Considering Being Your Own Boss?
If you’re looking to be your own boss then you’ve probably considered starting your own business. Maybe you’ve spent a bit of time thinking about exactly what type of business you want to run? Maybe it’s a butchers you want to start up, not in huge demand due to wide availability from supermarkets but it’s a business nonetheless. Or maybe a salon, or a food delivery business? Whatever you’ve thought about, you’ve probably had doubts, right? Some of those concerns I bet I can guess… Will there be demand for my business, or will it go unnoticed? Will the marketing be effective or plain and simply annoy people? Or despite my best efforts and small customer base, it isn’t financially viable and the business simply doesn’t make enough money to stay open, let alone make me and my staff a decent wage…
Mistakes will be made. You can’t expect any business start up to succeed in all aspects without fail. I say with confidence, that all successful businesses out there will have had some problems, but they would have learnt from their mistakes.
But what if there was another way of being your own boss, running your own business and regaining control of your future? Have you considered buying a business?
Buying a Business For Sale
There are thousands of different businesses in the UK, some small, some large, and some franchised business opportunities. At some point or another, the owner will want to move on. Maybe they want to retire, or simply sell the business and start anew. Buying a business that is already established has substantial benefits over starting a business from scratch. Let’s take a look at some of the benefits of buying a business…
Existing Customer Base
Assuming that the previous owner was successful, buying an already-trading business means you’ll benefit from an existing customer base. Maybe its a corner shop with residents frequently visiting for their morning newspaper or lottery ticket. A local salon or mobile beauty business with repeat booking clients. When buying a business you should carry out due diligence and explore the business’s background. Understand why the business is being sold, have a look at some reviews and see what sort of following it has. Don’t judge a book by its cover. If a business looks good and sound on the outside, you need to understand what is written on the pages. Are the employees happy? Are the customers happy?
With an existing customer base, cashflow can be pretty much without a bump and you’d see earnings from day one.
Marketing Has Already Taken Effect
This sort of backs up point one about the customer base, but buying a business that is already trading means that historic marketing is still in effect. Maybe residents have a flyer of the business’s services in their drawer, or the old business owner has previously paid for newspaper ads. People in the local area will know the business. You likely won’t need to spend too much money on marketing (as opposed to spending money on launch marketing), unless of course you’re rebranding the business when you buy it.
Be Your Own Boss
Coming straight back to the start of this article, one of the reasons you want to buy a business is to be your own boss, right? Quit the 9-5 and morning/evening commutes. Strive for unlimited earning potential. Spend more time with your family. All of this is possible when you’re your own boss. There’s no denying that running a business is hard work, but once you’ve got a plan in place, who knows where it could go from there, hopefully up! You’ll probably have more work than if you were an employee for someone else’s business. You’ll now have taxes to manage, insurance, salaries and day-to-day running of the business and workflow. But don’t let that get you down, the reins are yours to control and you can make the business what you want it to be.
Unlimited Earning Potential
When you run your own business, you’re the one in control. Unleash your dreams. Maybe you’ve got a marketing strategy that will hit the ground running, that’ll really draw in the business. If the business comes in hard, take on new staff and cover wider areas of territory, the potential earnings are unlimited.
Have You Considered a Franchise?
Everything i’ve said above sounds great, but there’s still one big problem. Anything you do with the business has the potential to fail. Maybe that dreamy marketing strategy went pear shaped and you’ve blown a considerable amount of money and nothing has come of it. Maybe there was some underestimation of the demand and now the staff are without business.
Well, what if I told you there was a way of being your own boss, running your own business, and you had complete support and full training in all aspects of said business? Well that’s where franchising comes in.
Buying a franchise is pretty much the same as buying a business. When you buy a franchise, you’re buying a business model from the “franchisor”, the owner of the intellectual property of the business, who still owns the IP, but is licencing out the rights to trade as that business. Some well known franchises include McDonald’s, Home Instead, MetroPlumb and ChipsAway.
With a franchise, you’ll usually pay a franchise fee (which covers usage of the IP and training), plus any other expenses and usually an ongoing monthly fee which will give you access to head office support.
Benefits of a Franchise
Owning a franchise business for sale means you’ll be your own boss, carry out marketing and still work your own hours (in some cases the franchise may require full time commitment), but you’ll be following an operations manual which gives you some guidelines you must follow. The operations manual doesn’t take away your freedom, but it does take away the vast majority of mistakes you would have made if you were to start up a business of your own.
Before considered a franchise, a business goes through a pilot operation to ensure that the operations manual and procedures are fault-free. Any other issues which arise are addressed, and the franchise model is rolled out to franchisees – people investing and running the business in their own territory.
Marketing etc will be taken care of, and the investment will usually provide you with the tools and materials to get trading with a bang. One of the main benefits of franchising is the safety net that is the franchisor and the training and support they provide. The franchisor wants you to be successful, because they’re giving you responsibility of their brand in your area. If you fail, the franchisor and all their franchisees will suffer some consequences.
Buying one of the thousands of franchises for sale is a fantastic way to be your own boss, backed by a trusted brand.
Drawbacks of a Franchise
The scales of buying a franchise and buying a business lean to the side of buying a franchise, namely due to the higher success rate and profitability. The drawbacks of franchising are justified in most cases. If you said a drawback would be the upfront investment, this would be countered by the fact that you’d spend the same amount, if not considerably more, if when you were starting your own business. Not only countered, but outweighed by the fact that many highstreet banks are for franchising and in many cases will help you finance the business.
With franchising, you don’t have complete control over the business and you must follow the guidelines set out in the branding and operations manual. But this shouldn’t get you down, these measures are in place to ensure you are successful.
Are you struggling to find the right franchise for you?
If you are struggling to find the right franchise for you, use a qualified franchise consultant. A franchise consultant has years of experience in the franchising industry and can help you understand the different types of franchises available, the pros and cons of each, and how to choose the right one for you. They are also not affiliated with any particular franchise, so they can provide you with unbiased advice. In addition to helping you choose the right franchise, a franchise consultant can also help you with the due diligence process, negotiate the terms of your franchise agreement, and provide ongoing support and advice. This can save you time, money, and headaches and help you avoid costly mistakes. We highly recommend working with a franchise consultant, such as the experts at Infinity Business Growth Network, if you’re considering buying a franchise. They can help you make the best possible decision for your future and ensure that you’re successful in your new business.
If you would like to learn if franchises are a good investment feel free to read this guide written by the team at Nationwide Businesses to understand how franchise business operate in more detail.
Conclusion to Buying a Business
If you’re looking to be your own boss, then by being here you’re actually well on your way. Buying a business (or a franchise) is a better way to take control of your future than to start up from scratch. That’s not to say that starting up alone would be unsuccessful, you may indeed be very successful, but by buying a franchise or business that is already recognised and trading, you’d have a higher chance of success and higher chance of profitability.
Good luck with your future.
