{"id":7626,"date":"2020-12-23T09:15:13","date_gmt":"2020-12-23T09:15:13","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=7626"},"modified":"2022-01-21T16:25:59","modified_gmt":"2022-01-21T16:25:59","slug":"is-a-franchise-right-for-you","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/","title":{"rendered":"Is A Franchise Right For You: 7 Questions to Ask Yourself before starting a franchise"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 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-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#what-do-you-enjoy\" >What Do You Enjoy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#have-you-got-the-money\" >Have You Got the Money?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#do-you-need-to-be-the-ultimate-boss\" >Do You Need to Be the Ultimate Boss?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#do-you-want-to-work-from-home\" >Do You Want to Work from Home?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#are-you-willing-to-take-directions-from-the-franchisor\" >Are You Willing to Take Directions from the Franchisor?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#is-there-a-demand-for-the-franchise\" >Is There a Demand for the Franchise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/is-a-franchise-right-for-you\/#are-you-ready-for-the-hard-work\" >Are You Ready for the Hard Work?<\/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><strong>If you want to start your own business, purchasing a franchise can be an alternative option for starting a new business from scratch. <\/strong><\/p>\n<p>As a franchisee, you will have the additional security that comes with working for an already-established brand with a customer base who are already familiar with what they offer, compared to starting a brand-new business that nobody has ever heard of. And, if you have never owned a business before, a franchise can be a great way to get started, with guidelines to follow and support on hand to help you make the right decisions.<\/p>\n<p>Generally speaking, <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/are-franchises-considered-small-businesses\/\">franchisees<\/a> tend to be more successful than entrepreneurs who start their own business from scratch because they have a ready-made brand, marketing is taken care of, and products are chosen by the franchisor who has plenty of resources to figure out what works and what doesn\u2019t.<\/p>\n<p><strong>If you want to start your own business, but with less trial and error, a franchise opportunity could be right for you.<\/strong><\/p>\n<p>But, are you right for a franchise? Here are some of the main factors you will need to consider to determine if buying a franchise is the ideal choice for your business career.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"what-do-you-enjoy\"><\/span>What Do You Enjoy?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You wouldn\u2019t start your own business doing something that you hate, so don\u2019t pick a <a href=\"https:\/\/www.franchiselocal.co.uk\/\">franchise opportunity<\/a> in something that you are not passionate about. Remember that even though you are running a franchise from an established brand, you are ultimately the business owner and how you feel about your business is going to have an effect on its success.<\/p>\n<p>Thankfully, there\u2019s a franchise for everybody. Whether you are passionate about <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/travel-leisure-franchise\/\">travel<\/a>, <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/education-franchises\/\">teaching<\/a>, <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/food-franchises\/\">food<\/a>, <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/pet-franchises\/\">animals<\/a>, <a href=\"https:\/\/www.franchiselocal.co.uk\/industries\/computer-tech\/\">technology<\/a> or any other industries, you can find a suitable franchise for yourself.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"have-you-got-the-money\"><\/span>Have You Got the Money?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investing cash is a must, regardless of the type of business model you go for. The good news is that franchises often tend to be cheaper to set up, depending on the type of franchise that you go for. And since they are typically ready-established brands that customers are already familiar with, you can start turning over a profit much sooner compared to starting a business from scratch.<\/p>\n<p>Some franchises are perfect for those on a budget, with several options available where you can get your business up and running for <a href=\"https:\/\/www.franchiselocal.co.uk\/franchise-under-10k\/\">less than \u00a31,000<\/a>. On the other hand, others will require a much more substantial payment, so do your research, <a href=\"https:\/\/www.thebalancesmb.com\/how-much-does-a-franchise-cost-1350463\" target=\"_blank\" rel=\"noopener\">set your budget<\/a>, and decide how you are going to fund it. In some cases, you might be able to get a business loan to buy a franchise.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"do-you-need-to-be-the-ultimate-boss\"><\/span>Do You Need to Be the Ultimate Boss?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As a franchisee, you are the boss when it comes to day-to-day operations. You\u2019ll be responsible for things like hiring staff, bookkeeping, firing people, delegating tasks, inventory control, and all the usual stuff.<\/p>\n<p>However, unlike owning your own business, you can\u2019t have the same element of control when it comes to a franchise. When you buy a franchise, you are committing to running that business in line with the brand\u2019s requirements, and you might need to get approval for certain decisions. You certainly couldn\u2019t go out and make decisions like changing over the website, redesigning your logo, or adding a new product to your range without going through a lengthy approval process.