Are you Ready to Buy a Franchise?
You might not have ever thought of yourself as an entrepreneur, or acted upon your desires to be your own boss, but circumstances can have a strange impact on your career path. As the UK starts to come out of lockdown, following the easing of certain measures designed to stop the spread of the deadly COVID-19, it's the ideal time to reconsider your future. Perhaps you have been on furlough leave, maybe your employer won't be able to keep you on, or it might just be that you have decided you want to be in charge of your own destiny. Whatever the impetus, if you are not ready to start your own business from the ground up, the best alternative is to buy a franchise.
The question is, are you ready to buy a franchise? Once you have considered these elements below, you should know whether you are ready or not.
5 questions to ask yourself before buying a franchise
1. Have you done your homework?
If you are currently at home, on furlough leave or in between jobs, then you should have more time on your hands to do some research. So use this time wisely to ensure you understand as much as you can about how franchises operate, what sort of industry you'd like to invest in a franchise in, and investigate the franchise brands you are considering buying into. Remember that what the world needs right now and how it needs to be delivered will differ from a few months ago. Consider therefore purchasing a franchise in an industry that is going to be in demand going forward.
2. Are you the right fit?
It's not just about finding the right opportunity, but also making sure that you are the right person for it. Remember that you won't have as much freedom as when setting up and running your own business from scratch, but you also won't have to make as many difficult decisions and will have a business with a well developed brand and support from your franchisor.
3. Do you know where your strengths and weaknesses lie?
To decide whether buying a franchise is right for you, or which type of franchise to buy, you need to think about what you are good at, and any possible areas of weakness. For example, are you good with people and management? If so, then choosing a franchise opportunity where you will be in charge of your own team will be a good fit. If sales is not your strong point, then you might want to avoid any opportunities where sales is the key element. Also consider your previous experience and try to opt for franchise opportunities in industries you are familiar with, as you will be able to draw on your experience for an improved end result.
4. Are you financially prepared?
Just because you are not setting up your own business from scratch, it does not mean you won't have financial outlay. All franchise opportunities come at a cost as you are buying into an established brand with a business framework in place. As with all businesses, costs are often higher initially as there are set up fees, equipment to purchase and marketing to get started with, so make sure you have enough set aside to cover this. It is also worth investigating whether any franchisors are offering special discounts, such as no management fees for the first few months, as this may be an attractive way to start your business.
5. Have you spoken to other franchisees?
Learning from others who have been in the same position is a great way to confirm your decision about buying a franchise. Speak to other franchisees to find out more about their experience, such as the challenges they have faced, how long it took to make a profit and what they wish they had researched before starting.
Ready to buy a franchise? Speak to MCS Franchise today
If after asking yourself these questions, you feel ready to buy a franchise, why not speak to MCS Franchise? We offer management franchise opportunities for contract commercial cleaning services into the B2B marketplace and will provide you with everything you need to get off to a quick start.
Please call us today on 0800 612 0437 or click here to send us a message to find out more about becoming an MCS Franchisee.