Ian Christelow, ActionCOACH UK co-founder, explains why you should choose to start a franchise over starting a new business
At ActionCOACH, we see many people have an ‘entrepreneurial seizure’ and decide to launch a business and work for themselves. Many of these entrepreneurs have the skills and expertise to do the job but lack a critical piece of know-how on how to run a successful business. That’s where ActionCOACH can make the difference between success and failure.
But, back to franchising in general, most reputable franchise organisations offer a structure for launching, operating and growing a successful business. The franchisor will deliver the entire framework around which the business is built.
Franchisors create comprehensive systems and will put you through an initial training programme that covers all aspects of business, including marketing, operations, selling, technology and other areas that are specific to their business model.
And then there’s the ongoing support you’ll receive throughout the ownership of your franchise.
Higher rate of success
It’s a fact that franchises have a much higher rate of success than start-up businesses.
Michael Gerber shares in his seminal work, The E-Myth Revisited, that in their first five years 75 per cent of franchises succeed, whereas only 20 per cent of non-franchised businesses survive.
You will also find it easier to secure finance for a franchise and it will cost significantly less in time, effort and money to reap the rewards of owning your own business.
Perhaps for many the biggest reasons to choose a franchise are the credibility of a franchise’s brand, its income-producing strategic alliances, the shared learnings of a network of franchisees, the personal development and the opportunity to make friends for life with like-minded people in the franchise’s community.
At a glance ActionCOACH
1993 in Australia. 2001 in UK
Number of franchised outlets:
200-plus in the UK
Location of units:
Minimum required capital:
If you want to be influential in helping business owners transform both their lives and businesses and you’re the kind of person who:
A. Loves learning and helping people;
B. Has enjoyed success in your career, business or a sport; and
C. Is willing to invest if you see substantial returns can be made…