28NOV

Consider these 6 things before setting up a Franchise Business

If you’ve decided you want to set up your own business and are seriously considering Franchising as a way to become your own boss and do something you love, you’re in the right place.

The Franchise industry is growing at a rate of knots and according to the British Franchise Association’s NatWest Franchise Survey 2018, there are nearly 50, 000 franchise units in the UK – that’s a lot of choice! From dog grooming to fitness, to baby music classes, childcare, and fun activities for families to enjoy, there really is a franchise model for every entrepreneur.

With so much choice, it’s important you find the right franchise fit for YOU so here are 6 things to consider before you dive into franchising.

6 things to consider before setting up a franchise

Passion

What do you love doing and what are you good at? We’ve all heard the phrase “Do something you love and never work a day in your life” If you’re mad about animals or get a buzz from teaching children, use this as your starting point when looking for the perfect franchise sector for you.

Time

Do you want to work school hours? Do you mind working evening and weekends? The industry sector you choose to run your business in will impact the hours you need to work.

Expectations & Personal Goals

Do you want to retire by 50? Do you want to make a difference to other people’s lives? Do you want to be around for the school run every day? Whatever your personal, financial and professional goals are, have these in mind when choosing a franchise model and make sure the package stacks up for you.

Money

How much money do you have to invest? The cost of purchasing a franchise can vary massively from a few thousand pounds to hundreds of thousands. Know how you will finance your business, what level of personal investment you are prepared to make and if you will need to secure finance to set up your business up.

The market

Make sure there is an appetite for what you’re offering in your area. If your town is already saturated with Dog Grooming businesses, it makes sense to choose something else but if you’ve got your heart set on a franchise package that has a competitive market in your area already, it doesn’t mean you can’t succeed too. You will need to make sure you understand how your service/product is different, how you will market this to potential customers, and of course be brilliant at what you do so your customers want to choose you over a competitor.

Accreditation

Joining a franchise could be one of the most important financial investments of your life so it pays to ensure you work with a reputable franchisor. Whilst membership to the British Franchise Association doesn’t guarantee business success, it does indicate that the franchisor cares about their reputation and has been independently assessed against and upholds franchising best practice and ethical standards.

Do you want to run pre-school music classes?

Jo Jingles is a full member of the British Franchise Association and offers fun, educational and interactive music, singing and movement classes for babies and preschool children aged 3 months to 5 years. Launched by Gill Thomas in 1995, we are one of the longest running, most well-known and largest children’s activity franchises in the UK. Visit our franchise page If you’re interested in finding out how Jo Jingles can help you build a flexible, family friendly career that meet’s your personal and financial goals.

Category: Setting up a business

This article is from the Jo Jingles Business Blog series.

You may also be interested in these other articles from our business blog series

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Find out more about Jo Jingles

Jo Jingles provides music, singing and movement classes for children aged 3 months to five years across the UK. Our fun, interactive and educational classes are run by experienced class teachers at more than 700 centres nationwide.


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