One could say that Britain, like the United States, is a “land of opportunity”. Although the country has had its share of ups and downs during the course of history, the British are a very industrious and entrepreneurial people.
According to the StartUp Britain website, nearly 400,000 businesses have commenced trading this year so far, and one of the many popular types of business being created are franchises.
There is a plethora of franchise opportunities available in the UK but because of this huge choice, how do you know which is the best franchise business for you? In this guide I will show you how to make the right choice that suits you.
Why do you want to start a franchise?
The common answer to this question is usually “to make a good profit”, but aside from that, what other reasons have you got for wanting to start a franchise business? The reason why I am asking you this question is to help you determine what sort of franchise you should be investing your money in.
If you have a day job and only want to run a franchise as a sideline or as a hobby, then you may wish to consider a franchise that allows you to be based from home (for example, a franchise whose products are sold on a door-to-door basis).
What knowledge have you got of your chosen franchisor?
The key to franchise success is to make sure that you do plenty of research on the franchisor in question. Topics that your research needs to cover would include the products and services offered, the company’s business model, their marketing and advertising strategies, and brand awareness.
For example, if your chosen franchisor was a fast-food restaurant chain, you might want to find out what sort of food and drink they sell before deciding on a suitable location to lease some commercial premises.
How much money have you got to invest?
This question relates to all startup businesses, not just franchises. As with any opportunity to begin trading, you will need a significant amount of capital to utilise for leasing premises, paying for stock and equipment, hiring staff, advertising and so on.
Some franchises require more startup capital than others, so you should only consider a franchise opportunity that means you won’t be overcommitting your money to the business.
Will you put aside money to live on during the early stages?
There is also the question of what money you have put aside to personally live on during the early stages of your business. It is rare for businesses to make a profit in their first year, even for franchises of established brands so you will need to calculate and put aside a realistic amount of money for you to live on.
Hopefully this guide will have given you some guidance and insight so that you can choose a franchise opportunity that works for you from the vast amount of UK business opportunities available, and good luck with whatever path you take into the wonderful world of franchising!
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