If you’re thinking about buying a franchise, it can be hard to know where to start. If you’re thinking about opening your own franchise business, you might be tempted by the prospect of being your own boss and having flexible hours that suit your lifestyle. But are franchises really worth the money? Are there even any good ones available at the moment? This guide will break down the five best types of franchises to invest in and tell you how you can take advantage of them.
Why people buy franchises
Buying a franchise is an easy way to get into business for yourself. Most franchises are less risky than starting from scratch and many offer buy-back guarantees that protect your investment. There are five big reasons why people buy franchises: start up costs, support, convenience, low risk and proven products or services. Some things you should consider when buying a franchise include: research, location and legal structure. Check out our list of top types of franchises below to see if any make sense for you!
What are the best types of franchises to invest in?
While there are many different types of franchises to invest in, we’re going to focus on five of them here. First, let’s talk about what franchises have in common: Generally speaking, a franchise is defined as an agreement between two parties that allows one party (the franchisor) to use another party’s name and products or services (the franchisee) under a certain set of terms and conditions that both parties agree upon. Most businesses fail within the first few years; one of best ways to avoid failure when buying a franchise is to make sure you buy from a reputable source. Buying from bad companies may mean you’re buying into something with little chance for success. Do your research on franchises before you buy!
1) Plumbing Franchises
An easier way to enter franchising is through plumbing franchises, which require little up-front capital and maintenance. Buy a franchise that’s well established in your area of expertise and has proven it can be profitable under a master system that allows for consistency across locations. A plumber or contractor will have less competition than others, such as retail or dry cleaners, which means you’ll have less difficulty finding clients. And if there aren’t any available in your area yet, you can buy a territory from an existing franchisee and open your own location. If you choose carefully, you could also make a profit by buying cheap and selling high (that is if one of those small startups comes along and offers to buy). You can find more details about plumbing business opportunities at Franchise UK.
2) Care Franchises
A care franchise is a business that provides services to individuals within a certain community. Care franchises can include care home franchises, home care franchises, medical businesses, and more. These types of franchises are easy to get into because they are generally less competitive than other franchising types. Many individuals who decide to invest in a care franchise business will have little-to-no experience with owning or managing a business and franchising can allow them to receive training without having to worry about creating their own product or service. Healthcare franchises can also be fairly inexpensive investments while still bringing in profits. For example, individual care homes usually cost between £50k to £100k.
3) Recruitment Franchises
While it’s possible to invest in recruitment franchises without an existing business background, one of your biggest assets as a franchise owner is your personal network. This industry relies on building relationships with people, and most franchise owners have to build up their client bases from scratch. If you have experience in recruiting or sales, or if you have particularly strong communication skills, becoming a franchise owner could help you leverage those abilities in a new direction. You’ll also need to do plenty of marketing—because as a recruitment franchise owner, you won’t actually be able to recruit anyone yourself. You’ll be responsible for creating and maintaining professional relationships with businesses that need new employees and potential candidates who are looking for work. Browse a wide range of recruitment franchises available here.
4) Fitness Franchises
Getting fit is a process that everyone should go through. Not only will it help you lose weight and feel better, but it can also greatly improve your quality of life. And while there are many ways to go about getting fit (going to a gym, running on a treadmill, going on runs outside), some people prefer to do it in groups with others. That’s where fitness franchises come in. At these gyms, you won’t just be working out alongside others—you’ll be learning from them too. Some of these franchises teach their members how to use specific machines or proper exercise techniques and allow you to perform exercises for free when you visit their facilities. If a gym franchise sounds like an exciting opportunity to you browse an online list of fitness businesses recruiting in the UK.
5) Computer Franchises
If you have any experience working on computers, then starting a computer franchise might be for you. This can include everything from setting up and repairing software to setting up and repairing hardware. The field of computers is one that many people are becoming increasingly familiar with, so take advantage of it by buying a computer franchise. If you don’t know much about computers, it might be better to choose another kind of franchise instead since getting familiar with new things quickly is often important in franchising.
Should you buy an existing franchise or start from scratch?
Before you get all gung-ho about buying a franchise, stop and think. It’s easy to be taken in by glitzy names and impossible-to-miss logos. Before you buy any franchise, especially if it involves running your own business, ask yourself if starting from scratch wouldn’t be a better option for you. If so, then congratulations! You just saved yourself potentially tens of thousands of pounds and countless hours of aggravation (and headache). But if your interests are piqued by one or more franchises that really appeals to you — great!
Where to find the best franchises for sale
Choosing a franchise can be an overwhelming process. The myriad business choices, regulatory requirements and financing issues are enough to make most people throw their hands up in defeat. Fortunately, there is help. You can browse an online franchise directory from the comfort of your own home. The good thing about franchise directories is they offer business opportunities in many industries. They also provide the option to choose the way you want to work. For example, if you are a parent thinking of buying a franchise, consider investing in a stay-at-home franchise to spend more time with your family as well as make a good income. If a franchise does not sound good to you after reading the pros and cons of buying a franchise but want more freedom over your business consider investing in a business for sale a full list of businesses for sale can be found at a directory called Businesses For Sale UK.