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Working for yourself as a franchisee
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.
Mostly A
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.
Food and coffee – these are the leading franchise industries to invest in, with options including fast food, health food, sweets, restaurants, cafés and much more.
Mostly Bs
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 gardeningand 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.
Mostly Cs
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.