Don’t let procrastination stall your dreams of becoming a franchisee
2019 was a year of uncertainty, with political upheaval and a challenging economic outlook - all broadcast via our 24-hour media channels. It probably isn’t surprising, therefore, that many people postponed their dreams of owning their own franchise.
But when is it likely to be the best time to launch a new venture? And are these concerns about the current business climate valid ones? In many ways, only you can answer these questions, but here are some thoughts to consider.
What’s holding you back?
If you’ve spent a long time nurturing your dream of being a business owner, particularly if you’ve been looking at franchising as a route to achieve this, you might need to think carefully about what’s holding you back.
Are you lacking confidence in your own skills and experience? Have a clear idea of what your key skills are and think carefully about what you would like to be doing on a day-to-day basis while you secure your financial independence. If you’re currently commuting to work in an office, but really want to work with children, for instance, how are you going to make that a reality?
Franchising can be a much better route into self-employment than going it alone, especially if you’ve never run your own business. There are franchises operating in a wide range of sectors, so whatever you would like to do, there could be a franchise to help you.
Your own lack of experience or training doesn’t need to be a barrier, as good franchisors will train and support you. However, you do need to be able to give your full commitment and energy if you’re to be a success. Can you do that?
Another thing holding you back could be the uncertainty surrounding the economy and what could happen in the years ahead.
Economic cycles vary and there are always going to be challenges. However, you have no control over them, so instead of letting economic issues stop you in your tracks, look at the other factors that can affect the success of a franchise.
Are you looking at a seasonal business or new service without a strong existing customer base? How much experience does the franchisor have? Is it an established company with existing franchisees you can talk to?
Research and planning are key
Before you sign a legal contract and pay the upfront fee, you’ll need to be sure about what you’re committing to, so research and planning are key.
There’s plenty of advice available to help you and the British Franchise Association’s free online training programme is a great place to start.
There are a number of steps you can take to build your confidence and ensure you have enough information before you buy a franchise. The risk of giving up paid employment to become a franchisee can be a major stumbling block, but if not now, when?
Will you make your dreams a reality in 2020? Only you can decide that and take the steps to move forward.
Cathryn Hayes is franchise director at Revive! Auto Innovations