processes that consistently deliver positive results to their customers.
An established brand Anyone who has built a business from the ground up will at some point mention developing a strong brand. This can be a slow and exhausting process. One of the biggest advantages of franchising is that you are buying into an already well-established brand that has a perceived value in the eyes of their consumers.
Again, this increases the business’s likelihood of success and subsequently reduces the risk factor.
Training and support Sometimes people forget that it’s in the company’s interest to give it’s franchisees the greatest possible chance to succeed. Most people who set up their own business must learn through trial and error, or at the expense of a business coach. They need to understand and learn the franchise’s values, business model and processes.
Beyond initial training, a good franchise continues to support its franchisees, helping them building better, more profitable relationships as they go. A reputable franchise continuously launches new products and marketing strategies to further support franchisees, making more sales collateral available, allowing franchisees more time to focus on building their customer base.
Like any other business, franchises can’t predict situations beyond their control, such as Brexit, fluctuating exchange rates and market volatility, but they are an excellent option for people interested in starting a new business, who want to reduce their risks and significantly increase their chances of success.