If you are itching to become your own boss and open your own company then purchasing a franchise can be a great way to start your own business.
While starting your own company from scratch can be a daunting and often unpredictable experience a franchise is notably less risky than starting from scratch. With a franchise, the brand name is already strong and established and there’s a clear ready-made business plan. Furthermore, with a franchise, it is, in fact, the franchisor’s duty to take care of all the marketing and advertising for the brand. This will also greatly benefit you as you will not need to think about a marketing budget. While opening a franchise does not carry the same risks as a standard business there are still some risks.
Think about the budget that you willing to spend to obtain the franchise. Depending on the amount you wish to spend will determine the type of franchise you will be able to get. If you want to go into an industry where you care for people then opting you will need a budget in the £0 – £100k range. If you want to go into the food and drink sector an investment budget between £101 – £500k is the recommended amount. Make sure you are clear on the amount that you wish to spend as this will greatly help you decide what industry you want to go into.
It is also advised that you research the different fields available within the sector you chose to invest in. For example, if you choose to go into the food and drink sector you may want to open a fast-food establishment like a McDonalds or you may want to go down the restaurant route and open a Bella Italia.