What are the best new franchises UK?
So you are interested to set-up you own business, found franchising as a way to achieve your goal of self employment but what are the best new franchises UK?
Well before I can answer that question I need to ask you some first. You see when selecting a franchise and trying to find the best franchise for you it’s a very personal decision. For example if you are great with numbers an accounting franchise maybe idea for you, if you have great business & management skills then the best franchise for you could be a business consulting franchise. It’s a very personal decision when you buy a franchise and firstly you need to choose a franchise that suits both your skills & what you really enjoy doing. Once you have narrowed down your franchise choice to one or maybe a few different industry types you then need to consider the following
- Investment level – What funds do you have to invest in a franchise? When you buy a franchise you need to consider not just the initial fee advertised. There will be other set-up and ongoing costs and all need to be considered when selecting a franchise. You also need to consider your own personal finances. Getting a small business off the ground takes time. It will take time for the business to make a profit & maybe pay you so how long will this take & do you have enough funds to cover your day to day expenses & bills?
- Established or new brand – Should you buy an established brand or a new brand? Am established brand will be recognised and bring in customers but could also mean higher set-up costs & lower profit margins. Many established brands will also offer franchises to existing franchisees first, many never even advertise. A new brand could be a great way to start your new franchise. You will probably be able to buy the geographic area you want and they will be keen to make sure you are successful to enable rapid growth. Possible cons of buying a new franchise brand is lack of Franchisor experience and they will, initially anyway lack the brand recognition on the high street & with customers.
- Latest industry trends – Trend can come & go fast. When finding the best new franchises UK you will need to consider what is hot now but also what is likely to be a stable business to make an investment. Trends come and go so you need to do your market research.
- Work & life balance – The best new franchise for you doesn’t need to be the latest trend or indeed the most profitable. Work & life balance is becoming increasing important when people decide to own their own businesses.
I hope this has helped you to decide which are the best new franchises in the UK for you, good luck with your search.