6 Ways To Become A Successful Franchise
Franchise businesses have an extremely high success rate. Lenders are far more likely to provide the finances you need for your franchise investment than a small business which can significantly reduce the amount of capital required for you to get started. Naturally, this simplifies life significantly as both the costs and risks are managed by the franchise model.
Should I invest in a franchise?
Investing in a franchise is an incredible opportunity that will allow you to experience all of the joys that come with being your own boss, whilst having the safety and security of an established brand behind you. Franchising has a higher success rate than traditional business start-ups, providing you with the opportunity for strong profitable growth.
However, that is not to say that it does not come with its trials and tribulations. And we hate to break it to you, but it is not necessarily a guarantee of financial success. Franchising can take a lot of comittment but if you follow our six tips below, we believe you'll have a successful franchise in no time!
Everyone wants to succeed and we want to help. We have put together six of our best tips for franchising:
Make sure you have enough money
Let’s get the basics sorted…
To ensure that your franchise succeeds, you need to have your finances in order. So, you need to ensure you can afford the initial investment, work out how much you are willing to risk and, if you will have enough money remaining for your day-to-day life. There might be funding opportunities available to help get you started.
For example, joining our it’seeze Franchise opportunity requires an initial investment of £9,995 of which 70% can be covered by funding; this means you only need £3000 to start your business. Read some more information on this great Franchising opportunity with it'seeze by clicking here.
The decision whether you join a Franchise or not needs to come from you - so, have a careful and honest conversation with yourself before you dive in.
Choose the right franchise for you
Finding the correct industry for your franchise is where things get a little more interesting. It is vital that you choose your franchise with great care. Everyone’s priorities will be different… Perhaps you might want to go for a business opportunity that involves something you enjoy or, maybe, you might want to go for something where can apply your existing skills or even learn new skills.
The opportunities are endless! Whatever industry you want to become a part of, be sure to take your time and do some thorough research - you certainly don’t want any nasty surprises!
Follow the franchise system
Fancy going it alone? Or would you still rather have a friendly team behind you to provide you with a little bit of comfort?
Buying a franchise business with it'seeze means you will be given training and resources as well as access to an expert team who you can turn to for help. At it'seeze, we provide a week training at Head office which includes hands-on-coaching and expert guidance, ensuring you're feeling confident and ready to go.
Additionally, you will also benefit from the other franchisees within the network who can provide you with a wealth of knowledge and moral support by sharing their experiences, have a look at some of our success stories here.
Our web design Franchise Opportunity offers a day out with an established franchisee to get a real insight into what it means to run your own web design business.
Whilst some say this gives you the best of both worlds, it is not the complete autonomy that running a small business will provide you with. When running a small business, you will have nobody to answer to and will have the flexibility to decide practically everything. The future of the business will be on your hands whether or not your business thrives. It’s an immense responsibility!
Quite simply, starting a small business involves greater risk but greater freedom. If you’re not keen on the idea of only relying solely upon yourself or risking your finances, it’s worth doing your research to see if partnering with a franchise could just be the solution you’ve been searching for.
Have a business plan
Understandably, buying a successful business comes at a cost. Franchise start-up costs can vary hugely depending on the size, type, and location but the average cost to purchase a franchise business is £42,200. This is a significant investment that you need to be prepared to pay.
On the contrary, when you start a small business, how much money you invest will be up to you; you will be able to go at your own pace and spend as you see fit. However, you will accrue greater costs in the long run due to the minimum cost of production and the time it will take for you to build a strong customer base.
Due to high success rates of franchise businesses, lenders are far more likely to provide the finances you need for your franchise investment than a small business which can significantly reduce the amount of capital required for you to get started. Naturally, this simplifies life significantly as both the costs and risks are managed by the franchise model.
Take advantage of support from the franchisor and franchisee network
Franchising might seem a lonely business, but the great thing is you’re not alone. Whether it might be attending training opportunities or, just a quick call to catch up, take advantage of the ongoing support that is offered by your franchisor. Whilst they aren’t there to run your business for you, they will have a wealth of experience to help you overcome any challenging periods.
Similarly, be sure to stay in contact with fellow franchisees in your network. You are likely to be going through exactly the same problems, so why not learn from their experiences and strategies?
Here at it'seeze, we have regular meetings with the franchisee's ensuring they feel fully supported and also social opportunities to celebrate with the whole team!
Be kind to yourself
Whilst hard work is essential, running yourself to the ground won’t benefit anyone. Make sure that you maintain a work life balance and be sure to keep up with your family and friends. Also, be sure to keep up with your hobbies and any other commitments you might have. If things are getting too much, reach out for support.
Running a successful franchise is not easy. But if you put in the hard work and choose the right model for you, it can be a profitable and enjoyable business opportunity with a work-life balance to be desired.
If you partner with the it’seeze franchise, you will have the opportunity to run your own dynamic, forward thinking and cutting-edge website consultancy business with expert support, to guide you every step of the way. To find out more about how to run a successful franchise with us, simply get in contact with us today.
If you are looking to become your own boss and are considering going down the franchise route, why not consider a web design business of your own from the it’seeze franchise?
Here at it’seeze we have a brilliant team ready to help you turn your business into a success, our business model has proven successful over more than a decade of franchising, and our initial investment fee of under £10K is far more affordable than the average franchise cost.
Not quite sure? Why not have a read of our success stories from our current franchisees by clicking here, they'll show you why this is the best franchise to own!
To learn more about our digital marketing franchise opportunity, get in touch today.
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