Franchises are available across almost all industries, from plumbing and cleaning to catering and entertainment. This means that, no matter what background a franchisee comes from, or what type of career they’re looking to build in the future, there will be something to suit them perfectly.
White collar businesses are one of the most versatile areas of franchise. Suitable for people with a wide variety of skills, white collar work allows franchisees to use their business acumen to build a successful career and a lucrative enterprise.
Types of white collar franchise
In essence, every franchise that has office-based staff could be considered a white collar franchise. This could include everything from home improvement companies and delivery companies to media and design ventures. In fact, almost any business that involves the franchisee operating from an office instead of being on site would be suitable for someone looking to build a white collar career.
More traditionally, white collar franchises include opportunities like financial advice, medical advice, IT support, insurance and media. These types of franchises are in demand in most areas of the country, though franchisees may find their services are in increased demand in cities and urban areas.
What type of person could run a white collar franchise?
White collar franchises appeal to people from a wide variety of backgrounds. Often the type of people who invest in white collar franchises have previously been employed within the sector they’re investing in. This could include professionals who have previously worked as accountants looking to begin a financial advice franchise, doctors who want to work in healthcare or medical provision or an estate agent interested in opening a property business.
Having previous experience in an industry can help franchisees to select the right opportunity for investment and can give them a head start when it comes to marketing and development. However, not all people who invest in white collar franchises have previous experience. In fact, many of the people who move into white collar work are relatively unfamiliar with the industries they’re investing in. In these cases, it helps if the franchisee has worked in other areas of business and is skilled in developing business plans, management of staff and developing a new enterprise.
What skills are required to start a white collar franchise?
The skills required to run a white collar franchise vary from business to business. However, in general franchisees will need to have a good knowledge of how businesses work, experience in bookkeeping, experience in marketing and basic IT skills. The more familiar the franchisee is with running a business, the easier it should be for them to get the franchise going and manage the everyday needs of the company.
Another skill that is very important for franchisees running white collar businesses is management. Almost all white collar franchises will require at least a few employees and being able to manage these workers and get the best out of them is crucial if the franchise is going to survive. Franchisees without management experience could consider taking courses in leadership before they begin their new business venture.
Though many white collar franchises don’t require the franchisee to have extensive skills and qualifications, there are some that do. For example, if the franchisee will be offering financial advice, medical advice or property advice they may need to have achieved certain qualifications within their industry.
The benefits of choosing a white collar franchise
Franchises have many benefits over other business models. One of the most important is that they offer investors a huge amount of support and a number of important resources when they’re getting their businesses off the ground. Most franchises provide new investors with marketing materials, training, business plans, advice and support both at the beginning of the process and throughout the life of the franchise.
When you compare this to starting a business from scratch, the benefits are obvious. Going it alone requires investors to do their own market research, their own branding, their own business plans and their own marketing. This puts a lot of extra strain on entrepreneurs without any guarantees their business will be a success.
Another benefit of becoming a franchisee is that it allows you to be your own boss and to reap the financial rewards of your hard work. Though franchisees do still have to answer to head office, they have a large amount of autonomy in the day-to-day running of their business and so are able to create the working environment that suits them. For workers already employed in the sector they want to invest in, running a franchise will give them the chance to develop their career, increase their earning potential and move from the frontline of the industry into management.
How to choose the right white collar franchise
If you have decided that running a white collar franchise is right for you, the next step is selecting the right opportunity. The best way to find the franchise that suits you is to create a list of criteria before you begin your search. For example, does your chosen franchise need to be in a specific geographical area? How much are you willing to invest? And how much support do you want to receive from the franchise you invest in?
Of these, the most important thing to consider is finance. The amount that’s required to invest in a franchise varies from business to business. It’s important that you have the financial resources to properly fund your new venture. Most white collar franchises will need an office to work from, computers, printers and marketing materials. Some may also need specialist equipment and resources, all of which require investment.
Aside from ensuring you have the money needed to get your new franchise going, it’s important that you invest in a business in the right location. Some franchises have geographic requirements, and unless you’re willing to move you’ll need a business that’s close to home.
Investing in a white collar franchise can be a great career move for entrepreneurs from all backgrounds. Offering flexibility and the chance to increase earning power, white collar franchises make good business sense.
Source: Franchise UK