For many prospective small business owners, pursuing a franchise opportunity is significantly more attractive than starting a small business from scratch. There are several good reasons why you might think that way:
It is important to recognise that, although there are a number of advantages to franchise ownership, it is not a guarantee of small business success. The wrong franchise opportunity can fail just as catastrophically as can the wrong small business opportunity. In order to maximise your chances of success and the benefits of a franchise business, you must identify a franchise system and brand that has a track record or strong prospects of success AND that offers a franchise opportunity that respects the legitimate interests of franchisees. This, of course, is more easily said than done.
The choice for prospective franchise owners is vast and bewildering. The UK Franchising Directory lists over 1,500 franchise opportunities currently available in the UK whilst the US boasts almost 5,000 across dozens of industries. The investment at stake here is likely to be one of the most significant you'll ever make and the consequences of a poor decision at the outset could be devastating, both financially and professionally. Potential franchise owners must do their homework before choosing a franchise, obtain the right professional advice and make sure that they get the answers to all the important questions that anyone going into business for themselves should ask.
We suggest that there are five areas upon which a potential franchise owner ought to focus their attention when evaluating a franchise opportunity:
If like most potential franchise owners, you have little previous experience of business ownership, it is unlikely that you will have had much experience in assessing a business opportunity with the depth and rigour that an investment of this magnitude demands. This is why we offer our franchise business plan writing service to potential franchise owners who are looking for independent advice on the viability and attractiveness of a particular franchise opportunity. Should they decide to proceed, this same business plan can then be used with a few small tweaks to secure the requisite funds required to buy, launch and grow this franchise.
In addition to producing a business plan, our project managers here at Continuous Business Planning can support you throughout the entire process of acquiring and developing a new franchise. Our goal, for those who have a preference for franchising over starting their own business from scratch, is to provide you with all the information that you will need to arrive at an informed decision as to which of the many franchise businesses available are right for you.
Unlike other so called franchise advisors who receive the vast majority of their income from the franchisors, we are an independent resource, with no agenda other than to help our clients find the right business for them. Having written over one hundred franchise business plans for business format franchises, product distribution franchises and management franchises across almost every industry in which franchises exist, we are uniquely positioned to advise on the relative merits of most franchise concepts. Beyond that, many of our project managers either own or have owned and sold franchise businesses and thus have unique insights into the process that you are unlikely to find with other business plan writers. Whilst they boast of their MBA credentials which bear little relationship to the realities of owning and operating a small business, we pride ourselves on the real-world business operating experience of our team. Contact us today to see how we can help you take your first steps to the personal and financial freedom that a great franchise partnership can offer.