15 Aug Is Buying a Franchise the Right Business for You? | Prokil
Thinking about going it alone can be empowering but scary. You have been thinking about making a change in your working life for some time, but you are still not totally sure what business model is right for you.
It can be hard to start a business from scratch, but have you ever thought that you could buy a franchise?
There are many benefits to buying a franchise but is a franchise business opportunity right for you? If you are thinking seriously about franchise opportunities in the UK, it may help to start by asking yourself the following questions:
- How much money does it cost to buy a franchise? How much can I borrow?
All franchise opportunities involve an upfront payment, many provide financial support, but you will have to have some capital of your own to invest. The initial investment amount varies depending on the franchise brand you are looking at; for example, a McDonalds franchise starts from £400k whereas a Prokil damp proofing franchise starts from £37k* upfront investment.
Compared to starting your own business from scratch, the initial investment cost is much lower when you buy a franchise, and you have the added benefit of the franchisor being able to give you a clearer idea of the costs involved. Bear in mind, though, that there will always be things that crop up so it’s better to have more money available than you think you will need.
2. Do I have enough saved to cover my living expenses whilst I get my franchise up and running?
When considering the financial investment in a franchise people often forget about their living expenses. The majority of franchise opportunities have a training period; for example, when you purchase a Prokil damp proofing franchise you spend the first 3 months training at head office. During this time, you will not be able to work, and the training time can vary depending on the franchise business opportunity you choose, with some taking up to a year. You will have to focus on your training and working alongside this can be difficult, if not impossible.
You also have to consider the time between when you buy a franchise until your business starts making money – can you live comfortably during this time?
3. Am I ready to take on the responsibility of running my own business?
One of the best things about owning and running a franchise is that you are your own boss and you can call the shots on a daily basis. At the same time, you have a network of support to fall back on for advice whenever you need it, so you are never alone. However, being your own boss comes with big responsibilities. As well as motivating yourself to succeed, you have the pressure of other members of staff relying on you for direction and leadership; are you up for the challenge? Read about how Prokil franchisees find our damp proofing franchise.
4. Are you ready to follow the franchise system?
There are many benefits of franchise opportunities, especially the training and structure already in place, but for some this may not be favoured. If you have an entrepreneurial personality and you like to do your own thing, then possibly a franchise business opportunity is not for you and you may be better off starting your own business where you can have complete control.
5. Are you ready to work hard?
A common myth in running a franchise or your own business is that you can sit back, relax and watch the profits roll in, but this could not be farther from the truth. When you start out you must be extremely committed and hardworking; a franchise may offer a framework to achieve success but at the end of the day success will only happen if you put in 110%. At the beginning that will mean working over 40 hours a week and being prepared to do every part of the job, from emptying bins to dealing with upset customers.
6. Do I have the right level of support at home?
Choosing to buy a franchise may be easier than starting your own business from scratch but there is still a lot of hard work and commitment required to be successful. It is important to have the right support around you, whether from a spouse, partner, family and even your friends. There may well be times of stress or when you are required to make social sacrifices in the short term to ensure your franchise is successful in the longer term. Surround yourself with people who will be able to understand and be there for you during those times, as when success does happen you will need people to celebrate alongside you.
After considering the above questions and you think a franchise business opportunity is the right business for you, then get in touch to discuss Prokil franchise opportunities today!
Prokil damp and timber specialists can provide the ideal, new franchise opportunity within the UK. The total investment is only £60,000 and the minimum investment is £37,000 – we provide three months training, marketing and ensure you become a fully Certificated Surveyor in Remedial Treatments.
*Prokil Franchise Investment
- Prokil Franchise Fee £37,000 + VAT
- Working Capital £15,000
- Other Set-Up Costs £8,000
Total cost of franchise £60,000 + VAT