What to Consider Before Buying a Franchise Business

If you have long aspired to be an entrepreneur, now could be the ideal time. If you are currently furloughed, or finding yourself with extra time that you aren’t used to, why not use this time to start planning your future? If you love the idea of running your own business, but are not so sure about starting a brand new business from the ground up, then purchasing a franchise with a well-established brand could be the solution you have been looking for.

Starting a franchise means that you have a ready made business plan and strategy to follow, along with a recognisable brand name, and fantastic guidance from your franchisor. Your customer base will know your brand, so it is just up to you to follow the tried, tested and proven methods to make your business a success.

Whilst starting a franchise certainly has many advantages for budding entrepreneurs, the process isn’t as simple as just buying a ready made business. You will need to work hard to make your franchise business work.

If you are strongly considering investing in a franchise business, consider these questions to make sure franchising is the right step forward for you.

Are you the right person to run a franchise?

There are so many different franchise opportunities, but as well as choosing the right industry and brand to join, you should also consider if you are the right fit for your franchisor. When working with Domestique, you will be best suited to a franchise business if you enjoy working to rules and guidance, sticking to the proven systems already in place. If you love the idea of following a business plan and the support involved, then you are probably very well suited to franchising. On the other hand, if you would prefer the freedom and flexibility to always do things your own way, you may feel restricted by a franchise.

What are your strengths and weaknesses?

Before you step into the franchising world, it’s important to consider your strengths and weaknesses and how they will fit into your roles as franchisee. For example, you may be confident in marketing yourself and your business, and great at customer services, both of which are a great match for a person wishing to buy a domestic cleaning franchise. Are your strengths a good fit for the franchise you are interested in? How will your weaknesses affect your ability to be a successful franchisee?

Are you financially prepared?

In addition to your initial franchise investment, you will also have to consider the funds required for the equipment and systems you will need to get your business up and running. If you have the funds to buy a franchise and purchase equipment, but can’t afford to invest in marketing costs to help generate interest in your business in the early stages, then you are probably not ready to take the franchising leap. You will need to have funds in place to survive until your business breaks even, or even to support you whilst your business is making a loss. Make sure you have the expenditure in place to ensure your business survives it’s initial growth period.

Learn more about Domestique Franchise

Domestique is a domestic cleaning franchise business, with franchise branches throughout the UK. We have been offering franchises since 2010 after establishing our successful business model. We are committed to always providing the support that our franchisees need to thrive, so if you would like to learn more about joining the Domestique family, please call us today on 0845 625 9895, or contact us via our website today.