Would Buying a Franchise Be a Good Option For You?
We often have contact from numerous people 'dipping their toe’ into the business opportunity sector, wondering if the purchase of a franchise business might be right for them.
Often people ask us, ‘Who would a franchise be right for? And the answer wouldn’t be as simple as the question.
There is no specific general profile of investor to whom a franchise would be right for, nor a specific franchise model that would be right for everyone.
Franchising does however offer a fantastic route to self-employment to numerous people from wide and varied working backgrounds and with different skill sets, and it is because of this broad suitability that for many it is certainly worth researching as a new or alternative career path.
Who Might Look Into Buying a franchise?
‘I’m looking for a new career direction’.
With existing uncertainty and stability in many business sectors, more and more people are feeling less secure in their current jobs, maybe burdened by the control of working for someone else. Franchising offers a fantastic opportunity for people to go into self employment for themselves whilst reducing many of the associated risk partnered with starting a business from scratch.
‘I’ve always wanted to start my own business but have been too scared to’
The appeal of working for yourself and building your own business of course appeals to many. Buying a franchise means that you are buying into an existing business model, with an established blueprint for success. With training and support initially and ongoing, the reassurances that buying a franchise business often gives, helps reduce many of the concerns present when starting a new business.
'I’m looking for additional income opportunities, ideally flexible to fit around my current lifestyle'
Buying a franchise doesn’t necessarily mean that you will be operating a full time business that needs your constant attention. There are a number of business opportunities out there, offering flexible, full or part time opportunities, often working from home. This gives you the franchisee the flexibility to grow your own business at your own pace, whilst still managing to juggle other commitments.
'I am currently a business owner and want to expand my business portfolio'
Many business owners looking to expand their business portfolio opt for a franchise model. Because of the existing infrastructure of the business being already operational, a franchise start up allows you to start and build a business at a much quicker rate than a new start. This means operationally and financially you are in a much better position, quicker than starting from scratch.
So would franchising be a good option for you. Not necessarily, it very much depends on the person, their circumstances and the franchise. But it certainly does offer a wide variety of benefits in starting your own business and certainly appeals to and suits a wide variety of people.