The franchise industry hasn’t just survived the pandemic, but in many cases thrived. So, for people disillusioned with work, whether it be down to redundancy, the threat of redundancy, a lifestyle change, or the feeling of wanting more, franchising could be the answer in 2022. Paul Dodgshon, the Sales Director of business broker, Business Partnership, gives his top five reasons why now is the time to invest in a franchise.
Investing in a franchise is probably as safe a bet as you can make in 2022. In fact, despite the last two years being challenging for many businesses data shows the franchise industry is thriving. So, if you are looking to follow your entrepreneurial dream through business ownership, choosing a franchise may well be the answer. Here are the five reasons you should invest in franchising in 2022.
1. New year new you
Franchising helps you start afresh. In fact, one of the best things about taking on a franchise is that you do not necessarily need direct experience in a specific business, or even a specific sector.
Of course, it is important to a franchisor that you are the right fit for the franchise, but as long as you possess drive and entrepreneurial spirit this should not be a problem.
A franchisor needs to know that a franchisee’s goals align with theirs and the company’s vision. However, there is no need to panic if you do not have the right skillset straight away.
The franchise model will have training programmes, workshops and bootcamps that will equip you with all the relevant skills to be successful. A perk of franchising is that it offers the opportunity to start over and go in a direction you might not have thought possible.
2. It works
Believe it or not, franchising works. And, unlike starting your own business, when you take on a franchise, you can be comforted by the knowledge that the franchisor has already made mistakes and refined the system, allowing you to join an already established network with a multitude of systems in place to help you be successful.
Do not get me wrong, there is no shortcut to business success, but because franchising gives you access to an established brand, it is easier to get your business off the ground and find customers.
So, when you combine this with your hard work and determination, it is hard not to become successful - a stark contrast to the unpredictability of starting up a business on your own.
3. You take on a ready-made business
One of the key features of a franchise is that they are recognised brands and carry a lot of weight with their name and product or services.
It is undoubtedly reassuring when you buy into an established business with an extended reach, as it allows you to get a head start.
People tend to go with recognised brands as they will trust the product or services and its quality, and as a franchisee you know that you will not be building up brand awareness from scratch.
4. Access a supportive network
Another benefit of franchising is the wealth of advice and support available to you. Have you heard the phrase, ‘You are in business for yourself, not by yourself’? This is a famous phrase in the franchise industry and it could not be more accurate.
Taking on a franchise means you are pretty much supported every step of the way by the franchisor who has a vested interest in your success. Look at it this way: if you fail, the franchisor fails, so it is crucial they help you make your franchise a success.
When joining a franchise, you also enter a welcoming community of people who have gone through similar experiences to you and are willing to lend a helping hand when needed.
You can bypass problems with the shared knowledge of franchisees that you might not have done if you started your own business. Any difficulties you are going through are most likely shared, and by combining resources, knowledge, and ideas, it will reduce any risk factors.
5. The future is in your hands
Franchising can and will change your life
if you put the hard work in. So, whether you want to gain back control over your own career, make use of your redundancy package, or just pursue a new challenge, there is almost certainly a franchise out there for you.
Investing in a franchise and becoming a franchisee means you can decide your own hours and work around a schedule that suits you best.
Of course, you still have to follow the processes set by the franchisor, but the rest of the business is yours to grow and nurture. As with any business, hard work and commitment are also required to own and operate a successful business. But, once you have set your personal goals and hit those targets, you will be rewarded.
Before investing in a franchise, I recommend you do your due diligence. Reach out to franchisees in the network to ask what the business is really like and attend discovery days where you can learn about the business on-site, through calls or through online meetings.
By doing this, you will ensure that you understand the business you are looking to invest in and best determine if it is right for you.
