What are transferable skills and why do you need them? What does it mean to be employable today and in the future?...
- Buy the rights to run a local franchise for an established business
- Work for yourself without having to build a brand and other systems
- You'll need to pay for the franchise upfront and stick to the rules set by the parent company
As a franchise owner, you'll run a business that is owned by an established company's brand, such as a convenience store, food take-away, professional cleaning service, pet care, hairdressers, parcel delivery, estate agent, or recruitment agency. Your profits will depend on the type and size of the franchise, and how successful you are at running it.
- Comply with instructions on branding, signs, logos and colour schemes
- Operate to set standards and legal regulations (for example food safety)
- Order stock or resources
- Attract customers and build up sales
- Keep accurate records
- Train and supervise employees
- Comply with health and safety regulations
Your hours will depend on the type of franchise you run, but you're likely to need to work long hours to make your business succeed. Your working environment will also vary according to the type of franchise. You could be running a high street shop, travelling to customers or working from home.
To be a franchise owner, you'll need business management expertise, the ability to sell products and services, leadership skills, maths knowledge, the ability to accept criticism and work well under pressure, and customer service skills.
You don't need formal qualifications to run most franchises, but you may find it helpful if you have some business skills in areas like people management and basic accounting.
A college course may be beneficial, for example Business Start Up, Preparing to Set Up a New Business, or Business Essentials.
You'll usually buy into a franchise, and then be trained by the franchise seller (or franchisor). Gaining experience and skills in basic accounting, sales and marketing, managing people and customer service may prove helpful in pursuing this job.
You'll normally have to pay an upfront amount to become a 'franchisee' and will then be provided with relevant materials, guidance and brand support by the franchise company. This can be a good way of setting up your own business without having to do all of the work to build a brand yourself. However, you'll have to operate the business according to rules set down by the company who created the franchise.
Once your business becomes established you may want to open more outlets. This would allow you to hand over day-to-day operations to staff so you can concentrate on managing the growth of your chain.