Is it your dream to start your own business and be your own boss?
Do you want to pursue your passion and build a business that reflects your values?
Or perhaps you’re at a stage of your life where you need something that gives you more flexibility?
A study by Oracle NetSuite earlier this year found that 74% of people in full-time employment in the UK are planning to start their own business, and 64% plan to do so within the next two years.
But what if you want to work for yourself, but don’t have the time or resources to start your own business from scratch?
Buying a franchise could be the answer!
What’s a franchise, and how does it work?
A franchise is where the franchisor (the owner of the original business) grants another party (the franchisee) the right to operate a business under its brand.
The franchisor also provides the franchisee with training, support, and access to its exclusive knowledge and systems.
In return, the franchisee pays the franchisor an initial franchise fee, along with ongoing management fees.
In business for yourself – not by yourself
You’ll hear people in franchising say that when you buy a franchise, you’re in business for yourself – not by yourself.
And that’s because when you choose a reputable franchise, you’ll be supported by a team who want you to be successful from the outset – so they’ll do everything they can to make sure you hit the ground running.
What’s more, you’ll be joining a network of like-minded people, all at various stages of their franchising journey.
Which means not only will you be able to learn from their different experiences, but you’ll also be part of a wider support network – and when you start your own business, being your own boss can be a lonely place without good support in place.
Here’s 5 reasons buying a franchise is a good option if you want to start your own business
1 – A proven business model
When you buy a franchise, you’re buying a business model that’s already been proven to work.
The franchisor has done all the hard work that’s needed to launch any successful business (so you don’t have to). They’ve devised a winning concept, developed the brand, figured out the marketing strategy, built a website, put systems in place to keep up to date with health & safety procedures – the list goes on!
2 – Brand recognition
A strong brand is crucial to any successful business, and when you buy a franchise, the franchisor has already done this vital piece of work for you.
What’s more, when you buy into a brand that’s already established, chances are your potential customers will already have heard of you and so will be more likely to trust you over someone else.
3 – Training and support
As a franchisee, you’ll be fully trained in all the skills you need to run your business successfully.
You’ll also receive an operations manual that details everything you need to know about managing your business day-to-day, as well as ongoing training and support.
All this, on top of the ready-built network of support from the other franchisees, means you won’t be going it alone – there’ll always be someone to turn to when you need help or advice.
4 – Flexible working hours
Being a franchisee means you have full control over your work-life balance – it’s up to you to decide the hours you need to work to achieve your business goals, and how those hours fit around the rest of your life.
So whether you want to start your own business alongside an existing career to give your income a boost, or you’re looking to do something that works around your growing family, franchising could be the flexible solution.
5 – A higher success rate
Everything that goes into building a reputable franchise business – a proven business model, brand recognition, comprehensive training, and ongoing support – means that as a franchisee, you’ve a much higher chance of being successful than as an independent business owner.
This higher success rate means that banks are generally more willing to help you with the funds you need to buy a franchise.
And when you consider that over 40% of new independent businesses will fail, compared to just 5% of new franchisees*, then buying a franchise is worth thinking about if you’re looking to start your own business.
Here at the Children’s Franchise Enterprise we showcase a wide range of children’s franchises that cater for everyone. Why not have a look around and explore the possibilities?