The new year has arrived on our doorstep and after all the excitement has subsided from the festivities, reality has set in. The UK economy has gone through turbulent times over the past few months of last year. It was announced that we have a recession on our doorstep, inflation is high, the pound is weakening and so many other challenges abound.
With this in mind, you might be wondering if buying a franchise is a good idea in 2023. And even if it is a good idea, is there something holding you back? In this article, we’ll take a look at the top three reasons why you’re hesitating to buy a franchise and why and how you can overcome these hesitations. Let’s dive in.
Table of contents:
3 Reasons that may be holding you back
There may be others, but we’ve identified the three most important reasons why you’re hesitating to buy a franchise in 2023. Here’s our short list:
- Not having previous business experience
You may have worked in the business sphere all your life but running a business on your own is another ball game altogether. It may boil down to issues such as not having the confidence to proceed because you simply don’t have faith in yourself, experience and skills.
One of the main showstoppers when it comes to the question “should I buy a franchise?” is your own evaluation of yourself. You may feel that running a franchise business is too daunting, that it’s going to be too difficult, that you won’t have a strong enough support network or something else.
- Not having the sufficient financial resources to do so
Many financial institutions such as banks have special departments dedicated to franchises. That’s why if you ask them “is buying a franchise a good investment?”, they’re likely to give you an emphatic “yes”. Yet, you may not be aware of all the possibilities available to help you finance your venture and you may think that purchasing a franchise is simply out of your league because it’s just too expensive.
- It just doesn’t seem like the right time
Another reason that you may be hesitant to buy a franchise is that it doesn’t seem like the right time right now. Just like a lot of things in life, you tend to think that other things are more important than your potential personal business success with your own franchise. We seem to find any and all excuses not to proceed but the business landscape and sheer variety available on the market today means there’s never been a better time to get started than right now.
Reasons to buy a franchise
With this short but helpful introspective exercise, it’s time to look at the other side of the coin. Namely, why own a franchise. There are actually too many reasons to get into, but we’ll cover the most important ones below:
- In many cases, no previous experience is required; what’s preferable is the right attitude;
- You can choose from a wide variety of low-cost franchise options – it’s not only about massive global brands that cost millions of pounds;
- You can enjoy helpful assistance with marketing and advertising;
- You’ll work based on a proven, recession-proof business model;
- Securing finance is possible, in some cases, with the help of your franchisor or parent brand;
- You’ll be able to benefit from a well-recognised brand and industry trade name that gives you much more visibility than starting a business from scratch;
- Franchisors offer a strong support network for franchisees with ongoing training; and
- You can get started at almost any point in your life.
So, if you’re still wondering why buy a franchise, we hope you can see that all the reasons that were holding you back before are just not valid. It’s only a matter of doing your due diligence and getting informed to help you make the right decision for yourself.
What franchises should you invest in during 2023?
If we’ve allayed your worries at this point and you’re ready to proceed and follow your dreams of owning your own business as part of a wider franchise network, it’s time to get down to the nitty gritty. Starting the process will mean taking a look at which franchises to buy in 2023.
Perhaps the best starting point for you to do is to visit our franchise portal to see what options are available, in which business vertical and at what cost. You’ll also be able to see whether you can get financing assistance from your franchisor and what their requirements are of franchisees.
However, our top picks for this year are the following and it’s really worth it to find out more about them in our franchise portal:
Remember that once you express an interest in a franchise, you can also attend what is called a “discovery day”. This is done at their office or headquarters where you can speak to the franchisor in person and ask them all the questions you need. You’ll get more clarity and information about what the process involves. And don’t forget, franchisors are happy to answer your questions and give you as much information you need in order to make a more informed decision.
Final remarks
It’s much easier to think up excuses as to why not purchase a franchise but we’re here to tell you that by following your dreams, you’ll never look back! Buying a franchise is not only a great investment in your future.
It’s also a way to ensure better returns on your investment, enjoy more work-life balance and have the freedom you’ve always wanted because you can either take a hands-on or a more hands-off approach in running your business. The choices are limitless and your future is in your hands. Grab it while you can!
