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5 Common Franchise Options
Here at Start Your New Franchise, we are committed to providing you with the most comprehensive and informative guide to new and established franchises in the UK. Here are five common franchisee questions we hear and the answers that you need to make an informed decision about whether becoming a franchisee are right for you.
What is franchising and why do I have to invest?
Franchising is a simple arrangement in which the owner or franchisor will allow another party, the franchisee, to use its trademark, trade name and will provide access to their business systems and processes. Being part of a franchise ensures that your business is offering a great service that meets certain specifications and standards.
Those investing in franchise opportunities in the UK, will be asked to pay a one off franchise fee, as well as ongoing royalties as a percentage of sales. The investment will give you instant brand name recognition, as well as the ability to offer products and services that have been tried and tested. You and your employees will also be fully trained and given ongoing support and in term of the promotion and upgrading of products. There is a wide range of low cost franchises for you to choose from if you are struggling with the initial investment.
What qualities do I need to be successful?
There are definitely certain qualities that you will help you be successful with your new franchise opportunity. You will need to have strong people skills to interact effectively with both customers and employees, you must also be hard-working, optimistic, and motivated by results. The latter is vital as you will need to be able to meet the detailed goals and expectations set out by franchisors, and to continually improve your business in its own right.
Do I need previous experience?
For the majority of franchise opportunities, you will not need any previous experience in that industry necessarily. Of course, having some previous experience will help, but the franchisor will provide you and your employees with all the training that you need. This is equally true for well-established and new franchises throughout the UK.
What is the difference between starting a business and investing in an established franchise?
When you start your own business, you are essentially going it alone and starting from scratch. However, with a franchise you will still be starting your own business, but not all decisions and planning will be left to you. You will receive support, training, motivation, and all within an established model that is proven to work.
What are the most common reasons a franchise will fail?
Before buying a franchise, it is important that you understand the different ways in which it could potentially fail. This includes the franchisee underestimating the amount of time and effort involved, not having the proper skills to operate the franchise, or lacking the working capital needed to run the operation. You need to be sure you have all the skills, resources and attitudes of mind necessary to succeed. This includes being able to follow very clearly defined rules and protocols set out by the franchise for the running of your business.