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What Are The Types Of Franchise Opportunity?

What Are The Types Of Franchise Opportunity?

Franchise opportunities come in all shapes and sizes, Pip Wilkins, chief executive of the British Franchise Association, says

Business format franchising is a versatile concept that allows and encourages businesses of all shapes and sizes to expand nationally with the help of hardworking franchisees.

If you’ve decided you would like to take advantage of the benefits of self-employment and build your own business with the support of a franchisor, it’s important you consider what you’re hoping to achieve and what lifestyle you aspire to.

You may be looking for a business with room to grow, allowing you to progressively increase your earnings to afford additional luxuries in your personal life.

Alternatively, you may be looking for a better work/life balance. Either way, you’re sure to find a business that can help you achieve this within the franchising sector.

Types of franchise vary greatly. You can work full-time or part-time, manage the business or work in the business and rent an office space or work from home. So what are your options when you’re looking at the type of business you would like to own and run?

Home-based

The option to work from home is attractive to many franchisees and is one of the most popular and widely represented opportunities in the franchise sector.

There are numerous businesses that do not require any formal premises. Some can be administered at any time of the day or night.

If you’ve tired of the daily commute, a home-based franchise could be the answer. However, you must be sure you’re comfortable running your business on a daily basis with little or no face-to-face contact.

Van-based

Businesses based out of a van often require workspace in the home for back office administration purposes. They’re ideal if you like to be mobile throughout the day and enjoy meeting people regularly.

The choice of van-based franchises available is incredible, including but not limited to pet care, vending solutions, automotive services and chimney sweeping.

Mobile services have soared in popularity with consumers because of the convenience they offer. Costs can be low and profits high, so vanbased franchises can offer numerous upsides as well as a significant choice of businesses with available opportunities.

You can also grow your business into a multi-van fleet or a management franchise, as you hire employees to manage the vans for you.

Management franchises

One of the most attractive features of business format franchises is the initial training and ongoing support you will receive. This is especially useful in a management franchise.

Management experience is the perfect attribute for a franchisee considering this type of opportunity, as the franchisor can train you in the intricacies of its sector.

The success of a management franchise relies on your ability to manage people, business development, sales and working on the business rather than in it. Some of the most common business types that fit within this category are home care, lettings agents and accountancy, as well as many domestic and cleaning franchises.

Premises-based

These are often some of the most expensive franchise opportunities to invest in, due to their requirement for premises and equipment.

Premises-based franchises are able to justify this investment because of the potential financial returns delivered once the business is up and running.

Included within this category are well known brands from catering and hospitality, large names in retail, estate and lettings agents, as well as children’s nurseries.

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