Self Employment

Franchising

If you would like to start by becoming part of an already established business then franchising could be for you. The most popular form of franchising is 'business format franchising'. This is the granting of a license by one person (the franchisor) to another (the franchisee) which entitles the franchisee to trade under the trade mark/name of the franchisor and to make use of a package they offer. It will generally cover everything you would need to set up a business (even if you have no experience) and be supported on an ongoing basis.

  • There are clear advantages to franchising, especially if you are new to running your own business. You don't have to come up with an idea; the established franchises already have brand names and advertising in place. Many franchisors will offer training and help you secure investment.
  • To set up a franchise you usually have to pay an initial fee and then ongoing service fees, often based on turnover. For this you receive ongoing support including advertising and product development.
  • The downside of franchising is the cost of following someone else's template and not having the creative opportunities to develop the business in another direction.
  • Examples of famous and well-established franchises include Body Shop, MacDonalds and Dyno-Rod. More recent, less expensive and less well established franchises include Papa John's Pizza and Coffee Republic.
  • Many other franchise opportunities are advertised for sale in franchise magazines and on line at Franchise Direct. If you want more information on franchising then go to Which Franchise who run free seminars on choosing the right franchise.
  • Total Franchise also have details of a lot of franchising opportunities

Any form of self employment can be difficult and challenging at times but also incredibly satisfying. Being your own boss brings it's own rewards and a real sense of personal achievement.