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Franchising…a safer route into business start-up

Written by: Suzanne Donald

Article Overview: If this article has grabbed your attention, then the chances are you are interested in becoming your own boss. However, the million dollar question for many will be, “what can I do?”

Franchising…a safer route into business start-up

If this article has grabbed your attention, then the chances are you are interested in becoming your own boss. However, the million dollar question for many will be, “what can I do?”

For the majority who are use to working 9-5 for someone else, taking that leap into the unknown of starting our own business is a scary and risky proposition. No solid business idea, no support, no management experience, no IT skills…sound familiar? If so, then all is not lost; franchising could be the ideal route into business start-up for you.

Buying a franchise allows you to be your own boss whilst being part of a larger support network; as they say in franchising “you are in business for yourself, not by yourself”. It permits you to work in a particular industry where you don’t necessarily need to have previous experience, and as you are ultimately buying into a tried and tested formula, the risks are substantially lower. The latest “bfa/Natwest Franchise Survey” highlighted that 91% of franchisees claim to be profitable.

Franchisees come from all walks of life and backgrounds, with ready-made business opportunities offered across a wide variety of industries – fast food, cleaning, B2B, motoring, home furnishing, pet care, children services, gardening, health and fitness, beauty, printing – to name just a few; franchising is no longer restricted to fast food and coffee!

Big brand names such as McDonalds, Thorntons, Dominos Pizza, Snap-on Tools, Costa Coffee, Apollo Window Blinds and Bang & Olufsen are all franchises. However, before you start visualising yourself as the next owner of one of these top name businesses, you need to undertake serious research, because as wonderful as it sounds, franchising unfortunately isn’t for everyone.

Franchising requires a particular mind-set and attitude, like the willingness to stick to someone else’s system, without wanting to make changes. You will also have to manage, market, promote, and sell, as well as undertake the many other tasks that have to be completed on a day-to-day basis. In essence you will be the director, sales executive, I.T guru and admin person rolled into one!

You now might be attracted to the idea of running a franchise, but do you really know what is required of from you. Next month we will address the areas that you need to look at before starting down the franchise route.

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Article Tags: apollo window blinds, bang olufsen, bfa, business idea, buying a franchise, costa coffee, dollar question, dominos pizza, franchise survey, health and fitness, home furnishing, management experience, natwest, ready made business, risky proposition, s system, serious research, snap on tools, thorntons, walks of life



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