How to start your own business with a franchise

how to choose a franchise

Starting your own business can be the most exciting thing you’ve ever done, but like all adrenaline rushes, it comes with a strong dose of fear.

If you want to be your own boss, but are not sure where to start, what resources you need, how to market products and services,  or how to hire and train employees a franchise opportunity could be an option.

If you don’t know where to begin, a franchise offers safer entry into the business world, offering a fast route into business ownership, with other business owners mentoring you through the start-up process. Even after you open your doors, franchisors continue to offer support and guidance as you blossom from small businesses to a corporate giant.

When we think of the word ‘franchising’, American fast food corporations come to mind, but franchise business opportunities are as wide and diverse as you want them to be.

Franchises cover a diverse range of areas, including:

  • Dog-walking,
  • baby yoga,
  • care of the elderly,
  • web design,
  • travel agency,
  • domestic cleaning,
  • chocolate gifts,
  • legal and accountancy,
  • French gourmet wine and cheese,
  • charity fundraising,
  • magazines,
  • photography,
  • fashion design and even …
  • Botox.

 

A Small Business with Flexibility

Many low-cost franchises are home-based which makes them ideal for parents looking to work flexibly around the family. Many franchises allow you to start off small, working from home part-time and eventually expand as your business grows.

The franchise business model is, however, governed by a contract. It’s important to remember that becoming a franchisees ties you into a partnership arrangement for a defined period of time.

You also pay license and advertising fees to the franchisor. You may also be contractually obliged to do things exactly how the franchisor wants them done. Franchise agreements can vary from business to business, so do be sure to carry out research before committing a signature to the franchise agreement.

The first step in the adventure of becoming your own boss is researching the opportunities available and what different business models are out there.

For further information and advice on stating a franchise, visit The British Franchise Association at  www.thebfa.org 

Are you a franchisee?  What tips would you give for running a successful franchise?

And if you have a franchise and are looking to expand, you can recruit new franchisees via our flexible jobsite at www.workyourwayjobs.co.uk

photo credit: AaronC’s Photos via photopin cc

Author:

I’m Mary Cummings, a ghostwriter, collaborator and all round word doctor. I help business owners write and publish business books; I'm also passionate about helping creative freelancers find work that they love - their work sweet spot with work on their terms, projects they love and clients who are a dream to work for.

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