The booming franchise industry ensures that the choices on offer to prospective franchisees have never been greater. However, with such a wide array of available franchise spanning numerous different industries, selecting the right franchise opportunity for you might seem a bit daunting; after all, no one wants to invest in a business that’s not right for them. To help you make your choice, here are some basic tips you can follow to ensure you select a franchise well suited to your qualities.
It stands to reason that you should commence your franchising search with a thorough inventory of your personal interests, skills and strengths. What areas of industry interest you? What do you do for fun in your spare time? If you could do or be anything in the world, what would it be? Questions like these should all feed into your decision in order to guarantee a successful and satisfying franchising experience.
If your passion is gardening, then the chances are good that a gardening franchise might be right for you. Conversely, if you’re a computer wizard then an online franchise might be more up your street.In addition to your interests, you should also consider what skills and experience you can bring to the table. While starting out in a new industry from scratch can be exciting, entering an area you are already familiar with can ensure that the experience you have accrued over the course of your career so far can be brought to bear upon your new venture, helping you to bring it to fruition.
According to our UK prospective franchising survey, just over 52% of aspiring franchisees would prefer to operate within an industry in which they have experience; for most, the areas you know is better than the one you don’t. Also key to consider is the type of people you enjoy working with; different franchises attract different customers.
Would you prefer interacting over the phone or on a face-to-face basis? Would you rather be stationary or mobile? All of these factors should help inform your decision.
However, as commendable as committing to your dream might be, it is important that your franchising journey remain grounded in reality. To this end, it is vitally important that you do your homework; research your area to get a grasp for potential competition. A business without demand is a losing formula, as is an over-saturated market. If your locale is already swamped with pet franchises, then going down this route might be arduous. If however, the region is lacking in coffee outlets, then pursuing one of these franchises might prove more profitable.
Furthermore, if you can, talk to people who are currently operating franchises that intrigue you, and use their advice to gauge whether or not this is a business you can see yourself thriving in. A word of warning, though; no two franchising experiences are exactly alike, and a franchise ill-fitted for one person may be perfect for you.Your personal circumstances also come into play when deciding to embark on a franchising venture. If you have children, for instance, you will have to question how much time you can commit to the enterprise. Mothers can remedy this by considering the franchises on our site tailored to the needs of stay-at-home parents. A majority of aspiring franchisees would prefer a hands-on business, but if your physical health is a barrier in this regard, a more sedate franchise might be a safer bet.Another factor you have to consider is your budget; some franchises cost more than others, and in times when money isn’t flowing from the streams it’s important to weigh up the potential return of any business investment before parting with your cash.
Fortunately, Franchise Direct employs a range of price filters to help you find franchises to suit every budget. For instance, check out our low-cost franchises for a list of options under £15,000.