So you want to be your own boss, and you’ve decided that franchising is the way you’re going to do it. Excellent choice. The question to address now is: which industry would suit you best? There are over 30 to choose from, and sometimes informative events such as expos are more overwhelming than helpful. Have a go at answering this questionnaire, which may just help to push you in the right direction:
Are you able to dedicate long hours to this project?
A. Yes – I can put in extra time if needed
B. I can make full time commitment, but still want weekends and evenings free
C. No – I would prefer to work part time
Can you work on your feet?
A. Yes – I do not mind physical work
B. Sometimes – I would prefer mental to physical tasks
C. No – I need sedentary or less demanding work
Are you willing to wear business attire or uniform?
A. Yes – I do not mind wearing fixed or formal clothing
B. Sometimes – I can dress up when required
C. No – I would prefer to wear casual dress
Are you an outgoing, ‘people person’?
A. Yes – I have excellent social skills and am happy to work with other people on a daily basis
B. I am able to work as part of a team
C. No – I would prefer to go solo
Do you want to work from home?
A. No – I want to keep the business completely separate from my personal life
B. Staying at home or being out and about are both options
C. Yes – making my home my office is preferable
Are you able to invest a large amount into a franchise?
A. Yes – I have or can borrow the resources for a higher priced franchise if necessary
B. I can invest enough to buy an average franchise and survive the initial start-up phase
C. No – I aim to invest the smallest amount possible
SUGGESTED FRANCHISE INDUSTRIES
See where your answers take you, and follow links to the profiles of corresponding franchises in the UK market.
Sport and fitness – if you have a love for sport, here is a chance to mix business and pleasure in what is a growing industry. The percentage of people with health club or gym membership has doubled over the last 20 years.
Home services – the beauty of this franchise is that most of the time you will not even need to be one of the on-site workers. Usually the franchisee takes on the role of manager, running from home a business that provides services such as plumbing, cleaning or gardening and that often requires a lower amount of money to set up.
Retail – the title ‘retail’ covers such a wide range of products that you are bound to find one that appeals. Some sell from the high street; some are based purely on e-commerce; many feature both.
Internet based – often requiring little more investment than a computer and a good internet connection, many of these businesses can be operated from home in your pyjamas. Quite a few are part-time, or at least have flexible hours.
Part-time – perhaps you only have enough free hours to work on a part-time basis, or you want a second income? With these part-time franchises, that second income can be extremely profitable.