<\/p>\n<p>So, while you are the boss, you don\u2019t have the same element of control that you would if it was your own brand. Consider if this is important to you, or if you\u2019re happy to ensure that everything is done according to how the franchisor requires it.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"do-you-want-to-work-from-home\"><\/span>Do You Want to Work from Home?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The majority of franchise opportunities will require you to work with the general public, hire employees, and go into a physical work location. Unlike starting your own business, where you could set it up so that you can <a href=\"https:\/\/www.franchiselocal.co.uk\/home-based-franchise\/\">work from home<\/a> all the time or work with freelancers rather than employees, this might not always be the case when it comes to buying a franchise. But that being said, work-from-home franchise opportunities are available, so if you want a job where you can choose your own hours and work in your pyjamas all day, it\u2019s definitely doable as a franchisee with the right opportunity.<\/p>\n<p>Take a look at what\u2019s available; you might be able to buy an online travel franchise, for example, or a pet-sitting franchise where you look after animals in your own home.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"are-you-willing-to-take-directions-from-the-franchisor\"><\/span>Are You Willing to Take Directions from the Franchisor?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While it is a business opportunity, entrepreneurs don\u2019t often make the best franchisees. That\u2019s because they are used to doing things their own way and having the final say, and buying a franchise can leave them feeling more like an employee than the business owner.<\/p>\n<p>On the other hand, if you have been a successful employee for many years and are used to taking directions and doing things for the good of the brand that you work for, you are likely to succeed as a franchisee. Franchisors always have the final say in what happens with your business, and you\u2019ll need to follow their instructions and guidelines closely. Ask yourself, is this something that you are ready for?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"is-there-a-demand-for-the-franchise\"><\/span>Is There a Demand for the Franchise?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another important question to ask is <a href=\"https:\/\/www.entrepreneur.com\/article\/240164\" target=\"_blank\" rel=\"noopener\">whether or not there is a demand<\/a> for the franchise that you are planning to invest in, in the area where you would like to set it up.<\/p>\n<p>Many franchisors will already have researched certain areas and will only allow you to set up a brand location where is a demand for it. It\u2019s also worth doing some of your own research; get out and speak to locals in your area before you decide which franchise you want to invest in, to help you get a better idea of what\u2019s going to do well.<\/p>\n<p>However, that being said, don\u2019t choose a franchise based purely on what the people in your area are hoping for; it\u2019s got to be something that you\u2019re going to enjoy too.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"are-you-ready-for-the-hard-work\"><\/span>Are You Ready for the Hard Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many new franchisees make the mistake of believing that investing in a franchise means that they get a business in a box, can put their feet up, and watch the customers roll in but that isn\u2019t always the case.<\/p>\n<p>Unless you are investing in a wildly successful global franchise like <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/7-important-considerations-to-make-before-you-buy-a-franchise\/\">McDonald\u2019s<\/a> or Starbucks, where you can pretty much be guaranteed customers straight away, you\u2019re likely going to have to put some work in to let your market know that you are there and where to find you. And, even if you are investing in a really well-known franchise, don\u2019t forget that customers might not be aware of the new location at the start so it\u2019s up to you to make sure that the word is spread.<\/p>\n<p>Running a franchise can be an excellent investment idea if you like the sound of owning a well-known, established business with a ready customer base. <strong>But is it right for you?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you want to start your own business, purchasing a franchise can be an alternative option for starting a new business from scratch. As a franchisee, you will have the additional security that comes with working for an already-established brand with a customer base who are already familiar with what they offer, compared to starting [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7628,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-7626","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\/2020\/12\/Is-A-Franchise-Right-For-You.jpg","_links":{"self":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/7626","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=7626"}],"version-history":[{"count":0,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/7626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media\/7628"}],"wp:attachment":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media?parent=7626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/categories?post=7626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/tags?post=7626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}