To think about quitting my job & investing in a franchise

[lazzaroo]

I am feeling sick about returning to work tomorrow after the Xmas break. I hate the feeling....butterflies, won't be able to sleep etc etc. Have been considering alternative jobs, but only been in current post just over a year & don't want to be a fickle employee.

But, am giving serious consideration to trying out a franchise opportunity. Being my own boss, working to suit my lifestyle etc.

Anyone done this? Is it all too good to be true?

Don't take on a slimming world franchise. It's a head ache.

Thank you, it's not slimming world. It's related to pre-school children's activities.

What's the main cause of the headache?! Is it your headache?

A friend of mine did just this, has made a huge success of it and never looked back. She has a passion for what she does though, think pre school entertainment, which helps. Would be my idea of hell!

I started my own business not a franchise and really enjoy it. Is there any reason you can't do it on your own? I am not restricted by a franchise I can design my own products am not stuck to cetain suppliers. Go for it.

Research research research. Is the franchise reputable and worth investing in or could you do the same and save a fortune.

As with most things would suggest buyer be ware.

That's the kind of thing I'm looking at and good to hear it really can work. I have experience of working with children & their families. The more I think about it, the more I think why not. But I can get carried away with the theory.....and then still end up with anxieties about actually doing it!

A lot of franchises seem to involve a huge outlay and a lot of hard work, and depending on whether you are taking on a new or established business, can take time to build up.

Can you afford to be on a lower income in the short term and have the time and energy that it might need?

Thank you. It is a well established, reputable franchise as far as I can tell. I've experienced it in my life as a mum I.e as a service user, If that makes sense!

I'd be far too scared to do it entirely on my own. I've contacted them for more information and spoken to DH who says he would support me & could help with initial outlay.

Also remember it's just like starting any business it'll need a lot of time and development.

Good luck.

I do worry I'm not dynamic enough anymore....but also wonder if that's because I'm just not enjoying my current job. Yes, could afford to drop wage. DH has offered for me to not work at all but with my DC now getting older I'm looking for something to build up girl when my youngest starts school next year, but also need something flexible to work around school hours as DH works away from home most weeks.

2 have failed in an extremely nice town near me - Mr Simms and Chez Gerard

Don't understand why at all. Think Mr Simms (sweet shop) is about £44k to get into

Friend did it, loves it, very successful.

Not sure where 'girl' came from in my last post!

Thank you all for replying and not immediately thinking its a totally insane idea! I'm going to give it a lot of thought.....probably while I'm not sleeping tonight!

Pros: You share the risk. You buy into a tried & tested brand. You should have support & guidance on tap. In theory you work to suit your lifestyle.

Cons: You share the rewards (check the on going management fees carefully, as well as the initial franchise cost). It's hard to expand without buying another franchise area. It may be hard to exit. You may not be able to exploit your own creativity within the franchise formula.

Research it carefully & find out why the franchise is available in your area (expansion & genuine growth or someone else has quit). Speak to other franchisees to assess the support available.

Wow laurie that's a big outlay. What I've looked at doesn't suggest anywhere near that....but maybe that's what I mean by being too good to be true!

Thank you stockerrocks, they're useful things to talk to the provider about.

Mr Simms I can understand was in the one in Blackpool on Friday and most the stuff you could get in pound land across the road. And some of their prices where mental.

That's partly why my above comment. The main winner in most franchises is the franchisor and not the franchisee. If that makes sense.

Missed the word failed after mr simms. Though should add the one in ulverston seems to be doing well.

Preschool franchises can do very very well or can fail miserably depending on your area. (I have direct experience!) you need to do lots and lots of research into how busy other pre-school classes are.

I have a friend who has done something similar. She works hard, does it well, has regular gigs at libraries and after school clubs, etc. She still hasn't made enough money to pay taxes yet! These things are money spinners only for the people selling the franchises!

I can imagine the difference between Mr Simms in Blackpool and Ulverston (in or near Lake District?) is that visitors to Ulverston will be on average more well off than those to Blackpool and Blackpool probably has a much higher concentration of cheap shops than Ulverston, which probably has more naice shops?

So one key factor would be enough potential clients nearby - are there lots of families with appropriately aged DCs and sufficient disposable income for the product/service on offer? Do other families at your DCs school(s) use this product/service?

Friend of mine did a pre-school franchise and she lost money. The issues were that she found it more difficult than she expected to find venues to hold classes, many were booked up with other pre-school events and events for the elderly; parents weren't willing to commit to enough classes to make it financially viable, they were happy to do one or two but not a terms worth. She offered birthday parties that made good money, but they were at weekends, so ate into family time, which defeated the object a bit.

Funnily enough the ulverston one sells sweet lot less than the Blackpool one - Blackpool one in the main shopping centre so guessing much bigger costs. Ulverston is enough out of the lakes as not to be a high cost area.

But having first had experience in a couple of franchises as an employee many years ago. Neither gave much support for their 10% a month or had any better purchasing power in fact some of the items in one - printers where much more expensive.

Not my headache anymore op

But with slimming world there was an initial outlay. Then licensing fee. The flight costs for training/overnight stays.

Then the most you could ever earn is 50% of your weekly takings. (And that was only if you had 70 plus members) any fewer than 70 and sw took 75% of the takings.

Then there's the rent of venue rent (they paid half)

You have to buy the stock, books to sell, etc and you only earned 5p a box of bars (after lugging it about from your house (where it took over) putting it in car, unloading at venue, loading after and back into house)

I loved the job. I hated everything else.

Check out what you have to do in relation to the amount of money you will earn.