When's the Right Time to Start a Franchise?
Alice Tuffery, writer
Published at 15/03/2018, Updated on 04/05/2022 , Reading time: 7 min
We believe you should be able to start a franchise unit, no matter your personal circumstances. We know the thought of launching your own business can be nerve-wracking, but hopefully we can give you the confidence to take the leap – and never look back!
If you feel you don’t have the necessary skills, experience or know-how, you may not ever have the conviction to start your own business. But joining a franchise could be your key to success. Because you buy into an established business model and get the chance to enrol onto comprehensive training schemes, you don’t need to be a seasoned pro in the business world.
According to research, 64 percent of working Brits dream of becoming their own boss, but only 43 percent of would-be entrepreneurs actually take the plunge. By becoming a franchisee rather than the founder of an independent start-up, you can minimise the chance of failure and pursue your business ownership goals.
When to start a franchise unit
You’ll get all the support you need to set up your franchise unit, so don’t be nervous. As long as you have the drive, passion and work ethic, you’ll be able to become an entrepreneur.
Here at Point Franchise, we want to smash all the preconceptions about what the ideal franchisee looks like. In fact, there are successful franchisees of all ages and with all kinds of backgrounds. So, this article covers a number of different life stages; these are all great times to start a franchise unit:
1. When you’re just out of school/college/university
According to the NatWest-BFA franchise report, almost one in five franchisees is under the age of 30. This is because the franchise model is actually very well suited to the younger generation. Despite common belief, having less work experience can actually be a positive attribute when it comes to applying for a franchise. If you’ve spent less time in the work environment, you’ll have picked up fewer ‘bad habits’ and will find it easier to adhere to the rules of the franchise system.
Those who have just left education will also be used to learning and taking tests, so the process of completing franchise training should come naturally to them. What’s more, young people have enthusiasm by the bucketload, and being passionate about starting a business will give them the drive and determination to make it a success.
Of course, don’t let enthusiasm get in the way of doing your due diligence – you should always make sure your chosen franchise opportunity is well-suited to a young entrepreneur. For example, you may want to consider joining a part-time franchise. This way, you’ll be able to start small, learn on the job and increase the size of your business as your confidence grows.
If you’re ready to get going, you may want to check out our article: 8 Steps Young People Can Take to Start a Franchise Unit.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
2. When you’re looking for a career change
If you’ve become disillusioned with your job, you’re not alone. Research shows more than one in 10 of us feel misunderstood or unappreciated by co-workers. Whether you want to do something that really interests you, manage your own workflow or earn more money, starting a franchise unit will help you take control.
Realising you’ve started to feel dissatisfied with your job is a fantastic opportunity to think about your professional development. Consider your interests, skillset and personal requirements. Chances are, there’s a franchise to suit you perfectly. From bookkeeping firms to restaurants, cleaning companies to dog-walking businesses, there’s a massive number of ventures for you to get involved in.
You can browse all our opportunities by sector, investment level and region on our website.
3. When you want to go it alone
Not everyone wants to grow their businesses and hire countless employees. As a solo entrepreneur, you can own and operate your own business without the support of an army of workers. In fact, the franchise industry is full of home-based and part-time opportunities ideally suited to people who want to build their business single-handedly.
Being able to limit your workload and complete the job yourself can be very empowering. Also, as a solo entrepreneur, you’ll be more likely to have the chance to enjoy the benefits of being a franchisee without jeopardising precious time with family and friends. And, if you work from home, you’ll be able to save on commercial rental costs and utilities.
4. When you’re a new parent
More and more parents are biting the bullet and starting a franchise unit. Mothers, in particular, are casting tradition aside and proving just how successful in business they can be. By 2025, working mums are projected to generate £9.5 billion for the UK economy.
If you want to run your own business but have kids to look after, joining a franchise can provide the flexibility you need. The vast number of home-based and part-time franchise opportunities on offer give those who wouldn’t normally be able to launch a business the chance to get going. By taking advantage of this, you can save money on childcare and spend more time around your family.
You’ll have a huge sense of accomplishment when you successfully balance both aspects of your life. Don’t forget, it's not just the parents who benefit from the franchise model, but their families too. Take a look at Mythbusters: "There's No Such Thing as a Working Mum”, where we shatter the misconception that women don't make good entrepreneurs.
5. When you feel you don’t have enough time to start a business
People who choose to set up their own independent business from scratch have to spend time developing their business model, testing their strategies and creating a brand identity. As a franchisee, you can skip this stage. Franchising is a fast-track pass to the front of the queue.
Once you’ve been approved and are ready to start your franchise unit, you’ll have to develop a business plan and find a suitable location (if you’re not working from home). You may also have to secure funding through a business loan, but this is much easier when you’re part of a franchise, as lenders recognise the reliability of the system.
When choosing your franchise, you can opt to join one with part-time involvement, which will give you the chance to make impressive returns whilst enjoying lots of leisure time. Working from home is another viable option. The hours you cut out by not commuting to your business premises will give you more time with your family.
Check out our bank of articles about starting a business from home to find out more about how to take this route.
>> Read more:
- Franchising 101: The Complete Guide to Franchise Costs in the UK
- Franchising 101: 6 Top Contributors of Franchise Failure
- Franchising 101: How to Buy a Franchise Business in 10 Steps
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: Top 5 Qualities of a Franchisee
- Franchising 101: 6 Tips for Building Customer Loyalty Through Marketing
- Franchising 101: The Pros and Cons of Franchising Your Business
6. When you’re of a certain age
Never be put off developing a business by thinking you’re too old. More and more older people are now setting up their own organisations, and many see starting a franchise unit as a fantastic way to boost their retirement fund. After building up business assets, you can sell them on when the time comes and make sure you have a good level of savings for retirement. To find out more, take a look at Franchising 101: Approaching Your Franchise Investment As A Retirement Plan.
As a more mature business owner, you’ll probably have many years of work experience. So, it’s likely you have more business skills, knowledge and contacts to draw on than your younger counterparts. You may also have a higher level of confidence than younger business owners, helping you get through challenging times.
Boost your knowledge
As you can see, you don’t have to be a young entrepreneur with bags of experience and a willingness to sacrifice family life if you want to become a franchisee. Hopefully, we’ve given you the reassurance you need to get out there and find business success.
If you believe you’re ready to think about setting up your own business, you’ll need to start doing your research. Browse our ‘Become a Franchisee’ resources to brush up on your knowledge before you take the leap. This will put you in the best possible position as you start out on your franchise journey.
Alice Tuffery, writer