{"id":10515,"date":"2021-08-24T18:02:11","date_gmt":"2021-08-24T17:02:11","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=10515"},"modified":"2022-01-27T11:04:31","modified_gmt":"2022-01-27T11:04:31","slug":"which-franchise-industry-would-suit-me","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/","title":{"rendered":"Which Franchise Industry Would Suit Me?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #101010;color:#101010\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #101010;color:#101010\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#getting-down-to-basics\" >Getting down to basics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#play-the-market\" >Play the market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#look-to-the-future\" >Look to the future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#shopping-around\" >Shopping around<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#finding-the-funding\" >Finding the funding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/which-franchise-industry-would-suit-me\/#putting-yourself-in-the-picture\" >Putting yourself in the picture<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>Making the decision to get into the franchise game is only the first step on your journey and, as you go along, you\u2019ll find yourself faced with a number of questions.<\/p>\n<p>The first &#8211; and most important &#8211; decision that you\u2019ll have to make is choosing the right industry for your new business.\u00a0 While this can seem a little daunting, there are a few factors to take into account to help you decide on the best type of <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/franchise-meaning-in-business\/\">franchise<\/a> and, in this article, we\u2019ll walk you through these factors to help you arrive at the right decision for you:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"getting-down-to-basics\"><\/span>Getting down to basics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This first, and incredibly important, step is all about you.<\/p>\n<p>At this stage, it\u2019s essential to create a personal profile of your professional life to include:<\/p>\n<ul>\n<li>Professional experience<\/li>\n<li>Hard and soft skills<\/li>\n<li>Qualifications<\/li>\n<li>Strengths<\/li>\n<li>Weaknesses<\/li>\n<\/ul>\n<p>When you first take on your new franchise business, it\u2019s unlikely that you\u2019ll have a huge budget for employing staff and, so, you\u2019ll find that you\u2019re doing the bulk of the work.<\/p>\n<p>For this reason, it\u2019s vital to try to match up your skills and experience with the business to avoid getting out of your depth with your new business.<\/p>\n<p>Now that you have your professional profile, it\u2019s time to look at an equally important list &#8211; the things that you enjoy and are passionate about.<\/p>\n<p>As I\u2019ve mentioned, you\u2019re going to be pretty much on your own for a while as a new franchise owner &#8211; which will mean a lot of graft and some really long hours.<\/p>\n<p>All of this can get old pretty quickly if you\u2019re not enjoying what you\u2019re doing.\u00a0 Have a think about the things that you enjoy doing in your spare time to see if these things can be converted into a business.<\/p>\n<p>While you may not be able to make a perfect match between your professional experience and your passions, creating these profiles first will serve as a guideline as to the kind of businesses that you might want &#8211; and those that you don\u2019t.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"play-the-market\"><\/span>Play the market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The best kind of new business is always the one that plugs a gap in the market.\u00a0 For this reason, your next step is to examine the businesses in your local area.<\/p>\n<p>Start by taking a stroll around town and make notes on what is &#8211; and isn\u2019t &#8211; there.\u00a0 How many coffee shops are there?\u00a0 How many dry cleaning shops?\u00a0 How about car hire outlets?<\/p>\n<p>Next, take a look at the <a href=\"https:\/\/uksmall.business\/\" target=\"_blank\" rel=\"noopener\">UK Small Business Directory<\/a> which will provide you with a list of businesses in your region.\u00a0 Armed with this information, you can put together a picture of the business profile of your community and, therefore, identify any gaps which may present a franchise opportunity.<\/p>\n<p><a href=\"https:\/\/www.franchiselocal.co.uk\/news\/how-to-determine-if-a-franchise-opportunity-is-good-or-bad\/\">Franchisors<\/a> are usually looking to expand into new territories and, so, showing that you\u2019ve done your homework in terms of the market research will give you a head start when making your applications.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10518\" title=\"looking into the future\" src=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future.jpg\" alt=\"looking into the future\" width=\"1200\" height=\"801\" srcset=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future.jpg 1200w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-300x200.jpg 300w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-1024x684.jpg 1024w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-768x513.jpg 768w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-150x100.jpg 150w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-600x401.jpg 600w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-696x465.jpg 696w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-1068x713.jpg 1068w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-629x420.jpg 629w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/looking-into-the-future-20x13.jpg 20w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"look-to-the-future\"><\/span>Look to the future<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>OK, so now you have an idea of the kind of businesses that your town needs &#8211; and how your experience and interests stack up with these. That\u2019s all great but, you\u2019re not quite there yet.<\/p>\n<p>Spotting a business opportunity is one thing, making that business work long-term is quite another.\u00a0 During this crucial stage, you\u2019ll be examining the industries on your shortlist very closely to ascertain their longevity.\u00a0 The objective here is to try to identify &#8211; and dismiss &#8211; those <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/\">industries<\/a> which are part of a trend, or a fad, in favour of those which are likely to secure you an income for many years to come.<\/p>\n<p><strong>Examples of trend\/fad businesses<\/strong><\/p>\n<p><strong>Box subscription companies<\/strong> &#8211; while these are hugely popular right now, history shows us that they are likely to be replaced by something new fairly quickly.