When you are exploring the possibilities of getting your own business, a franchise is one of the safer bets around. If you provide electrical services, the same principle applies in that, although it might be tempting to start your own business in your own name, choosing a franchise could be a much safer option.
You have no doubt heard horror stories of businesses going bad within the first 18 months of starting. This is an unfortunate truth, and many entrepreneurs with stars in their eyes have started what they thought would be the beginning of their dream only to find that the practicalities of running a business are more complex and unpredictable than they ever imagined.
Starting a business is a bit like panning for gold, it seems so easy at the start and it feels like it will only be a matter of time before you strike it rich. But as the days design of machine elements drag by and the bills begin to mount you are faced with a bitter task of deciding whether or not it is economically viable to continue, or whether to close the doors.
There are so many variables when it comes to starting a business that even the best laid plans can come unstuck due to unforeseen circumstances. A safer alternative might be birch for furniture to consider a franchise which, because of the proven business systems and ready-made market, already has a successful track record that you can more comfortably rely upon.
So how do you go about choosing the best franchise? Here are a few pointers to get you started.
Try to find a franchise with a good track record and a name that people are familiar with. Market recognition is one of the hallmarks of success and a franchise name that has been well established in the market before you purchase a franchise means that you can hit the ground running and capitalise on the pre-existing track record.
Some franchises are built around a unique concepts, whilst others simply use great marketing tools to compete in very competitive markets. As an electrician, you can enjoy a great peace of mind if you choose a franchise that is not only well-known in the marketplace, but also has the backup of well-established, successful systems.
Many franchises are divided by geographical areas so it’s important to ensure you are buying a large enough area to produce a satisfactory income. Be aware that most of the competitive and more lucrative geographical areas are quickly snapped up and you may be left with potentially less profitable locations. Nevertheless, it is a good idea to hire a business analyst to assist you in determining whether or not the franchise can be successful in other areas.
Ease of operation is a hallmark of a successful business so make sure your franchise offers you established, easy to operate systems that mean you won’t be distracted with too much paperwork and can get down to the nitty-gritty of supplying the service, and making the money.
Low overheads are imperative for any start-up business, and the same rules apply to new franchises. Make sure you don’t overload yourself with ongoing expenses in the early stages of your business and make sure you can scale your marketing according to turnover.
