Buying a franchise V Going it alone…by Janine, May 2018
The franchise sector in the UK is BIG business right now. There are approximately 1,000 franchise systems contributing £15.1 billion to the economy and forecasts are predicting that this will continue to grow over the next few years.
So, why are people choosing to buy a franchise over setting up on their own? You could argue that the initial cost of buying a franchise would cover the initial set up costs of starting from scratch (although we’d argue back!) but ignoring the required investment, there are so many reasons why a franchise is the smart choice:
- Established Brand
When you buy a franchise, you are immediately gaining brand awareness for your business. The franchise’s brand has already been established and has hopefully gained the trust of its customers – allowing you to hit the ground running.
9/10 franchises will give you some form of initial training on how to run the business successfully. This training is invaluable, especially if you’re going into something you’ve no experience in.
With many franchises, you will receive ongoing support from your franchisor. For example, with a Well Polished franchise, you have access to a 9-5 help desk, quarterly reports, monthly league tables, regional meetings and an annual awards dinner!
Being part of a franchise network means you have other franchisees to engage with! Networking with other franchisees can be so helpful for promoting best practice, sharing ideas and even just having someone to talk to who knows exactly what you’re dealing with!
- Proven Business Model
The reason you’re buying this franchise (SURELY) is because you’ve seen it work for someone else! The idea of a proven business model takes away a lot of the fear of starting your own business and allows for a more secure, viable business plan.
These are just a few of the reasons that we think buying a franchise BEATS going it alone any day! If they aren’t convincing you, how about these simple facts:
- More than 50% of franchises in the UK now claim an annual turnover of over £250,000
- 90% of franchises report profitability in the first 2 years, compared to 50% of independent business going bust in their first two years!
To find out how a Well Polished franchise encompasses all these plus points AND MORE, get in touch today to start your journey into being your own boss!