With a New Year on the horizon, how can you take control of your future?
Many of us use the down time between Christmas and New Year to reflect on life – our career, and goals for the future. According to Carers UK, over 3 million people juggle caring for a loved one, around work. This is in addition to the 75% of mothers who are working. Many women report feeling guilty, like a failure, or suffer with increased stress, from trying to meet all demands. Where do you fit within this?
Do you try to squeeze your whole life into 4 or 5 hours after work, wishing you could be your own boss but not sure how? For decades, franchising has offered women like you the change to break free their dreams. You can be in business for yourself but not by yourself! In addition to the support of your franchisor and the franchise network, there are an abundance of others who’ll be by your side, through EWiF’s community, ready to Educate, Inspire and Empower you. What a way to become a business owner!
Let’s be honest: Most of us are risk adverse! Especially jumping into becoming a franchisee would mean leaving the comfort of the 9-5 and the security of a salary! But for many, the benefits of taking the leap far outweigh the doubt and fear.
In reality, the risk is relatively low, as the business model is already in place when you join an established franchise brand. This is clear, according to the British Franchise Association, when you see over 95% of franchises still trading after five years. Essentially, when you join a franchise, you invest in a business model someone else has developed and proven to be a success. Your franchisor has already identified the key aspects of running your new business, like target audiences, services, products, and the ability to not just make money, but scale your business for growth.
So, what’s involved in making the move into franchising?
There are some questions to ponder at all stages of your journey, which is why now is a great time to start to think about whether this could be the right move for you.
You want to run your own business, but you’re uncertain of which industry to dive into. With so much choice, it can feel overwhelming. Part of narrowing down your options is to consider what you’re passionate about, to find the right franchise for you. With franchises in pretty much every sector like accounting, HR, pet services, care, hospitality, children’s activities, fitness and many more, there’s bound to be the one to fit your passions and interests.
Next identify how you want to work? Do you want to work full time, part-time, remotely, from an office or store? What are your non-negotiables?
Research the opportunities you’re interested in. Gain as much information as you can about your chosen franchise. How is the sector doing? What brands are there, and how well are they doing? Is there space in your area for you?
Carry out due diligence on the brands you’re really keen on. This will include going deeper into your research, and may lead to:
Speaking to franchisors: Many brands have a discovery day you can attend to learn more about the business. Can you see yourself working with them? Do their goals and values align with yours? Are they registered with industry bodies like the BFA?
Speak to franchisees. Do they seem satisfied in their franchise? How long have they been a franchisee? How well is their business growing?
Sourcing funding. Do you have the funding to pay for not just the up-front fees but to keep you afloat while the business grows? There are many options of funding to research, and many lenders prefer working with franchises because of the higher potential for success.
Interested in really thinking about franchising for your future?