The decision to become self-employed is one of the most difficult you will take in your career. The potential rewards of self-employment are evident (choosing your own hours, working from home, earning what you are worth, being in control of your own destiny, and so on) but there are possible pitfalls and disadvantages too and you should investigate all your options very thoroughly.
One of the most important factors in your decision will be the long-term viability of your business: is it something that will support you and your family, and provide you with the life you want into the long term? In the UK, there are two main models for starting your own business: a stand-alone business that you start from scratch yourself or a franchise. Both options will require a financial investment, hard work and commitment to succeed but statistics indicate that significantly more franchised start-ups (93%) claim to be profitable after 5 years, compared to only 20% of stand alone start-ups.
There are many possible reasons for this disparity and it does not suggest that franchising is a guarantee of success or an “easy option” - any franchisee will tell you otherwise – but franchising does provide access to a ready-made and proven business model, plus support and advice, that standalone businesses simply don’t have.
This section of the site is designed to help you understand what franchising means and guide you through the different types of franchise available. We will also help you assess whether franchising is the right option for you. If it is, your next task will be to find the right opportunity from the 751 offered in the UK. To help you do this, we’ve also prepared sections to help you carry out a thorough due diligence investigation and make your final decision.
In this section we also cover the following questions:
Edward Brewer, General Manager for Business Development, chats about his role and what the greatest challenge is facing a new franchisee.
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Source: the NatWest/bfa Franchise Survey 2007
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