The lockdown has led to new revelations for many of us. These may be personal revelations or reassessing the direction of your career.
Perhaps you’ve been laid off, but you’re ready to pick yourself up, and show the world what you’re made of? Maybe you’ve always dreamt of owning your own business, but you’re not sure where to begin? While you’ve probably day-dreamed of handing in your notice (and reaching for the champagne), you’re smart enough to know that you need a plan first!
For many people, training in a franchise is the stepping stone they need to achieve business ownership. So why should you invest in a franchise and what are the costs involved? Let us consider the topic together in more detail.
The Upfront Costs
The upfront cost is a huge deciding factor for people considering franchising. Many individuals are wary of investing several thousand pounds from the get-go.
Now, I fully appreciate that money has a relative value for all of us. For some, £10,000 could be their life savings, for another, a mere month’s salary!
However, if you are considering investing in a franchise, it’s important to view the upfront costs with the right mindset. The logic is, you are investing so that your business gets a cracking head start.
Allow me to outline the true value of a franchise
1 . An amazing head start
When you invest in a franchise, you’re gaining a huge amount of new knowledge and expertise throughout the training period and beyond.
What is the real value of being trained, set up, and trading all within three short weeks of starting your own company? I conclude that franchising has both monetary value and so much more than that!
Setting up your own business from scratch is a lengthy process. You’ve got to create a brand, conduct your target audience research, build your reputation (and that’s only a small part of it)!
Franchising is an outstandingly valuable opportunity, you can fast track your way to entrepreneurship, while learning plenty of new skills. If you’re prepared to put in the work, you could see a faster return on your investment.
A quality franchise will provide you with the tools and knowledge you need, to thrive and become successful.
At PestForce, we’ve spent the lockdown recording plenty of training videos and strengthen the training provided to everyone in the network. These videos provide our franchisees with the additional guidance to enhance their earnings. With this knowledge they’ll be able to pay back their franchise fees several times over!
2 . Learn from others mistakes
Starting a business from scratch can be exciting, but it’s a process of trial and error. As a new entrepreneur, you’re bound to make mistakes. When you buy into a franchise, you’re buying into a tried and tested business model. The model is proven to work and the mistakes have already been made (and corrected)! Believe me, when you invest in a franchise, you get to enter the entrepreneurial world with less risk.
- Save yourself money
Last year, we at Pestforce were chatting to a potential franchisee. He had already built his own company and was keen to expand his business across new locations. I found myself asking him, ‘ why do you want to join a franchise if you already have a successful company?’ To my question, he replied, ‘because it will save me a lot of money!’
He assessed that building a reputation in a new area would cost him more money than buying into an existing brand. He knew that we would take care of the marketing lark and that he would start earning- faster!
4 . An Investment
When you buy into a franchise, you’re gaining an asset that can be sold in the future. As an example, our Pestforce franchise currently sells for £ 16,500 plus VAT. We value onboarding and training at £6,500 (plus VAT), and we value territory and ownership at £10,000 (plus VAT). The training is a one off cost, while the £10,000 investment is an asset that can increase in value.
Training in a franchise
If you are considering starting your own business, franchising is just what you’ve been waiting for. A franchise gives individuals the opportunity to start their own business, train and earn money, all in a matter of weeks!
For more info, reach out to us at Pestforce today, and don’t forget to check out my other blogs in the series, Financing Your Franchise and Starting A New Business.