A tempting business opportunity, a franchise gives people who wish to run their own business the opportunity to adopt a model that’s already successful elsewhere. Purchasing a franchise ensures you acquire the branding, work methods and advertising used by a business that is already profitable, theoretically enabling you to “hit the ground running” with your new enterprise. A popular business model that’s widely used for everything from fast-food brands through to shoe shops, a franchise can be a lucrative investment. To maximise the chances of ending up with a franchise that works for you, follow these four proven tips.
Research Your Market
The best franchise in the world is unlikely to succeed if the market is already saturated or if there is too much competition locally. Do your own research on demand for your chosen franchise in just the same way you would if you were opening up on your own. For example, Time For You offers the perfect solution for frazzled mums and overworked dads who just don’t have the time to stay on top of the cleaning.
Love What You Do
To turn a profit, you will need to be spending a significant amount of time working on your franchise, particularly in the early days. It is much easier to remain committed if you already have a passion for the franchise product: if you love what you’re working on, it’s more likely you will put in the effort necessary to succeed. Knowing that you’re helping stressed families and busy singletons, Time For You is the perfect example of a franchise that can become your own passion project.
Consider How Much Capital You Have Available
Like any other business start-up, you need to have a fully costed business plan which clearly demonstrates how much start-up capital you’re going to need. As well as the cost of the franchise, make sure you have appropriate funding to get the business off to a good start. At Time For You, we have total transparency and lay out your investment costs clearly, so you’ll always be informed!
Research Your Franchise
At the very least, your franchise should be a member of the British Franchise Association: the required accreditation process provides some measure of quality control. In addition, speak to other owners of the franchise if you can; even a Google search can be surprisingly revealing! Time For You are happy for you to speak to as many of our franchise owners, both past and present, as you wish – just say the word.
How Do I Buy A Franchise Business?
When it’s time to buy the franchise business that’s right for you, Time For You can put you in touch with any number of our current franchise owners who can tell you all about their experiences, and we are just one phone call away should you have any questions!