Since time immemorial people have been interested in running their own business, and according to The Office of National Statistics, in 2001 there were 3.3 million self-employed people in the UK (12% of the labour force) which rose to 4.8 million by 2017 (15.1% of the labour force). More and more people are looking to become their own boss and why not, the perks and flexibility are pretty great! However, there are also risks associated with being self-employed. Some of these risks can be dramatically reduced when you look into buying a Franchise, and reduced further still when you look to take on a Franchise Resale!
One of the many reasons people choose to become self-employed is the ability to be able to build up your business and then sell it on at a profit when you want to move on or retire. Depending on the type of person you are and the business sector you are in this can be achieved whether you are going it alone or becoming part of a franchise network. However, with a franchise network, you have the added security of the already proven systems in place that you can follow in order to reach your destination – selling your business as a going concern at a profit.
The benefits of buying a franchise over starting on your own include; training, established reputation, support team and the equipment & products required in order to run the business. But you also have the knowledge that someone has already done it and has been successful. However, you still need to build the business, you are starting from scratch, but with a franchise resale, the business is already there. Initially, you might have to pay more than you would for a startup, but you have the opportunity to make a profit from day one, the business is already up and running with the staff in place. What could be better?
Another fantastic reason to take the plunge and buy a franchise resale is that on top of the fact that you have a business that you can walk into, you will be trained by the Franchisor and experience of the sector is not always necessary. This means that, if you fancy a total career change there are plenty of options open to you! All without the risk of starting from scratch and going it alone.
You can eliminate the unknown. Starting a new business can be difficult as people often buy from a brand they know and can trust. Unless you already have a reputation where you plan to set up your business, you may find it difficult to find new customers and gain their trust. With a franchise resale, the business usually has a regular customer base, and you have the brand recognition to back you up as well.
According to research 8 out of 10 new businesses fail within the first year. In contrast to that according to the NatWest and British Franchise Association survey, 95% of franchisees report profitability. From a finance point of view, these statistics are very important. A start-up can be very difficult to secure funding for. However, banks do look rather more favourably on franchises as your business plan can include more accurate projections based on the franchisor’s experience. With a resale, you have the outgoing franchisees history behind you too.
The franchise sector has a fantastic array of business with proven models for success. You can become a part of this lucrative industry. A franchise resale means that you can become your own boss, walk into a business that’s already up and running with the training and support from a franchisor.
Run your own business with freedom and independence but with guidance and structure that has been proven to work many times over.
Contact us on 01522 246811 to find out more, or take a look at the franchise resales we have at www.franchiseresales.co.uk/franchises-for-resale/.