You’ll probably be aware of a few well known franchises on our high-streets such as McDonalds, PizzaHut, 7-Eleven and BurgerKing. But there’s scores more types of business opportunities if fast-food and convenience stores aren’t your thing! From accountancy to coffee, children’s classes, to photography – there’s lots of options.
If you’re thinking of buying into a franchise, but aren’t quite sure where to start, then check out these great opportunities. Packed with information including case-studies, costs, and suitability criteria. Plus all the contact details you need to take your next step into business.
What is a Franchise?
How does a franchise work?
Franchising works by means of a licence between a franchisor and a franchisee, essentially allowing a person to sell the Franchisors products or services while providing them with an entire operating system for running the business, ongoing support and, of course, their brand. In addition, some franchisors also provide development support, operating manuals, training, brand standards, quality control, a marketing strategy and business advisory support.
It’s no wonder franchising is a popular option for those with a desire to run their own business. You are buying into an established business with a proven track record of success, so it goes without saying that the risk of the business failing is far lower than starting your own brand from scratch. And it’s come a long way too. The number of franchise options available has increased significantly in recent years as the model becomes more respected.
Surveys carried out in recent years by Franchise Business Review have found that over 85% of Franchisees asked enjoy operating their business and enjoy being part of the larger organisation.
What about investment?
Costs vary hugely, but generally there is a one-off initial fee payable, followed by ongoing smaller monthly payments. You would be responsible for the day-to-day management of your independently-owned business. Your earnings (or your loss!) would depend directly on your performance as the business owner.
Investing in a franchise can be a great opportunity. But please note that MumsWork does not particularly recommend or endorse any of the franchises listed on our site. You should do your own thorough research before investing in any franchise or signing up. Make sure you understand what the franchise system is offering and get the support of a qualified commercial lawyer.
Find out more at the British Franchise association