Starting your own biz can be an exciting way of breaking out of the rat race.
But for many, it’s a huge step into the unknown and requires a lot of confidence. The need to raise finance, write a business plan and forgo job security are some of the challenges facing budding entrepreneurs. And they have to develop a product or service to sell.
One solution for those keen to start up on their own but wanting to keep a little job security could be franchising. Some of the best-known brands on the high street are run by franchisees, such as Subway, Threshers and Domino’s Pizza.
And with the number of franchise formats having risen 60% in the past 10 years, there are some 760 business ideas to choose from. The franchising sector has a turnover of more than £10 billion and employs 364,000 people so there is a lot of choice if you decide it is for you.
Franchising essentially means starting up your own branch of an established business format. You pay a fee to buy the franchise, which will include such things as the shop fascia, signs, stock, equipment and support, so your outlet looks and operates in the same way as every other outlet of the franchise. Then you run the outlet as if it were your own business, taking a share of the profits and making decisions such as hiring staff. More.
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