So you are thinking of starting a new business in the UK? Ready to embrace a challenge, and looking to invest in your future? You may have decided upon the franchising route already, or maybe you are weighing up your options? Either way, there are things you must consider when you buy a UK franchise.
Thinking of buying a UK franchise? Call us on 01202 233744 or download our free brochure using the form on this page.
It is little wonder that franchising is a booming industry; after all it offers entrepreneurs the security of investing in a tried and tested business model. Additionally, working within a support network of other franchisees and market sector experts. Not to mention the marketing clout and buying power a large organisation can bring to the party.
Franchising as a model is growing hugely year on year, today the UK franchise industry is worth a whopping £15.1 billion. Another exciting trend in UK franchising is the number of businesses in the sector that are UK owned and based. The franchise model of yesteryear saw most of the UK owned franchises originate from the US, McDonald’s being a prime example of this, in 2015 however 80% of UK franchises were of UK originating brands.
We have covered these points in this blog many times (you may like to see the benefits of franchising), but if you re visiting this blog for the first time it is important to understand a franchise opportunity should provide you with more than just a name and reputation, pick the right franchise and you will get much, much more besides, for example with a Just Shutters Franchise you are assured of:
Training and support
All these things add up to a great value proposition far outweigh the benefits of starting from scratch.
Be honest with yourself; understand your own business goals and expectations. You should have these things worked our before you meet with potential franchisors. How much money do you want to make, what hours do you want to work, what is your three to five year plan and what is your exit strategy? Are you looking to build something for your grandchildren, or rather a company you can sell on in five years time at a profit?
If you are honest with yourself and discuss your expectations with a franchisor, you will be much more equipped to discern whether they are offering you the right business opportunity.
There are plenty of directories, a simple Google search will help you find many – we of course recommend shutter-franchise, but take your time and read up on prospective franchises, their websites, brochures, and don’t be afraid to ask them questions, we have a great guide on what to ask a franchisor – you may also find the bfa website very useful, members of the bfa have passed their rigorous application process which helps you feel assured that a company lives up to its claims (we are of course listed on the bfa website).
So you know what you want, you know what a franchisor can offer you and you have found the opportunity you want to go for, what next? To a large extent you will be lead by the franchisor at this point as they will have done this many times before and have the agreements etc already prepared, however you are entitled to have your own advisors look this over.
Seeking the services of a financial advisor or lawyer can help you interpret franchise agreements and contracts, most are straightforward but there can be terminology that you do not understand especially if this is your first business venture. Any reputable franchisor will expect you to gain impartial advice and be prepared respond to any questions.
The whole franchise process is usually very smooth and can be much quicker than setting up a company from scratch, suppliers are already set up, office functions established, so training and marketing can start very quickly – meaning so too can sales!
We wish you a smooth ride on your journey into franchising, if you would like to know more about the Just Shutters Franchise opportunity please call us on 01202 233744.