Ireland is a country that has a population of almost 5 million. The most highly populated cities in Ireland include Waterford, Galway, Cork, Dublin, and Limerick.
The total turnover generated by franchising in Ireland comes to more than €2.4 billion per year. Plus, it’s estimated that there are roughly 4000 separate franchise units currently active in the country, and these have created around 43,000 jobs. Enter this growing market now by taking one of the open business franchise opportunities in Ireland!
Unfamiliar with the concept of franchising? A franchise is an agreement between an independent business person, known as a ‘franchisee’, and an established company referred to as a ‘franchisor’.
In return for money and on-going fees, the franchisor allows the franchisee to use its brand name and business model, as well as market and sell its services. The franchisee receives training and support from the franchisor and sets up in a mutually agreed-upon ‘territory’ – a geographically-defined area full of potential business opportunities.
Building a brand new business from the ground up is risky. As a matter of fact, only 15% of independent startups succeed. It’s for this reason that you should consider choosing a franchise opportunity in Ireland instead – 90% lead to the creation of financially viable businesses. You’d be able to secure funding as lenders see franchises as low-risk investments, and you wouldn’t have to determine the best way to market or deliver your services, as your franchisor would tell you.
Don’t forget, strong brand recognition is truly an invaluable asset. Just imagine if you invested in a Costa franchise in Ireland, you’d have one of the most recognisable Trade Names in the world above your door. This would allow you to instantly attract customers and establish reliable revenue streams. What’s more, you wouldn’t have to worry about slowly developing a reputation within your local community, because you’d already have a global track record. So what are you waiting for? Buy into a franchise in Ireland today!
Managing a franchise in Ireland often involves a number of different tasks. For starters, you’ll have to recruit and train your staff and promote your business within your local area. Additionally, you’ll be required to uphold the standards set by your franchisor at all times and implement plans that will lead to the growth of your operation.
Your daily responsibilities won’t necessarily include carrying out services for your clients directly. But it’s a possibility. If you were running a pizza franchise in Ireland, it’s possible that you’d have to take part in the cooking process, in addition to managing your team of chefs. While if you were in charge of a security franchise, it’s likely that you’d be based out of a van, and would complete all security system installations for your customers personally – you wouldn’t have staff until your operation grew a sufficient amount. On the other hand, a care home franchise would enable you to simply oversee and market your operation, while your trained carers took care of the services.
The prices of franchise opportunities in Ireland are wide-ranging. You’ll find that prominent franchisors will charge you more for a franchise, while lesser-known companies will set lower prices. For instance, a Costa franchise in Ireland would cost you significantly more, as the brand is globally famous, and it would be expected that you would make huge profits as a Costa franchisee. Other factors that affect pricing include location, as well as staff, property, and equipment requirements. But what exactly will you have to pay?
To become a franchisee you’ll have to cover a franchise fee, in addition to start-up costs, and working capital…
Once you’ve paid the franchise fee you’ll be accepted into the franchise network, and will then be entitled to use the branding of your franchisor. As part of this package, you’ll also be provided with training, support, bespoke systems, and marketing assistance.
The start-up costs refer to the expenses incurred to get your business launched. For example, you may have to rent a suitable property and get it fitted, as well as buy equipment, and purchase a van.
Working capital is the money you’ll need to have to handle any short-term expenses during your first months. You should know that, on average, franchise fees in Ireland come to approximately €24,500. While your set-up costs could be higher than €125,000, and you may need up to €22,000 in working capital.
Concerned by these figures? Don’t be. If you can’t afford to invest in a franchise in Ireland outright, you can either request funding from your franchisor or a third party. Although, it’s important to realise that not many parent companies will have the resources required to provide you with financial aid. But they will be able to put you in contact with lenders they’ve established relationships with. However, it’ll be up to you to secure the funding – you’ll have to create and then present a business plan outlining the franchise opportunity. The sections in this documentation should encompass your operational strategy, financial forecast, and that’s not all. It’s possible that you’ll be able to get capital that covers up to 70% of the investment, as long as you have an acceptable income level and credit score.
There aren’t any business franchise opportunities in Ireland that don’t include training. However, it’s true that some franchisors will be able to provide you with more training than others. It depends on the resources they have, as well as the nature of the operation you’ll be running. If you were going to take over a pizza franchise in Ireland, you’d need to know the menu inside and out, so your instructional period may be somewhat lengthy. While if you were going to manage an online travel agency franchise, that simply required you to converse with customers electronically, your training may only last one or two days.
Of course, even after you’ve finished your training programme, and your franchise in Ireland has launched, you’ll still get comprehensive on-going support from your parent company.
While you’re looking through franchise opportunities in Ireland on Franchise Fame, you should write a shortlist of possibilities. Once you’ve done this, you should send enquiries. You can do this by filling in the forms on the franchisor pages on this site. It’s a simple and easy process that won’t cost you a penny! After a short period of time has passed, you’ll be sent franchise prospectuses that will contain all the information you could want. Read them and then decide which franchisor is best for you.
Can’t find a franchise opportunity in Ireland that appeals to you? We’re ready to help – contact us today.
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