So, this is it for you! Like never before, are you truly committed to changing things for the better in the new year, you’ve been saying for months, “there really is no time like the present” well, it truly might not be in the world of franchising!
The Time Is Now To Buy Your Own Franchise
The UK is seeing incredible growth within franchising, despite the fact that there are only around one thousand franchised systems available, this might sound a lot, but actually, per capita, this is around a fifth of other developed countries, this though is good news for you! Let us discuss why in this short article…
Take Your Time And Research The Franchise Thoroughly
As a potential franchisee, decide on what type of franchise you have a genuine interest in, this might be in the food and beverage sector, maybe it will be a white, or blue collar franchise, even one that completely hands-off, however, start your franchise search by identifying a dozen or so franchises that fit this criteria and then submit your request for further information. You might find that the franchise is not what you initially thought was, and that is OK, it is why you are doing this research now, but if you try and look at too many, all at once, you and you will get lost in the mass of information and phone call following up with you.
One thing is for sure, to get franchising right, the slow and steady approach will always win!
Franchisors Actually Want Engagement With You
This might sound crazy, but this is rarely a one-way street, franchisors will spend vast amounts on advertising and marketing campaigns to grab your attention, their fixed costs campaigns come at a cost despite the outcome, so your enquiry could be the difference to the franchisor of a successful promotion (or not!) and they will be keen to respond to your enquiry to showcase their own brand. Putting your hand up to receive further information on the franchise is very significant to the franchise owners.
Always ensure you look to develop a relationship from this point of making your initial enquiry, it is fair to say that every brand (franchisor) and you (the potential franchisee) should be looking for the perfect fit, however, constant dialogue will work wonders for you, you might even find the franchisor being more adaptive in their initial approach as they start to understand your own needs and wants! This could well be one of the best investments, in time, you will ever have!
You Can Probably Buy Any Franchise You Want!
Franchisors will be fielding responses literally from anyone that cares to make their enquiry, even yours!
You will see it said many times over, that a franchisor can train and teach you everything that you need to know, they really and truly have developed a system, that needs to be rolled out by you as the incoming franchisee, this means that you should be able to choose from virtually everything you want to look at, nothing really is excluded!
Show the franchisor that you have a genuine desire to learn about the brand, be trained and above all, the need to be successful, this is half of the challenge for them, they want to see your further appetite to represent their brand in a positive way!
Some other franchise enquiries will lack real ambition, this is not a great way to start!
There Are Many Options To Help You Fund Your Franchise
You might be thinking that funding your franchise is one of the barriers to having your own business, and right now you probably could not be further from the truth! With interest rates at historic lows, bank funding is very realistic now for most, add to this Government initiatives with the likes of ‘Start-Up Loans’ and even some grants and assistance from the franchised brands, again, this is one of the best times in history to help you get that franchise you’ve always been after!
Further information can be found online, or via the franchise brands you are looking at, so please ask them to provide further information on how they can help you.
Stand Up And Be Counted! Make 2022 Your Year!
Make your impression to the franchise owners or representatives now, this really is your opportunity right now, if the franchisor is having multiple conversations, show them why they should consider you, get on the phone or face to face as quickly as possible (if you have a genuine interest) also then send some background information, demonstrate and highlight your own skills and ambitions, none of this will be wasted on your hunt for the perfect franchise for you!
If all else fails, get some expert advice, there are plenty of willing franchise consultants out there to help you, most are paid by the franchisors, so it will cost you nothing to engage with them!
This post was written by Richard Pakey, Managing Director at Lime Licensing Group.