Jan 2

UK franchises are profitable

Whether you are simply dissatisfied in your job or just needing a change, self employment is something that many of consider an alternative to work. Of course it’s easy to see why; the money you earn is yours to keep and you are your own boss managing your own money and time.

The big conundrum for many though is that whilst self employment is an attractive option it does (a) require a person to have a business product or service that the public will pay money for and (b) the requirement of  a wide set of different skills operating a business itself.

The biggest challenge for any new business owner will be the ability to manage their resources effectively and to market and sell whatever business idea you have. Many business owners can make the mistake of thinking they can simply start a business up, and of course customers will come flocking to buy whatever they are offering. Anybody parting with cash will want a convincing reason to buy whatever it is you are offering so its important to think:

  • do people need what I’m selling?
  • if not why will they buy it?
  • does your product and sales message provide a compelling reason for people to buy?

This is all about proper market research and planning a solid marketing strategy prior to launching your business. If that sounds quite in depth, that’s because it usually is!

The Alternative – 90% of UK franchisees are profitable

There is another way which helps to by-pass alot of the hard work in testing the market and finding out if what you have to offer really can form a viable business model.

A franchise is a tried and tested business model which you can trade as if it was your own business. In effect, you buy the right to trade under the companies brand name and use their already proven business formula. The main differences to setting up your own self employed venture are:

  • Much of the hard work of researching the market and testing the sales potential has already been done.
  • You will be setting up a business with a tried and tested business model.
  • Franchise brands are well known and recognised which can give you an edge against competition.
  • You will receive training on how to effectively run; market the business and sell the products or services offered.
  • 90% of UK franchisees trade profitably in any given year according to annual franchise surveys.
  • You are you own boss! You will effectively be running your own business and you will ultimately be responsible for its success or its failure.

It’s easy to see why going the franchise route is chosen by many when considering self employment. It offers many of the benefits of self employment while helping to reduce the risks.

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