Are you tired of working for someone else and ready to take control of your career? Franchising might just be the perfect opportunity for you! But with so many options out there, how do you choose the right franchise for you?
According to franchise expert Rebecca Newenham from Get Ahead, there are several key factors to consider when choosing a franchise to invest in. These include researching the business and the people behind it, speaking with existing franchisees, understanding the financial commitment and time required to build momentum, and evaluating the support and training provided.
But why choose franchising over starting your own business from scratch? The benefits of franchising include the autonomy within a proven business model, the potential to earn a good income, and the flexibility to live the lifestyle you want. Plus, being part of a larger network means access to support and learning from other franchisees, which can be invaluable.
Rebecca also emphasises the importance of ongoing training and support for franchisees, as well as understanding the ongoing costs of owning a franchise. And with economies of scale, you can get high-quality support for a low monthly fee.
So what are some emerging trends in franchising? According to Rebecca, ethical franchising and the push for more women in franchising are two important areas to watch. And with the current trend of companies calling employees back to the office, now might be the perfect time to explore flexible work options through franchising.
To learn more about franchising, check out the British Franchise Association (BFA) and attend the upcoming Olympia Franchise Show. And remember, finding joy and energy in your work is just as important as paying the bills. So why not take the leap and become your own boss with a franchise?
You can learn more about franchising and if it’s for you in our LinkedIn Live replay with Rebecca, where we discuss if franchising is the secret to a great, flexible career. Watch here.
Timestamps:
Key factors to consider when choosing a franchise [00:03:01] Rebecca discusses the importance of researching the business, speaking to existing franchisees, and understanding the finances and value of the license fee.
Benefits of owning a franchise [00:07:11] Rebecca highlights the autonomy and cash flow to be made in owning a franchise, as well as the value of a proven model and the potential for a flexible lifestyle.
Importance of the British Franchise Association [00:06:19] Rebecca emphasises the value of the British Franchise Association as a resource for anyone interested in franchising, including their website and franchise shows.
Key factors to consider when choosing a franchise [00:07:56] The speakers discuss the importance of flexible time and training when choosing a franchise, as well as the benefits of being part of a bigger network.
Training and support for franchisees [00:09:33] The speakers discuss the importance of researching the training and support offered by a franchise, including ongoing training and marketing support.
Emerging trends in franchising [00:14:21] The speakers discuss the growing importance of ethical franchising and the strength of buying into a proven system, as well as the push for greater representation of women in franchising.
Benefits of owning a franchise [00:16:15] Rebecca and the speaker discuss the benefits of owning a franchise compared to starting a business from scratch, including the importance of finding joy and energy in your work.
Franchise Show in London [00:17:49] The speakers mention the Olympia franchise show in London on June 10th as a great opportunity for anyone interested in franchising to learn more and meet experts like Rebecca.
Thank you and goodbye [00:18:14] The speakers thank the audience for watching and submitting questions and say goodbye.
Show Links:
Connect with Rebecca on LinkedIn
Connect with Elizabeth on LinkedIn
Investing in Women Flexible Working Job Board and Recruitment Site