Would you like to be your own boss, but don’t want the gamble of starting a brand-new concept? Do you need more flexibility in your work life, but still want to smash goals and feel fulfilled? Do you want to be your own boss, but recognise that you’d benefit from the support of an established head-office company and a team of like-minded franchise owners. Then perhaps franchising could be for you!
Franchising gives you the advantage of buying a tried and tested business model, with trade names/trademarks that are already known and established. The support and knowledge of the franchisor (the person who created the business) will be yours to utilise, and since the business is their “baby”, they will know the business inside out and answer all of your questions while skilling you up to be successful too.
You can set your own hours (depending on the business and what is needed to run it) and work around the demands of your family and home life. This is a huge plus with the Mumbler franchise, as all of our current franchisees have young children. They make Mumbler work as a flexible and family-friendly franchise.
Of course, there are costs to set up any franchise. There is an upfront franchise fee and usually some kind of monthly payment to the franchisor. This can vary greatly from franchise to franchise. Buying a franchise definitely carries risks, as does setting up any business. You should be prepared to do your research and put together a business case for your chosen area. You need to be confident that there is demand for whatever your chosen franchise is offering and that you will (realistically) have the time to devote to making it a success!
When you buy a franchise, you get a license to replicate someone else’s proven-to-be-profitable business model. You will have to pay an upfront franchisee fee and probably agreed-upon monthly costs to the franchisor. These might be a fixed monthly amount, or a percentage of your turnover- all franchise models differ so do your research!
Usually, you will be assigned a specific geographical area – this should eliminate competition from other franchisees, and give you clear guidelines of where to market and which clients could be yours.
What will I get for my money?
As well as the license to run the business – and a geographical area in which to operate it – you will get a wealth of information and knowledge from the franchisor. In short, the franchisor should teach you everything you need to run the business successfully. This includes initial training, and a Franchisee Operations Manual, to help you operate the business properly.
The franchisor will offer ongoing training, and the existing franchisees are often an invaluable resource and help as well. For example, Mumbler franchisees’ backgrounds including sales, marketing, teaching, journalism and copyright law. Someone is always on hand to help out, and extremely generous with their time and skills. You will also get branded marketing material to help you promote your business successfully.
What will be expected of me?
You will need the funds to pay for the franchising fees. It might be worth talking to a bank, to see which loans might be on offer. Once you start running your franchise, the franchisor will want you to keep them up-to-date with how your business is going, and might ask you to meet minimum performance clauses. Although you will be running your own business, the business model will still belong to the franchisor and they will have rules and systems that they expect you to follow. This will be to ensure the branding and service levels are consistent. Your Franchisor knows what works for the company and so by following their guidance, you stand the best chance of success.
How do I know if a franchise is right for me?
The person who knows most about a franchise is the franchisor. They started this business, and have all the knowledge to answer your burning questions, as well as the passion and background to tell you why it works for them.
Ask them about fees; how much and will they be ongoing? Will there be things you have to buy from the franchisor, or will you be free to source products yourself? Will you have to meet minimum performance targets? What happens if you don’t meet them? How much support is available from both the franchisor and existing franchisees? What marketing material will you get? How much are the overheads? You should also ask about the failure rate, and what went wrong with those businesses?
Then, and perhaps most importantly, you should talk to as many existing franchisees as you can; in person, online or on the phone. Ask them how long they have been running, how things are going, are their financial achievements in line with what the franchisor projects for you? Are they happy? Would they recommend buying the franchise? What would they do differently?
If you get to the stage of exchanging documents, get them checked out by a solicitor to make sure you are happy, and that your commitments are realistic. If you choose to buy a franchise, you will be signing a legal document and it will form a binding contract for a set number of years. Never sign it until you are absolutely happy with the commitment and have taken proper legal advice from an independent solicitor.
What should I do next?
If you think franchising could be for you, have a look at the options on offer. Think about the lifestyle you have, and the lifestyle you want. Do you want to choose your own hours? Do you want to work from home or to have premises? Would you like to have fixed core hours, or be able to catch up on an evening? Do you have a particular passion? Or a great set of skills to channel into something specific? How much do you want to earn? Are your earning expectations realistic compared to the amount of time & effort you are prepared to put in?
You can find opportunities online, in magazines or from talking to friends – maybe someone knows of a business that would be perfect for you! If something piques your interest, contact the franchisor, and set the ball rolling.
If you want to go ahead – after talking to all concerned and doing due diligence – talk to the bank about financing, and make a business plan.
Good luck!
Owning a franchising can be incredibly rewarding and can restore the balance between home life and a fulfilling career.
Here at Mumbler, we hope you find the perfect franchise opportunity for you. And if you would like to learn more about becoming a part of the Mumbler family, you can download our Join the Mumbler Franchise prospectus here.
