Jon Mott, Development Director of Papa John's UK...
Have you ever considered starting your own business but been too scared of the uncertainties? Have you thought of yourself as a budding entrepreneur but struggled to finance a start-up company? Buying a franchise might be the solution.
Franchising is a great way to run your own business. Imagine being your own boss, not having to answer to someone else, using your own ideas for business growth, working to your own schedule and balancing work with family. With franchising, this is all possible.
The issue of balancing work with family is often a challenging one. That's why many people consider working from home. But how many of us have a boss that's understanding and allows us to do that? With a home-based franchise, you can be your own boss and have a healthy family life.
There are many franchise opportunities that allow parents to work from home. Many franchisors are successful in specifically targeting parents with young children and commitments. Search for work-at-home opportunities on the internet and you will see hundreds of offers targeting stay-at-home mums and dads and even women on maternity leave. However, a word of caution – make sure that you research the franchisor to establish whether it is a reputable business.
Here are some of the things you should look for in a home-based franchise:
When choosing a franchise, make sure that the franchisor is a successful business and turns a good profit. As well as the franchisor, also look into the success of the franchisees. You must ensure that the business has a track record of being successful and ask yourself whether that success can be sustained.
Running a successful business involves having that 'something special' or 'something different' that makes you stand out from the competition. Look to see what the franchise's business model and unique selling points are. A company that does the same as everyone else will struggle to make an impact in the marketplace.
This will ensure your 'back of house' operation is in good working order and involves keeping financial records and monitoring profit and loss.
Another significant point in choosing your franchise business is whether it is reputable and has a good name in the industry. Your company's image will be directly linked to the franchisor's image. You should make sure that it is looked on favourably by potential customers.
The best place to start when looking to buy a franchise is to research which industries are performing well and continue to be successful. There is no point in choosing a business that is operating in a saturated marketplace. Ask yourself which sectors are growing and where the best opportunities are.
If you are considering buying a home-based franchise, there are numerous benefits in addition to being able to work from home and look after your family. Having flexibility is one of the main motivators for parents to consider a home-based franchise. Many find it easier to create a positive work/family life balance when working hours are not set in stone. A franchise can also offer parents a certain degree of security. Franchises come with an established business model, brand name and support from the franchisor.