The franchise business in the UK is growing, although not as fast as it could do owing  to lack of suitable franchisees (that's YOU in laymen's terms!).

The types of companies that are franchised range from dating sites and local parenting magazines through publishing and catering to plumbing and will writing.

The basic mechanics of becoming a francisee is that you buy an off-the-peg proven business model and then you run it as an independent business with the support of the franchise owner. They make sure there is no competition between the different franchisees, and will help you if there is competition from other businesses and brands.

Consequently it's one of the safest ways to start a business. You must, however, stick to the brand guidelines and their business ethics and guidelines, and they take a percentage of your profit for as long as you run the business.

Training
All franchise business provide training, and 3 out of 4 provide in-house training. Mostly the relationship between franchisee and frnachise owner is very good, with most reporting that they are happy with the partnership.

Advantages
The advantages for you are that you don't have to do all the hard work of finding a niche, finding a way to utilise it and make money, and set up the business system. You receive training and you get a lifetime's support.

Disadvantages
The downside is that you have to buy franchises up front, and this is usually in the region of £5,000, but can be much higher, and you don't have complete freedom and autonomy, so if the people at the top mess up there's not a whole heap you can do about it - but that's the same in most jobs, to be fair..

If the idea appeals to you, it does pay to do the usual ie research, research, research:

• Talk to other mums who are already running a franchise - find out what is involved and whether running a franchise would really suit you and your family.

• Check out what it costs and see if you can afford it – if you want to start a business on a shoestring you may have to forget franchising

• Find out what franchises are available – there is a huge range so there may well be one to suit your own interests and needs. 

• Find out about the different franchises available, the niche they are operating in and the competition. Do you like what they are selling? If not and it needs a lot of hours, you're setting yourself up to fail however profitable you think it'll be.

• Work out the required commitment of time, money and energy against the potential profits. If you only have a few hours a week and you're on a shoestring budget party planning may be more suitable.

 

© Claire Burdett. No content to be reproduced without written approval of the author.

Claire Burdett is the Founder and Director of Funky Angel. She is a Writer, Journalist, and Editor, Integrated Marketing Expert, and Home Business Mentor.

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