A Franchise Versus your own Business?
You wouldn’t be blamed for thinking that buying and owning a franchised business automatically makes for a successful small business owner.
As long as you have the funds, buying a franchised business, you would be forgiven for believing because you have a strong and recognisable brand with intellectual property that has been proven to deliver results, a steady flow of good paying clients and systems and processes that enable smooth customer interactions is a given for you. Buy the franchise = instant business success, is never that straightforward.
The average cost of a franchised business in the UK is £40K, but it can go into the hundreds of thousands depending upon the business name purchased.
Behind every small business, franchised or not, there is a business owner who always needs to be driving and implementing the strategy, be tenacious and committed to attracting the right kind of business all whilst achieving the desired outcomes for the customer and themselves as the business owner.
So, before committing to working within the restrictions of someone else’s (franchised) business’ (with often very strict) rules and regulations ask yourself the all-important question– do I want to create something of my own or work within the framework of another’s parameters?
Know you can achieve the same level of success for yourself for a smaller investment working with a business coach. You have choices…
I met a franchisee recently, let’s call her Jane, who bought into a small business that aligned with many of her values and overall purpose. Jane invested a considerable amount of money but found within the first few months the franchise holder moving the goal posts – the rules and regulations within how she operated were changed, the costs started spiralling and she was finding herself being micro-managed. ‘Jane’ is now trapped in a contract having invested tens of thousands of pounds in a small business that is crippling her time, money, and energy.
Read the small print, speak to other franchisee holders, do your due diligence. Then speak with small business owners who have set up their own dream business and scaled up. Time to weigh up where you really want to be in 2 years’ time…
A previous client summed her own business start-up adventure with this famous quote;
“I am the captain of my ship and master of my fate” Dr Ivan Joseph
If you want to be in charge of your own destiny take a look at Meta4’s ‘Business in a Box’ which is your starting point if you’ve got a great business idea, a passion you want to share with the world, you want to go for it, but you don’t know where to start. My advice? Always leap before you’re ready.
Business in a box is a complete ‘done-with-you’ coaching programme. By the end, you will have everything you need for a successful business and ideal clients. And you’ll have your handheld every step of the way.
Coach. Project Manager. Cheerleader. Think of me as your virtual business partner. Together, we will build the business you’ve always dreamed of…
Feeling stuck or not sure what steps to take? Book in for my complimentary Kickstart Session – a one hour call to give you clarity, focus and guidance on your best next steps in business.
