Recent research conducted by OnePoll for SantanderX shows that one in two UK adults would like to start their own business. There are a multitude of reasons why - from the desire to pursue a passion, to wanting to provide a more rewarding future for themselves and their family.
Investing in a franchise can often be a safer prospect than going it alone and starting your own business. It’s for this reason that more and more people are choosing franchising as a route to business ownership and financial freedom.
Ahead of The British & International Franchise Exhibition, which returns to Olympia London in February, here are three key reasons ambitious entrepreneurs might like to consider investing in a franchise:
1. A blueprint for success
A franchise is often described as a ‘business in a box’. The business model, product line, backend systems and sales and marketing strategies have all been established, proven and fine-tuned.
Time and effort has been put into cementing the brand in the public’s consciousness, and familiarity and trust have already been built. Consumers and clients are predisposed to engaging with the company and, crucially, buying from them.
These milestones can take years to achieve for a brand new, standalone business, but investment in a franchise can avoid many of these challenges. A franchise allows entrepreneurs to launch a business far more quickly than if they set out alone, and provides solid foundations to get them operational and earning an income from their new venture.
2. In business for yourself, but not by yourself
Most people considering setting up their own business will have come from an existing job that provides training and support. Going it alone in business means having to wear every hat at once, and it can be daunting. Franchisees, on the other hand, benefit from initial training, ongoing support from the franchisor and a network of other franchisees who can offer guidance and moral support.
There is still someone to pick up the phone to, whether it’s head office or a peer running the same kind of business as you. This can provide you with reassurance, especially in the early months when you’re still finding your feet.
It’s important to remember that even with all this support and the plan for success that a franchise provides, you are still in business for yourself. You will be dictating your own schedule, and deciding how and when things get done.
3. It’s easier to raise finance for investment in a franchise
A person will rarely have all the capital needed to plan, launch and operate a business.
Due to the increased chances of a franchise still being in operation after five years compared to an independent business, banks look favourably upon applications for finance when it comes to franchise ventures.
Many leading High Street banks have teams dedicated to franchising and there are further sources of finance available from specialist funds. Banks will typically loan 50% of the investment amount needed and up to 70% for established franchises.
Taking the next steps to franchise ownership
Even with such compelling reasons to embark on your journey to franchise ownership, further investigation is essential to help you find the right investment. Data from a recent survey conducted by The Franchise Exhibitions and BusinessesForSale.com has revealed that 70% of budding business owners find meeting franchise brands face to face is essential to their research.
There’s no better place to immerse yourself in the world of franchising than The British & International Franchise Exhibition at Olympia London on 2 & 3 February. At London’s premier franchise event, which is exclusively supported by the British Franchise Association, visitors will have the opportunity to:
- Meet industry-leading franchise brands face to face, including McDonald’s, Vodafone Business IT Hubs, Tutor Doctor, Kokoro, Anytime Fitness, IHOP and many more
- Choose from a packed programme of 50+ free talks covering all the fundamentals of franchising
- Get free, one-to-one advice from a range of industry experts
Tracy Shah, Joint Managing Director at Venture Marketing Group, the event organisers, comments:
“The British & International Franchise Exhibition has helped thousands of visitors kickstart their journey to business ownership. This year’s event promises to be equally successful and will propel many new business ventures in 2024.
“We are delighted to be back at Olympia London to showcase leading franchise brands alongside unparalleled educational content. We aim to help aspiring business owners to unlock the potential of this lucrative business model.”
Tickets to the event are free, and you can pre-book yours online at FranchiseTickets.co.uk. For more information, visit FranchiseInfo.co.uk.