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Take Control of your Future: Become Your Own Boss
Franchising is the word on everyone's lips, but is it right for you?
If you are dissatisfied with your career and long to follow your passion, franchising gives you the opportunity to do exactly that. Franchising allows you to take control of your future by taking ownership of an established business. Imagine opening up your business with already a strong foundation of clients and customers; or not having to worry about trivial problems like what design your logo should be. All this is already in place when owning a franchise, allowing you to get busy on running your business properly.
9 out of 10 franchises report profitability in the first year, compared to 5 out of 10 businesses that go bust. This is because franchising is a tried and tested business model where you will have the ongoing support and access to the franchisor's experience and expertise; essentially minimising the risk that comes with building a business from scratch. This is backed up with statistics, as in 2015 less than 1% of franchises closed as a result of commercial failure.
Choosing the right franchise
From fast food and coffee, to consultancy and automotive, there is a whole host of franchises tailor made to suit your passions and interests; so when deciding on your industry you should consider the following:
● Budget- Franchises range from £500 to £1 million.
● Skills- Find an industry that suits your existing skills set.
● Passion- Choose an industry that genuinely interests you.
● Market- Look at which franchise industries are currently growing.
● Lifestyle- Will it give you the work- life balance you want? Maybe you want to work from home, part- time or on the go. Knowing what you want is key.
How will you finance your franchise?
You have now decided on the franchise you want, so how will you pay for the investment?
● Loans from the bank- Because franchise success is so reliable, banks are keen to provide credit to potential franchisees. To finance your franchise, you will need at least one- third of the investment to come from your own capital.
● Start-up grant- The Enterprise Finance Guarantee is available to any person who has enough money to finance partly the cost of the franchise, but does not have enough collateral to finance a loan.
● The Government- Since 2009 the government has assisted over 18.000 small businesses by underwriting up to 75% of the loans they have taken out.
For more information on whether franchising is right for you, take a look at this infographic from Reed Commercial to see if you’re ready to become your own boss!