We know franchising can be a great way of running your own business opportunity and building a company from the ground up. But of course with making this decision come’s a lot of hard work. Since anyone that own’s their own business knows it certainly is not a walk in the park to grow a brand. But if you are ready for these responsibilities buying a franchise and running your own business could be the dream for you. Also i will be covering many things today such as the Pro’s and Con’s of buying a franchise. Also explaining why franchising is good for the UK economy.
Pro’s Of Buying A Franchise
Franchises have a higher success rate – See when you buy a franchise its not like starting an entire new brand of course. This does not mean its easy but it takes away some pressure. And also remember when you buy a franchise you have the full support of the corporation and receive very important assets such as training and techniques of growing your business.
You can become your own boss – A lot of people do not like being employees simply because a lot of people do not like being told what to do some people want to go away from the employment scene and grow something, something bigger than a paycheck.
You get a good opportunity – Franchising is a great chance for you to grow a company. And just since you buy one franchise does not mean you can sell it and buy another. So say you are thriving in the UK market with your chosen franchise industry and you want to take up a new opportunity you can do what is called “franchise resales” Which is essentially selling your territory and starting up a new opportunity.
Con’s Of Buying A Franchise
You have a lot of work on your hands – Of course its amazing to run your own business but you need to understand running a business is not just the high life and the fun of being your own boss. When you run your own business there are a lot of pressures. Such as keeping up with your competition and staying on top of your market.
Investment can be high for franchises – One thing you do not want to do when you buy a franchise is invest all your budget from day one on the franchise investment fee. Since if you do that how are you going to grow your company with no extra budget? So its good to be passionate but you also have to have patience with this passion.
Do not let your expectations get the better of you – Personally i think franchising is great i really do. But when you first buy a franchise do not get expectations in the first year about making a huge amount of money since in the first year its all about building brand awareness of your company not about making millions. So i would definitely say to anyone thinking like this do not get too ahead of yourself grow the company. Since the time companies make the most money is usually within the 3rd year of business.
Is Franchising Good For The UK?
I think franchising is amazing for the UK economy and i will be sharing some facts / statistics of why i think this in a minute but for now i will start with why i think franchising is so great. It gives many young people the chance of getting a job since it provides a huge amount of employment around the UK. It gives normal working class people a chance to build their own companies and grow a brand. These are just a few examples of why franchising is great for all generations including the elders since franchising provides more locations of shelters and care homes round the UK for people with needs for this kind of assistance.
Facts On Why Franchising Is Great For The UK Economy
Did you know?
- Franchising provided just over 700,000 jobs in the UK every year
- Franchising raises millions for charities
- Did you know? Franchising contributes £17 billion to the UK economy every year
So now after reading these amazing stats you can probably understand now why i am so passionate about franchising in the UK since it really helps people in any circumstance in the UK.
Thanks For Reading!
So hopefully now you may have came to a decision about franchising and trying to work out is the franchise market for you? If so i would highly recommend you stay tuned to this blog since business ideas UK is a dedicated site for business and franchising news providing FREE information and covering anyone’s needs or queries.
Sources : Quality Franchise Association