The coronavirus pandemic has seen countless numbers of us lose our jobs, realise the relative insecurity of our jobs, or opened our eyes to the fact that we aren’t all too happy in our jobs. It’s not all too surprising that more and more people are considering new career paths right now. Now, a fair few people have felt drawn to the path of starting their own business. They want the freedom of managing their own work and the bonus of making more money. But one thing that puts many off is the sheer amount of financial investment and responsibility that this takes. You’d have to spend a lot starting up a company, creating, researching and testing products, marketing, advertising and much more. If you’d like to find a middle ground where you have increased independence, but don’t have to start from scratch, franchising could be a great option for you!
What is Franchising?
First things first, what actually is franchising? Well, franchising is a licensed relationship with an existing brand. A brand will exist, but you will take complete control of one of its outlets. You’ll be able to make all of your business decisions independently, but follow original branding, marks and regulations set by the franchise owner.
What Kind of Businesses Offer Franchises?
There are franchises of all shapes and sizes out there. Perhaps the most commonly franchised businesses tend to be fast food outlets. However, you are likely to find a franchise that appeals to you in any area of interest. You just have to find what’s out there. It’s a good idea to take a look at a franchise directory to get started. When choosing a franchise, do your utmost to either find something that is very profitable or to find something you’re genuinely invested and interested in. Finding something that ticks both these boxes is important. But either will give you a real sense of fulfillment in your role!
Of course, you do need to follow rules and regulations when you run a franchise. You can’t go wild and completely change the concept, branding, look or feel of a business. It will have to feel part of the chain that it is a part of. To know exactly what you can and can’t change, it’s a good idea to thoroughly read your contracted terms and conditions. These will outline exactly what you can change, what you can’t change and what independent choices you can make in regards to the running of the franchise. Remember, if you feel you have a good idea, you can always reach out to the franchisor to run the idea past them. You never know, they might approve and get on board with it!
If franchising has caught your attention, do a little further research and get involved! This could be a great new career path for you! It’s flexible and offers independence without the burden of complete responsibility over every aspect of your franchise and how it’s run!