Anyone bought a franchise?(6 Posts)
i am thinking of buying a franchise. However its in an area I know nothing about and I know little about franchises.
Has anyone run one? What should I look for and what are the pitfalls of running a franchise? Thanks.
I can only offer limited advice on franchising. But I can tell you my husband was self employed for 5 years before getting a job with British Gas in February.
It was a very difficult and stressful time and I wouldn't recommend it for anyone. You don't get paid holidays, paid sick days, you can never come home on an evening and switch off and not think about or do work. There is always ways to improve a business and a successful business needs a lot of hours and effort. You can always be more successful and be able to make more money so it's a never ending cycle of work. The only good points was that he could have time off when he wanted - but he wouldn't be paid for it.
When my husband would start work at 7am, come home for about 4.30pm, then after tea he would spend another few hours on the internet, speaking to customers, sorting out equipment, doing paperwork etc.
Hw always turned over a profit, but it was hard work. Now he comes home at 5.30 - 6pm in the evening and doesn't have to think about work until the next day. Paid holidays + benefits etc.
Franchises are not guaranteed income - just a brand. It is not a get rich quick route or they wouldn't be franchises - the company would be opening up the franchise themselves and taking all the profit. There is no bad point to selling a franchise - they make money for the seller with no work. My advice would certainly research fully the franchise, the competition , the area and the costs involved - realistically.
I know one person who sold a franchise and promised the earth to the buyer, but in real terms he was flogging a dead horse.
I know it sounds all doom and gloom, but unfortunately that is my experience of it. What is the franchise?
its a recruitment franchise and to be honest, I dont know why they arent opening an office. They have been upfront that its not a money spinner....
Hello. I have brought, and am running a franchise called The Creation Station, we are a childrens activity business, specialising in creative exploration.
I have found buying a franchise a huge benefit, as so much of the ground work has been done for me, enabling me to start up the business quickly and start earning money.
I got excellent training at the begining, with continuing support from head office, and the opportunity to add new activities to my business already tested by head office. Head office run our email, website, stock delivery, health & safety, plus lots more, so I don't have to worry about it!
We have a growing network of franchisees, which extends our network of support, idea sharing, plus fun, to grow our own the business.
I would recommend buying a franchise, it has given me a great work life balance, and a good income.
hi I'm on the other side of the fence as a franchisor. There are pros and cons to buying a franchise and you should do lots of research and also look at the information on the British Franchise Association website (as a franchise business you have to commit to their code of conduct and be vetted before you're allowed to join).
It can be fantastic but it's not for everyone. It gives you the flexibility to work for yourself and is much less risky than trying to do it for yourself from scratch but you have to be the sort of person who is comfortable with the fact that, like any business, it takes hard work and positivity to make it work. But like I say, most important thing is to do your research. Female Franchise is quite a good site too (with different franchise ideas on there
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