By Simon Rickett, co-founder and director of UK Websaver and Activ Web Design.
Buying a franchise is an excellent way of becoming your own boss and taking greater control of your own destiny.
There’s no doubt that running your own business can reap huge rewards and change your life for the better – and not just in financial terms.
But before you take the plunge and buy a franchise, there are a number of questions you must ask yourself first – starting with “which franchise?”
There are hundreds of franchising opportunities out there but some will be better suited to your lifestyle, skills set, work experience and long-term goals than others.
Write a list of pros and cons – starting with an honest assessment of your strengths and weaknesses. We all have different positive and negative skills and personality traits and it’s helpful to recognise exactly what they are.
Are you at your most motivated in the mornings or do you function more effectively later in the day?
Similarly, are you happy by yourself with little contact with others, or do prefer to feel you’re part of team?
Some franchises – like ours – provide their franchisees with ongoing advice and support plus regular opportunities to network with other franchisees, whereas other franchise opportunities leave their franchisees to fend for themselves once the franchise has been bought.
Cost is another important consideration when deciding which franchise to buy. The purchase price of some franchises can be quite high and there may be a monthly management fee to pay on top of that, so make sure your sums add up.
You will also need to find out what levels of revenue you can realistically expect to generate within the first year.
Research the market by visiting franchising websites and reading franchising publications. When you find an idea that appeals to you, read testimonials from other franchisees and learn all you can about the market potential for the concept, product or service you will be selling.
UK Websaver was recently awarded 9 out of 10 for its product and franchise opportunity when assessed by an independent due diligence company with over 14 years’ experience. Not only were the assessment’s findings great news for us but they also serve as a useful and impartial guide for any prospective franchisee considering buying a UK Websaver franchise.
It is imperative that you consider your lifestyle before making a choice of franchise to buy. If the opportunity you’re pursuing requires you to work at weekends or evenings, how will that sit with other commitments?
And are you ready to commit to your franchise full-time from day one, or would you prefer a bedding-in period that allows you to continue in employment while running your own venture?
Some franchises, including ours, allow franchisees to work part-time, giving franchisees greater flexibility. Going it alone can be quite daunting, so having the option of not giving up the ‘day job’ immediately can prove reassuring, especially if you have a family to support.
In conclusion, whatever opportunity you decide to embark upon, always do your homework first and obtain as much information as possible before buying any franchise.
