Can you believe 2024 is now only a matter of a few months away! You might have been thinking about a way to get into business via a franchise, if this is the case, the process can take a few months, so this might well take you up to the new year to get stuck in, have a read of the following short article and you might well be on your way to do so.
Make Your Enquiry Now To Buy Your Own Franchise
The UK has seen consistent growth within franchising, yet, despite the fact that there are only around one thousand franchised systems in total available, this might sound a lot, but actually, per capita, this is around a fifth of other developed countries, This is good news for you! Let us discuss why, please read on
Take Your Time To Research Your Franchise Options
As you are a potential franchisee, you must first decide on what type of franchise you have a real interest in; this could be within the food and beverage sector, for example, maybe it will be a white, or blue-collar franchise, even one that is completely hands-off, however, start your franchise search by identifying no more than a dozen or so franchises that fit this criteria and then submit your request for further information. You might find that the franchise is not what you initially thought it was, and this is OK, it is why you are doing this research now. But if you try and look at too many, from the outset, you will start to feel overwhelmed by the mass of information and phone calls that you receive from franchisors following up with you.
One thing is for sure, to get franchising right, the slow and steady approach will always win in the end!
Franchisors Encourage Engagement With You
This might seem like a fair point, but the franchising recruitment process is rarely a one-way street. Franchisors will spend vast amounts of money on their advertising and marketing campaigns to grab your attention and get you to put your hands up to their offering. Their fixed-cost campaigns come at a significant cost despite any outcome, so your enquiry could be the difference to the franchisor of a successful promotion (or not!) and they will be keen to respond to your enquiry to showcase their own franchise brand. Putting your hand up to receive further information about the franchise is very significant to the franchise owners.
It would be a very good idea to ensure you look to develop a relationship from this point of making your initial enquiry, it is fair to say that every brand (franchisor) and you (the potential franchisee) should be looking for the right fit too, however, the constant dialogue will work wonders for you. You might even find the franchisor being more adaptive in their initial approach as they start to understand your own needs and wants! This could well be one of the best investments, in time, you will ever make!
You Might Think You Can Buy Any Franchise You Want!
Franchisors will be fielding responses literally from anyone that cares to make their enquiry, including yours, but it is also accepted that this is a scatter-gun approach.
You will see it said many times over, that a franchisor can train and teach you everything that you need to know, this is a common message in the world of franchising, and it is very true in most cases. They really and truly have developed a system, that needs to be rolled out by you as the incoming franchisee, this means that you should be able to choose from virtually everything you want to look at, nothing really is excluded, unless you do not have the necessary skills or qualifications of course.
You need to show the franchisor that you have a genuine desire to learn about the brand, be trained and above all, the need to be successful. This is half of the challenge for them, they want to see your further appetite to represent their brand in a positive way!
Some other individuals who are making their own franchise enquiries will lack real ambition, so you might immediately leapfrog them by doing things a better way.
There Are Funding Options In Franchising
You might be thinking that funding your franchise is one of the barriers to having your own business, and right now you probably could not be further from the truth! With interest rates at historic lows, bank funding is very realistic now for most, with almost same day approval and unsecured funds within 48 hours into your bank account. Add to this Government initiatives with the likes of ‘Start-Up Loans’ and even some grants and assistance from the franchised brands, and again, this is one of the best times in history to help you get that franchise you’ve always been after!
Further information can be found online, or via the franchise brands you are looking at, so please ask them to provide further information on how they can signpost you to getting information about funding options.
Take Control And Make 2024 Your Year!
Make your impression to the franchise owners or representatives right now, this really is your opportunity today. The franchisor is likely having multiple conversations, show them why they should consider you. Ideally, get on the phone or face to face as quickly as possible (if you have a genuine interest) then send some background information, demonstrate and highlight your own skills and ambitions, none of this will be wasted on your hunt for the perfect franchise.
If all else fails, get some expert advice, there are plenty of willing franchise consultants out there to help you. Most are paid by the franchisors, so it will cost you nothing to engage with them, you might just have nothing to lose and lots to gain!
This post was written by Richard Pakey, Managing Director at Lime Licensing Group. They are an exhibitor on the FranchiseShow247 Business & Professional Services floor and you can visit their FranchiseShow247 exhibition stand here