Best Franchises
WHAT ARE THE BEST FRANCHISES IN THE UK?
INTRODUCTION
There are hundreds of franchise opportunities in the UK alone – and thousands on a global scale. So, the big question is – which one is the best? Well, the trouble is, that doesn’t matter, what matters is is it the best franchise for you? You can certainly start talking about the most successful franchise operations in the world. But, their successes doesn’t guarantee any for you and it certainly doesn’t mean they are the best fit for everyone looking to take on a franchise opportunity.
To be happy, content, and satisfied in a franchise, there are several things you need to look out for when choosing a franchise. Put simply, there will be a lot of hard work ahead of you. Unless you are happy with what you are doing, it’s going to be difficult to succeed. Here are a few tips for finding out which the best franchises are for your situation.
WHY ARE YOU DOING THIS?
Like everything in life, it’s a good idea to have a plan in place when asking yourself the question ‘what are the best franchises’? And, all great plans begin with an excellent reason in mind. Why are you doing this? Is it because you want to work under the brand name of a world-famous company? Do you have a particular interest that you feel make you a perfect fit for a franchise? Or, do you just want the opportunity to get stuck into something completely new, and work hard until you start bringing home more money?
All these reasons are good, of course. But, you have to ask yourself if they will give you the will and drive to succeed as a franchisee.
WHAT TYPE OF FRANCHISE ARE YOU LOOKING TO WORK IN?
There are so many different kinds of franchise out there that it can be bewildering. Too much choice is never a bad thing, of course – but it does have its problems. In an ideal world, you will want to look for a franchise that, somehow, suits your interests. Like working with food? Then a catering or restaurant franchise could be a great place to start. Into sport and fitness? Then, why not look at a fitness franchise? Running your own franchise is going to become a central part of your life and requires a commitment to the franchisee to meet their obligations and requirements. This means you should be passionate about working in your chosen sector and your chosen franchise. Your drive an enthusiasm for that brans is going to be key to making it a success.
ARE YOU GOING TO ENJOY THE WORK?
It takes a certain type of person to succeed in a franchise. You’ll need to be a hard worker, for starters. Expect 60-hour weeks – and maybe more, at times. You’ll also need to think about how you will deal with the particular community you serve. Will you be okay with the raucous crowds at a fast food joint? Or would you prefer the solitude of running a cleaning franchise? Finally, you should also think about the effect it will have on your family and loved ones. Ditching your current job and starting out in a franchise is, in essence, just like starting your own business. And, you can expect those pressures to impact on your home life at some point. Think carefully about how changing from your current employment into running your own franchise might impact other areas of your life.
HOW MUCH CAPITAL DO YOU HAVE TO INVEST?
Of course, your expectations will have their limits – and it will all be to do with your finances. Put simply, without investment, you won’t be able to get any further down the line in the process. A franchise can start at a few thousand pounds, yet can rise to millions in some sectors. Big hotel chains, for example, will cost you a small fortune and are way out of reach of most people’s budgets. It’s important to understand your limits. Franchisors are pretty straight with their expectations regarding finance. So, get that info at an early stage. The last thing you want is to get a long way down the road to opening your favourite franchise, only to fail because you don’t have the money. Be sure to browse our Franchise Finance Advice section for more details on the financial commitments involved in investing in your own franchise.
IS THE FRANCHISE YOU’RE LOOKING AT A MEMBER OF THE BFA?
As with all areas of business, there are good franchises and not-so-good ones. As a newcomer and an outsider, it can be difficult to know the difference. The good news is that there is some industry protection, in the form of the British Franchise Association. If your franchise of choice is a member, they will have expectations they will need to adhere to. And, if they don’t, you have some backup should things go wrong. In an ideal world, you will want a franchise that offers several things. The first is a strong support system for their franchisees. If you have to follow a model, then it’s important to have the right backup in place to allow you to reach your potential. Speaking of potential, make sure that the brand you work for has a good record of recognising people’s ambitions. Make no mistake about it, you can go a long way with a franchise business, but you will find this a lot easier if you have an opportunity for progression.
WHAT HAVE THE FRANCHISEES SAID?
So, how do you know how great a franchise might be? Well, the answer is a simple one – ask around. Get in touch with other franchisees and ask them how they find working with the brand. Do they have good enough support, and is there scope for progression? Don’t rely on the responses of one person, either – ask several, or as many as possible. You are looking for the average experience, and there are countless reasons why one person might think different to another. It’s also a good idea to ask about how well the screening process was when the person applied. Did they have a tough interview? Was the selection process gruelling? This might scare you off the idea completely, of course! But, those robust screening processes are a good sign. They mean that the franchise is taking their people on in a responsible way, and only going for the best people. It’s also a sign that they will be prepared to invest in your potential.
DO YOU HAVE THE BUSINESS SKILLS?
You don’t need previous experience to succeed as a franchise. However, you do need to have plenty of business skills to make your plans a success. A little marketing nous can go a long way and an understanding of how to make more sales. This is, perhaps, far more important than any industry experience you might have picked up, or any interests you have in life. At the end of the day, all the systems you need to succeed are already in place – it’s how to make the most of them that will count. So there’s no clear answer as to what are the best franchises? There is only the conclusion that you need to find out what is the best franchise for you. Consider the industry sector, the working hours, the level of investment involved and how running your own business may change your daily routine and work life balance. Researching your options is key to finding the best franchise for you and our Franchise Exhibitions are the perfect opportunity to get started so why not come along and meet a host of franchisees in one fell swoop.
