🕒 Estimated reading time: 3 min.
With 38 years as a franchisor and consultant, Paul Mitchell is currently Managing Director at Accentia Franchise Consultants. Paul has helped thousands of franchisees, in a total of 8 countries, build a solid business future.
Below, Paul shares his experience and knowledge of the franchise industry which will resonate with ambitious entrepreneurs who want to take the first step towards being their own boss. The franchise industry offers many advantages to anyone investing in a new business venture.
If you want to be part of a thriving business that suits your lifestyle, budget and interests, have a read of Paul's insightful article below!
“We thought we'd have a couple of stores.” ~ Starbucks Co-founder
If you are looking for a new and rewarding career, then a franchise could just be the opportunity that you are looking for. Franchisors need people who have industry experience and commercial skills.
Your experience is your success
The main advantage a franchise offers is the strength of a brand that has already been developed in the marketplace. Instant brand recognition is not something to be taken lightly. It can take years to develop a recognisable brand. This procedure costs the franchisor a huge expense and a lot of hard work. A franchisee can avoid this entire process whilst gaining all the benefits.
Franchising is a duplication of a successful business system. A franchise system is a model that combines the benefits of a unified brand with a defined system of operation. Companies franchise a business in order to expand with less cost and greater operating efficiency.
Could a franchise be the perfect business opportunity for you?
If you are looking for a business that will help you achieve a better quality of life and you are looking for a business that will provide both personal fulfilment and financial rewards, then owning a franchise could be for you.
As a franchisee, you would utilise the knowledge, the systems and the relationships that a franchisor has already developed to help you to hit the ground running and grow a profitable business of your own in less time than starting a business from scratch.
Does owning a franchise reduce the risk of failure? Unfortunately not – starting a new business always carries a risk since new businesses are vulnerable. The degrees of vulnerability can vary depending on:
- Knowledge
- Skill
- Financial resources
- Relevant abilities
Many who start up their own business lack some or all of these qualities. Many fail because they cannot learn quickly enough – before the money runs out. 80% of new businesses starting today are likely to fail within the first five years.
With a franchise, this risk is substantially reduced – mainly because as a franchisee, you are buying the experience and expertise of the franchisor. More importantly, this will also stop a you from making the same mistakes that the franchisor has made during their trading life.
The advantages of investing in a franchise
- A proven business model and brand
- A licence to use the brand and systems
- A knowledgeable support team
- Marketing material
- Access to operating systems
- Reduced risk
- Control over your earning potential
A comprehensive training programme
As a new franchisee, you will be required to attend a structured and in-depth training programme. A franchisor will have structured a very comprehensive training programme covering every aspect of the business, designed to fast-track you through all the operating procedures.
At Accentia, we provide excellent advice to anyone looking to purchase a franchise. If you aren’t sure which franchise might be best for you, Accentia can match your experience, strengths and abilities to find the right franchise opportunity for you.
With 7 offices across the UK in London, Leeds, Manchester, Birmingham, Northampton, Edinburgh and Gatwick we have franchise professionals (a member of our Senior Director team) available to meet with you at a location convenient for you. So if you are committed to the idea of working for yourself but not by yourself, go ahead and get in touch. It could be the most important step you ever take.
Learn more about Accentia Franchise Consultants right here!