<\/p>\n<p><strong>Super niche food &amp; drink outlets<\/strong> &#8211; although plant-based burgers and bubble tea might be just the thing in 2021, there\u2019s a good chance that this will change the moment that somebody comes up with something else.<\/p>\n<p><strong>Travel services<\/strong> &#8211; Travel franchises tend to be quite unstable at best and disastrous at worst due to the huge amount of competition.<\/p>\n<p><strong>Examples of franchises with long term potential<\/strong><\/p>\n<p><strong>Coffee shops<\/strong> &#8211; whatever may happen with the country and its economy, hard-working employees will still be looking for their daily caffeine fix, making <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/cafe-coffee-franchises\/\">cafe franchises<\/a> a really solid franchise opportunity for today and tomorrow.<\/p>\n<p><strong>Home care franchises<\/strong> &#8211; our population is living longer than ever before and, as such, individuals will always need high-quality care services &#8211; meaning that you have a high chance of success with a <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/care-franchises\/\">care franchise<\/a> business.<\/p>\n<p><strong>Cleaning franchises<\/strong> &#8211; busy lives mean that more and more UK residents are looking to lighten the load by hiring help around the house &#8211; and clean homes never go out of style! That&#8217;s why a <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/cleaning-franchises\/\">cleaning franchise<\/a> will provide you with the success and longevity you need to run a business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"shopping-around\"><\/span>Shopping around<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By this stage, you should be looking at no more than two different franchise industries which means it\u2019s time to start shopping around for opportunities.<\/p>\n<p>All franchise opportunities are not created equal. For example, if you\u2019re looking for a <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/home-cleaning-franchises\/\">home cleaning franchise<\/a>, you\u2019ll find that these vary widely in terms of <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/franchise-royalty-fees\/\">franchise fees<\/a> and support.\u00a0 It\u2019s therefore extremely important that you take the time to find out exactly what\u2019s available to you before making a decision.<\/p>\n<p>When looking for available franchise opportunities, there are some great resources out there including <a href=\"https:\/\/www.franchiselocal.co.uk\/\">Franchise Local<\/a>. Our site offer lists of <a href=\"https:\/\/www.franchiselocal.co.uk\/franchise-opportunities-uk\/\">UK franchise opportunities<\/a>, as well as some great <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/franchising-tips-and-advice\/\">tips and advice<\/a> for first-time franchisees.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"finding-the-funding\"><\/span>Finding the funding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When deciding on an <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/\">industry<\/a>, and then drilling down to a particular franchise business, there\u2019s a good chance that your ultimate decision will hinge on one factor &#8211; the financials.<\/p>\n<p>Pretty much every franchisor will require you to <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/franchise-royalty-fees\/\">pay an upfront fee<\/a> in order to secure your business (and, if they don\u2019t, there\u2019s a good chance that they\u2019re less than <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/how-easy-is-it-to-buy-and-run-a-franchise\/\">legit<\/a>).<\/p>\n<p>It\u2019s always a good idea to read the fine print carefully here as, while some franchisors will be happy to allow this fee to come 100% from a third party lender, others will require you to pony up a percentage of the fee yourself.<\/p>\n<p>This is important as it means that your bank balance might influence your final choice of industry and business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"putting-yourself-in-the-picture\"><\/span>Putting yourself in the picture<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In this final stage, you\u2019ll be armed with a couple of options within one or two industries.<\/p>\n<p>If one or both of those industries are ones which you have worked in before, then your work here is pretty much done.\u00a0 If, however, it\u2019s an industry that\u2019s new to you, you\u2019ll need to do a little more research before making a final decision.<\/p>\n<p>Talk to franchisees within the industry to get their take on the good bits and bad bits of the job.\u00a0 Find out what kind of hours the business will demand from you and, how this may impact other commitments; such as a young family.<\/p>\n<p>This final step is all about picturing yourself running the business to see how well it\u2019s likely to suit you.<\/p>\n<h5>Conclusion<\/h5>\n<p>Choosing the right industry for your <a href=\"https:\/\/www.franchiselocal.co.uk\/new-franchises\/\">new franchise<\/a> business is undoubtedly one of the most important decisions that you\u2019ll have to make; and one which could spell disaster if you get it wrong.<\/p>\n<p>Always take the time to thoroughly examine your own strengths and limitations as well as the opportunities on offer to make sure that you\u2019re choosing an industry that will have long term appeal both for yourself and for the local market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making the decision to get into the franchise game is only the first step on your journey and, as you go along, you\u2019ll find yourself faced with a number of questions. The first &#8211; and most important &#8211; decision that you\u2019ll have to make is choosing the right industry for your new business.\u00a0 While this [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-10515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tips-advice"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2021\/08\/Which-Franchise-Industry-Would-Suit-Me.jpg","_links":{"self":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/10515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/comments?post=10515"}],"version-history":[{"count":0,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/10515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media\/10517"}],"wp:attachment":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media?parent=10515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/categories?post=10515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/tags?post=10515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}